v3.26.1
BALANCE SHEET ACCOUNT DETAIL
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BALANCE SHEET ACCOUNT DETAIL BALANCE SHEET ACCOUNT DETAIL
The composition of selected captions within the accompanying Condensed Balance Sheets are summarized below:
Inventory
Inventory consists of the following:
June 30, 2026December 31, 2025
Current assets:
Work in progress$1,360 $1,410 
Finished goods3,017 2,962 
Inventory4,377 4,372 
Non-current assets:
Raw materials2,525 2,532 
Inventory, non-current2,525 2,532 
Total inventory$6,902 $6,904 
Property and Equipment, Net
Property and equipment, net consists of the following:
June 30, 2026December 31, 2025
Furniture and fixtures$2,527 $1,335 
Office equipment2,067 930 
Laboratory equipment701 345 
Leasehold improvements15,820 9,925 
Manufacturing equipment1,228 1,228 
Property and equipment, at cost22,343 13,763 
(Less): Accumulated depreciation(1,854)(2,098)
Property and equipment, net $20,489 $11,665 
Depreciation expense for the three months ended June 30, 2026 and 2025 was $0.8 million and $0.2 million, respectively, and for the six months ended June 30, 2026 and 2025 was $1.0 million and $0.4 million, respectively. The December 31, 2025 leasehold improvements represent construction in progress. In April 2026, in connection with the relocation of the Company’s headquarters, the Company placed its leasehold improvements into service and began recognizing the related depreciation expense. There were no impairments recognized during the three and six months ended June 30, 2026 and 2025.
Intangible Assets
Intangible assets, net consists of the following:
June 30, 2026December 31, 2025
Intangible assets, gross$9,000 $9,000 
(Less): Accumulated amortization(2,115)(1,634)
Intangible assets, net$6,885 $7,366 
Intangible assets are amortized to cost of sales over the remaining useful life of 7.2 years as of June 30, 2026, with an initial useful life of 10 years from the date of first commercial sale. Amortization expense for the three months ended June 30, 2026 and 2025 was $0.2 million in both periods, and for the six months ended June 30, 2026 and 2025 was $0.5 million in both periods. There have been no impairments of intangible assets for the three and six months ended June 30, 2026 and 2025.
As of June 30, 2026, the expected future amortization expense for the Company's intangible assets is as follows:
Amounts
2026 (remaining six months)
$480 
2027961 
2028961 
2029961 
2030961 
Thereafter2,561 
Total future amortization$6,885 
Other Accrued Liabilities
Other accrued liabilities consists of the following:
June 30, 2026December 31, 2025
Accrued product sales deductions$86,801 $68,439 
Other liabilities25,430 22,179 
Accrued royalty payable9,389 9,100 
Income tax payable, current2,105 1,811 
Other accrued liabilities$123,725 $101,529