Subsequent Event

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On March 2, 2026, the Company entered into the Merger Agreement with Corstasis and Merger Sub. Pursuant to the Merger Agreement, and upon the terms and subject to the conditions thereof, Merger Sub will merge with and into Corstasis, with Corstasis surviving the Merger as a wholly-owned subsidiary of the Company. The aggregate up-front consideration for the transactions contemplated by the Merger Agreement (the “Corstasis Transactions”) will be an amount in cash equal to $75.0 million, subject to customary adjustments and a post-closing purchase price adjustment. In addition to the Upfront Consideration, the equityholders of Corstasis will be entitled to receive: (i) milestone payments up to an aggregate amount equal to $180.0 million in the event certain regulatory approval or commercial sales milestones are achieved and (ii) royalty and licensing-revenue-derived payments in connection with the Company’s (or its sublicensees’) future sales of certain products (collectively, the “Contingent Consideration”).

At the effective time of the Merger, all issued and outstanding shares of Corstasis’s common stock, par value $0.0001 per share and all issued and outstanding stock options (“Options”) and restricted stock units of Corstasis will be cancelled and will thereafter represent solely the right of the holders thereof to receive an amount in cash, without interest and net of applicable withholding (and, in the case of an Option, the applicable exercise price of such Option), equal to the applicable holder’s pro rata share of the Upfront Consideration, the Contingent Consideration (if any) and any funds that may be released from certain escrow or expense accounts, in each case, subject to the terms and conditions of the Merger Agreement.

The Merger Agreement contains customary representations, warranties and covenants for a transaction of this nature, including, among others, an obligation upon Corstasis to conduct its business in the ordinary course during the period between the signing of the Merger Agreement and the closing of the Corstasis Transactions. The Merger Agreement may be terminated by each of Corstasis and the Company under certain customary circumstances, including if the Corstasis Transactions are not consummated by May 1, 2026. The consummation of the Corstasis Transactions is subject to the satisfaction or waiver of certain customary closing conditions. The Corstasis Transactions are expected to close in the second quarter of 2026.