v3.26.3
Revenues
9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues

Note 13. Revenues

The Company sells AUVELITY, SUNOSI, and SYMBRAVO in the United States through the Distributors. The Company also sells SUNOSI to Distributors in Canada and on a product supply basis to Pharmanovia. SUNOSI is subsequently sold by Pharmanovia in certain ex-U.S. markets. For the nine months ended September 30, 2026, the Company’s three largest customers represented approximately 39%, 27%, and 24% of the Company’s gross product sales.

Royalty revenue is related to the sales of SUNOSI by Pharmanovia in certain ex-U.S. markets. Milestone revenue consists of $8.5 million related to the achievement of a sales-based milestone under the Pharmanovia License Agreement recorded in the third quarter of 2026, $0.5 million related to the achievement of a developmental milestone for SUNOSI recorded in the second quarter of 2026, and $0.5 million related to the achievement of a regulatory milestone for AUVELITY recorded in the first quarter of 2026.

The following table presents a summary of total revenues by product:

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Product sales, net

 

 

 

 

 

 

 

 

 

 

 

 

AUVELITY

 

$

207,606

 

 

$

136,102

 

 

$

540,584

 

 

$

351,975

 

SUNOSI

 

 

38,454

 

 

 

31,611

 

 

 

104,905

 

 

 

84,645

 

SYMBRAVO

 

 

3,891

 

 

 

2,071

 

 

 

10,217

 

 

 

2,481

 

Total product sales, net

 

 

249,951

 

 

 

169,784

 

 

 

655,706

 

 

 

439,101

 

AUVELITY milestone revenue

 

 

—

 

 

 

—

 

 

 

500

 

 

 

—

 

SUNOSI milestone revenue

 

 

8,514

 

 

 

—

 

 

 

9,060

 

 

 

—

 

SUNOSI royalty revenue

 

 

1,226

 

 

 

1,208

 

 

 

4,003

 

 

 

3,396

 

Total revenues

 

$

259,691

 

 

$

170,992

 

 

$

669,269

 

 

$

442,497

 

The following table presents a summary of total revenues by geographic location:

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Product sales, net

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

248,608

 

 

$

169,176

 

 

$

652,847

 

 

$

435,035

 

Outside of the United States

 

 

1,343

 

 

 

608

 

 

 

2,859

 

 

 

4,066

 

Total product sales, net

 

 

249,951

 

 

 

169,784

 

 

 

655,706

 

 

 

439,101

 

Royalty and milestone revenue

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

 

—

 

 

 

—

 

 

 

500

 

 

 

—

 

Outside of the United States

 

 

9,740

 

 

 

1,208

 

 

 

13,063

 

 

 

3,396

 

Total revenues

 

$

259,691

 

 

$

170,992

 

 

$

669,269

 

 

$

442,497

 

For the nine months ended September 30, 2026, product sales, net includes adjustments for provisions for product sales made in previous fiscal years resulting from changes in estimates of $1.2 million for AUVELITY, $2.4 million for SUNOSI, and $0.1 million for SYMBRAVO. For the nine months ended September 30, 2025, product sales, net includes adjustments for provisions for product sales made in previous fiscal years resulting from changes in estimates of $0.9 million for AUVELITY and $0.8 million for SUNOSI.