Subsequent Events |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events Licensing and Supply Agreement with Eton Pharmaceuticals, Inc. On October 13, 2026, the Company entered into a license agreement with Eton pursuant to which the Company granted Eton exclusive U.S. rights to commercialize Libervant for the acute treatment of seizure clusters in patients with epilepsy, subject to applicable regulatory approvals. Libervant has received tentative approval from the FDA for the acute treatment of intermittent, stereotypic episodes of frequent seizure activity that are distinct from a patient's usual seizure pattern in patients with epilepsy 2 to 5 years of age and ages 12 and older. Under the terms of the License Agreement, the Company received an upfront license fee payment of $10,000 from Eton. In addition, the Company is entitled to receive from Eton additional regulatory and commercial milestone payments of up to an aggregate of $47,500 upon the achievement of specified milestones, including: $10,000 upon first commercial sale in the United States, reduced to $5,000 if full FDA approval permitting commercial sale for ages 2–5 has not been received; $2,500 upon approval by the FDA of the Product for patients ages 6–11; and up to $35,000 of commercial milestones tied to the Product's achievement of certain annual net sales levels in the United States. The Company will also receive royalties on annual net sales of the Product at a mid-teens percentage rate from Eton. In connection with the License Agreement, the Company also entered into a supply agreement with Eton under which the Company will serve as the exclusive manufacturer and supplier of the Product to Eton, subject to specified exceptions. The Supply Agreement provides for an initial term of 20 years. At the conclusion of such initial term, the Supply Agreement will be subject to an automatic extension for succeeding three-year periods unless either party notifies the other of its desire not to renew at least two years prior to the end of the initial term or any succeeding term.
|