SEGMENT REPORTING

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Company manages business activities on an aggregated basis and operates in one reportable segment: therapeutics. The therapeutics segment derives revenue primarily through sales of XDEMVY to specialty pharmacies and distributors in the U.S., who in turn sell it directly to clinics, hospitals, pharmacies and federal healthcare programs. The segment also generates license fees and collaboration revenue related to the China Out-License (see Note 9). The accounting

policies of the therapeutics segment are the same as those described in the summary of significant accounting policies (see Note 2).

The Company’s chief operating decision-maker (“CODM”) is its Chief Executive Officer (“CEO”). The CODM uses net loss, as reported in the accompanying Condensed Statements of Operations and Comprehensive Loss, to assess performance of the therapeutics segment and in deciding whether to allocate resources into the therapeutics segment or outside the segment, such as for acquisitions or new in-license agreements. The CODM uses net loss to regularly monitor budget versus actual results which are used in assessing performance of the segment and in establishing management’s compensation. The CODM does not review assets in evaluating the results of the therapeutics segment, and therefore, such information is not presented.

The following table provides the operating financial results of the therapeutics segment:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues:
Product sales, net	$	118,697	$	48,118	$	299,692	$	113,651
License fees and collaboration revenue	—		—		—		2,894
Total revenues	118,697		48,118		299,692		116,545
Operating expenses:
Cost of sales	8,309		3,242		19,757		7,900
Research and development	16,284		12,128		46,287		36,513
Selling and marketing	64,708		35,543		190,851		95,681
General and administrative	43,925		22,367		105,790		72,599
Total operating expenses	133,226		73,280		362,685		212,693
Loss from operations	(14,529)		(25,162)		(62,993)		(96,148)
Other reconciling items(1)	1,944		1,742		4,948		3,707
Net loss	$	(12,585)	$	(23,420)	$	(58,045)	$	(92,441)
Other segment disclosures:
Interest income	$	4,114	$	4,120	$	11,797	$	11,367
Interest expense	$	(2,268)	$	(2,445)	$	(6,721)	$	(5,537)
Depreciation and amortization expense	$	460	$	284	$	1,373	$	793
(1) Other reconciling items primarily includes interest income and interest expense. In the prior year periods, other reconciling items also included loss on debt extinguishment.