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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Information  
Segment Information

18. Segment Information

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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.

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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.

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The table below provides information about the Company’s segment, including segment expenses, and a reconciliation to net income (loss):

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Three Months Ended September 30,

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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)

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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

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10,905

​

​

7,796

​

​

33,995

​

​

24,229

Medical expenses

​

7,775

​

​

6,516

​

​

23,640

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​

16,537

Technical operations expenses

​

129

​

​

364

​

​

363

​

​

1,278

Stock-based compensation expense

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9,811

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​

7,317

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​

32,153

​

​

24,804

Other segment items(1)

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1,533

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​

19,886

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​

4,010

​

​

22,937

Interest expense

 

21,767

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18,394

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63,020

​

 

51,320

Interest income

​

(3,116)

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​

(3,280)

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​

(7,724)

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​

(12,164)

Loss on extinguishment of debt

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—

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​

4,145

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​

—

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​

11,329

Provision for income taxes

​

11,929

​

​

6,245

​

​

17,676

​

​

24,645

Net income

$

31,507

​

$

9,335

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$

45,907

​

$

56,654

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(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.

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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.