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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 |  |  | Twelve Months Ended December 31, 2023 |
|  | Beginning of period |  |  | End of period |  |  | Beginning of period |  |  | End of period |
Cash and cash equivalents |  | $ | 188,657 |  |  | $ | 319,589 |  |  | $ | 114,846 |  |  | $ | 188,657 |
Restricted cash |  |  | 5,770 |  |  |  | 8,770 |  |  |  | 5,770 |  |  |  | 5,770 |
Total cash, cash equivalents and restricted cash shown in the statements of cash flows |  | $ | 194,427 |  |  | $ | 328,359 |  |  | $ | 120,616 |  |  | $ | 194,427 |
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 s egment 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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
NUPLAZID |  | $ | 609,385 |  |  | $ | 549,248 |  |  | $ | 517,235 |
DAYBUE |  |  | 348,412 |  |  |  | 177,189 |  |  |  | — |
Product sales, net |  | $ | 957,797 |  |  | $ | 726,437 |  |  | $ | 517,235 |
Schedule Of Revenue Concentration Risk | The following table summarizes customers that represent 10% or greater of our consolidated total gross revenues:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Customer A |  |  | 34 | % |  |  | 23 | % |  | * |
Customer B |  |  | 14 | % |  |  | 17 | % |  |  | 25 | %
Customer C |  |  | 13 | % |  |  | 15 | % |  |  | 17 | %
Customer D |  |  | 12 | % |  |  | 14 | % |  |  | 21 | %
Customer E |  |  | 10 | % |  |  | 10 | % |  |  | 11 | %
__________________________________________ * Represents less than 10% and/or not a customer in the applicable year
Schedule Of Accounts Receivable Concentration Risk | The following table summarizes customers with amounts due that represent 10% or greater of our consolidated accounts receivable balance:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
Customer A |  |  | 42 | % |  |  | 33 | %
Customer B |  |  | 13 | % |  |  | 14 | %
Customer C |  |  | 14 | % |  |  | 12 | %
Customer D |  |  | 12 | % |  |  | 14 | %
Customer E |  | * |  |  |  | 10 | %
__________________________________________
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Stock Options: |  |  |  |  |  |  |  |  |
Expected volatility |  |  | 62 | % |  |  | 66 | % |  |  | 68 | %
Risk-free interest rate |  |  | 4.1 | % |  |  | 3.9 | % |  |  | 2.9 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected life of options in years |  |  | 5.5 |  |  |  | 5.4 |  |  |  | 5.4 |
Weighted-Average Assumptions Used to Estimate Fair Value of Employee Stock Purchase Plan Rights |
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Employee Stock Purchase Plan: |  |  |  |  |  |  |  |  |
Expected volatility |  | 46%-63% |  |  | 40%-67% |  |  | 62%-82% |
Risk-free interest rate |  | 4.3%-5.3% |  |  | 4.0%-5.3% |  |  | 1.5%-4.6% |
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cost of product sales |  | $ | 1,319 |  |  | $ | 1,007 |  |  | $ | 1,106 |
Research and development |  |  | 14,100 |  |  |  | 17,408 |  |  |  | 22,580 |
Sales, general and administrative |  |  | 51,630 |  |  |  | 48,006 |  |  |  | 44,515 |
|  | $ | 67,049 |  |  | $ | 66,421 |  |  | $ | 68,201 |
Schedule of Earnings Per Share, Basic and Diluted | For purposes of diluted earnings (net loss) per share calculation, equity awards and employee stock purchase plan rights are considered to be common stock equivalents.
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Net income (loss) - basic and diluted |  | $ | 226,451 |  |  | $ | (61,286 | ) |  | $ | (215,975 | )
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |
Basic |  |  | 165,717 |  |  |  | 163,819 |  |  |  | 161,683 |
Effect of potentially dilutive common shares from: |  |  |  |  |  |  |  |  |
Equity awards |  |  | 576 |  |  |  | — |  |  |  | — |
Employee stock purchase plan rights |  |  | 69 |  |  |  | — |  |  |  | — |
Diluted |  |  | 166,362 |  |  |  | 163,819 |  |  |  | 161,683 |
Earnings (net loss) per share: |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.37 |  |  | $ | (0.37 | ) |  | $ | (1.34 | )
Diluted |  | $ | 1.36 |  |  | $ | (0.37 | ) |  | $ | (1.34 | )
Potentially dilutive shares excluded from per share amounts as their effect would have been anti-dilutive |  |  | 18,233 |  |  |  | 21,264 |  |  |  | 21,185 |

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- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
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