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Summary of Significant Accounting Policies (Tables)

12 Months Ended

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 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,
		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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