Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 9. Segment Reporting

The Company has one operating and reporting segment focused on the development and commercialization of its lead therapeutic product, VYKAT XR. The Company’s chief operating decision maker (CODM) is the chief executive officer who reviews cash operating expenses on a consolidated basis to make decisions about allocating resources and assessing performance for the entire Company. The CODM does not review assets at a level or category different than the amounts disclosed in the condensed consolidated balance sheet.

Cash operating expenses reconciled to net loss on a consolidated basis were as follows (in thousands):

	Three Months Ended March 31,
	2025			2024
Net operating loss	$	(43,773	)	$	(21,398	)
Less total other income, net		1,970			2,077
Operating loss		(45,743	)		(23,475	)
Total operating expenses		45,743			23,475
Less non-cash expenses
Depreciation and amortization		(504	)		(490	)
Non-cash lease expense		(195	)		(69	)
Change in fair value of contingent consideration		(2,967	)		(401	)
Stock-based compensation		(14,679	)		(6,445	)
Cash operating expenses	$	27,398		$	16,070