Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Impact of Accounts Receivable Reserves on Gross Trade Accounts Receivable Balances |
The following table summarizes the impact of accounts receivable reserves on the gross trade accounts receivable balances as of March 31, 2025 and December 31, 2024:
|
|
|
|
|
|
|
|
|
In thousands |
|
March 31, 2025 |
|
|
December 31, 2024 |
|
Gross trade accounts receivable |
|
$ |
118,677 |
|
|
$ |
133,072 |
|
Trade allowances |
|
|
(10,517 |
) |
|
|
(9,433 |
) |
Chargebacks |
|
|
(1,426 |
) |
|
|
(1,360 |
) |
Accounts receivable, net |
|
$ |
106,734 |
|
|
$ |
122,279 |
|
|
| Calculation of Net Loss and Number of Ordinary Shares Used to Compute Basic and Diluted Net Loss per Share |
The calculation of net loss and the number of Ordinary Shares and ADSs used to compute basic and diluted net loss per Ordinary Share and ADS for the three months ended March 31, 2025 and 2024 are as follows:
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
In thousands |
|
2025 |
|
|
2024 |
|
Net loss—basic and diluted |
|
$ |
(15,697 |
) |
|
$ |
(9,953 |
) |
Weighted average Ordinary Shares outstanding—basic and diluted |
|
|
413,422 |
|
|
|
410,146 |
|
Loss per Ordinary Share—basic and diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
Weighted average ADS outstanding—basic and diluted |
|
|
20,671 |
|
|
|
20,507 |
|
Loss per ADS—basic and diluted |
|
$ |
(0.76 |
) |
|
$ |
(0.49 |
) |
|
| Anti-Dilutive Securities Not Included in the Computation of Net Loss per Share |
For the three months ended March 31, 2025 and 2024, the following potentially dilutive securities were not included in the computation of net loss per share because the effect would be anti-dilutive or because performance criteria were not yet met for awards contingent upon such measures:
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
In thousands of Ordinary Shares |
|
2025 |
|
|
2024 |
|
Stock options |
|
|
30,373 |
|
|
|
29,492 |
|
Restricted stock and restricted stock units |
|
|
19,716 |
|
|
|
14,828 |
|
|
| Estimated Fair Value of Assets and Liability |
The following tables present information about the estimated fair value of the Company’s assets and liabilities as of March 31, 2025 and December 31, 2024, and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
In thousands |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Asset: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Securities |
|
$ |
162,337 |
|
|
$ |
162,337 |
|
|
$ |
— |
|
|
$ |
— |
|
Money Market Fund |
|
|
82,132 |
|
|
|
82,132 |
|
|
|
— |
|
|
|
— |
|
Repo Securities |
|
|
5,000 |
|
|
|
— |
|
|
|
5,000 |
|
|
|
— |
|
Total |
|
$ |
249,469 |
|
|
$ |
244,469 |
|
|
$ |
5,000 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
In thousands |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Asset: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Securities |
|
$ |
174,722 |
|
|
$ |
174,722 |
|
|
$ |
— |
|
|
$ |
— |
|
Money Market Fund |
|
|
67,456 |
|
|
|
67,456 |
|
|
|
— |
|
|
|
— |
|
Repo Securities |
|
|
5,000 |
|
|
|
— |
|
|
|
5,000 |
|
|
|
— |
|
Total |
|
$ |
247,178 |
|
|
$ |
242,178 |
|
|
$ |
5,000 |
|
|
$ |
— |
|
|
| Schedule of Reportable Segment Loss Including Significant Reportable Segment Expenses |
The table below is a summary of the reportable segment loss, including significant reportable segment expenses:
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
In thousands |
2025 |
|
|
2024 |
|
US product revenue, net |
$ |
35,661 |
|
|
$ |
48,114 |
|
Europe product revenue, net |
|
5,392 |
|
|
|
1,865 |
|
RoW product revenue, net |
|
(18 |
) |
|
|
5,177 |
|
Total product revenue, net |
|
41,035 |
|
|
|
55,156 |
|
Licensing and royalty revenue |
|
982 |
|
|
|
1,363 |
|
Total revenue, net |
|
42,017 |
|
|
|
56,519 |
|
Less: Cost of goods sold |
|
16,887 |
|
|
|
24,615 |
|
Gross margin |
|
25,130 |
|
|
|
31,904 |
|
Operating expenses: |
|
|
|
|
|
Selling |
|
7,384 |
|
|
|
10,250 |
|
General and administrative |
|
8,648 |
|
|
|
9,415 |
|
Research and development |
|
2,042 |
|
|
|
2,217 |
|
Payroll and payroll related expense |
|
19,484 |
|
|
|
18,387 |
|
Non-cash stock-based compensation expense |
|
4,327 |
|
|
|
5,218 |
|
Total operating expenses |
|
41,885 |
|
|
|
45,487 |
|
Operating loss |
|
(16,755 |
) |
|
|
(13,583 |
) |
Interest income, net |
|
2,872 |
|
|
|
3,383 |
|
Other income, net |
|
253 |
|
|
|
1,545 |
|
Loss from operations before taxes |
|
(13,630 |
) |
|
|
(8,655 |
) |
Provision for income taxes |
|
(2,067 |
) |
|
|
(1,298 |
) |
Segment & consolidated net loss |
$ |
(15,697 |
) |
|
$ |
(9,953 |
) |
|