Liquidity	3 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]
Liquidity	Note 2. Liquidity The Company used $32.8 million of cash in its operating activities, had a net loss of $43.8 million during the three months ended March 31, 2025 and had an accumulated deficit of $496.0 million at March 31, 2025 resulting from having incurred losses since its inception. The Company had $81.3 million of cash and cash equivalents and $208.6 million of marketable securities on March 31, 2025. With FDA approval of VYKAT XR and first prescriptions being delivered in April 2025, the Company anticipates recording revenue in the three months ending June 30, 2025. As of March 31, 2025, the Company had $50.0 million of debt outstanding under the loan and security agreement with Oxford Financing LLC and its affiliates (collectively, Oxford) entered into in December 2024. Under the terms of the loan agreement with Oxford, following FDA approval of VYKAT XR, an additional $50 million is now available through September 30, 2025 and $25 million will become available during the period October 1, 2025 to September 30, 2026. An additional tranche of $25 million may become available upon achievement of certain commercial milestones. A final $50 million may be made available upon the Company's mutual consent with Oxford. The loan carries an interest-only period of 48 months and a total term of 60 months; provided that if specific milestones are achieved prior to September 30, 2026, the interest-only period and maturity date will be extended by 12 months. The term loans accrue interest at a floating rate equal to, subject to certain conditions, (a) 1-month term SOFR plus (b) 5.50%. Prior to entering into the Oxford loan and security agreement, the Company had historically financed its operations principally through issuance of equity securities. On May 9, 2024, the Company closed an underwritten public offering of 3,450,000 shares of its common stock at a public offering price of $46.00 per share, which included the exercise in full by the underwriters of their option to purchase additional shares. The gross proceeds of the public offering were $158.7 million, before deducting the underwriter discount and other offering expenses, totaling approximately $9.7 million. On July 19, 2024, the Company entered into an Open Market Sale AgreementSM (the Sales Agreement) with Jefferies LLC, as sales agent (Jefferies), pursuant to which the Company may offer and sell, from time to time, through Jefferies shares of its common stock having an aggregate offering price of up to $150 million. In December 2022, the Company entered into a Securities Purchase Agreement providing for the sale of up to $60.0 million in warrants (Tranche A and Tranche B) and the common stock issuable upon the exercise thereof. Cumulative to date through March 31, 2025, the Company has received $10.0 million from the sale of these warrants and $47.8 million in proceeds from the exercise of certain of these warrants. As of March 31, 2025, warrants with an aggregate exercise price of $2.2 million were still outstanding. The Company expects to continue incurring losses for the foreseeable future. However, the Company expects that its current cash, cash equivalents and marketable securities balances will be sufficient to enable the Company to meet its obligations for at least the next twelve months from the date of this filing.

Liquidity

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

Note 2. Liquidity

The Company used $32.8 million of cash in its operating activities, had a net loss of $43.8 million during the three months ended March 31, 2025 and had an accumulated deficit of $496.0 million at March 31, 2025 resulting from having incurred losses since its inception. The Company had $81.3 million of cash and cash equivalents and $208.6 million of marketable securities on March 31, 2025. With FDA approval of VYKAT XR and first prescriptions being delivered in April 2025, the Company anticipates recording revenue in the three months ending June 30, 2025.

As of March 31, 2025, the Company had $50.0 million of debt outstanding under the loan and security agreement with Oxford Financing LLC and its affiliates (collectively, Oxford) entered into in December 2024. Under the terms of the loan agreement with Oxford, following FDA approval of VYKAT XR, an additional $50 million is now available through September 30, 2025 and $25 million will become available during the period October 1, 2025 to September 30, 2026. An additional tranche of $25 million may become available upon achievement of certain commercial milestones. A final $50 million may be made available upon the Company's mutual consent with Oxford. The loan carries an interest-only period of 48 months and a total term of 60 months; provided that if specific milestones are achieved prior to September 30, 2026, the interest-only period and maturity date will be extended by 12 months. The term loans accrue interest at a floating rate equal to, subject to certain conditions, (a) 1-month term SOFR plus (b) 5.50%.

Prior to entering into the Oxford loan and security agreement, the Company had historically financed its operations principally through issuance of equity securities. On May 9, 2024, the Company closed an underwritten public offering of 3,450,000 shares of its common stock at a public offering price of $46.00 per share, which included the exercise in full by the underwriters of their option to purchase additional shares. The gross proceeds of the public offering were $158.7 million, before deducting the underwriter discount and other offering expenses, totaling approximately $9.7 million. On July 19, 2024, the Company entered into an Open Market Sale AgreementSM (the Sales Agreement) with Jefferies LLC, as sales agent (Jefferies), pursuant to which the Company may offer and sell, from time to time, through Jefferies shares of its common stock having an aggregate offering price of up to $150 million.

In December 2022, the Company entered into a Securities Purchase Agreement providing for the sale of up to $60.0 million in warrants (Tranche A and Tranche B) and the common stock issuable upon the exercise thereof. Cumulative to date through March 31, 2025, the Company has received $10.0 million from the sale of these warrants and $47.8 million in proceeds from the exercise of certain of these warrants. As of March 31, 2025, warrants with an aggregate exercise price of $2.2 million were still outstanding.

The Company expects to continue incurring losses for the foreseeable future. However, the Company expects that its current cash, cash equivalents and marketable securities balances will be sufficient to enable the Company to meet its obligations for at least the next twelve months from the date of this filing.