v3.26.1
BALANCE SHEET ACCOUNT DETAILS (Tables)
 6 Months Ended
Jun. 30, 2026
Balance Sheet Related Disclosures [Abstract]  
Schedule of Inventory
Inventory consisted of the following:
June 30, 2026December 31, 2025
Raw materials$668 $436 
Work-in-process11,810 16,556 
Finished goods8,994 6,582 
Total inventory$21,472 $23,574 
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
June 30, 2026December 31, 2025
Prescription Drug User Fee Act (PDUFA) fees$221 $442 
Clinical development activities318 — 
Drug product manufacturing subcontractor393 — 
Insurance275 766 
Deposits for meetings and conferences584 80 
Commercial data platforms454 364 
Patient assistance platforms— 75 
Financial reporting platforms106 98 
Deferred offering costs— 711 
Other491 419 
Total prepaid expenses and other current assets$2,842 $2,955 
Schedule of Property, Plant and Equipment
Property and equipment consisted of the following:
June 30, 2026December 31, 2025
Manufacturing and laboratory equipment$1,851 $1,778 
Software1,083 1,083 
Furniture and fixtures69 70 
Computer equipment244 111 
Leasehold improvements5,988 5,967 
Construction-in-progress1,524 1,509 
Property and equipment, cost10,759 10,518 
Less: Accumulated depreciation and amortization(1,878)(932)
Total property and equipment, net$8,881 $9,586 
Schedule of Intangible Asset and Goodwill
Goodwill and other identifiable intangible assets consisted of the following:
June 30, 2026December 31, 2025
Indefinite-lived intangible assets
Goodwill$24,681 $24,681 
Definite-lived intangible assets
Developed technology32,200 32,200 
Amended Sato license715 715 
Xepi6,080 6,080 
Xeglyze1,817 1,817 
Website development214 214 
Less: accumulated amortization(3,629)(1,556)
Total definite-lived intangible assets$37,397 $39,470 
The following table presents both definite and indefinite lived intangible assets as of June 30, 2026, comprised primarily of acquired product rights related to the LNHC, Inc. acquisition, as discussed in Note 3 — “Acquisition of LNHC, Inc.” and the asset acquisitions of Xepi and Xeglyze in the fourth quarter of 2025, described above:
Carrying ValueAccumulated AmortizationNet Book ValueRemaining Useful Life (Years)
Definite-lived intangible assets
Developed technology$32,200 $(2,638)$29,562 11.18
Amended Sato license715 (213)502 1.75
Xepi6,080 (631)5,449 5.59
Xeglyze1,817 (104)1,713 8.47
Website development214 (43)171 2.61
Total definite-lived intangible assets$41,026 $(3,629)$37,397 
Indefinite-lived intangible assets
Goodwill$24,681 $24,681 
Schedule of Accrued Liabilities
Accrued expenses consisted of the following:
June 30, 2026December 31, 2025
Compensation $3,085 $3,475 
Drug product manufacturing subcontractor307 292 
Commercial, marketing and sales218 818 
Insurance— 265 
Accrued interest— 234 
Milestones and royalties payable14,334 7,819 
Accrued gross-to-net adjustments2,364 1,778 
Other437 683 
Total accrued expenses$20,745 $15,364 
Schedule of Other Current Liabilities
Other liabilities and other long-term liabilities consisted of the following:
June 30, 2026December 31, 2025
Reedy Creek Purchase Agreement$1,527 $1,963 
Total other liabilities$1,527 $1,963 
Zelsuvmi Royalty Agreement$1,281 $1,540 
Xepi Royalty Agreement84 226 
Sato Payments95 113 
Total other liabilities - related party$1,460 $1,879 
Reedy Creek Purchase Agreement$20,406 $18,908 
Total other long-term liabilities$20,406 $18,908 
Zelsuvmi Royalty Agreement$9,304 $8,233 
Xepi Royalty Agreement2,184 1,928 
Sato Payments1,051 981 
Accrued interest on Convertible Notes396 — 
Total other long-term liabilities - related party$12,935 $11,142 
Schedule of Other Noncurrent Liabilities
Other liabilities and other long-term liabilities consisted of the following:
June 30, 2026December 31, 2025
Reedy Creek Purchase Agreement$1,527 $1,963 
Total other liabilities$1,527 $1,963 
Zelsuvmi Royalty Agreement$1,281 $1,540 
Xepi Royalty Agreement84 226 
Sato Payments95 113 
Total other liabilities - related party$1,460 $1,879 
Reedy Creek Purchase Agreement$20,406 $18,908 
Total other long-term liabilities$20,406 $18,908 
Zelsuvmi Royalty Agreement$9,304 $8,233 
Xepi Royalty Agreement2,184 1,928 
Sato Payments1,051 981 
Accrued interest on Convertible Notes396 — 
Total other long-term liabilities - related party$12,935 $11,142