Basis of Presentation and Significant Accounting Policies (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Accounting Policies [Abstract] |
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| Fair Value Measurement Specific to Assets or Liability |
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Fair Value Measurements at Reporting Date Using (in thousands) |
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Balances as of
March 31, 2026 |
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Quoted Prices in
Active Markets for
Identical
Assets/Liabilities
(Level 1) |
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Significant Other
Observable Inputs
(Level 2) |
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Significant
Unobservable Inputs
(Level 3) |
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Cash and cash equivalents: |
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Money market funds |
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$ |
71,808 |
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$ |
71,808 |
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$ |
— |
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$ |
— |
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U.S. Treasuries |
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$ |
574,153 |
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$ |
574,153 |
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$ |
— |
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$ |
— |
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Investment in equity securities: |
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Equity securities |
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$ |
27,286 |
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$ |
27,286 |
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$ |
— |
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$ |
— |
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Fair Value Measurements at Reporting Date Using (in thousands) |
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Balances as of
December 31,
2025 |
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Quoted Prices in
Active Markets for
Identical
Assets/Liabilities
(Level 1) |
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Significant Other
Observable Inputs
(Level 2) |
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Significant
Unobservable Inputs
(Level 3) |
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Cash and cash equivalents: |
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Money market funds |
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$ |
569,457 |
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$ |
569,457 |
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$ |
— |
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$ |
— |
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Investment in equity securities: |
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Equity securities |
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$ |
22,536 |
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$ |
22,536 |
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$ |
— |
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$ |
— |
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| Summary of Disaggregated Product Revenue |
The following table summarizes the Company’s net product revenue disaggregated by product (in thousands):
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For the Three Months Ended March 31, |
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2026 |
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2025 |
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FIRDAPSE® |
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$ |
98,859 |
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$ |
83,731 |
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AGAMREE® |
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36,713 |
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22,042 |
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FYCOMPA® |
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13,771 |
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35,627 |
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Total product revenue, net |
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$ |
149,343 |
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$ |
141,400 |
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| Summary of Percentage of the Company's Total Net Product Revenue |
The following table illustrates the approximate percentage of the Company’s total net product revenue attributed to the Company’s largest customers for the periods presented:
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For the Three Months Ended March 31, |
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2026 |
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2025 |
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Customer A |
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90.1 |
% |
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74.0 |
% |
Total |
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90.1 |
% |
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74.0 |
% |
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| Basic and Dilutive Weighted Average Common Shares |
The following table reconciles basic and diluted weighted average common shares:
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For the Three Months Ended March 31, |
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2026 |
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2025 |
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Basic weighted average common shares outstanding |
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122,254,171 |
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121,472,468 |
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Effect of dilutive securities |
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4,649,220 |
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5,485,514 |
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Diluted weighted average common shares outstanding |
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126,903,391 |
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126,957,982 |
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| Schedule of Significant Segment Expenses of Stock-based Compensation |
The following table illustrates information about significant segment expenses, inclusive of stock-based compensation:
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For the Three Months Ended March 31, |
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2026 |
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2025 |
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Research and development |
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$ |
2,661 |
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$ |
3,887 |
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Selling |
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31,491 |
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32,100 |
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General and administrative (a) |
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17,828 |
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14,811 |
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Total |
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$ |
51,980 |
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$ |
50,798 |
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__________________________________________ (a) exclusive of amortization of intangible assets
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