v3.26.3
Segment Reporting
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company operates in one operating segment and therefore has only one reportable segment. The Company derives revenue primarily from sales of its commercial products in the U.S.

The Company's chief operating decision maker (CODM) is the chief executive officer. The Company manages the business activities on a consolidated basis. The CODM assesses performance of the Company, decides how to allocate resources based on net earnings (loss), which is reported in the condensed consolidated statement of earnings (loss) as net earnings (loss), and allocates resources on a consolidated basis. The CODM uses net earnings (loss) to decide whether to reinvest profits into the Company's current products or into other research and development initiatives for the Company's product candidates. Net earnings (loss) is also used to monitor budget versus actual results.

The measure of the reportable segment assets is reported on the balance sheet as total assets.
The following table shows the segment revenue, significant segment expenses and net earnings (dollars in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
(unaudited)(unaudited)
Total revenues
$226,771 $192,103 $653,534 $507,380 
Less: Significant segment expenses:
Cost of revenues27,018 18,965 84,078 51,555 
Selling expenses
68,736 58,386 203,924 145,398 
Marketing expenses
21,778 18,672 66,356 60,068 
General and administrative expenses(a)
37,542 33,114 116,586 86,833 
Research and development expenses


Acquisition-related expenses— 69,506 — 70,874 
External development program expenses:
ONAPGO
58 352 834 1,613 
SPN-8203,507 1,111 8,324 8,073 
SPN-817(b)
4,215 4,872 27,715 11,889 
SPN-4431,113 773 2,159 1,799 
Qelbree1,899 3,168 6,480 9,805 
ZURZUVAE70 1,385 225 1,385 
Early-stage programs and other expenses
4,885 4,400 16,552 10,066 
Total external development program expenses
15,747 16,061 62,289 44,630 
Internal employee-related expenses
10,009 13,305 32,368 33,778 
Total research and development expenses
25,756 29,366 94,657 78,408 
Other segment items(c)
25,028 9,211 127,684 48,689 
Net earnings (loss)$20,913 $(45,117)$(39,751)$(34,445)
(a) Excludes Sage Acquisition related expenses which are presented in the separate line item, Acquisition-related expenses, in the table above.
(b) Includes amount related to Biscayne amendment. Refer to Note 17, Commitments and Contingencies.
(c) Other segment items include amortization of intangible assets, impairment charges, contingent consideration loss, net interest and other income, interest expense, and income tax expense (benefit) whose amounts are disclosed in the condensed consolidated statement of earnings (loss).