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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows (in thousands).

		Twelve Months Ended December 31, 2023								Twelve Months Ended December 31, 2022
		Beginning of period				End of period				Beginning of period				End of period
Cash and cash equivalents		$	114,846			$	188,657			$	147,435			$	114,846
Restricted cash			5,770				5,770				5,770				5,770
Total cash, cash equivalents and restricted    cash shown in the statements of cash flows		$	120,616			$	194,427			$	153,205			$	120,616

Schedule of Estimated Useful Lives by Major Asset Category

Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the lease by use of the straight-line method. Construction-in-process reflects amounts incurred for property, equipment or improvements that have not been placed in service. Maintenance and repair costs are expensed as incurred. When assets are retired or sold, the assets and accumulated depreciation are removed from the respective accounts and any gain or loss is recognized. Estimated useful lives by major asset category are as follows:

		Useful Lives
Machinery and equipment		5 to 7 years
Computers and software		3 years
Furniture and fixtures		10 years

Schedule of revenue consist of product sales to customers

The Company operates in one business segment. Results of its operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues consist of net product sales to customers, all of which are sales in the U.S. Revenues by product are as follows (in thousands):

		Years Ended December 31,
		2023				2022				2021
NUPLAZID		$	549,248			$	517,235			$	484,145
DAYBUE			177,189				—				—
Product sales, net		$	726,437			$	517,235			$	484,145

Weighted-Average Assumptions Used to Estimate Fair Value of Employee Stock Options

The estimated fair value of each stock option and purchase right is then expensed on a straight-line basis over the requisite service period, which is generally the vesting period. The following weighted-average assumptions were used during these periods:

		Years Ended December 31,
		2023				2022				2021
Stock Options:
Expected volatility			66	%			68	%			64	%
Risk-free interest rate			3.9	%			2.9	%			0.9	%
Expected dividend yield			0	%			0	%			0	%
Expected life of options in years			5.4				5.4				5.4

Weighted-Average Assumptions Used to Estimate Fair Value of Employee Stock Purchase Plan Rights

		Years Ended December 31,
		2023				2022				2021
Employee Stock Purchase Plan:
Expected volatility		40%-67%				62%-82%				49%-100%
Risk-free interest rate		4.0%-5.3%				1.5%-4.6%				0.0%-0.5%
Expected dividend yield			0	%			0	%			0	%
Expected life in years		0.5-2.0				0.5-2.0				0.5-2.0

Summary of Stock-based Compensation Expense Included in Statements of Operations

The table below summarizes the total stock-based compensation expense included in the Company’s consolidated statements of operations for the periods presented (in thousands):

		Years Ended December 31,
		2023				2022				2021
Cost of product sales		$	1,007			$	1,106			$	1,286
Research and development			17,408				22,580				21,969
Sales, general and administrative			48,006				44,515				40,360
		$	66,421			$	68,201			$	63,615

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