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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company operates under a single operating and reportable segment, which is the development of biopharmaceutical products for the treatment of patients with IBD and rheumatic diseases. The Company's Chief Operating Decision Maker ("CODM") is the Company's Chief Executive Officer. The Company's CODM uses consolidated Net loss as the measure of segment profit or loss and uses consolidated Total Assets as reported on the balance sheet as the measure of segment assets. The Company's CODM compares Net loss against budgeted and/or forecasted amounts to track the Company's financial performance against expectations and to inform, along with development timelines and scientific and commercial considerations, their decisions regarding resource allocations to fund the Company's development of its pipeline.
The following table sets forth the significant expenses provided to the CODM on a regular basis (in thousands):
Three Months Ended
September 30,		Nine Months Ended
June 30,
2025202420252024
Compensation$9,397 $5,960 $24,507 $15,015 
Stock-based compensation (1)
9,566 13,100 27,803 35,617 
Research and development, excluding compensation and stock-based compensation (2) (3)
34,769 32,920 99,069 85,831 
Other segment items (4) (5)
(42,549)17,048 (58,706)15,259 
Segment net loss$11,183 $69,028 $92,673 $151,722 
Reconciliation of net loss
Adjustments and reconciling items— — — — 
Consolidated net loss$11,183 $69,028 $92,673 $151,722 
(1) Includes $0.3 million and $6.4 million in related party expenses for the three months ended September 30, 2025 and 2024, respectively. Includes $0.8 million and $13.8 million in related party expenses for the nine months ended September 30, 2025 and 2024, respectively.
(2) Includes non-clinical study, clinical trial, and manufacturing expenses.
(3) Includes $7.0 million and $1.6 million in related party expenses for the three months ended September 30, 2025 and 2024, respectively. Includes $9.6 million and $21.2 million in related party expenses for the nine months ended September 30, 2025 and 2024, respectively.
(4) Includes general and administrative expenses such as audit, legal, and other professional fees, interest income, and other expense, net. Additionally, includes a $10.0 million gain recognized in connection with the sale of pegzilarginase to Immedica for the nine months ended September 30, 2025.
(5) Includes $40.4 million decrease and a $18.7 million increase in fair value of CVR liability for the three months ended September 30, 2025 and 2024, respectively; and a $42.2 million decrease and a $19.6 million increase in fair value of CVR liability for the nine months ended September 30, 2025 and 2024, respectively.