v3.26.1
BALANCE SHEET ACCOUNT DETAILS (Tables)
 3 Months Ended
Mar. 31, 2026
Balance Sheet Related Disclosures [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
March 31, 2026December 31, 2025
Prepaid Prescription Drug User Fee Act (PDUFA) fees$332 $442 
Prepaid insurance530 766 
Deposits for meetings and conferences164 80 
Commercial data platforms117 364 
Patient assistance platforms38 75 
Financial reporting platforms20 98 
Deferred offering costs711 711 
Other545 419 
Total prepaid expenses and other current assets$2,457 $2,955 
Schedule of Inventory
Inventory consisted of the following:
March 31, 2026December 31, 2025
Raw materials$678 $436 
Work-in-process14,040 16,556 
Finished goods8,700 6,582 
Total inventory$23,418 $23,574 
Schedule of Property, Plant and Equipment
Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives as follows:
Computer equipment
3years
Software
3-5years
Furniture and fixtures
5-7years
Manufacturing and laboratory equipment
7years
Property and equipment consisted of the following:
March 31, 2026December 31, 2025
Manufacturing and laboratory equipment$1,821 $1,778 
Software1,083 1,083 
Furniture and fixtures70 70 
Computer equipment111 111 
Leasehold improvements5,987 5,967 
Construction-in-progress1,639 1,509 
Property and equipment, cost10,711 10,518 
Less: Accumulated depreciation and amortization(1,401)(932)
Total property and equipment, net$9,310 $9,586 
Schedule of Intangible Assets and Goodwill
Goodwill and other identifiable intangible assets consisted of the following:
March 31, 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(2,586)(1,556)
Total definite-lived intangible assets38,440 39,470 
Total goodwill and other identifiable intangible assets, net$63,121 $64,151 
The following table presents both definite and indefinite lived intangible assets as of March 31, 2026, comprised primarily of acquired product rights related to the LNHC, Inc. acquisition, as discussed in Note 4 — “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 $(1,979)$30,221 11.42
Amended Sato license715 (141)574 2.00
Xepi6,080 (387)5,693 5.84
Xeglyze1,817 (54)1,763 8.72
Website development214 (25)189 2.86
Total definite-lived intangible assets$41,026 $(2,586)$38,440 
Indefinite-lived intangible assets
Goodwill24,681 — 24,681 
Total goodwill and other identifiable intangible assets$65,707 $(2,586)$63,121 
Schedule of Accrued Liabilities
Accrued expenses consisted of the following:
March 31, 2026December 31, 2025
Compensation $1,934 $3,475 
Drug product manufacturing subcontractor344 292 
Commercial, marketing and sales86 818 
Insurance— 265 
Accrued interest— 234 
Commercialization milestone and royalties payable8,173 7,819 
Accrued gross-to-net adjustments1,750 1,778 
Other548 683 
Total accrued expenses$12,835 $15,364 
Schedule of Other Current Liabilities
Other liabilities and other long-term liabilities consisted of the following:
March 31, 2026December 31, 2025
Reedy Creek Purchase Agreement$1,731 $1,963 
ZELSUVMI Royalty Agreement1,400 1,540 
Xepi Royalty Agreement156 226 
Sato Payments116 113 
Total other liabilities$3,403 $3,842 
Reedy Creek Purchase Agreement$19,707 $18,908 
ZELSUVMI Royalty Agreement8,801 8,233 
Xepi Royalty Agreement2,055 1,928 
Sato Payments1,005 981 
Accrued interest387 — 
Total other long-term liabilities$31,955 $30,050 
Schedule of Other Noncurrent Liabilities
Other liabilities and other long-term liabilities consisted of the following:
March 31, 2026December 31, 2025
Reedy Creek Purchase Agreement$1,731 $1,963 
ZELSUVMI Royalty Agreement1,400 1,540 
Xepi Royalty Agreement156 226 
Sato Payments116 113 
Total other liabilities$3,403 $3,842 
Reedy Creek Purchase Agreement$19,707 $18,908 
ZELSUVMI Royalty Agreement8,801 8,233 
Xepi Royalty Agreement2,055 1,928 
Sato Payments1,005 981 
Accrued interest387 — 
Total other long-term liabilities$31,955 $30,050