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SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting
The following table presents segment revenue and significant segment expenses (in thousands) for the three and six months ended June 30, 2026 and 2025:
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
2026202520262025
REVENUE:
Total segment revenue— 18,168 367 229,414 
LESS:
Rinvatercept program expenses(4,101)(1,431)(6,751)(2,948)
Elritercept program expenses(14)(15,636)(17)(34,531)
Cibotercept program expenses(267)(4,059)57 (9,967)
Preclinical & development expenses(6,111)(1,981)(8,117)(3,725)
Compensation costs (excluding stock based compensation)(7,725)(13,842)(15,915)(27,619)
Other external costs(6,874)(11,737)(13,921)(19,533)
Other segment items2(3,618)(178)(8,121)(13,336)
Net income (loss)(28,710)(30,696)(52,418)117,755 
Schedule of Accrued Compensation and Benefits Costs
2 Other segment items include other expense, income tax provision, bank fees, depreciation expense, dividend income and stock-based compensation.
Accrued compensation and benefits costs as of June 30, 2026 is as follows (in thousands):
RESTRUCTURING LIABILITY
Balance as of December 31, 2025145 
Expenses incurred— 
Cash payments(145)
Balance as of June 30, 2026—