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Segment Reporting | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | 16. 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. 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 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®, XACDURO®, XERAVA® 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 reconcile to the consolidated net income:
|  | Year Ended December 31, |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2023 |
Total revenue |  | $ | 411,328 |  |  | $ | 358,711 |  |  | $ | 310,463 |
Less: |  |  |  |  |  |  |  |  |
Cost of products sold |  |  | 77,384 |  |  |  | 36,598 |  |  |  | 41,040 |
Cost of license revenue |  |  | — |  |  |  | — |  |  |  | 1,600 |
Amortization of acquired intangible assets |  |  | 26,277 |  |  |  | 25,902 |  |  |  | 21,784 |
Selling and marketing |  |  | 36,502 |  |  |  | 31,441 |  |  |  | 30,739 |
General and administrative |  |  | 76,816 |  |  |  | 84,249 |  |  |  | 67,493 |
Research and development - External services and expenses |  |  | 15,705 |  |  |  | 7,408 |  |  |  | 20,051 |
Research and development - Internal expenses |  |  | 5,531 |  |  |  | 6,246 |  |  |  | 13,871 |
Research and development - Acquired IPR&D |  |  | 9,368 |  |  |  | — |  |  |  | — |
Changes in fair values of equity method investments, net |  |  | (141,433 | ) |  |  | 64,253 |  |  |  | (77,392 | )
Changes in fair values of equity and long-term investments, net |  |  | (20,160 | ) |  |  | 59,161 |  |  |  | (11,129 | )
Interest and dividend income |  |  | (21,086 | ) |  |  | (19,141 | ) |  |  | (15,818 | )
Interest expense |  |  | 16,698 |  |  |  | 22,209 |  |  |  | 19,157 |
Other expense, net |  |  | 2,864 |  |  |  | 2,997 |  |  |  | 4,969 |
Income tax expense, net |  |  | 55,697 |  |  |  | 13,996 |  |  |  | 14,376 |
Consolidated net income |  | $ | 271,165 |  |  | $ | 23,392 |  |  | $ | 179,722 |

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- Definition The entire disclosure for reporting segments including data and tables. 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