Commitments and Contingencies	3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and Contingencies Asset Transfer and License Agreement with Teva Pharmaceutical Industries Ltd In April 2018, we acquired certain patents and intellectual property from Teva Pharmaceutical Industries Ltd. (Teva) relating to Teva’s former glycoPEGylated FGF21 program, including the compound pegozafermin (the FGF21 Agreement). Under the FGF21 Agreement, we are obligated to make future payments to Teva. A $2.5 million milestone payment was made in the fourth quarter of 2023 upon achievement of a specified clinical development milestone. Remaining potential payments under the FGF21 Agreement consist of up to $65.0 million upon achievement of specified commercial milestones. We are also obligated to pay Teva tiered royalties at percentages in the low-to-mid single-digits on worldwide net sales of any products containing pegozafermin. As of March 31, 2025, the timing and likelihood of achieving any remaining milestones are uncertain. Milestone payment obligations will be recognized when payment becomes probable and reasonably estimable, which is generally upon achievement of the applicable milestone. The FGF21 Agreement can be terminated (i) by us without cause upon 120 days’ written notice to Teva, (ii) by either party, if the other party materially breaches any of its obligations under the FGF21 Agreement and fails to cure such breach within 60 days after receiving notice thereof, or (iii) by either party, if a bankruptcy petition is filed against the other party and is not dismissed within 60 days. Teva can also terminate the agreement if we, or any of our affiliates or sublicensees, challenge the licensed patents and do not withdraw the challenge within 30 days of written notice from Teva. BiBo Collaboration Agreement In April 2024, we entered into a collaboration agreement (the Collaboration Agreement) with BiBo Biopharma Engineering Co., Ltd. (BiBo), under which BiBo will construct a production facility at its site in the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone. This manufacturing platform is specifically designed to enable the production of the bulk active ingredient required for pegozafermin’s commercial supply, and we expect it to provide capacity sufficient for our projected commercial needs. Under the Collaboration Agreement, we are required to pay BiBo an aggregate of $135.0 million (exclusive of applicable value-added tax) toward the construction of the production facility, of which $121.5 million (net of applicable value-added tax) in milestone payments have been made as of March 31, 2025. The remaining $13.5 million will become payable upon achievement of certain specified milestones. If the actual costs of the production facility are substantially greater than the estimated budget, the parties will negotiate a means of allocating such cost overruns.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

5. Commitments and Contingencies

Asset Transfer and License Agreement with Teva Pharmaceutical Industries Ltd

In April 2018, we acquired certain patents and intellectual property from Teva Pharmaceutical Industries Ltd. (Teva) relating to Teva’s former glycoPEGylated FGF21 program, including the compound pegozafermin (the FGF21 Agreement).

Under the FGF21 Agreement, we are obligated to make future payments to Teva. A $2.5 million milestone payment was made in the fourth quarter of 2023 upon achievement of a specified clinical development milestone. Remaining potential payments under the FGF21 Agreement consist of up to $65.0 million upon achievement of specified commercial milestones. We are also obligated to pay Teva tiered royalties at percentages in the low-to-mid single-digits on worldwide net sales of any products containing pegozafermin.

As of March 31, 2025, the timing and likelihood of achieving any remaining milestones are uncertain. Milestone payment obligations will be recognized when payment becomes probable and reasonably estimable, which is generally upon achievement of the applicable milestone.

The FGF21 Agreement can be terminated (i) by us without cause upon 120 days’ written notice to Teva, (ii) by either party, if the other party materially breaches any of its obligations under the FGF21 Agreement and fails to cure such breach within 60 days after receiving notice thereof, or (iii) by either party, if a bankruptcy petition is filed against the other party and is not dismissed within 60 days. Teva can also terminate the agreement if we, or any of our affiliates or sublicensees, challenge the licensed patents and do not withdraw the challenge within 30 days of written notice from Teva.

BiBo Collaboration Agreement

In April 2024, we entered into a collaboration agreement (the Collaboration Agreement) with BiBo Biopharma Engineering Co., Ltd. (BiBo), under which BiBo will construct a production facility at its site in the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone. This manufacturing platform is specifically designed to enable the production of the bulk active ingredient required for pegozafermin’s commercial supply, and we expect it to provide capacity sufficient for our projected commercial needs.

Under the Collaboration Agreement, we are required to pay BiBo an aggregate of $135.0 million (exclusive of applicable value-added tax) toward the construction of the production facility, of which $121.5 million (net of applicable value-added tax) in milestone payments have been made as of March 31, 2025. The remaining $13.5 million will become payable upon achievement of certain specified milestones. If the actual costs of the production facility are substantially greater than the estimated budget, the parties will negotiate a means of allocating such cost overruns.