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Discontinued Operations and TSA (Tables) | 12 Months Ended
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Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Gain on the Sale of the VOWST Business | The following table presents the gain on the sale of the VOWST Business as of December 31, 2024, pursuant to the Purchase Agreement:
|  | December 31, |
|  | 2024 |
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 |  | $ | 146,707 |
Income tax |  |  | — |
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. 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 |
Summary of Accrued Liabilities of Continuing Operations | These contingent liabilities are presented as Accrued Liabilities due to SPN - related party from continuing operations on the consolidated balance sheets as of December 31, 2025 and December 31, 2024 and consist of the following (in thousands):
|  | December 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Profit Sharing Payments |  | $ | 1,701 |  |  | $ | 11,230 |
Royalties associated with the MSK Agreement |  |  | 1,309 |  |  |  | 2,786 |
VOWST post-marketing safety surveillance study |  |  | 268 |  |  |  | 771 |
80.1% of lease cost of Waltham facility |  |  | — |  |  |  | 1,501 |
Employment-related costs for conveying employees |  |  | — |  |  |  | 1,462 |
Total accrued liabilities due to SPN - related party |  | $ | 3,278 |  |  | $ | 17,750 |

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