Balance Sheet Accounts

3 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Accounts

BALANCE SHEET ACCOUNTS

Property, Plant and Equipment

The following table summarizes the Company’s major classes of property, plant and equipment:

	December 31, 2025		September 30, 2025
	(in thousands)
Land	$	2,996	$	2,996
Buildings	252,532		251,317
Research equipment	62,439		62,758
Manufacturing equipment	22,079		18,588
Furniture	5,594		5,594
Computers and software	1,065		1,064
Leasehold improvements	104,434		104,425
Construction in progress	13,594		15,942
	464,733		462,684
Less: Accumulated depreciation and amortization	(86,149)		(80,169)
Property, plant and equipment, net	$	378,584	$	382,515

Depreciation and amortization expense for property, plant and equipment for the three months ended December 31, 2025 and 2024 was $6.0 million and $4.8 million, respectively.

During the first quarter of fiscal 2026, the Company capitalized $1.2 million from construction in progress to buildings related to lab and office build out and $3.5 million from construction in progress to manufacturing equipment relating to the further build out of the manufacturing facility.

During the first quarter of fiscal 2025, the Company substantially completed the build out of its manufacturing facility in Verona, Wisconsin, leading to the reclassification of $162.7 million from construction in progress to buildings and $2.6 million from construction in progress to manufacturing equipment. The Company subsequently incurred and capitalized $10.6 million to buildings and $16.0 million to manufacturing equipment during the remainder of fiscal 2025. Furthermore, the Company began depreciating the newly completed manufacturing facility over a 39-year period and the manufacturing equipment over 7- or 10-year periods.

Accrued Expenses

Accrued expenses consisted of the following as of:

	December 31, 2025		September 30, 2025
	(in thousands)
Accrued research and development expenses	$	42,100	$	30,330
Accrued research and development expenses; co-development	28,498		31,296
Accrued capital expenditures	159		277
Accrued income taxes	10,891		20,799
Dividends declared by variable interest entity to noncontrolling shareholders	40,520		—
Other	7,913		7,717
Total accrued expenses	$	130,081	$	90,419

As of December 31, 2025, the Company’s accrued research and development expenses was primarily attributable to ongoing clinical trial operations, preclinical animal studies, and associated toxicology assessments. In addition, accrued research and development expenses; co-development relates to the co-development and co-commercialization activities under the Takeda License Agreement (see Note 2).