Segment Reporting

6 Months Ended

Jun. 30, 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 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 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Compensation	$	12,862	$	8,120	$	24,305	$	15,111
Stock-based compensation (1)	13,512		9,378		26,318		18,237
Research and development, excluding compensation and stock-based compensation (2) (3)	50,447		30,749		97,340		64,300
Other segment items (4) (5)	(40,621)		(11,530)		(42,758)		(16,158)
Segment net loss	$	36,200	$	36,717	$	105,205	$	81,490

(1) Includes related party expenses of $0.2 million for the three months ended June 30, 2026 and 2025, and $0.5 million for the six months ended June 30, 2026 and 2025.

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

(3) Includes de minimis related party expenses for the three months ended June 30, 2026 and 2025. Includes related party expenses of $3.1 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively.

(4) Includes general and administrative expenses such as audit, legal, and other professional fees, interest income, and other expense, net.

Includes gains of $40.0 million and $10.0 million for the three months ended June 30, 2026 and 2025, respectively, related to the achievement of milestones under the 2023 sale of the global rights to the legacy assets, pegzilarginase, to Immedica. The 2026 gain was triggered by the sale of the related priority review voucher (“PRV”), while the 2025 gain was triggered by a favorable reimbursement decision for pegzilarginase in Europe.

Includes gains of $70.0 million and $10.0 million for the six months ended June 30, 2026 and 2025, respectively, related to milestone payments earned in connection with the 2023 sale of the global rights to the legacy assets, pegzilarginase, to Immedica. The 2026 gain was triggered by the FDA approval of pegzilarginase and the subsequent sale of the related PRV, while the 2025 gain was triggered by a favorable reimbursement decision for pegzilarginase in Europe.

(5) Includes a $4.6 million increase and a $0.6 million decrease in the fair value of the CVR liability for the three months ended June 30, 2026 and 2025, respectively. Includes a $34.9 million increase and a $1.8 million decrease in the fair value of the CVR liability for the six months ended June 30, 2026 and 2025, respectively.