Sale of Pegzilarginase to Immedica

3 Months Ended

Mar. 31, 2026

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. In the three months ending March 31, 2026, the Company recognized a gain of $30.0 million within Gain on Sale of in-process research and development, for achieving certain approval decision milestones during the period. As of March 31, 2026 and December 31, 2025, $3.0 million remains outstanding and due to the Company from a previously achieved milestone, which is reflected in Prepaid expenses and other current assets.

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.