Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

SEGMENT REPORTING

We operate in a single reportable segment with a mission to discover, develop and commercialize innovative, first-in-class medicines that meet significant unmet medical needs. A centralized research and development organization, supply chain organization and commercial organization are all responsible for the discovery, development, manufacturing, supply and sale of our products. Our business is also supported by centralized corporate functions. We currently operate primarily in the U.S. and earn revenues from sales of IBSRELA and XPHOZAH, both branded products derived from tenapanor, a molecule developed from our unique and innovative platform. Licensing agreements with international partners are utilized for development and commercialization activities outside the U.S. Currently, we maintain such agreements for certain indications of tenapanor in Japan (Kyowa Kirin), China (Fosun Pharma) and Canada (Knight). Refer to Note 7. Collaboration And Licensing Agreements for further detail. We recognize other revenue in the form of product supply revenue and licensing revenue under the Kyowa Kirin and Knight agreements. Revenue streams associated with the Kyowa Kirin Agreement are subject to a separate agreement where such future royalties and commercial milestones were sold to a third-party. Refer to Note 8. Deferred Royalty Obligation Related To The Sale Of Future Royalties for further information.

Our Chief Executive Officer (CEO) is our Chief Operating Decision Maker (CODM), responsible for allocating resources and assessing Company performance using aggregated financial information. Utilizing aggregated financial information enables the CODM to determine the most appropriate resource allocation across the commercial organization, research and development projects or other initiatives consistent with our long-term corporate wide strategic goals. The CODM primarily uses aggregated net loss as reported on the statements of operations and comprehensive loss to measure segment loss, supplemented by certain additional significant expense details reflected in the table below.

Detailed information regarding our single operating segment’s significant revenues, expenses and operating loss are as follows:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Revenues
Product sales, net	$	319,196	$	82,526	$	15,600
Other revenues(1)	14,419		41,930		36,558
Total revenues	333,615		124,456		52,158
Less:
Cost of product sales	6,851		2,323		566
Other cost of revenue	43,705		15,472		3,551
Total cost of goods sold	50,556		17,795		4,117
Research and development(2)	39,480		29,231		28,777
Selling expenses(2)	162,957		80,028		10,750
General and administrative expenses(2)	52,916		34,020		34,895
Stock-based compensation	37,381		13,530		25,144
Other segment expenses(3)	18,275		13,128		12,234
Total operating expenses	311,009		169,937		111,800
Segment and consolidated loss from operations	(27,950)		(63,276)		(63,759)
Other reconciliation items(4)	(11,186)		(2,791)		(3,448)
Segment and consolidated net loss	$	(39,136)	$	(66,067)	$	(67,207)

(1)“Other revenues” includes revenues from our collaboration partnerships, including license fees, milestone payments, product supply revenue and non-cash royalty revenue related to the sale of future royalties.

(2)Research and development, selling and general administrative expenses herein do not include certain allocated items, such as stock-based compensation expenses.

(3)“Other segment expenses” primarily consists of allocated facilities, information technology, and employee costs of approximately $16.9 million,$12.3 million and $11.4 million in 2024, 2023 and 2022, respectively.

(4)“Other reconciliation items” includes interest expense, non-cash interest expense related to the sale of future royalties, provision for income taxes and other income, net.