Q1 net loss widens 5284% to $790M on $726M Bluejay IPR&D charge; revenue up 43% to $160M

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~2 min read

Key Changes

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  Acquired Bluejay Therapeutics for brelovitug (HDV antibody) in Jan 2026, triggering $726M non-cash IPR&D charge and $35M one-time stock comp; raised $260M equity concurrent with deal. Registration trials read out H2 2026, potential BLA H1 2027.

  MD&A: Bluejay Acquisition verify on EDGAR →
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  Earnings-quality divergence: operating loss widened 5100% but net loss widened 5284% — the $1.2M incremental net deduction came from non-operating/other -$1.8M and income tax +$554K, not operations. Net income remains below operating income.

  KEY SIGNALS (XBRL) view on EDGAR →
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  Announced volixibat PSC topline results May 2026; NDA submission planned H2 2026 with potential approval and launch H1 2027. Incyte zilurgisertib commercialization deal signed Apr 2026 (PDUFA Sep 26, 2026).

  MD&A: Pipeline Milestones verify on EDGAR →