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Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

14. Segment Reporting

We operate as a single operating and reportable segment, focused on creating value for our stockholders. We achieve this by maximizing the value of our respiratory royalty portfolio and growing our investments in innovative healthcare assets that address critical unmet medical needs.

Our Chief Executive Officer, as the chief operating decision-maker (“CODM”), evaluates the company’s financial performance and operational efficiency using consolidated net income (loss). This helps guide decisions related to commercial operations, product development, and regulatory compliance, ensuring resources are allocated effectively to support growth initiatives. Consolidated net income (loss) also helps inform reinvestment strategies to strengthen our market position and drive innovation.

The accounting policies of the segment are the same as those described in Note 1, “Description of Operations and Summary of Significant Accounting Policies”.

Our revenues are generated primarily from our collaborative arrangements and royalty payments from GSK, located in Great Britain. We also generate revenue from net product sales of GIAPREZA®, XERAVA®, XACDURO®, and ZEVTERA®, as well as license and other revenues. Refer to Note 3, “Revenue Recognition”, for more information on our revenues for the periods presented.

Our long-term assets are located within the United States. The CODM does not review assets at a different level or category than the amounts disclosed in the consolidated balance sheets.

The table below presents the financial information used by the CODM to assess performance, which reconciles to the consolidated net income (loss):

 

 

Three months ended June 30,

 

 

Six Months Ended June 30,

 

(In thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total revenue

 

$

100,283

 

 

$

99,898

 

 

$

188,915

 

 

$

177,397

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold

 

 

10,590

 

 

 

8,472

 

 

 

19,432

 

 

 

19,443

 

Amortization of acquired intangible assets

 

 

6,547

 

 

 

6,440

 

 

 

13,022

 

 

 

12,880

 

Selling and marketing

 

 

8,147

 

 

 

7,921

 

 

 

16,218

 

 

 

17,184

 

General and administrative

 

 

18,265

 

 

 

19,819

 

 

 

37,685

 

 

 

40,961

 

Research and development - External services and expenses

 

 

6,782

 

 

 

630

 

 

 

9,833

 

 

 

2,280

 

Research and development - Internal expenses

 

 

1,201

 

 

 

1,930

 

 

 

2,546

 

 

 

4,158

 

Changes in fair values of equity method investments, net

 

 

(13,082

)

 

 

60,108

 

 

 

467

 

 

 

24,766

 

Changes in fair values of equity and long-term investments, net

 

 

(11,280

)

 

 

30,556

 

 

 

54,019

 

 

 

43,891

 

Interest and dividend income

 

 

(4,925

)

 

 

(3,474

)

 

 

(9,463

)

 

 

(7,873

)

Interest expense

 

 

4,663

 

 

 

5,802

 

 

 

9,374

 

 

 

11,653

 

Other expense, net

 

 

777

 

 

 

973

 

 

 

1,773

 

 

 

2,209

 

Income tax expense (benefit), net

 

 

8,910

 

 

 

(4,594

)

 

 

16,905

 

 

 

3,998

 

Consolidated net income (loss)

 

$

63,688

 

 

$

(34,685

)

 

$

17,104

 

 

$

1,847