Segment Reporting

9 Months Ended

Sep. 30, 2025

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 (loss) (dollars in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(unaudited)				(unaudited)
Total revenues	$	192,103	$	175,689	$	507,380	$	487,658
Less: Significant segment expenses:
Cost of goods sold	18,965		17,583		51,555		51,808
Selling expenses	58,386		38,082		145,398		116,190
Marketing expenses	18,672		16,247		60,068		56,510
General and administrative expenses(a)	33,114		15,424		86,833		69,473
Acquisition-related expenses(b)	69,506		—		70,874		—
Research and development expenses
External development program expenses:
ONAPGO	352		71		1,613		1,164
SPN-820	1,111		6,668		8,073		20,010
SPN-817	4,872		2,815		11,889		5,835
Qelbree	3,168		5,621		9,805		11,552
ZURZUVAE	1,385		—		1,385		—
Early-stage programs and other expenses	5,173		4,343		11,865		12,516
Total external development program expenses	16,061		19,518		44,630		51,077
Internal employee-related expenses	13,305		9,518		33,778		29,072
Total research and development expenses	29,366		29,036		78,408		80,149
Other segment items(c)	9,211		20,820		48,689		54,991
Net earnings (loss)	$	(45,117)	$	38,497	$	(34,445)	$	58,537

(a) Excludes Sage Acquisition related expenses which are presented in the separate line item, Acquisition-related expenses, in the table above.

(b) Sage Acquisition related expenses includes primarily transaction costs incurred, post-combination employee-related expenses incurred by the Company, and share-based compensation expense for Sage incurred to accelerate the vesting of certain equity awards under the terms of the Merger Agreement.

(c) Other segment items include amortization of intangible assets, contingent consideration gain or loss, net interest and other income, and income tax expense or benefit whose amounts are disclosed in the condensed consolidated statement of earnings (loss).