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Discontinued Operations and TSA - Gain on the Sale of the VOWST Business (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023
Net assets transferred |  |  |  |
Gain on sale, pre-tax |  | $ 0 | $ 146,707 | $ 0
VOWST Business [Member] |  |  |  |
Consideration received |  |  |  |
Upfront payment | [1] |  | 79,788 |
Prepaid milestone |  |  | 60,000 |
Deferred revenue from termination of 2016 License Agreement |  |  | 95,364 |
Settlement of net collaboration payable at close |  |  | 27,465 |
Premium on equity financing |  |  | 1,484 |
Deferred income from termination of 2021 License Agreement |  |  | 3,606 |
Accrued Liabilities due to SPN - related party |  |  | (33,458) |
Total fair value transferred for business |  |  | 234,249 |
Net assets transferred |  |  |  |
Inventory |  |  | 63,442 |
Prepaid expenses and other current assets |  |  | 2,219 |
Property and equipment, net |  |  | 3,966 |
Operating lease assets |  |  | 17,929 |
Other non-current assets |  |  | 39,328 |
Accrued expenses and other current liabilities |  |  | (31,547) |
Operating lease liabilities |  |  | (14,413) |
Net assets transferred |  |  | 80,924 |
Transaction costs |  |  | 6,618 |
Gain on sale, pre-tax |  | 0 | 146,707 | 0
Income tax |  | $ 0 | 0 | $ 0
Gain on sale, net of tax |  |  | $ 146,707 |
[1] | The upfront payment consists of $100,000, less $17,857 owed by the Company to an affiliate of SPN under the prior license agreement between the Company and the SPN affiliate, less approximately $2,355 in satisfaction of costs due under the Bacthera Manufacturing Agreement. For the year ended December 31, 2024, the gain from sale of the VOWST Business, net of tax of $146,707 was included in the net income (loss) from discontinued operations, net of tax line item of the Company’s consolidated statements of operations and comprehensive income (loss). While the Company has net income from discontinued operations for the year ended December 31, 2024, the Company realized a tax loss for the full year ended December 31, 2024, for which it is more likely than not that the Company will not realize a benefit. The Company has recorded a full valuation allowance against its net deferred tax assets as of December 31, 2025, 2024 and 2023. The following table presents the financial results of the discontinued operations:
| Year Ended December 31, |
| 2025 |  |  | 2024 |  |  | 2023 |
Revenue: |  |  |  |  |  |  |  |
Collaboration revenue - related party | $ | — |  |  | $ | — |  |  | $ | 126,325 |
Total revenue |  | — |  |  |  | — |  |  |  | 126,325 |
Operating expenses: |  |  |  |  |  |  |  |
Research and development expenses |  | — |  |  |  | 5,809 |  |  |  | 28,263 |
General and administrative expenses |  | — |  |  |  | 4,066 |  |  |  | 10,244 |
Collaboration (profit) loss sharing - related party |  | — |  |  |  | (1,496 | ) |  |  | 704 |
Total operating expenses |  | — |  |  |  | 8,379 |  |  |  | 39,211 |
(Loss) income from discontinued operations |  | — |  |  |  | (8,379 | ) |  |  | 87,114 |
Other income (expense): |  |  |  |  |  |  |  |
Gain on sale of VOWST business |  | — |  |  |  | 146,707 |  |  |  | — |
Interest expense |  | — |  |  |  | (12,192 | ) |  |  | (10,708 | )
Other expense |  | — |  |  |  | (229 | ) |  |  | — |
Income (loss) from discontinued operations, pre-tax | $ | — |  |  | $ | 125,907 |  |  | $ | 76,406 |
Income tax |  | — |  |  |  | — |  |  |  | — |
Net income (loss) from discontinued operations, net of tax | $ | — |  |  | $ | 125,907 |  |  | $ | 76,406 |
In accordance with ASC 205-20, only expenses specifically identifiable and related to a business to be disposed may be presented in discontinued operations. As such, the research and development and general and administrative expenses in discontinued operations include corporate costs incurred directly to solely support the VOWST Business.

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