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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Information |
Segment Information | 18. Segment Information ​ The Company’s product portfolio includes Jornay PM, Belbuca, Xtampza ER, Nucynta IR and Nucynta ER, and Symproic. The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the chief operating decision maker (“CODM”) to analyze financial performance, make decisions, and allocate resources. The CODM is the Chief Executive Officer. As the internal reporting is based on the consolidated results, the Company has identified one operating and reportable segment and the measure of segment profit or loss is consolidated net income (loss). The CODM uses net income (loss) to assess actual results and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources. ​ The financial information regularly provided to the CODM includes consolidated cost of sales information and segment expense categories at a more disaggregated level than the consolidated statement of operations. The significant segment expenses for functional areas exclude stock-based compensation and certain other segment expenses, and are reported for the following functional areas: corporate, medical, technical operations, and commercial. The corporate functional area includes operating expenses related to finance, legal, business development, and other administrative activities, excluding stock-based compensation and other segment expenses (“Corporate Expenses”). The medical functional area includes operating expenses related to medical affairs, regulatory, pharmacovigilance and other medical-related activities, excluding stock-based compensation and other segment expenses (“Medical Expenses”). The technical operations functional area includes non-inventoriable operating expenses related to supply chain, product quality, information technology and other technical activities, excluding stock-based compensation and other segment expenses (“Technical Operations Expenses”). The commercial function includes operating expenses related to sales, marketing, market access, and other commercial activities, excluding stock-based compensation and other segment expenses (“Commercial Expenses”). Stock compensation is a significant segment expense and other segment expenses are included in Other segment items or separately stated in the table below. ​ The table below provides information about the Company’s segment, including segment expenses, and a reconciliation to net income (loss): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
Product revenues, net | $ | 209,361 | ​ | $ | 159,301 | ​ | $ | 575,118 | ​ | $ | 449,500
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of product revenues (excluding intangible asset amortization) | ​ | 24,717 | ​ | ​ | 21,706 | ​ | ​ | 73,820 | ​ | ​ | 60,611
Intangible asset amortization and impairment | ​ | 55,473 | ​ | ​ | 40,801 | ​ | ​ | 166,419 | ​ | ​ | 109,833
Commercial expenses | ​ | 36,931 | ​ | ​ | 20,076 | ​ | ​ | 121,839 | ​ | ​ | 57,487
Corporate expenses | ​ | 10,905 | ​ | ​ | 7,796 | ​ | ​ | 33,995 | ​ | ​ | 24,229
Medical expenses | ​ | 7,775 | ​ | ​ | 6,516 | ​ | ​ | 23,640 | ​ | ​ | 16,537
Technical operations expenses | ​ | 129 | ​ | ​ | 364 | ​ | ​ | 363 | ​ | ​ | 1,278
Stock-based compensation expense | ​ | 9,811 | ​ | ​ | 7,317 | ​ | ​ | 32,153 | ​ | ​ | 24,804
Other segment items(1) | ​ | 1,533 | ​ | ​ | 19,886 | ​ | ​ | 4,010 | ​ | ​ | 22,937
Interest expense |  | 21,767 | ​ |  | 18,394 | ​ |  | 63,020 | ​ |  | 51,320
Interest income | ​ | (3,116) | ​ | ​ | (3,280) | ​ | ​ | (7,724) | ​ | ​ | (12,164)
Loss on extinguishment of debt | ​ | — | ​ | ​ | 4,145 | ​ | ​ | — | ​ | ​ | 11,329
Provision for income taxes | ​ | 11,929 | ​ | ​ | 6,245 | ​ | ​ | 17,676 | ​ | ​ | 24,645
Net income | $ | 31,507 | ​ | $ | 9,335 | ​ | $ | 45,907 | ​ | $ | 56,654
​ (1) – Other segment items are primarily acquisition-related expenses, expenses related to the transition of certain of the Company’s executives, and fair value remeasurement of contingent consideration. ​ Depreciation expense was $1,033 and $946 in the three months ended September 30, 2025, and 2024, respectively. Intangible asset amortization and impairment expense was $55,473 and $40,801 in the three months ended September 30, 2025, and 2024, respectively. Depreciation expense was $3,259 and $2,815 in the nine months ended September 30, 2025, and 2024, respectively. Intangible asset amortization and impairment expense was $166,419 and $109,833 in the nine months ended September 30, 2025, and 2024, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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