Sale of Pegzilarginase to Immedica

6 Months Ended

Jun. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Sale of Pegzilarginase to Immedica

Sale of Pegzilarginase to Immedica

On July 27, 2023, the Company announced that it had entered into an agreement to sell the global rights to pegzilarginase to Immedica Pharma AB ("Immedica") for $15.0 million in upfront cash proceeds and up to $100.0 million in contingent milestone payments.

The milestone payments are contingent on formal reimbursement decisions by national authorities in key European markets and pegzilarginase approval by the FDA, among other events. During the three and six months ended June 30, 2025, the Company recognized a gain of $10.0 million within Gain on Sale of in-process research and development, for achieving certain reimbursement decision milestones during the period. The Company received cash of $7.0 million during the three and six months ended June 30, 2025 with $3.0 million remaining outstanding and reflected in Prepaid expenses and other current assets as of June 30, 2025. There was no similar gain during the three or six months ended June 30, 2024 or similar receivable as of December 31, 2024.

Milestone payments, net of expenses and adjustments, will reduce the CVR liability and will be distributed to CVR holders pursuant to the CVR agreement resulting from the Asset Acquisition.