Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company operates as one operating and reportable segment, centered around its commercialized product, ORLADEYO, and its pipeline with the goal of developing first-in-class or best-in-class oral small-molecule and injectable protein therapeutics to target difficult-to-treat rare diseases. The determination of a single segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Chief Executive Officer, as the CODM, uses consolidated, single-segment financial information for purposes of evaluating performance, making operating decisions, allocating resources, and planning and forecasting for future periods.

The CODM assesses performance and decides how to allocate resources based on consolidated net loss. This measure is used to monitor budget versus actual results to evaluate the performance of the segment. The CODM uses consolidated cash, cash equivalents and investments as the measure of segment assets. As of December 31, 2024 and 2023, the Company’s cash, cash equivalents, and investments were $341,173 and $388,987, respectively.

The following table illustrates information about segment revenues, significant segment expenses, and segment net loss for the years ended December 31, 2024, 2023, and 2022 (in thousands):

	Years Ended December 31,
	2024		2023		2022
Revenues	$	450,712	$	331,412	$	270,827
Less1:
Cost of product sales	12,269		4,481		6,408
Research and development
Berotralstat	45,033		42,835		32,637
Factor D Program	24,072		94,517		174,234
BCX17725	32,417		19,133		—
Other research, preclinical and development costs	73,116		60,081		46,426
Selling, general and administrative	266,132		213,894		159,371
Royalty	216		180		186
Other segment items2	641		30,058		1,983
Interest income	(14,746)		(15,777)		(5,127)
Interest expense	98,516		108,239		99,092
Income tax expense	1,927		310		2,733
Segment net loss	(88,881)		(226,539)		(247,116)
Reconciliation of segment profit or loss:
Adjustments and reconciling items	—		—		—
Consolidated net loss	$	(88,881)	$	(226,539)	$	(247,116)
1 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
2 Other segment items included in Segment net loss include loss on extinguishment of debt and foreign currency losses, net.

All material long-lived assets of the Company reside in the U.S. For geographic information about the Company’s product revenues, see “Note 2—Revenue”.