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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company is managed and operated as a single business focused on the development, manufacture, marketing, distribution and sale of non-opioid pain therapies. The Company is managed by a single management team, and consistent with its organizational structure, the Chief Executive Officer—who is the Company’s chief operating decision maker, or CODM—manages and allocates resources at a consolidated level. Accordingly, the Company views its business as one operating segment and one reportable segment to evaluate its performance, allocate resources, set operational targets and forecast its future financial results. The key measure of the Company is GAAP net income. The CODM uses this measure to evaluate its performance, allocate resources, set operational targets and forecast its future financial results. There are significant expense categories and amounts that are regularly provided to the CODM. These expense categories differ from what is disclosed in the Company’s financial results. The table below reconciles the significant expense categories provided to the CODM to the Company’s expenses as disclosed under GAAP (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Revenues | $ | 192,399 |  |  | $ | 181,099 |  |  | $ | 369,775 |  |  | $ | 350,022 |
Less: |  |  |  |  |  |  |
Adjusted cost of goods sold (1) | 42,355 |  |  | 32,663 |  |  | 77,125 |  |  | 65,253 |
Adjusted research and development (1) | 27,053 |  |  | 24,686 |  |  | 52,415 |  |  | 47,787 |
Adjusted selling and marketing (1) | 52,117 |  |  | 50,964 |  |  | 110,283 |  |  | 106,535 |
Adjusted general and administrative (1) | 29,148 |  |  | 26,231 |  |  | 54,860 |  |  | 46,840 |
Stock-based compensation (1) | 14,958 |  |  | 15,472 |  |  | 28,497 |  |  | 30,025 |
Amortization of acquired intangible assets | 14,322 |  |  | 14,322 |  |  | 28,644 |  |  | 28,644 |
Divestiture and acquisition-related expenses (2) | 6,516 |  |  | 2,098 |  |  | 7,396 |  |  | 3,960 |
Changes in the fair value of contingent consideration | 1,663 |  |  | (357) |  |  | (614) |  |  | (3,032) |
Legal settlement | — |  |  | — |  |  | — |  |  | 7,000 |
Decommissioning of manufacturing suite | — |  |  | 6,521 |  |  | — |  |  | 6,521 |
Total operating expenses | 188,132 |  |  | 172,600 |  |  | 358,606 |  |  | 339,533 |
Total other expense, net | (1,712) |  |  | (10,426) |  |  | (3,616) |  |  | (3,710) |
Income (loss) before income taxes | 2,555 |  |  | (1,927) |  |  | 7,553 |  |  | 6,779 |
Income tax benefit (expense) | 2,098 |  |  | (2,920) |  |  | 16 |  |  | (6,814) |
Net income (loss) | $ | 4,653 |  |  | $ | (4,847) |  |  | $ | 7,569 |  |  | $ | (35) |
(1) The adjustments are primarily related to stock-based compensation being noted separately as a line item. (2) During the three and six months ended June 30, 2026, the Company recognized $5.9 million of divestiture-related expenses, primarily related to third-party services and legal fees, which were recorded to other operating expenses, net in the condensed consolidated statement of operations. In February 2025, the Company acquired the remaining 81% of GQ Bio that it did not already own. During the three and six months ended June 30, 2025, the Company incurred acquisition-related expenses of $1.0 million and $2.5 million, respectively, mainly related to third-party services and legal fees associated with the acquisition of GQ Bio, which were recorded to other operating expenses, net in the condensed consolidated statement of operations. As part of the purchase agreement, $7.8 million of expense will be recognized and paid over three years pursuant to a key employee holdback agreement in increments of 50%, 30% and 20%, respectively. This resulted in $0.6 million and $1.5 million recognized within research and development in the condensed consolidated statement of operations for the three and six months ended June 30, 2026, respectively, and $1.1 million and $1.5 million for the three and six months ended June 30, 2025, respectively. The measure of segment assets is reported on the Company’s consolidated balance sheet as total assets. Substantially all of the Company’s assets are used to support its mission in delivering innovative, non-opioid pain therapies to transform the lives of patients. As of June 30, 2026 and December 31, 2025, the Company’s long-lived assets were primarily located in the U.S. (81% and 83%, respectively), and, to a lesser extent, Germany (10% and 9%) and the U.K. (9% and 8%). For information on the Company’s fixed assets, refer to Note 6, Fixed Assets.

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