Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| 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 June 30, 2026 and December 31, 2025:
|
|
|
|
|
|
|
|
|
In thousands |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Gross trade accounts receivable |
|
$ |
108,378 |
|
|
$ |
144,983 |
|
Trade allowances |
|
|
(14,783 |
) |
|
|
(17,189 |
) |
Chargebacks |
|
|
(678 |
) |
|
|
(962 |
) |
Accounts receivable, net |
|
$ |
92,917 |
|
|
$ |
126,832 |
|
|
| Calculation of Net Loss and Number of Ordinary Shares and ADSs Used to Compute Basic and Diluted Net Loss per Ordinary Share and ADS |
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 and six months ended June 30, 2026 and 2025 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
In thousands |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Net loss—basic and diluted |
|
$ |
(7,650 |
) |
|
$ |
(14,139 |
) |
|
$ |
(18,162 |
) |
|
$ |
(29,836 |
) |
Weighted average Ordinary Shares outstanding—basic and diluted |
|
|
416,444 |
|
|
|
414,477 |
|
|
|
419,457 |
|
|
|
414,008 |
|
Loss per Ordinary Share—basic and diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.07 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ADS outstanding—basic and diluted |
|
|
20,822 |
|
|
|
20,723 |
|
|
|
20,972 |
|
|
|
20,700 |
|
Loss per ADS—basic and diluted |
|
$ |
(0.37 |
) |
|
$ |
(0.68 |
) |
|
$ |
(0.87 |
) |
|
$ |
(1.44 |
) |
|
| Anti-Dilutive Securities Not Included in the Computation of Net Loss per Share |
For the three and six months ended June 30, 2026 and 2025, 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:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
In thousands |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Stock options |
|
|
30,766 |
|
|
|
31,103 |
|
|
|
30,766 |
|
|
|
31,103 |
|
Restricted stock and restricted stock units |
|
|
9,961 |
|
|
|
19,279 |
|
|
|
9,961 |
|
|
|
19,279 |
|
|
| 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 June 30, 2026 and December 31, 2025, and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
In thousands |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Asset: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Securities |
|
$ |
177,408 |
|
|
$ |
177,408 |
|
|
$ |
— |
|
|
$ |
— |
|
Money Market Fund |
|
|
39,643 |
|
|
|
39,643 |
|
|
|
— |
|
|
|
— |
|
Repo Securities |
|
|
5,000 |
|
|
|
— |
|
|
|
5,000 |
|
|
|
— |
|
Total |
|
$ |
222,051 |
|
|
$ |
217,051 |
|
|
$ |
5,000 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
In thousands |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Asset: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Securities |
|
$ |
168,095 |
|
|
$ |
168,095 |
|
|
$ |
— |
|
|
$ |
— |
|
Money Market Fund |
|
|
45,377 |
|
|
|
45,377 |
|
|
|
— |
|
|
|
— |
|
Repo Securities |
|
|
5,000 |
|
|
|
— |
|
|
|
5,000 |
|
|
|
— |
|
Total |
|
$ |
218,472 |
|
|
$ |
213,472 |
|
|
$ |
5,000 |
|
|
$ |
— |
|
|
| Summary of Reportable Segment Profit or Loss Including Significant Reportable Segment Expenses |
The table below is a summary of the reportable segment profit or loss, including significant reportable segment expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
In thousands |
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
US product revenue, net |
$ |
32,244 |
|
|
$ |
36,502 |
|
|
$ |
67,861 |
|
|
$ |
72,162 |
|
Europe product revenue, net |
|
5,445 |
|
|
|
6,572 |
|
|
|
10,359 |
|
|
|
11,965 |
|
RoW product revenue, net |
|
1,388 |
|
|
|
3,543 |
|
|
|
4,183 |
|
|
|
3,525 |
|
Total product revenue, net |
|
39,077 |
|
|
|
46,617 |
|
|
|
82,403 |
|
|
|
87,652 |
|
Licensing and royalty revenue |
|
3,134 |
|
|
|
26,124 |
|
|
|
4,941 |
|
|
|
27,105 |
|
Total revenue, net |
|
42,211 |
|
|
|
72,741 |
|
|
|
87,344 |
|
|
|
114,757 |
|
Less: Cost of goods sold |
|
27,222 |
|
|
|
22,379 |
|
|
|
54,585 |
|
|
|
39,266 |
|
Gross margin |
|
14,989 |
|
|
|
50,362 |
|
|
|
32,759 |
|
|
|
75,491 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Selling |
|
1,785 |
|
|
|
8,476 |
|
|
|
4,340 |
|
|
|
15,860 |
|
General and administrative (1) |
|
13,990 |
|
|
|
14,524 |
|
|
|
25,262 |
|
|
|
23,173 |
|
Research and development |
|
1,653 |
|
|
|
1,884 |
|
|
|
3,175 |
|
|
|
3,928 |
|
Payroll and payroll related expense |
|
7,430 |
|
|
|
15,239 |
|
|
|
15,567 |
|
|
|
34,722 |
|
Non-cash stock-based compensation expense |
|
2,101 |
|
|
|
3,465 |
|
|
|
4,396 |
|
|
|
7,791 |
|
Restructuring |
|
40 |
|
|
|
22,759 |
|
|
|
3,363 |
|
|
|
22,759 |
|
Total operating expenses |
|
26,999 |
|
|
|
66,347 |
|
|
|
56,103 |
|
|
|
108,233 |
|
Operating loss |
|
(12,010 |
) |
|
|
(15,985 |
) |
|
|
(23,344 |
) |
|
|
(32,742 |
) |
Interest income, net |
|
3,050 |
|
|
|
2,620 |
|
|
|
5,474 |
|
|
|
5,493 |
|
Other income (expense), net |
|
1,091 |
|
|
|
(85 |
) |
|
|
1,278 |
|
|
|
168 |
|
Loss from operations before taxes |
|
(7,869 |
) |
|
|
(13,450 |
) |
|
|
(16,592 |
) |
|
|
(27,081 |
) |
Benefit from (provision for) income taxes |
|
219 |
|
|
|
(689 |
) |
|
|
(1,570 |
) |
|
|
(2,755 |
) |
Segment & consolidated net loss |
$ |
(7,650 |
) |
|
$ |
(14,139 |
) |
|
$ |
(18,162 |
) |
|
$ |
(29,836 |
) |
(1) During the three and six months ended June 30, 2026 the Company recorded litigation-related charges of $6.3 million and $9.4 million, respectively, within general and administrative expense.
|
| Summary of Restructuring Charges |
The following table sets forth the components of the Company's restructuring charges for the three and six months ended June 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
In thousands |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Employee restructuring separation charges |
|
$ |
40 |
|
|
$ |
12,714 |
|
|
$ |
3,094 |
|
|
$ |
12,714 |
|
Vendor contract charges |
|
|
— |
|
|
|
10,045 |
|
|
|
269 |
|
|
|
10,045 |
|
Total restructuring expense |
|
|
40 |
|
|
|
22,759 |
|
|
|
3,363 |
|
|
|
22,759 |
|
Stock acceleration |
|
|
— |
|
|
|
(2,575 |
) |
|
|
(35 |
) |
|
|
(2,575 |
) |
Total restructuring costs incurred |
|
$ |
40 |
|
|
$ |
20,184 |
|
|
$ |
3,328 |
|
|
$ |
20,184 |
|
|
| Change in Restructuring Liability |
The following table shows the change in restructuring liability, which is included within accrued expenses and other current liabilities:
|
|
|
|
|
In thousands |
|
Restructuring Liability |
|
Balance at December 31, 2025 |
|
$ |
7,427 |
|
Restructuring cash obligations incurred |
|
|
3,328 |
|
Payments |
|
|
(8,168 |
) |
Balance at June 30, 2026 |
|
$ |
2,587 |
|
|