v3.26.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported Within the Consolidated Balance Sheets
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that together reflect the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands):
As of June 30,
20262025
Cash and cash equivalents$330,728 $228,122 
Restricted cash1,734 480 
Total cash, cash equivalents, and restricted cash$332,462 $228,602 
Schedule of Disaggregation of Total Product Sales
The following table represents total revenues and disaggregates Product sales, net by approved medicine (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Product sales, net:
Livmarli$128,721 $88,160 $242,525 $161,384 
Bile Acid Medicines47,522 39,625 93,600 77,986 
Total product sales, net$176,243 $127,785 $336,125 $239,370 
Schedule of Product Sales by Geographic Area
The following table sets forth Product sales, net by geographic area based on the ship-to location (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
United States$138,338 $95,532 $266,265 $182,454 
Rest of the world37,905 32,253 69,860 56,916 
Total product sales, net$176,243 $127,785 $336,125 $239,370 
Schedule of Computation of Basic and Diluted Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share for the three and six months ended June 30, 2026 and 2025 (in thousands, except share and per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Numerator:
Net loss$(67,227)$(5,861)$(857,382)$(20,538)
Denominator:
Weighted-average shares of common stock outstanding62,837,77149,726,82360,653,88449,310,255
Add: weighted average of common stock to be issued upon exercise of pre-funded warrants536,412—471,213—
Weighted average shares of common stock used to compute net loss per share, basic and diluted63,374,18349,726,82361,125,09749,310,255
Net loss per share, basic and diluted$(1.06)$(0.12)$(14.03)$(0.42)
Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share
The following outstanding potential dilutive shares have been excluded from the calculation of diluted net loss per share for each period presented due to their anti-dilutive effect:
As of June 30,
20262025
Options to purchase common stock and restricted stock units11,135,86212,477,636
Common stock issuable upon conversion of convertible notes7,456,2899,963,963
Indemnity holdback522,375—
Employee stock purchase plan contingently issuable9,56925,099
Total19,124,09522,466,698