Balance Sheet Accounts

9 Months Ended

Jun. 30, 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:

	June 30, 2025		September 30, 2024
	(in thousands)
Land	$	2,996	$	2,996
Buildings	249,245		75,988
Research equipment	59,561		65,353
Manufacturing equipment	16,548		—
Furniture	5,594		5,594
Computers and software	1,059		981
Leasehold improvements	104,403		104,410
Construction in progress	15,872		188,731
	455,278		444,053
Less: Accumulated depreciation and amortization	(74,230)		(58,021)
Property, plant and equipment, net	$	381,048	$	386,032

Depreciation and amortization expense for property, plant and equipment for the three months ended June 30, 2025 and 2024 was $5.8 million and $4.4 million, respectively. Depreciation and amortization expense for property, plant and equipment for the nine months ended June 30, 2025 and 2024 was $16.2 million and $12.3 million, respectively.

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 $13.9 million to manufacturing equipment during the second and third quarters 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.

During the first quarter of fiscal 2024, the Company completed the build out of its laboratory and office facilities in Verona, Wisconsin, which resulted in the reclassification of $71.8 million from construction in progress to buildings. The Company subsequently incurred and capitalized $4.2 million from construction in progress to buildings in fiscal 2024.

Accrued Expenses

Accrued expenses consisted of the following as of:

	June 30, 2025		September 30, 2024
	(in thousands)
Accrued research and development expenses	$	31,708	$	28,069
Accrued research and development expenses; co-development	24,627		23,351
Accrued capital expenditures	346		4,206
Other	8,137		7,391
Total accrued expenses	$	64,818	$	63,017

As of June 30, 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).