XML 36 R28.htm IDEA: XBRL DOCUMENT v3.25.2

Basis of Presentation and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Fair Value Measurement Specific to Assets or Liability

		Fair Value Measurements at Reporting Date Using (in thousands)
		Balances as of June 30, 2025				Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Cash and cash equivalents:
Money market funds		$	102,194			$	102,194			$	—			$	—
U.S. Treasuries		$	407,687			$	407,687			$	—			$	—
Investment in equity securities:
Equity securities		$	21,256			$	21,256			$	—			$	—

		Fair Value Measurements at Reporting Date Using (in thousands)
		Balances as of December 31, 2024				Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Cash and cash equivalents:
Money market funds		$	109,947			$	109,947			$	—			$	—
U.S. Treasuries		$	329,457			$	329,457			$	—			$	—
Investment in equity securities:
Equity securities		$	21,564			$	21,564			$	—			$	—

Summary of Disaggregated Product Revenue

The following table summarizes the Company’s net product revenue disaggregated by product (in thousands):

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
FIRDAPSE®		$	84,845			$	77,372			$	168,576			$	144,214
FYCOMPA®			34,332				36,535				69,959				66,960
AGAMREE®*			27,363				8,746				49,405				9,920
Total product revenue, net		$	146,540			$	122,653			$	287,940			$	221,094

_________________

*AGAMREE® net product revenue for the six months ended June 30, 2024 is for the period between March 13, 2024 (date of commercial launch) and June 30, 2024.

Summary of Percentage of the Company's Total Net Product Revenue

The following table illustrates the approximate percentage of the Company’s total net product revenue attributed to the Company’s largest customers for the periods presented:

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Customer A			76.5	%			70.2	%			75.3	%			69.7	%
Customer B			8.5	%			11.2	%			9.1	%			10.4	%
Total			85.0	%			81.4	%			84.4	%			80.1	%

Basic and Dilutive Weighted Average Common Shares

The following table reconciles basic and diluted weighted average common shares:

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Basic weighted average common shares    outstanding			122,163,212				118,180,396				121,819,748				117,493,257
Effect of dilutive securities			5,380,072				6,475,603				5,441,779				6,535,495
Diluted weighted average common shares    outstanding			127,543,284				124,655,999				127,261,527				124,028,752

Schedule of Significant Segment Expenses of Stock-based Compensation

The following table illustrates information about significant segment expenses, inclusive of stock-based compensation:

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Research and development		$	4,358			$	2,985			$	8,245			$	5,566
Selling			31,133				28,100				63,233				55,098
General and administrative (a)			14,816				12,630				29,627				32,570
Total		$	50,307			$	43,715			$	101,105			$	93,234

__________________________________________

(a) exclusive of amortization of intangible assets

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

+ Details

Name:	us-gaap_ScheduleOfWeightedAverageNumberOfSharesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

+ Details

Name:	us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration