Revenues

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues

Note 13. Revenues

The Company sells Auvelity and Sunosi in the United States through the Distributors. The Company also sells Sunosi to Distributors in Canada and on a product supply basis to Pharmanovia. Sunosi is subsequently sold by Pharmanovia in certain ex-U.S. markets. For the three months ended March 31, 2025, the Company’s three largest customers represented approximately 32%, 30%, and 27% of the Company’s gross product sales.

Royalty revenue is related to sales of Sunosi by Pharmanovia in certain ex-U.S. markets.

The following table presents a summary of total revenues by product:

	Three months ended March 31,
	2025		2024
Product sales, net
Auvelity	$	96,231	$	53,395
Sunosi		24,127		20,701
Total product sales, net		120,358		74,096
Sunosi royalty revenue		1,105		903
Total revenues	$	121,463	$	74,999

The following table presents a summary of total revenues by geographic location:

	Three months ended March 31,
	2025		2024
Product sales, net
United States	$	119,413	$	73,271
Outside of the United States		945		825
Total product sales, net		120,358		74,096
Royalty revenue
Outside of the United States		1,105		903
Total revenues	$	121,463	$	74,999

For the three months ended March 31, 2025, product sales, net includes adjustments for provisions for product sales made in 2024 resulting from changes in estimates of $1.1 million for Auvelity and $0.9 million for Sunosi. For the three months ended March 31, 2024, product sales, net includes adjustments for provisions for product sales made in 2023 resulting from changes in estimates of $1.2 million for Auvelity and $0.6 million for Sunosi.