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Segment Reporting (Tables)
9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Significant Expenses Provided to the CODM on a Regular Basis
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
September 30,
2026202520262025
Compensation$12,550 $9,397 $36,855 $24,507 
Stock-based compensation (1)
14,167 9,566 40,485 27,803 
Research and development, excluding compensation and stock-based compensation (2) (3)
73,790 34,769 171,129 99,069 
Other segment items (4) (5) (6)
(4,386)(42,549)(47,143)(58,706)
Segment net loss$96,121 $11,183 $201,326 $92,673 
(1) Includes related party expenses of $0.3 million for the three months ended September 30, 2026 and 2025, and $0.8 million for the nine months ended September 30, 2026 and 2025.
(2) Includes non-clinical study, clinical trial, and manufacturing expenses.
(3) Includes related party expenses of $0.1 million and $7.0 million for the three months ended September 30, 2026 and 2025, respectively. Includes related party expenses of $3.2 million and $9.6 million for the nine months ended September 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.
(5) Includes gains of $70.0 million and $10.0 million for the nine months ended September 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. There were no related gains for the three months ended September 30, 2026 and 2025.
(6) Includes a $0.9 million increase and a $40.4 million decrease in the fair value of the CVR liability for the three months ended September 30, 2026 and 2025, respectively. Includes a $35.8 million increase and a $42.2 million decrease in the fair value of the CVR liability for the nine months ended September 30, 2026 and 2025, respectively.