Description of Business and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Segment Revenues and Significant Expense Categories in Consolidated Statements of Operations

The table below shows the details of the Company’s segment revenues and significant expense categories regularly provided to and reviewed by the CODM as well as other significant segment items included in consolidated net income in the condensed consolidated statements of operations:


	Three Months Ended June 30,						Six Months Ended June 30,
Revenues	2025			2024			2025			2024
Afrezza	$	18,329		$	16,289		$	33,216		$	30,727
V-Go		4,125			4,491			8,211			8,817
Collaborations and services		22,845			26,014			52,221			50,862
Royalties		31,228			25,592			61,233			48,243
Total revenues		76,527			72,386			154,881			138,649
Less significant segment expenses (income):
Cost of goods sold – commercial		4,607			5,605			8,375			9,424
Cost of revenue – collaborations and services		15,961			14,772			29,709			29,551
Research and development		13,675			11,816			24,697			21,829
Selling		14,878			11,495			28,641			23,096
General and administrative		16,744			12,617			27,995			23,345
Interest income, net		(1,832	)		(3,177	)		(3,788	)		(6,611	)
Interest expense, net		6,191			12,878			16,823			22,140
Loss on settlement of debt		—			7,050			—			7,050
Other segment items(1)		5,635			1,344			8,603			209
Consolidated net income (loss)	$	668		$	(2,014	)	$	13,826		$	8,616

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(1) Includes loss (gain) on foreign currency transaction, loss on available-for-sale securities and income tax expense.

Summary of Revenue and Cost of Revenue and Goods Sold Generated From Product Sales, Services and Royalties

The Company’s net revenue as shown on the condensed consolidated statement of operations is comprised of revenue generated from product sales, services and royalties as shown below (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net revenue:
Product revenue (1)	$	44,678	$	46,758	$	92,469	$	89,986
Services (2)		621		36		1,179		420
Royalties (3)		31,228		25,592		61,233		48,243
Total net revenue	$	76,527	$	72,386	$	154,881	$	138,649

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(1)

Amounts represent the revenue from Afrezza and V-Go sales to wholesalers and specialty pharmacies and Tyvaso DPI to UT.

(2)

Amounts represent revenue generated from the Company's collaboration arrangements, including Next-Gen R&D Services (as defined in Note 9) for UT as well as arrangements with other collaboration partners. See Note 9 – Collaborations, Licensing and Other Arrangements.

(3)

Amounts represent royalties on UT’s net revenue from Tyvaso DPI sales.