Segment Reporting

3 Months Ended

Mar. 31, 2026

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 March 31,
	2026		2025
Compensation	$	11,443	$	6,991
Stock-based compensation (1)	12,806		8,859
Research and development, excluding compensation and stock-based compensation (2) (3)	46,893		33,551
Other segment items (4) (5)	(2,137)		(4,628)
Segment net loss	$	69,005	$	44,773

(1) Includes $0.3 million in related party expenses for the three months ended March 31, 2026 and 2025, respectively.

(2) Includes non-clinical study, clinical trial, and manufacturing expenses.

(3) Includes $3.1 million and $2.5 million in related party expenses for the three months ended March 31, 2026 and 2025, respectively.

(4) Includes general and administrative expenses such as audit, legal, and other professional fees, interest income, and other expense, net. Additionally, includes a $30.0 million gain recognized in connection with the sale of pegzilarginase to Immedica for the three months ended March 31, 2026.

(5) Includes $30.3 million increase and a $2.4 million decrease in fair value of CVR liability for the three months ended March 31, 2026 and 2025, respectively.