Sale of Pegzilarginase to Immedica

9 Months Ended

Sep. 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 nine months ended September 30, 2025, the Company recognized a gain of nil and $10.0 million within Gain on Sale of in-process research and development, for achieving certain reimbursement decision milestones during the period. As of September 30, 2025, $3.0 million remains outstanding and reflected in Prepaid expenses and other current assets. There was no similar gain during the three or nine months ended September 30, 2024 or similar receivable as of December 31, 2024.

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