v3.22.4
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Reconciliation of Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total end of period cash, cash equivalents and restricted cash reported within the Consolidated Statements of Cash Flows:
December 31,
(in thousands)20222021
Cash and cash equivalents$135,029 $52,071 
Restricted cash included in non-current inventory and other469 519 
Total cash, cash equivalents and restricted cash
$135,498 $52,590 
Net Sales by Product
The Company’s net product sales consist of sales of HETLIOZ® and Fanapt®. Net sales by product for the years ended December 31, 2022, 2021 and 2020 were as follows:
 Year Ended December 31,
(in thousands)
202220212020
HETLIOZ® net product sales
$159,655 $173,536 $160,686 
Fanapt® net product sales
94,727 95,146 87,482 
Total net product sales$254,382 $268,682 $248,168 
Schedule of Major Customers that Represented More Than 10% of Total Revenues
The following table presents each major customer that represented more than 10% of total revenues for the years ended December 31, 2022, 2021 and 2020:
 Year Ended December 31,
Percent of Net Product Sales202220212020
Distributor A36 %40 %43 %
Distributor B16 %18 %19 %
Distributor C13 %12 %12 %
Distributor D11 %10 %11 %
Distributor E11 %11 %10 %
Schedule of Major Customers that Represented More Than 10% of Accounts Receivable, Net
The following table presents each major customer that represented more than 10% of accounts receivable, net, as of December 31, 2022 and 2021:
 December 31,
Percent of Accounts Receivable, Net20222021
Distributor A18 %31 %
Distributor B13 %*
Distributor C20 %17 %
Distributor D16 %16 %
Distributor E14 %14 %
*Represents less than 10% of respective balance.
Summary of Product Return Allowance The following table summarizes activity for product returns as of and for the years ended December 31, 2022, 2021 and 2020, all of which relates to sales of Fanapt®:
 
(in thousands)Reserve for Product Returns
Balances at December 31, 2019$6,120 
Additions3,844 
Credits/payments(5,266)
Balances at December 31, 20204,698 
Additions2,870 
Credits/payments(3,017)
Balances at December 31, 20214,551 
Additions4,332 
Credits/payments(3,739)
Balances at December 31, 2022$5,144