v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company is managed and operated as a single business focused on the development, manufacture, marketing, distribution and sale of non-opioid pain therapies. The Company is managed by a single management team, and consistent with its organizational structure, the Chief Executive Officer—who is the Company’s chief operating decision maker, or CODM—manages and allocates resources at a consolidated level. Accordingly, the Company views its business as one operating segment and one reportable segment to evaluate its performance, allocate resources, set operational targets and forecast its future financial results.
The key measure of the Company is GAAP net income. The CODM uses this measure to evaluate its performance, allocate resources, set operational targets and forecast its future financial results.
There are significant expense categories and amounts that are regularly provided to the CODM. These expense categories differ from what is disclosed in the Company’s financial results. The table below reconciles the significant expense categories provided to the CODM to the Company’s expenses as disclosed under GAAP (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenues$192,399 $181,099 $369,775 $350,022 
Less:
Adjusted cost of goods sold (1)
42,355 32,663 77,125 65,253 
Adjusted research and development (1)
27,053 24,686 52,415 47,787 
Adjusted selling and marketing (1)
52,117 50,964 110,283 106,535 
Adjusted general and administrative (1)
29,148 26,231 54,860 46,840 
Stock-based compensation (1)
14,958 15,472 28,497 30,025 
Amortization of acquired intangible assets14,322 14,322 28,644 28,644 
Divestiture and acquisition-related expenses (2)
6,516 2,098 7,396 3,960 
Changes in the fair value of contingent consideration1,663 (357)(614)(3,032)
Legal settlement— — — 7,000 
Decommissioning of manufacturing suite— 6,521 — 6,521 
Total operating expenses188,132 172,600 358,606 339,533 
Total other expense, net(1,712)(10,426)(3,616)(3,710)
Income (loss) before income taxes2,555 (1,927)7,553 6,779 
Income tax benefit (expense)2,098 (2,920)16 (6,814)
Net income (loss)$4,653 $(4,847)$7,569 $(35)
(1) The adjustments are primarily related to stock-based compensation being noted separately as a line item.
(2) During the three and six months ended June 30, 2026, the Company recognized $5.9 million of divestiture-related expenses, primarily related to third-party services and legal fees, which were recorded to other operating expenses, net in the condensed consolidated statement of operations.
In February 2025, the Company acquired the remaining 81% of GQ Bio that it did not already own. During the three and six months ended June 30, 2025, the Company incurred acquisition-related expenses of $1.0 million and $2.5 million, respectively, mainly related to third-party services and legal fees associated with the acquisition of GQ Bio, which were recorded to other operating expenses, net in the condensed consolidated statement of operations. As part of the purchase agreement, $7.8 million of expense will be recognized and paid over three years pursuant to a key employee holdback agreement in increments of 50%, 30% and 20%, respectively. This resulted in $0.6 million and $1.5 million recognized within research and development in the condensed consolidated statement of operations for the three and six months ended June 30, 2026, respectively, and $1.1 million and $1.5 million for the three and six months ended June 30, 2025, respectively.
The measure of segment assets is reported on the Company’s consolidated balance sheet as total assets. Substantially all of the Company’s assets are used to support its mission in delivering innovative, non-opioid pain therapies to transform the lives of patients. As of June 30, 2026 and December 31, 2025, the Company’s long-lived assets were primarily located in the U.S. (81% and 83%, respectively), and, to a lesser extent, Germany (10% and 9%) and the U.K. (9% and 8%). For information on the Company’s fixed assets, refer to Note 6, Fixed Assets.