The following table presents share-based compensation expense included in the accompanying condensed consolidated statements of operations and comprehensive (loss) income:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2026		2025		2026		2025
Cost of goods manufactured and sold	$	1,834	$	1,621	$	5,519	$	4,882
Research and development		6,953		6,435		23,640		18,836
Selling, general and administrative		17,960		16,608		65,057		48,723
Share-based compensation expense		26,747		24,664		94,216		72,441
Research and development		—		—		5,940		—
Selling, general and administrative		—		—		12,468		—
Share-based compensation expense for acceleration of Avadel Shares		—		—		18,408		—
Total share-based compensation expense	$	26,747	$	24,664	$	112,624	$	72,441

At September 30, 2026 and December 31, 2025, $3.5 million and $3.2 million, respectively, of share-based compensation expense was capitalized and recorded as “Inventory”, and $3.1 million and $1.6 million, respectively, of share-based compensation expense was capitalized and recorded as “Other assets” in the accompanying condensed consolidated balance sheets.

During the three and nine months ended September 30, 2026, share-based compensation expense included: less than $0.1 million and $2.2 million, respectively, in post-combination expense related to the contingent liability for the potential CVR payment to former Avadel employees; $0.4 million and $5.0 million, respectively, in expense related to certain equity awards that were modified in February 2026 in connection with the retirement of the Company’s former Chief Executive Officer; and none and $18.4 million, respectively, in post-combination expense related to Avadel Shares that were accelerated and settled by the Company on the Closing Date in connection with the Avadel Acquisition. During the three and nine months ended September 30, 2026, the share-based compensation expense related to these events consisted of $0.5 million and $18.9 million, respectively, in selling, general and administrative expense and less than $0.1 million and $6.7 million, respectively, in R&D expense.