HETLIOZ®. In January 2014, the United States Food and Drug Administration (FDA) approved the New Drug Application (NDA) for HETLIOZ®. As a result of this approval, the Company met a milestone under its license agreement with Bristol-Myers Squibb (BMS) that required the Company to make a license payment of $8.0 million to BMS. In April 2018, the Company met its final milestone under its license agreement with BMS when cumulative worldwide sales of HETLIOZ® reached $250.0 million. As a result of the achievement of this milestone, the Company made a payment to BMS of $25.0 million in 2018. These milestone payments were determined to be additional consideration for the acquisition of HETLIOZ® and capitalized as an intangible asset and are being amortized on a straight-line basis over the estimated economic useful life of the related product patents.

PONVORY®. In December 2023, the Company acquired the U.S. and Canadian rights to PONVORY® from Actelion Pharmaceuticals Ltd. (Janssen), a Johnson & Johnson Company. The total purchase price of $104.9 million, $100.7 million of which was paid in 2023 and the remaining $4.2 million in 2024, was allocated to the acquired intangible asset for the U.S. and

Canadian rights to PONVORY®. The PONVORY® intangible asset is being amortized on a straight-line basis over the estimated economic useful life of the related product rights.

NEREUSTM. In December 2025, the FDA approved the NDA for NEREUSTM. As a result of this approval, the Company met a milestone under its license agreement with Eli Lilly and Company (Lilly) that required the Company to make a license payment of $10.0 million to Lilly, which was accrued in the Company’s Consolidated Balance Sheets as of December 31, 2025 and represented a non-cash investing activity for the year ended December 31, 2025, and was paid in the first quarter of 2026. This milestone obligation was determined to be additional consideration for the acquisition of NEREUSTM and capitalized as an intangible asset and is being amortized on a straight-line basis over the estimated economic useful life of the related product patents.


		June 30, 2026
(in thousands)	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
HETLIOZ®	2035	$	33,000	$	19,593	$	13,407

PONVORY®	2042	104,894		14,714		90,180
NEREUSTM	2036	10,000		472		9,528
Total amortizing intangible assets		$	147,894	$	34,779	$	113,115


		December 31, 2025
(in thousands)	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
HETLIOZ®	2035	$	33,000	$	18,863	$	14,137

PONVORY®	2042	104,894		11,942		92,952
NEREUSTM	2036	10,000		—		10,000
Total amortizing intangible assets		$	147,894	$	30,805	$	117,089

Intangible assets are amortized over their estimated useful economic life using the straight-line method. Amortization expense was $2.0 million and $1.8 million for the three months ended June 30, 2026 and 2025, respectively. Amortization expense was $4.0 million and $3.5 million for the six months ended June 30, 2026 and 2025, respectively.


(in thousands)	Total		2026		2027		2028		2029		2030		Thereafter
HETLIOZ®	$	13,407	$	731	$	1,463	$	1,463	$	1,463	$	1,463	$	6,824
PONVORY®	90,180		2,772		5,544		5,544		5,544		5,544		65,232
NEREUSTM	9,528		471		941		941		941		941		5,293
Total amortization expense	$	113,115	$	3,974	$	7,948	$	7,948	$	7,948	$	7,948	$	77,349