Description of Business and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

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	2026			2025			2026			2025
Afrezza	$	17,021		$	18,329		$	32,294		$	33,216
Furoscix		22,191			—			37,684			—
V-Go		2,770			4,125			5,911			8,211
Collaborations and services		35,022			22,845			58,536			52,221
Royalties		32,370			31,228			65,119			61,233
Total revenues		109,374			76,527			199,544			154,881
Less significant segment expenses (income):
Cost of goods sold – commercial, excluding amortization of acquired intangible assets		14,409			4,607			21,917			8,375
Cost of revenue – collaborations and services		15,131			15,961			25,094			29,709
Amortization of intangible assets		4,367			—			8,734			—
Research and development		18,001			13,675			35,232			24,697
Selling		40,913			14,878			79,485			28,641
General and administrative		17,389			16,744			32,904			27,995
Interest income, net		(1,022	)		(1,832	)		(2,452	)		(3,788	)
Interest expense, net		14,818			6,191			27,252			16,823
Loss on settlement of debt		—			—			917			—
Other(1)		4,400			5,635			6,112			8,603
Consolidated net (loss) income	$	(19,032	)	$	668		$	(35,651	)	$	13,826

(1) Includes (gain) loss on foreign currency transaction, expense related to the fair value adjustment of the contingent consideration and income tax (benefit) expense.

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

The Company’s net revenue and cost of revenue and cost of goods sold as shown on the condensed consolidated statement of operations is comprised of the following (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net revenue:
Product revenue (1)	$	71,581	$	44,678	$	127,502	$	92,469
Services (2)		5,423		621		6,923		1,179
Royalties (3)		32,370		31,228		65,119		61,233
Total net revenue	$	109,374	$	76,527	$	199,544	$	154,881

(1)

Amounts represent the revenue from Afrezza, Furoscix and V-Go sales to wholesale distributors, specialty and retail pharmacies, DMEs, specialty distributors and direct purchasers and from the manufacture of Tyvaso DPI delivered to UT.

(2)

Amounts represent revenue generated from the Company's collaboration arrangements, including services related to the development agreement with UT as well as arrangements with other collaboration partners. See Note 10 – Collaborations, Licensing and Other Arrangements.

(3)

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of goods sold and cost of revenue:
Product revenue	$	28,043	$	19,605	$	44,382	$	36,716
Services		1,497		963		2,629		1,368
Total cost of goods sold and cost of revenue	$	29,540	$	20,568	$	47,011	$	38,084