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Segment Reporting
 12 Months Ended
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