0001104659-26-018859 | 10-K | XBRL Viewer | Harmony Biosciences Holdings INC

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LICENSE AGREEMENTS AND ASSET PURCHASE AGREEMENTS - CiRC Agreement (Details) - CiRC Biosciences, Inc. - Related party $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2025 USD ($) item	Dec. 31, 2025 USD ($)
License Agreements and Asset Purchase Agreements
Number of developmental candidates \| item	2
Payment of upfront license fee		$ 15,000
Additional milestone payments due upon achievement of research milestones	$ 2,000
Exercise fee payable upon exercise of each option	8,000
Aggregate exercise fee payable upon exercise	$ 16,000

RETIREMENT PLAN	12 Months Ended
Dec. 31, 2025
RETIREMENT PLAN
RETIREMENT PLAN	19. RETIREMENT PLAN The Company formed a 401(k) defined contribution savings plan (the “401(k) Plan”) in January 2021. The 401(k) Plan is for the benefit of all qualifying employees and permits voluntary contributions by employees limited by the IRS-imposed maximum. Employer contributions were $4,034, $2,457, and $2,128 for the years ended December 31, 2025, 2024 and 2023, respectively.

RETIREMENT PLAN

12 Months Ended

Dec. 31, 2025

RETIREMENT PLAN

RETIREMENT PLAN

19. RETIREMENT PLAN

The Company formed a 401(k) defined contribution savings plan (the “401(k) Plan”) in January 2021. The 401(k) Plan is for the benefit of all qualifying employees and permits voluntary contributions by employees limited by the IRS-imposed maximum. Employer contributions were $4,034, $2,457, and $2,128 for the years ended December 31, 2025, 2024 and 2023, respectively.

LIQUIDITY AND CAPITAL RESOURCES	12 Months Ended
Dec. 31, 2025
LIQUIDITY AND CAPITAL RESOURCES
LIQUIDITY AND CAPITAL RESOURCES	2. LIQUIDITY AND CAPITAL RESOURCES The consolidated financial statements have been prepared as though the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company had retained earnings of $160,903 and $2,216, as of December 31, 2025, and 2024, respectively. As of December 31, 2025, the Company had cash, cash equivalents and investments of $882,467. The Company believes that its existing cash, cash equivalents and investments on hand as of December 31, 2025, as well as additional cash generated from operating and financing activities will meet its operational liquidity needs and fund potential investing activities for at least the next twelve months from the date of issuance of these consolidated financial statements.

LIQUIDITY AND CAPITAL RESOURCES

12 Months Ended

Dec. 31, 2025

LIQUIDITY AND CAPITAL RESOURCES

LIQUIDITY AND CAPITAL RESOURCES

2. LIQUIDITY AND CAPITAL RESOURCES

The consolidated financial statements have been prepared as though the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The

Company had retained earnings of $160,903 and $2,216, as of December 31, 2025, and 2024, respectively. As of December 31, 2025, the Company had cash, cash equivalents and investments of $882,467.

The Company believes that its existing cash, cash equivalents and investments on hand as of December 31, 2025, as well as additional cash generated from operating and financing activities will meet its operational liquidity needs and fund potential investing activities for at least the next twelve months from the date of issuance of these consolidated financial statements.

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
INVENTORY
Raw materials		$ 944
Work in process	$ 2,885	3,489
Finished goods	2,636	2,765
Inventory, gross	5,521	7,198
Reserve for excess inventory	(164)
Total inventory, net	$ 5,357	$ 7,198

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Feb. 20, 2026	Jun. 30, 2025
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Transition Report	false
Entity File Number	001-39450
Entity Registrant Name	HARMONY BIOSCIENCES HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2279923
Entity Address, Address Line One	630 W.
Entity Address, Address Line Two	Germantown Pike
Entity Address, Address Line Three	Suite 215
Entity Address, City or Town	Plymouth Meeting
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19462
City Area Code	484
Local Phone Number	539-9800
Title of 12(b) Security	Common Stock, par value $0.00001 value per share
Trading Symbol	HRMY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		57,840,614
Entity Public Float			$ 1,322.4
Entity Central Index Key	0001802665
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Philadelphia, PA
Documents Incorporated by Reference [Text Block]	Portions of the registrant’s definitive proxy statement relating to its 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year ended December 31, 2025, are incorporated herein by reference in Part III where indicated

INCOME TAXES - Schedule of Significant Components of Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Acquired in-process research and development	$ 36,992	$ 42,312
Net operating loss carryforward	49,242	52,458
Accrued compensation	36,459	29,116
Credits	3,499	3,902
Lease obligations, net	52	5
Fixed assets		209
Inventory	4,713	7,169
Accrued rebates	6,320	5,100
Research and development	10,794	57,583
Other	6,068	25
Total	154,139	197,879
Liabilities
Fixed assets	41
Other	542	733
Total	583	733
Net deferred tax asset	153,556	197,146
Valuation allowance	(3,857)	(6,748)
Total	$ 149,699	$ 190,398

INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

INTANGIBLE ASSETS

Schedule of future annual amortization expense for unamortized intangible assets


Years ending December 31,
2026	$	23,845
2027		23,845
2028		23,845
2029		17,883
2030		—
Thereafter		—
Total	$	89,418

Schedule of gross carrying amount and net book value of intangible assets


		As of
		December 31,		December 31,
		2025		2024
Gross Carrying Amount		$	215,000	$	215,000
Accumulated Amortization			(125,582)		(101,737)
Net Book Value		$	89,418	$	113,263

FAIR VALUE MEASUREMENTS - Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Assets	$ 355,570	$ 426,604
Cash equivalents
Assets
Assets	225,605	303,545
Commercial paper
Assets
Assets	8,371	7,678
Corporate debt securities
Assets
Assets	104,147	93,257
U.S. government securities
Assets
Assets	17,447	22,124
Level 1
Assets
Assets	225,605	303,545
Level 1 \| Cash equivalents
Assets
Assets	225,605	303,545
Level 2
Assets
Assets	129,965	123,059
Level 2 \| Commercial paper
Assets
Assets	8,371	7,678
Level 2 \| Corporate debt securities
Assets
Assets	104,147	93,257
Level 2 \| U.S. government securities
Assets
Assets	$ 17,447	$ 22,124

EARNINGS PER SHARE - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock options, SARs, and RSUs to purchase common stock
EARNINGS PER SHARE
Potential shares of common stock excluded from computation - Stock options, SARs, and RSUs to purchase common stock	7,639,601	6,854,883	5,786,881

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
ACCRUED EXPENSES
Royalties due to Bioprojet	$ 65,819	$ 51,746
Rebates and other sales deductions	76,304	50,542
Interest	2,151	2,834
Sales and marketing	3,153	2,166
Research and development	12,193	9,014
Accrued legal and professional fees	29,999	3,047
Other expenses	1,420	1,291
Accrued expenses	$ 191,039	$ 120,640

INVENTORY (Tables)

12 Months Ended

Dec. 31, 2025

INVENTORY

Schedule of inventory net


		As of
		December 31,		December 31,
		2025		2024
Raw materials		$	—	$	944
Work in process			2,885		3,489
Finished goods			2,636		2,765
Inventory, gross			5,521		7,198
Reserve for excess inventory			(164)		—
Total inventory, net		$	5,357	$	7,198

DEBT - Balances of Long-term Debt, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
DEBT
Principal amount	$ 165,000	$ 181,250
Unamortized debt discount associated with debt financing costs	(1,337)	(1,984)
Total debt, net	163,663	179,266
Less current portion	(20,000)	(16,250)
Long-term debt, net	$ 143,663	$ 163,016

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

ACQUISITION

12 Months Ended

Dec. 31, 2025

ACQUISITION

ACQUISITION

4. ACQUISITION

Acquisition of Zynerba

In October 2023, the Company completed a tender offer to purchase the outstanding common stock of Zynerba (“Zynerba Common Stock”) for (i) $1.1059 per share of Zynerba Common Stock (the “Common Cash Amount”), plus (ii) one contingent value right (each, a “CVR”) per share of Zynerba Common Stock (the “Common CVR Amount”), which represents the right to receive up to approximately $2.5444 per share of Zynerba Common Stock, subject to the achievement of certain clinical, regulatory and sales-based milestones. The Common CVR Amounts are to be paid in cash, subject to any applicable withholding of taxes and without interest. The aggregate amount of consideration to acquire Zynerba Common Stock was $60,000, excluding transaction-related fees of $2,645 and was paid by the Company using cash on hand.

The total purchase consideration for Zynerba was as follows:


Cash consideration paid to selling shareholders (i)	$	55,960
Cash consideration paid to settle Zynerba restricted stock awards ("RSAs") as stock options (ii)		4,040
Transaction costs		2,645
Total purchase consideration	$	62,645

(i)

The cash consideration paid to selling shareholders was determined based on the total number of Zynerba shares tendered at closing of 50,602,656 at a per share price of $1.1059.

(ii)

The cash consideration paid to settle Zynerba restricted stock awards (“RSAs”) and stock options under Zynerba equity incentive plans was determined based on the total number of underlying shares of 4,000,169 at a per share price of $1.1059, less exercise price for the stock options.

All consideration was paid during the year ended December 31, 2023.

The Zynerba Acquisition was accounted for as an asset acquisition under ASC Topic 805, Business Combinations, because substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable IPR&D asset, ZYN002, Zynerba’s lead asset. The Company recognized the acquired assets and assumed liabilities based on the consideration paid, including transaction costs, on a relative fair value basis, and after first allocating the preliminary excess of the fair value of net assets acquired over the purchase price consideration to certain qualifying assets, principally, the IPR&D asset. The guidance in ASC Topic 730 Research and Development requires that both tangible and intangible identifiable research and development assets with no alternative future use be allocated a portion of the consideration transferred and recorded as research and development expense at the acquisition date. As a result, the Company recorded a charge of $2,260 related to acquired in-process research and development expense related to the ZYN002 IPR&D asset during the year ended December 31, 2023.

The following table shows the allocation of the purchase consideration based on the relative fair value of assets acquired and liabilities assumed by the Company, after reducing the excess fair value of the IPR&D asset as described above:


Assets acquired
Cash and cash equivalents	$	25,658
Prepaid expenses and other current assets		3,540
Deferred tax asset		44,800
Restricted cash		20
Acquired in-process research and development		2,260
Total assets acquired	$	76,278
Liabilities assumed
Accounts payable		4,995
Accrued expenses and accrued compensation		8,479
Other current liabilities		159
Total liabilities assumed	$	13,633

Net assets acquired	$	62,645

In September 2025, the Company achieved a clinical milestone for ZYN002 that triggered a $15,000 payment, which was paid in the fourth quarter of 2025.

Acquisition of Epygenix

On April 30, 2024, the Company acquired all of the issued and outstanding capital stock of Epygenix pursuant to the terms of a stock purchase agreement. The Company paid the former stockholders of Epygenix up front consideration of $35,000 less a working capital adjustment. In addition, the Company will be obligated to pay up to $130,000 upon the achievement of development and regulatory milestones and up to $515,000 upon the achievement of certain sales-based milestones, in each case to Epygenix’s former stockholders. As a result, the Company now has an exclusive license relating to the use of clemizole, initially for the treatment of Dravet Syndrome and Lennox-Gastaut Syndrome.

The total purchase consideration for Epygenix was as follows:


Cash consideration paid to selling shareholders and to settle restricted stock units ("RSUs")	$	32,686
Transaction costs		450
Total purchase consideration	$	33,136

The acquisition of Epygenix was accounted for as an asset acquisition under ASC Topic 805, Business Combinations. The Company did not acquire any outputs and there was not an acquired substantive process in place to create outputs. The Company recognized the acquired assets and assumed liabilities based on the consideration paid, including transaction costs, on a relative fair value basis, and after first allocating the preliminary excess of the fair value of net assets acquired over the purchase price consideration to certain qualifying assets, principally, the IPR&D asset. In accordance with the accounting for asset acquisitions, an entity that acquires IPR&D assets in an asset acquisition follows the guidance in ASC Topic 730, Research and Development, which requires that both tangible and intangible identifiable research and development assets with no alternative future use be allocated a portion of the consideration transferred and recorded as research and development expense at the acquisition date. As a result, the Company recorded a charge of $17,095 related to acquired in-process research and development expense during the year ended December 31, 2024.


Assets acquired
Acquired in-process research and development	$	17,095
Deferred tax asset		18,268
Other assets		590
Total assets acquired	$	35,953
Total liabilities assumed	$	2,817

Net assets acquired	$	33,136

LEASES - Future Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Years ending December 31,
2026	$ 1,447
2027	1,307
2028	1,229
2029	1,180
2030	1,215
Thereafter	311
Total lease payments	6,689
Less: imputed interest	(1,104)
Total lease liabilities	$ 5,585	$ 2,140

INVENTORY

12 Months Ended

Dec. 31, 2025

INVENTORY

INVENTORY

7. INVENTORY

Inventory, net consisted of the following:


		As of
		December 31,		December 31,
		2025		2024
Raw materials		$	—	$	944
Work in process			2,885		3,489
Finished goods			2,636		2,765
Inventory, gross			5,521		7,198
Reserve for excess inventory			(164)		—
Total inventory, net		$	5,357	$	7,198

ORGANIZATION AND DESCRIPTION OF BUSINESS

12 Months Ended

Dec. 31, 2025

ORGANIZATION AND DESCRIPTION OF BUSINESS

ORGANIZATION AND DESCRIPTION OF BUSINESS

1. ORGANIZATION AND DESCRIPTION OF BUSINESS

The Company

Harmony Biosciences Holdings, Inc., and its consolidated subsidiaries (the “Company”) was founded in July 2017 as Harmony Biosciences II, LLC, a Delaware limited liability company. The Company converted to a Delaware corporation named Harmony Biosciences II, Inc. in September 2017 and, in February 2020, the Company changed its name to Harmony Biosciences Holdings, Inc. The Company’s operations are conducted in its wholly owned subsidiaries, Harmony Biosciences, LLC (“Harmony”), and Harmony Biosciences Management, Inc. The Company is a commercial-stage pharmaceutical company focused on developing and commercializing innovative therapies for patients living with rare neurological disorders as well as patients living with other neurological diseases who have unmet medical needs. The Company is headquartered in Plymouth Meeting, Pennsylvania.

We are cultivating a differentiated neuroscience company, rooted in innovation and driven by a commitment to addressing the unmet needs of patients living with neurological diseases. To date, we have focused on rare neurological diseases with a growing portfolio now spanning sleep/wake, neurobehavioral, and rare epilepsy, and we are harnessing scientific insights and pioneering approaches to advance meaningful treatments that help patients thrive.

In July 2017, the Company entered into a License Agreement (the “2017 LCA”) with Bioprojet Société Civile de Recherche (“Bioprojet”) whereby the Company acquired the exclusive right to commercialize the pharmaceutical compound pitolisant. Our lead product, WAKIX® (pitolisant) (“WAKIX”), is a first-in-class therapy with a novel mechanism of action designed to enhance histamine signaling in the brain by binding to H₃ receptors. Since its initial FDA approval in 2019 for excessive daytime sleepiness (“EDS”) in adult patients with narcolepsy, WAKIX has subsequently been approved for cataplexy in adult patients in 2020 and EDS in pediatric patients six years and older in 2024. Beyond narcolepsy, we are also advancing late-stage clinical programs exploring pitolisant in Prader-Willi syndrome (“PWS”) and continue to grow our impact in other rare neurological diseases. In July 2022, the Company entered into a License and Commercialization Agreement (the “2022 LCA”) with Bioprojet whereby we obtained exclusive rights to manufacture, develop and commercialize one or more next generation pitolisant based products in the United States and Latin America. Two of the next generations formulations, Pitolisant Gastro-Resistant (“Pitolisant GR”) and Pitolisant High-Dose (“Pitolisant HD”) are currently in clinical development.

Along with nurturing the growth of our original pipeline, our innovation strategy includes targeted business development that strengthens our foundation and strategically extends our patient reach as we look to expand our portfolio to new diseases beyond histaminergic science. In June 2025, we entered into a research collaboration, option and license agreement (the “CiRC Agreement”) with CiRC Biosciences, Inc. (“CiRC”), a related party. Under this agreement, Harmony and CiRC will collaborate on the research and development of two discovery-stage candidates, CBS105 for treatment-resistant narcolepsy and CBS104 for refractory epilepsy (together, the “Candidates”), using cell replacement therapy for the treatment of refractory epilepsies and treatment-resistant narcolepsy.

In April 2024, we expanded into orexin science through a sublicense agreement with Bioprojet for an orexin 2 receptor agonist (“BP1.15205”) in preclinical development for narcolepsy and other potential indications. Under the sublicense agreement the Company obtained the exclusive right to develop, manufacture and commercialize BP1.15205 in the United States and Latin American territories, which are rights originally licensed from Teijin Pharma, the innovator of BP1.15205. We further broadened our portfolio into rare epilepsy when the Company acquired Epygenix Therapeutics, Inc. (“Epygenix”) in April 2024. As a result, the Company now has an exclusive license relating to the use of clemizole hydrochloride, initially for the treatment of Dravet Syndrome (“DS”) and Lennox-Gastaut Syndrome (“LGS”), and a liquid formulation of lorcaserin for the treatment of developmental and epileptic encephalopathies.

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2025

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

14. STOCKHOLDERS’ EQUITY

Common Stock

The holders of common stock are entitled to one vote for each share held on all matters submitted to a vote of the Company’s stockholders. The holders of common stock do not have any cumulative voting rights. Holders of common stock are entitled to receive ratably any dividends declared by the Company’s board of directors out of funds legally available for that purpose, subject to any preferential dividend rights of any outstanding preferred stock. The Company’s common stock has no preemptive rights, conversion rights or other subscription rights or redemption or sinking fund provisions.

Share Repurchase Program

In August 2023, the Company’s Board of Directors approved a program providing for the repurchase of shares of common stock in an aggregate amount of up to $125,000, excluding commissions and transaction fees (the “August 2023 Repurchase Program”). During the year ended December 31, 2023, the Company repurchased and retired 1,439,792 shares of common stock at an aggregate cost of $50,000 under the August 2023 Repurchase Program, excluding commissions and transaction fees.

In October 2023, the Company’s Board of Directors terminated the August 2023 Repurchase Program and any remaining amount authorized for the repurchase of shares and simultaneously approved a new share repurchase program (the “October 2023 Repurchase Program”) providing for the repurchase of shares of common stock in an aggregate amount of up to $200,000, excluding commissions and transaction fees. The October 2023 Repurchase Program may be suspended, terminated, or modified at any time for any reason. During the years ended December 31, 2025, and 2024, the Company repurchased no shares of common stock. During the year ended December 31, 2023, the Company repurchases and retired 1,814,653 shares of common stock at an aggregate cost of $50,000 under the October 2023 Repurchase Program, excluding commissions and transaction fees. As of December 31, 2025, the remaining amount of common stock authorized for repurchase was $150,000.

- Definition

The entire disclosure for equity.

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+ Details

INCOME TAXES - Schedule of Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate - after the adoption of ASU 2023-09 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount
Federal statutory rate	$ 45,163
State income taxes, net of federal tax effect	13,601
Tax credits
Orphan drug credit	(7,999)
Research and Development Credit	(610)
Nontaxable or nondeductible Items
In-process research and development	3,150
Other	1,967
Other adjustments	1,105
Income Tax Expense (Benefit), Total	$ 56,377	$ 46,311	$ 44,543
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES
Effective Income Tax Rate Reconciliation, Percent
Federal statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal tax effect	6.30%	6.40%	5.70%
Tax credits
Orphan drug credit	(3.70%)
Research and development credit	(0.30%)
Nontaxable or nondeductible Items
In-process research and development	1.50%	1.80%	0.30%
Other	0.90%
Other adjustments	0.50%	(0.90%)	0.60%
Effective tax rate	26.20%	24.10%	25.70%

ACQUISITION (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
ACQUISITION (Details) $ / shares in Units, $ in Thousands	Apr. 30, 2024 USD ($)	Oct. 31, 2023 USD ($) Right $ / shares shares	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
ACQUISITION
Cash paid during the year for milestones				$ 19,250	$ 1,000
Acquired in-process research and development expense				$ 34,250	43,595	$ 2,260
Zynerba Acquisition
ACQUISITION
Cash consideration per common stock \| $ / shares		$ 1.1059
Number of contingent value right per common stock \| Right		1
Contingent consideration per common stock \| $ / shares		$ 2.5444
Cash consideration paid		$ 60,000
Transaction costs		$ 2,645
Cash paid during the year for milestones			$ 15,000
Number of shares considered for determination of payments made to selling shareholders \| shares		50,602,656
Price per share considered for determination of payments made to selling shareholders \| $ / shares		$ 1.1059
Number of shares considered for determination of payments made to settle restricted stock awards ("RSAs") as stock options \| shares		4,000,169
Price per share considered for determination of payments made to settle restricted stock awards ("RSAs") as stock options \| $ / shares		$ 1.1059
Charge related to acquired in-process research and development						$ 2,260
Epygenix Acquisition
ACQUISITION
Transaction costs	$ 450
Asset acquisition, upfront consideration paid	35,000
Amount of fee payable upon achieving development and regulatory milestones	130,000
Amount of fees payable upon achieving sale-based milestones	$ 515,000
Acquired in-process research and development expense					$ 17,095

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

INVESTMENTS

Schedule of carrying value and amortized cost of available-for-sale debt securities


	December 31, 2025
		Amortized	Unrealized	Unrealized		Fair
		Cost	Gains	Losses		Value
Short-term:
Commercial paper	$	7,558	7	—	$	7,565
Corporate debt securities		15,261	12	—		15,273
Total short-term investments	$	22,819	19	—	$	22,838

Long-term:
Commercial paper	$	805	1	—	$	806
Corporate debt securities		88,626	248	—		88,874
U.S. government securities		17,369	78	—		17,447
Total long-term investments	$	106,800	327	—	$	107,127

	December 31, 2024
		Amortized	Unrealized	Unrealized		Fair
		Cost	Gains	Losses		Value
Short-term:
Commercial paper	$	7,670	9	(1)	$	7,678
Corporate debt securities		6,495	12	—		6,507
Total short-term investments	$	14,165	21	(1)	$	14,185

Long-term:
Corporate debt securities		86,700	192	(142)		86,750
U.S. government securities		22,128	11	(15)		22,124
Total long-term investments	$	108,828	203	(157)	$	108,874

LICENSE AGREEMENTS AND ASSET PURCHASE AGREEMENTS (Details) - USD ($) $ in Thousands		1 Months Ended											12 Months Ended
	Jan. 11, 2026	Nov. 30, 2025	Sep. 30, 2024	Apr. 30, 2024	Mar. 31, 2023	Oct. 31, 2022	Mar. 31, 2022	Aug. 31, 2021	Jan. 31, 2021	Oct. 31, 2020	Nov. 30, 2019	Aug. 31, 2019	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2022	Feb. 28, 2019
License Agreements and Asset Purchase Agreements
Cost of product sold													$ 198,342	$ 156,815	$ 121,236
Accrued Sales Based Trademark and Royalties													65,819	51,746
Upon Acceptance by FDA of Pitolisant's \| Subsequent Event [Member]
License Agreements and Asset Purchase Agreements
Payment of upfront license fee	$ 15,000
HBS-102 \| Asset Purchase Agreement with ConSynance Therapeutics with exception of Greater China
License Agreements and Asset Purchase Agreements
Consideration transferred								$ 3,500
Payment for intellectual property upon developmental milestones													19,000
Payment for intellectual property upon regulatory milestones													44,000
Payment for intellectual property upon sales milestones													110,000
HBS-102 \| Asset Purchase Agreement with ConSynance Therapeutics with exception of Greater China \| Research and development expense
License Agreements and Asset Purchase Agreements
Payment related to achievement of preclinical milestone			$ 1,000		$ 750
Bioprojet
License Agreements and Asset Purchase Agreements
Licensing agreement milestone fees												$ 2,000
License agreement milestone payments paid											$ 75,000	2,000
License agreement, additional milestone payment due												102,000
Bioprojet \| UNITED STATES
License Agreements and Asset Purchase Agreements
Amount of Aggregate Net Sales Attaining in US							$ 500,000
Bioprojet \| Upon Acceptance by FDA of Pitolisant's
License Agreements and Asset Purchase Agreements
License agreement, milestone payment due																	$ 50,000
License agreement, upfront non-refundable licensing fees paid						$ 30,000
License agreement, maximum additional milestone payment due																$ 155,000
Bioprojet \| Upon FDA Approval of WAKIX
License Agreements and Asset Purchase Agreements
License agreement, milestone payment due												77,000
Licensing agreement milestone fees												$ 2,000
License agreement milestone payments paid									$ 100,000	$ 2,000
Bioprojet \| Sales-based, trademark and tiered royalties
License Agreements and Asset Purchase Agreements
Cost of product sold													188,482	146,978	$ 111,685
Accrued Sales Based Trademark and Royalties													$ 65,819	$ 51,746
Bioprojet \| Orexin-2 receptor agonist (OX2R)
License Agreements and Asset Purchase Agreements
License agreement milestone payments paid		$ 4,250
Payment of upfront license fee				$ 25,500
Amount of fee payable upon achieving development and regulatory milestones				123,250
Amount of fees payable upon achieving sale-based milestones				$ 240,000
Bioprojet \| Attaining $500,000 Aggregate Net Sales in US \| Upon FDA Approval of WAKIX \| UNITED STATES
License Agreements and Asset Purchase Agreements
Final payment paid							$ 40,000

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Research and development

^[1]

$ 189,594

$ 145,825

$ 76,063

Related party

Research and development

$ 15,000

$ 0

[1]	Includes $15,000 in related party expenses for the year ended December 31, 2025, and no related party expenses for the years ended December 31, 2024, and 2023.

SUBSEQUENT EVENTS (Details) - Subsequent Events - Pitolisant $ in Thousands	Jan. 11, 2026 USD ($)
Subsequent Event [Line Items]
License Agreement, Upfront Fee Paid	$ 15,000
License Agreement, Maximum Development Milestone Payments	$ 10,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 158,687	$ 145,493	$ 128,853

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENTS

Schedule of assets measured at fair value


	December 31, 2025				December 31, 2024
		Total	Level 1	Level 2		Total	Level 1	Level 2
Assets
Cash equivalents	$	225,605	225,605	—	$	303,545	303,545	—
Commercial paper		8,371	—	8,371		7,678	—	7,678
Corporate debt securities		104,147	—	104,147		93,257	—	93,257
U.S. government securities		17,447	—	17,447		22,124	—	22,124
Total	$	355,570	225,605	129,965	$	426,604	303,545	123,059

RETIREMENT PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
RETIREMENT PLAN (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RETIREMENT PLAN
Employer contributions	$ 4,034	$ 2,457	$ 2,128

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION - Summary of SARs Activity (Details) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Number of Awards, Awards outstanding, Beginning balance	43,208
Number of Awards, Awards exercised	(9,737)
Number of Awards, Awards outstanding, Ending balance	33,471	43,208
Number of Awards, Awards exercisable	33,471
Weighted-Average Exercise Price, Awards outstanding, Beginning balance	$ 9.38
Weighted-Average Exercise Price, Awards exercised	11.66
Weighted-Average Exercise Price, Awards outstanding, Ending balance	8.72	$ 9.38
Weighted-Average Exercise Price, Awards exercisable	$ 8.72
Weighted-Average Remaining Contractual Term	3 years 2 months 12 days	4 years 3 months 18 days
Weighted-Average Remaining Contractual Term, Awards exercisable	3 years 2 months 12 days
Aggregate Intrinsic Value, Awards outstanding	$ 692
Aggregate Intrinsic Value, Awards exercisable	$ 692

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

EARNINGS PER SHARE

Summary of computation of basic and diluted net income (loss) per share


		Year Ended December 31,
		2025			2024		2023
Numerator
Net income		$	158,687		$	145,493	$	128,853
Denominator
Net income per share of common stock - basic		$	2.76		$	2.56	$	2.17
Net income per share of common stock- diluted		$	2.71		$	2.51	$	2.13
Weighted average number of shares of common stock - basic			57,492,277			56,885,455		59,469,648
Weighted average number of shares of common stock - diluted			58,544,570			57,869,915		60,372,397


		Year Ended December 31,
		2025			2024		2023
Stock options, SARs, and RSUs to purchase common stock			1,052,293			984,460		902,749

Summary of antidilutive securities excluded from computation of earnings per share


		Year Ended December 31,
		2025			2024		2023
Stock options, SARs, and RSUs to purchase common stock			7,639,601			6,854,883		5,786,881

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
LEASES
Operating cash flows from operating leases	$ 1,995	$ 2,156	$ 2,016
Right of use assets obtained in exchange for operating lease obligations	$ 4,795	$ 1,877	$ 2,163

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$ 158,687

$ 145,493

$ 128,853

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation and impairment of long-lived assets

1,490

267

514

Intangible amortization

23,845

Acquired in-process research & development (IPR&D) expense

34,250

43,595

2,260

Stock-based compensation

44,895

42,602

31,705

Stock appreciation rights market adjustment

(499)

Debt issuance costs amortization

647

700

2,274

Deferred taxes

(7,301)

(29,298)

(13,419)

Amortization of premiums and accretion of discounts on Investment securities

(1,521)

(2,261)

(2,715)

Loss on debt extinguishment

9,766

Other non-cash expenses

1,325

2,100

1,768

Change in operating assets and liabilities:

Trade receivables

(13,754)

(8,893)

(19,400)

Inventory

1,841

(1,835)

(1,066)

Prepaid expenses and other assets

31,787

(3,008)

Trade payables

3,949

(5,384)

8,949

Other liabilities

67,994

11,799

46,478

Net cash provided by operating activities

348,199

219,821

219,387

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of investment securities

(86,151)

(105,289)

(127,469)

Proceeds from maturities and sales of investment securities

81,062

98,527

118,309

Purchase of property and equipment

(310)

(1,153)

(312)

Payment of milestones

(19,250)

(1,000)

Payment of upfront fee related to license agreements

^[1]

(15,000)

(25,500)

Net cash used in investing activities

(39,649)

(67,484)

(46,439)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from long-term debt

200,000

Debt issuance costs

(2,997)

Extinguishment of debt

(196,500)

Extinguishment of debt exit fees

(5,846)

Principal repayment of long-term debt

(16,250)

(15,000)

(4,750)

Repurchase of common stock

(100,000)

Payments of employee withholding taxes related to stock-based awards

(3,004)

(2,497)

(514)

Proceeds from exercised options

10,205

6,501

5,055

Net cash used in financing activities

(9,049)

(10,996)

(105,552)

NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

299,501

141,341

67,396

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH-Beginning of period

453,271

311,930

244,534

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH-End of period

752,772

453,271

311,930

Supplemental Disclosure of Cash Flow Information:

Cash paid during the year for interest

14,685

17,317

20,051

Cash paid during the year for income taxes net of refunds received

$ 19,820

79,635

48,233

Epygenix Acquisition

Adjustments to reconcile net income to net cash used in operating activities:

Acquired in-process research & development (IPR&D) expense

17,095

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisition net of cash acquired

$ (33,069)

Zynerba Acquisition

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisition net of cash acquired

$ (36,967)

[1]	Includes $15,000 in cash paid to a related party during the year ended December 31, 2025, and no related party payments during the years ended December 31, 2024, and 2023.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) product customer segment Institution item	Dec. 31, 2024 USD ($) customer	Dec. 31, 2023 USD ($) customer
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of commercialized products \| product	1
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Number of financial institutions \| Institution	5
Advertising expenses \| $	$ 29,526	$ 27,556	$ 21,544
Stock options contractual term	10 years
Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property and equipment, estimated useful lives of the assets (in years)	3 years
Time-based vesting period	1 year
Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property and equipment, estimated useful lives of the assets (in years)	10 years
Time-based vesting period	5 years
Supplier concentration risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of suppliers \| item	2
Three Customers \| Accounts Receivable \| Customer Concentration Risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of customers \| customer	3	3
Concentration risk percentage	100.00%	100.00%
Three Customers \| Product Revenues \| Customer Concentration Risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of customers \| customer	3	3	3
Concentration risk percentage	100.00%	100.00%	100.00%
Accredo Health Group, Inc \| Accounts Receivable \| Customer Concentration Risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration risk percentage	45.00%	30.00%
Accredo Health Group, Inc \| Product Revenues \| Customer Concentration Risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration risk percentage	36.00%	34.00%	32.00%
Caremark LLC \| Accounts Receivable \| Customer Concentration Risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration risk percentage	36.00%	39.00%
Caremark LLC \| Product Revenues \| Customer Concentration Risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration risk percentage	38.00%	39.00%	37.00%
PANTHERx Specialty Pharmacy LLC \| Accounts Receivable \| Customer Concentration Risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration risk percentage	19.00%	31.00%
PANTHERx Specialty Pharmacy LLC \| Product Revenues \| Customer Concentration Risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration risk percentage	26.00%	27.00%	31.00%

LICENSE AGREEMENTS AND ASSET PURCHASE AGREEMENTS

12 Months Ended

Dec. 31, 2025

LICENSE AGREEMENTS AND ASSET PURCHASE AGREEMENTS

LICENSE AGREEMENTS AND ASSET PURCHASE AGREEMENTS

9. LICENSE AGREEMENTS AND ASSET PURCHASE AGREEMENTS

Bioprojet Agreements

In July 2017, Harmony entered into a License Agreement (the “2017 LCA”) with Bioprojet Société Civile de Recherche (“Bioprojet”) whereby Harmony acquired the exclusive right to commercialize the pharmaceutical compound pitolisant for the treatment, and/or prevention, of narcolepsy, obstructive sleep apnea, idiopathic hypersomnia, and Parkinson’s disease as well as any other indications unanimously agreed by the parties in the United States and its territories. A milestone payment of $50,000 was due upon acceptance by the FDA of pitolisant’s NDA, which was achieved in February 2019 and was expensed within research and development for the year ended December 31, 2019. A milestone payment of $77,000, which included a $2,000 fee that is described below, was due upon FDA approval of WAKIX (pitolisant) for treatment of EDS in adult patients with narcolepsy, which was achieved in August 2019. The $2,000 payment and $75,000 milestone payment were paid in August and November 2019, respectively. In addition, a milestone payment of $102,000, which included a $2,000 fee was due upon the FDA approval of the NDA for WAKIX for the treatment of cataplexy in adult patients with narcolepsy. The $2,000 payment was paid in October 2020, and a $100,000 milestone payment was paid in January 2021. A final $40,000 milestone payment was paid to Bioprojet in March 2022 upon WAKIX attaining $500,000 in aggregate net sales in the United States. The 2017 LCA also requires a fixed trademark royalty and a tiered royalty based on net sales, which is payable to Bioprojet on a quarterly basis. The Company incurred $188,482, $146,978 and $111,685 for the years ended December 31, 2025, 2024 and 2023, respectively, for sales-based, trademark and tiered royalties recognized as cost of product sold. As of December 31, 2025, and 2024, the Company had accrued $65,819 and $51,746, respectively, for sales-based, trademark and tiered royalties.

In July 2022, Harmony entered into the 2022 LCA with Bioprojet whereby Harmony obtained exclusive rights to manufacture, use and commercialize one or more new products based on pitolisant in the United States and Latin America, with the potential to add additional indications and formulations upon agreement of both parties. Harmony paid an initial, non-refundable $30,000 licensing fee in October 2022 and additional payments of up to $155,000 are potentially due under the 2022 LCA upon the achievement of certain future development and sales-based milestones. In addition, there are other payments due upon achievement of development milestones for new indications and formulations as agreed upon by both parties. The 2022 LCA also requires a fixed trademark royalty and a tiered royalty based on net sales upon commercialization, which will be payable to Bioprojet on a quarterly basis.

In April 2024, the Company announced that it entered into the Sublicense agreement with Bioprojet for an orexin-2 receptor agonist (OX2R), BP1.15205, to be evaluated for the treatment of narcolepsy and other potential indications (the “Sublicense”). Under the Sublicense, the Company obtained the exclusive right to develop, manufacture and commercialize BP1.15205 in the United States and Latin American territories (the “Licensed Territories”), which are rights that Bioprojet originally licensed from Teijin Pharma, the innovator of BP1.15205. BP1.15205 is currently in pre-clinical development with a Clinical Trial Application currently anticipated in mid-2025. Under the Sublicense, the Company paid Bioprojet an upfront license fee of $25,500, which the Company recognized as an IPR&D charge recorded in research and development within the consolidated statements of operations and comprehensive income for the year ended December 31, 2024. In November 2025, the Company achieved a clinical milestone for BP1.15205 that triggered a $4,250 payment to Bioprojet under the Sublicense, which was paid in December 2025. The Company will also be obligated to pay up to $123,250 upon achievement of development and regulatory milestones and up to $240,000 upon achievement of sales-based milestones, as well as royalty rates in the mid-teens on any sales of product using the Licensed Compound in the Licensed Territories.

ConSynance Agreement

In August 2021, the Company entered into an asset purchase agreement with ConSynance Therapeutics, Inc. (the “APA”) to acquire HBS-102 (formerly referred to as “CSTI-100”), a potential first-in-class molecule with a novel mechanism of action. Under the terms of the APA, the Company acquired full development and commercialization rights globally, with the exception of Greater China, for $3,500. The Company accounted for the transaction as an asset acquisition as substantially all of the fair value of the assets acquired was concentrated in a single identified asset. In March 2023, the Company achieved a preclinical milestone, which triggered a $750 payment under the provisions of the APA, which the Company recognized as an IPR&D charge recorded in research and development within the consolidated statement of operations and comprehensive income for the year ended December 31, 2023. In September 2024, the Company achieved a milestone for preclinical proof-of-concept, which triggered a $1,000 payment under the provisions of the APA, which the Company recognized as an IPR&D charge recorded in research and development within the consolidated statement of operations and comprehensive income for the year ended December 31, 2024. There are additional payments due under the APA upon the achievement of certain milestones including $19,000 for development milestones, $44,000 for regulatory milestones and $110,000 for sales milestones.

CiRC Agreement

In June 2025, the Company entered into a research collaboration, option and license agreement (the “CiRC Agreement”) with a related party, CiRC Biosciences, Inc. (“CiRC”). Under this agreement, the Company and CiRC will collaborate on the research and development of two discovery-stage candidates (together the “Candidates”) using cell replacement therapy for treatment of refractory epilepsies and treatment-resistant narcolepsy. In connection with the CiRC Agreement, the Company paid CiRC an upfront fee of $15,000, which was recognized as an IPR&D charge recorded in research and development within the condensed consolidated statements of operations and comprehensive income for the year ended December 31, 2025. The Company will also be obligated to pay $2,000 to CiRC upon the achievement of certain research milestones for each of the Candidates. In addition, the Company has an option to obtain an exclusive license for each of the Candidates that would grant the Company global rights to develop, manufacture and commercialize each Candidate. Upon exercise of each option, the Company would be obligated to pay an option exercise fee of $8,000, or $16,000 in the aggregate if the options related to both Candidates were to be exercised, and the Company would be obligated upon achievement to pay future development, regulatory and sales-based milestones, as well as royalties on sales of any product derived from the Candidates. Refer to Note 20, Related-Party Transactions, for further discussion of related party considerations for the CiRC Agreement.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

Net product revenue

$ 868,453

$ 714,734

$ 582,022

Revenue from Contract with Customer, Product and Service [Extensible Enumeration]

us-gaap:ProductMember

Cost of product sold

$ 198,342

$ 156,815

$ 121,236

Cost, Product and Service [Extensible Enumeration]

us-gaap:ProductMember

Gross profit

$ 670,111

$ 557,919

$ 460,786

Operating expenses:

Research and development

^[1]

189,594

145,825

76,063

Sales and marketing

119,512

110,916

97,404

General and administrative

152,536

110,352

95,289

Total operating expenses

461,642

367,093

268,756

Operating income

208,469

190,826

192,030

Loss on debt extinguishment

(9,766)

Other (expense) income, net

(680)

(68)

159

Interest expense

(14,649)

(17,496)

(23,757)

Interest income

21,924

18,542

14,730

Income before income taxes

215,064

191,804

173,396

Income tax expense

(56,377)

(46,311)

(44,543)

Net income

158,687

145,493

128,853

Unrealized income on investments

280

153

Comprehensive income

$ 158,967

$ 145,557

$ 129,006

EARNINGS PER SHARE:

Basic

$ 2.76

$ 2.56

$ 2.17

Diluted

$ 2.71

$ 2.51

$ 2.13

Weighted average number of shares of common stock - basic

57,492,277

56,885,455

59,469,648

Weighted average number of shares of common stock - diluted

58,544,570

57,869,915

60,372,397

[1]	Includes $15,000 in related party expenses for the year ended December 31, 2025, and no related party expenses for the years ended December 31, 2024, and 2023.

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2025

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

The global data protection landscape is rapidly evolving, and we may be impacted by or subject to new, amended, or existing laws and regulations in the future, including as our operations continue to expand or if we begin to operate in foreign jurisdictions. The risk of a security breach or disruption or data loss, particularly through social engineering attacks, cyber-attacks, or cyber intrusion, including by computer hackers, foreign governments, and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased.

We collect and maintain data and information necessary to conduct our business, and we are increasingly dependent on information technology systems and infrastructure to operate our business, including systems infrastructure operated and maintained by third-party service providers. In the ordinary course of business, we collect, store, and transmit confidential information, including intellectual property, proprietary business information and personal information. It is critical that we do so in a secure manner to maintain the privacy, security, confidentiality, and integrity of such confidential information.

We have established physical, electronic, and organizational measures to safeguard and secure our systems and facilities to prevent an information compromise. We rely on commercially available systems, software, tools and monitoring to provide security for our information technology systems and the processing, transmission, and storage of digital

information. We have also outsourced elements of our information technology infrastructure, and as a result, a number of third-party vendors may or could have access to our confidential information.

The cost to mitigate, investigate and respond to potential security incidents, breaches, disruptions, network security problems, bugs, viruses, worms, malicious software programs and security vulnerabilities could be significant, and while we have implemented security measures to protect our data and information technology systems, our efforts to address these potential risks may not be successful, and could result in unexpected interruptions, delays, cessation of service and other harm to our business and competitive position.

If such an event were to occur and cause interruptions in our operations, it could result in a material disruption of our product development programs.

For example, the loss of clinical trial data from completed or ongoing or planned clinical trials could delay our regulatory approval efforts and significantly increase our costs as a result of efforts to recover or reproduce the lost data. Moreover, if a real or perceived security breach affects our systems (or those of our third-party service providers), or result in the loss of or accidental, unlawful, or unauthorized access to, use of, release of or other processing of personally identifiable information or clinical trial data, our reputation could be materially damaged.

In addition, a breach may require notification to governmental agencies, the media, or individuals pursuant to applicable data privacy and security laws. We would also be exposed to a risk of loss, negative publicity, harm to our reputation, governmental investigation and/or enforcement actions, claims or litigation and potential liability, which could materially adversely affect our business, results of operations and financial condition.

Cyber Risk Management Strategy

We have a cyber risk management policy and asset-based cyber risk management methodology for the continuous identification, assessment, and management of our cyber risk exposure. Our cyber risk managers have been trained in our cyber risk management policy and methodology. The methodology is as follows:

●

Maintaining an up-to-date and accurate inventory of all assets (e.g., data, systems, hardware, software, and vendors).

●

Categorization of all assets based on the criticality of the data processed and the assets criticality to the continuity of business operations.

●

A profile is maintained of the most likely threats, their intent, and the impact the threat may have on the confidentiality, integrity, and availability of Company assets.

●

Evaluation of relevant risk-based scenarios or vulnerability of an asset and how a threat may exploit the asset.

●

Implemented security controls or “mitigating factors” are considered for each scenario.

●

Considering the asset, threat, risk-based scenario or vulnerability, and the mitigating factors, a likelihood and impact determination is made to calculate the final risk level.

●

Risk reduction plans are determined and used to prioritize security program initiatives.

●

Risk mitigations are tracked and monitored in a risk register.

There can be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our systems and information.

Cyber Risk Exposure

Our top cyber risks have been grouped into genericized categories to avoid disclosure of sensitive information but include sufficient detail for a reasonable investor to understand our cyber risks and maintain confidence we act in good faith to reduce our cyber risk exposure. In the second quarter of 2025, we performed a risk assessment of all critical assets, determining the following are our current top cyber risks, none of which are material:

●

Compromise to the confidentiality of intellectual property.

●

Compromise to the confidentiality and integrity of financial records.

●

Compromise to the confidentiality of employee records.

●

Compromise to the confidentiality, integrity, and availability of core business systems.

●

Compromise to the confidentiality, integrity, and availability of critical third-party vendors supporting the continuity of business operations.

We have not identified any risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See “Risk Factors – We depend on our information technology systems, and any failure of these systems could harm our business. Any real or perceived security breach, loss of data, and other disruptions or incidents could compromise the privacy, security, integrity or confidentiality of sensitive information related to our business or prevent us from accessing critical information and expose us to liability and reputational harm, which could adversely affect our business, results of operations and financial condition.”

Third Party Risk Management

We leverage multiple third parties to support our business operations. Throughout the lifecycle of the vendor relationship, security is integrated as part of each process. We maintain a vendor inventory, categorized based in risk tiers, and perform due diligence of the vendor’s security practices commensurate with the risk tier. Vendor contracts and security practices are monitored to ensure an accurate assessment of risk is maintained.

Third Party Support of the Cyber Risk Management Program

We employ third parties to support our cyber risk management program in the following ways:

●

Use of internal and external auditors to maintain compliance with regulatory requirements.

●

Use of cybersecurity consultants and managed security services providers to supplement the security program practices and evaluate the program’s effectiveness, specifically:

o

Governance, risk, and compliance services.

o

Penetration testing and vulnerability management.

o

Continuous security event monitoring.

Incident Management

We make continuous efforts to maintain the ability to respond quickly and effectively to security incidents to minimize their impact. We implement an incident response policy, incident response plan, and deploy comprehensive continuous security monitoring solutions to monitor events occurring across its assets. Additionally, a material risk determination model enables our cyber incident response team and senior leadership to determine materiality.

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

Cyber Risk Management Strategy

●

Maintaining an up-to-date and accurate inventory of all assets (e.g., data, systems, hardware, software, and vendors).

●

Categorization of all assets based on the criticality of the data processed and the assets criticality to the continuity of business operations.

●

A profile is maintained of the most likely threats, their intent, and the impact the threat may have on the confidentiality, integrity, and availability of Company assets.

●

Evaluation of relevant risk-based scenarios or vulnerability of an asset and how a threat may exploit the asset.

●

Implemented security controls or “mitigating factors” are considered for each scenario.

●

Considering the asset, threat, risk-based scenario or vulnerability, and the mitigating factors, a likelihood and impact determination is made to calculate the final risk level.

●

Risk reduction plans are determined and used to prioritize security program initiatives.

●

Risk mitigations are tracked and monitored in a risk register.

Cyber Risk Exposure

●

Compromise to the confidentiality of intellectual property.

●

Compromise to the confidentiality and integrity of financial records.

●

Compromise to the confidentiality of employee records.

●

Compromise to the confidentiality, integrity, and availability of core business systems.

●

Compromise to the confidentiality, integrity, and availability of critical third-party vendors supporting the continuity of business operations.

Third Party Risk Management

Third Party Support of the Cyber Risk Management Program

We employ third parties to support our cyber risk management program in the following ways:

●

Use of internal and external auditors to maintain compliance with regulatory requirements.

●

Use of cybersecurity consultants and managed security services providers to supplement the security program practices and evaluate the program’s effectiveness, specifically:

o

Governance, risk, and compliance services.

o

Penetration testing and vulnerability management.

o

Continuous security event monitoring.

Incident Management

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

The Audit Committee is a sub-committee of our Board of Directors and is delegated to the role of cyber risk oversight for the Company.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

Audit Committee

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

The Audit Committee is a sub-committee of our Board of Directors and is delegated to the role of cyber risk oversight for the Company.

Incident Management

Cybersecurity Risk Role of Management [Text Block]

Our management team, including the Chief Information Officer (“CIO”), is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. The CIO reports the progress of cyber risk reduction initiatives to the Audit Committee on a periodic basis. The CIO has extensive information technology experience in the corporate environment.

Our management team supervises efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the IT environment.

In February 2024, we chartered the Information Systems, Data and Cybersecurity Governance Committee (the “Cybersecurity Committee”), which is comprised of our business unit leaders and is responsible for the management of our cyber risk exposure and monitoring the effectiveness of the cybersecurity program. The Cybersecurity Committee reports the progress of cyber risk reduction initiatives to our senior leadership and the Audit Committee on a periodic basis.

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Chief Information Officer (“CIO”)

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

The Audit Committee is a sub-committee of our Board of Directors and is delegated to the role of cyber risk oversight for the Company.

Incident Management

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

INVESTMENTS

12 Months Ended

Dec. 31, 2025

INVESTMENTS

INVESTMENTS

5. INVESTMENTS

The carrying value and amortized cost of the Company’s available-for-sale debt securities, summarized by type of security, consisted of the following:


	December 31, 2025
		Amortized	Unrealized	Unrealized		Fair
		Cost	Gains	Losses		Value
Short-term:
Commercial paper	$	7,558	7	—	$	7,565
Corporate debt securities		15,261	12	—		15,273
Total short-term investments	$	22,819	19	—	$	22,838

Long-term:
Commercial paper	$	805	1	—	$	806
Corporate debt securities		88,626	248	—		88,874
U.S. government securities		17,369	78	—		17,447
Total long-term investments	$	106,800	327	—	$	107,127

	December 31, 2024
		Amortized	Unrealized	Unrealized		Fair
		Cost	Gains	Losses		Value
Short-term:
Commercial paper	$	7,670	9	(1)	$	7,678
Corporate debt securities		6,495	12	—		6,507
Total short-term investments	$	14,165	21	(1)	$	14,185

Long-term:
Corporate debt securities		86,700	192	(142)		86,750
U.S. government securities		22,128	11	(15)		22,124
Total long-term investments	$	108,828	203	(157)	$	108,874

The Company classifies investments with an original maturity of less than one year as current and investments with an original maturity date of greater than one year as noncurrent on its consolidated balance sheet. The investments classified as noncurrent have original maturity dates ranging from 1-2 years. The Company did not have any available-for-sale debt security investments in a continuous unrealized loss position of greater than 12 months as of December 31, 2025, and December 31, 2024, respectively.

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

INTANGIBLE ASSETS

INTANGIBLE ASSETS

8. INTANGIBLE ASSETS

In August 2019, the Company received FDA approval of WAKIX® (pitolisant) for the treatment of excessive daytime sleepiness (“EDS”) in adult patients with narcolepsy. This event triggered a milestone payment of $75,000 under the provisions of the 2017 LCA (defined below) which the Company capitalized as an intangible asset. The Company determined a useful life of 10 years for the intangible asset, and, as of December 31, 2025, the remaining useful life was 3.8 years.

In October 2020, the Company received FDA approval for the New Drug Application (“NDA”) for WAKIX® for the treatment of cataplexy in adult patients with narcolepsy. This event triggered a milestone payment of $100,000 under the provisions of the 2017 LCA which the Company capitalized as an intangible asset and paid in January of 2021. The Company determined a useful life of 9 years for the intangible asset, and, as of December 31, 2025, the remaining useful life was 3.8 years.

In February 2022, the Company attained $500,000 in life-to-date aggregate net sales of WAKIX in the United States. This event triggered a final $40,000 payment under the provisions of the 2017 LCA which the Company capitalized as an intangible asset and paid in March of 2022. The Company determined a useful life of 7.6 years for the intangible asset, and, as of December 31, 2025, the remaining useful life was 3.8 years.

Amortization expense was $23,845 for each of the years ended December 31, 2025, 2024 and 2023, respectively, and is recorded in general and administrative expenses in the consolidated statements of operations and comprehensive income (loss).

Future annual amortization expense for the unamortized intangible assets is as follows:


Years ending December 31,
2026	$	23,845
2027		23,845
2028		23,845
2029		17,883
2030		—
Thereafter		—
Total	$	89,418

The gross carrying amount and net book value of the intangible asset is as follows:


		As of
		December 31,		December 31,
		2025		2024
Gross Carrying Amount		$	215,000	$	215,000
Accumulated Amortization			(125,582)		(101,737)
Net Book Value		$	89,418	$	113,263

VALUATION AND QUALIFYING ACCOUNTS - ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2025

VALUATION AND QUALIFYING ACCOUNTS - ACCOUNTS RECEIVABLE, NET

VALUATION AND QUALIFYING ACCOUNTS - ACCOUNTS RECEIVABLE, NET

21. VALUATION AND QUALIFYING ACCOUNTS – ACCOUNTS RECEIVABLE, NET

Changes in the valuation allowance for accounts receivable, net during the years ended December 31, 2025, 2024, and 2023, were as follows:


		Year Ended December 31,
		2025			2024		2023
Allowance for distribution fees, discounts and chargebacks at the beginning of the year		$	4,004		$	2,644	$	1,830
Additions due to current period provision			38,921			28,782		21,821
Deductions due to payment of distribution fees, discount and chargebacks			(37,806)			(27,422)		(21,007)
Allowance for distribution fees, discounts and chargebacks at the end of the year		$	5,119		$	4,004	$	2,644

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION - Summary of Assumptions Used to Value Awards (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Dividend yield	0.00%	0.00%	0.00%
Expected volatility, minimum	69.03%	69.84%	74.87%
Expected volatility, maximum	71.43%	72.98%	80.78%
Risk-free interest rate, minimum	3.72%	3.51%	3.42%
Risk-free interest rate, maximum	4.44%	4.65%	4.62%
Lack of marketability discount	0.00%	0.00%	0.00%
Minimum
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Expected term (years)	1 year 4 months 24 days	1 year 9 months 18 days	2 years 3 months 18 days
Maximum
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days	10 years 9 months 18 days

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2025

SEGMENT INFORMATION

SEGMENT INFORMATION

16. SEGMENT INFORMATION

The Company has one reportable segment: rare neurological diseases. The rare neurological diseases segment consists of the Company’s commercial product, WAKIX, and its potential product candidates, that focus on patients living with rare neurological diseases who have unmet needs. The Company currently derives all of its revenue from sales of WAKIX, which is used in the treatment of EDS and cataplexy in adult patients with narcolepsy and the treatment of EDS in pediatric patients six years and older with narcolepsy and manages its business activities on a consolidated basis.

The accounting policies of the rare neurological diseases segment are consistent with those described in Note 3, Summary of Significant Accounting Policies, and the measure of segment assets is reported on the consolidated balance sheets as total assets. The Company’s CODM is the chief executive officer. The CODM assesses performance of the rare neurological diseases segment using net income as reported in the consolidated statements of operations and comprehensive income. Net income is assessed by the CODM to make decisions on how to allocate resources, such as reinvesting profits into the rare neurological diseases segment or pursuing potential investing activities.

The following table summarizes segment revenue and significant segment expenses for the years ended December 31, 2025, 2024 and 2023:



	Year Ended December 31,
	2025		2024		2023
Net product revenue	$	868,453	$	714,734	$	582,022
Less:
Cost of product sold (a)		198,315		156,788		121,232
Research and development (b)		144,923		95,548		69,091
Sales and marketing (c)		112,136		103,481		92,256
General and administrative (d)		100,065		57,683		48,838
Depreciation and amortization		25,335		24,112		24,359
Stock-based compensation		44,960		42,701		31,206
Interest expense		14,649		17,496		23,757
Interest income		(21,924)		(18,542)		(14,730)
Income tax expense		56,377		46,311		44,543
Other segment items (e)		34,930		43,663		12,617
Consolidated net income	$	158,687	$	145,493	$	128,853

(a) Cost of product sold excluding depreciation.

(b) Research and development excluding stock-based compensation, IPR&D and impairment of long-lived assets.

(d) General and administrative excluding stock-based compensation and amortization.

(e) Other segment items include other expense (income), net, IPR&D charges and charges related to the extinguishment of debt.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

INCOME TAXES - Schedule of Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate - prior to the adoption of ASU 2023-09 (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Percent
Federal income tax rate	21.00%	21.00%	21.00%
Stock-based compensation		0.50%	(0.40%)
State taxes	6.30%	6.40%	5.70%
Credits		(4.70%)	(2.10%)
Nondeductible IPR&D	1.50%	1.80%	0.30%
Valuation allowance			0.60%
Other	0.50%	(0.90%)	0.60%
Effective tax rate	26.20%	24.10%	25.70%

LIQUIDITY AND CAPITAL RESOURCES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
LIQUIDITY AND CAPITAL RESOURCES
Retained earnings	$ 160,903	$ 2,216
Cash, cash equivalents and investments	$ 882,467

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES

Schedule of accrued expenses


		As of
		December 31,		December 31,
		2025		2024
Royalties due to Bioprojet		$	65,819	$	51,746
Rebates and other sales deductions			76,304		50,542
Interest			2,151		2,834
Sales and marketing			3,153		2,166
Research and development			12,193		9,014
Accrued legal and professional fees			29,999		3,047
Other expenses			1,420		1,291
		$	191,039	$	120,640

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of reconciliation of cash, cash equivalents, and restricted cash


		As of
		December 31,		December 31,
		2025		2024
Cash and cash equivalents		$	752,502	$	453,001
Restricted cash included in other noncurrent assets			270		270
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows		$	752,772	$	453,271

Organization and Description of Business (Details) - item	1 Months Ended
	Jun. 30, 2025	Jul. 31, 2022
Bioprojet
Organization and Description of Business
Number of next generations formulations currently in clinical development		2
CiRC Biosciences, Inc.
Organization and Description of Business
Number of discovery-stage candidates	2

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

EARNINGS PER SHARE

EARNINGS PER SHARE

17. EARNINGS PER SHARE

Basic earnings per share is calculated by diving net income by the weighted average number of shares of common stock outstanding. For the years ended December 31, 2025, 2024 and 2023, respectively, the Company calculated Diluted net income per common share is computed under the treasury stock method by using the weighted average number of shares of common stock outstanding, plus, for periods with net income attributable to common stockholders, the potential dilutive effects of stock options, stock appreciation rights and restricted stock units.

The following table sets forth the computation of basic and diluted net income (loss) per share:


		Year Ended December 31,
		2025			2024		2023
Numerator
Net income		$	158,687		$	145,493	$	128,853
Denominator
Net income per share of common stock - basic		$	2.76		$	2.56	$	2.17
Net income per share of common stock- diluted		$	2.71		$	2.51	$	2.13
Weighted average number of shares of common stock - basic			57,492,277			56,885,455		59,469,648
Weighted average number of shares of common stock - diluted			58,544,570			57,869,915		60,372,397

Securities outstanding that were included in the computation above, utilizing the treasury stock method are as follows:


		Year Ended December 31,
		2025			2024		2023
Stock options, SARs, and RSUs to purchase common stock			1,052,293			984,460		902,749

Potential common shares issuable upon conversion of preferred stock and exercise of stock options that were excluded from the computation of diluted weighted-average shares outstanding excluded from the numerator are as follows:


		Year Ended December 31,
		2025			2024		2023
Stock options, SARs, and RSUs to purchase common stock			7,639,601			6,854,883		5,786,881

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Stock-based compensation expense	$ 44,960	$ 42,701	$ 31,206
Research and development expense
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Stock-based compensation expense	8,958	6,682	3,962
Sales and marketing expense
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Stock-based compensation expense	7,376	7,435	5,148
General and administrative expense
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Stock-based compensation expense	$ 28,626	$ 28,584	$ 22,096

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAXES.

Schedule of provision for income taxes


		Year Ended December 31,
		2025			2024		2023
Federal		$	41,749		$	29,465	$	32,136
State			14,628			16,846		12,407
		$	56,377		$	46,311	$	44,543
Current		$	15,678		$	74,311	$	57,962
Deferred			40,699			(28,000)		(13,419)
Total		$	56,377		$	46,311	$	44,543

Schedule of reconciliation between the U.S. statutory federal income tax rate and the Company's effective income tax rate

A reconciliation of the differences between the U.S. statutory federal income tax rate of 21.0% and the Company’s effective income tax rate as of December 31, 2025, after the adoption of ASU 2023-09, is as follows:


		Year Ended December 31,
		2025
		Amount	Percent
Federal statutory rate	$	45,163	21.0%
State income taxes, net of federal tax effect*		13,601	6.3%
Tax credits
Orphan drug credit		(7,999)	(3.7)%
Research and development credit		(610)	(0.3)%
Nontaxable or nondeductible Items
In-process research and development		3,150	1.5%
Other		1,967	0.9%
Other adjustments		1,105	0.5%
Effective tax rate	$	56,377	26.2%

*State taxes include the impact of the remeasurement of state deferred tax assets. There was no individual state that made up the majority (greater than 50%) of the tax effect in this category.

A reconciliation of the differences between the U.S. statutory federal income tax rate of 21.0% and the Company’s effective income tax rate as of December 31, 2024, and 2023, prior to the adoption of ASU 2023-09, is as follows:


	Year Ended December 31,
	2024		2023
Federal income tax rate	21.0	%	21.0	%
Stock-based compensation	0.5		(0.4)
State taxes	6.4		5.7
Credits	(4.7)		(2.1)
Nondeductible IPR&D	1.8		0.3
Valuation allowance	—		0.6
Other	(0.9)		0.6
Total	24.1	%	25.7	%

Schedule of cash payments for income taxes


	Year Ended December 31,
	2025
Federal	$	12,254
State
Pennsylvania		4,006
Tennessee		2,715
Other		845
Total State	$	7,566
Total Income tax paid, net of refunds	$	19,820

Schedule of significant components of company's deferred tax assets and liabilities


		As of December 31,
		2025						2024
		Assets			Liabilities			Assets			Liabilities
Acquired in-process research and development		$	36,992		$	—		$	42,312		$	—
Net operating loss carryforward			49,242			—			52,458			—
Accrued compensation			36,459			—			29,116			—
Credits			3,499			—			3,902			—
Lease obligations, net			52			—			5			—
Fixed assets			—			41			209			—
Inventory			4,713			—			7,169			—
Accrued rebates			6,320			—			5,100			—
Research and development			10,794			—			57,583			—
Other			6,068			542			25			733
Total		$	154,139			583		$	197,879			733
Net deferred tax asset		$	153,556						197,146
Valuation allowance		$	(3,857)		$	—		$	(6,748)		$	—
Total		$	149,699		$	—		$	190,398		$	—

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION - Summary of RSUs Activity (Details) - Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Number of Awards, Awards outstanding, Beginning balance	638,900
Number of Awards, Awards issued	458,650
Number of Awards, Awards vested	(215,795)
Number of Awards, Awards forfeited	(85,257)
Number of Awards, Awards outstanding, Ending balance	796,498	638,900
Weighted-Average Grant Date Fair Value, Awards outstanding, Beginning balance	$ 30.9
Weighted-Average Grant Date Fair Value, Awards issued	37.61
Weighted-Average Grant Date Fair Value, Awards vested	30.99
Weighted-Average Grant Date Fair Value, Awards forfeited	33.39
Weighted-Average Grant Date Fair Value, Awards outstanding, Ending balance	34.47	$ 30.9
2017 and 2020 Plans
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Weighted-Average Grant Date Fair Value, Awards issued	$ 37.61	$ 30.62	$ 31.78

RELATED-PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

20. RELATED-PARTY TRANSACTIONS

The Company’s related party, Paragon, is an entity that shares common ownership with the Company. In addition, the Chairman of the Company’s board of directors was the President and owner of the entity. The Company is party to a right of use agreement with the related party whereby it has access to and the right to use certain office space leased by the related party in Chicago, Illinois. Additionally, the Company received consulting services from Paragon during the twelve months ended December 31, 2025. For the years ended December 31, 2025, 2024 and 2023, the Company incurred $474, $290 and $290, respectively, of expenses pursuant to the right of use agreement with this related party, which are included in general and administrative expense in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2025, and 2024, there were no amounts due to or due from related parties included within the consolidated balance sheet.

In June 2025, the Company entered into the CiRC Agreement with CiRC, an entity controlled by Paragon. The Company paid a $15,000 upfront payment to CiRC pursuant to the CiRC Agreement which was recorded as an IPR&D charge in research and development in the consolidated statements of operations and comprehensive income. As of December 31, 2025, there were no amounts due to or due from CiRC under the CiRC agreement. Refer to Note 9, License Agreements, for further discussion regarding the CiRC Agreement.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

INTANGIBLE ASSETS - Schedule of Gross Carrying Amount and Net Book Value of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
INTANGIBLE ASSETS
Gross Carrying Amount	$ 215,000	$ 215,000
Accumulated Amortization	(125,582)	(101,737)
Net Book Value	$ 89,418	$ 113,263

INCOME TAXES - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INCOME TAXES.
Federal	$ 41,749	$ 29,465	$ 32,136
State	14,628	16,846	12,407
Current	15,678	74,311	57,962
Deferred	40,699	(28,000)	(13,419)
Income Tax Expense (Benefit), Total	$ 56,377	$ 46,311	$ 44,543

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

EARNINGS PER SHARE - Summary of Securities Outstanding Included in Computation above, Utilizing Treasury Stock Method (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
EARNINGS PER SHARE
Securities outstanding included in the computation - Stock options, SARs, and RSUs to purchase common stock	1,052,293	984,460	902,749

INCOME TAXES - Schedule of Cash Payments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 12,254
State
Total State	7,566
Total Income tax paid, net of refunds	19,820	$ 79,635	$ 48,233
Pennsylvania
State
Total State	4,006
Tennessee
State
Total State	2,715
Other
State
Total State	$ 845

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

INCOME TAXES

12 Months Ended

Dec. 31, 2025

INCOME TAXES.

INCOME TAXES

18. INCOME TAXES

Details of the provision for income taxes consist of the following:


		Year Ended December 31,
		2025			2024		2023
Federal		$	41,749		$	29,465	$	32,136
State			14,628			16,846		12,407
		$	56,377		$	46,311	$	44,543
Current		$	15,678		$	74,311	$	57,962
Deferred			40,699			(28,000)		(13,419)
Total		$	56,377		$	46,311	$	44,543


		Year Ended December 31,
		2025
		Amount	Percent
Federal statutory rate	$	45,163	21.0%
State income taxes, net of federal tax effect*		13,601	6.3%
Tax credits
Orphan drug credit		(7,999)	(3.7)%
Research and development credit		(610)	(0.3)%
Nontaxable or nondeductible Items
In-process research and development		3,150	1.5%
Other		1,967	0.9%
Other adjustments		1,105	0.5%
Effective tax rate	$	56,377	26.2%

*State taxes include the impact of the remeasurement of state deferred tax assets. There was no individual state that made up the majority (greater than 50%) of the tax effect in this category.


	Year Ended December 31,
	2024		2023
Federal income tax rate	21.0	%	21.0	%
Stock-based compensation	0.5		(0.4)
State taxes	6.4		5.7
Credits	(4.7)		(2.1)
Nondeductible IPR&D	1.8		0.3
Valuation allowance	—		0.6
Other	(0.9)		0.6
Total	24.1	%	25.7	%

The Company made cash payments for income taxes, net of refunds, during the year ended December 31, 2025, as follows:


	Year Ended December 31,
	2025
Federal	$	12,254
State
Pennsylvania		4,006
Tennessee		2,715
Other		845
Total State	$	7,566
Total Income tax paid, net of refunds	$	19,820

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2025, and 2024, are as follows:


		As of December 31,
		2025						2024
		Assets			Liabilities			Assets			Liabilities
Acquired in-process research and development		$	36,992		$	—		$	42,312		$	—
Net operating loss carryforward			49,242			—			52,458			—
Accrued compensation			36,459			—			29,116			—
Credits			3,499			—			3,902			—
Lease obligations, net			52			—			5			—
Fixed assets			—			41			209			—
Inventory			4,713			—			7,169			—
Accrued rebates			6,320			—			5,100			—
Research and development			10,794			—			57,583			—
Other			6,068			542			25			733
Total		$	154,139			583		$	197,879			733
Net deferred tax asset		$	153,556						197,146
Valuation allowance		$	(3,857)		$	—		$	(6,748)		$	—
Total		$	149,699		$	—		$	190,398		$	—

As of December 31, 2025, and December 31, 2024, our deferred tax assets primarily related to acquired in-process research and development costs, operating loss carryforwards, capitalized research and development costs, inventory, and accrued rebates. On July 4, 2025, the "One Big Beautiful Bill Act" (the "OBBBA") was enacted. The OBBBA contains several changes to corporate taxation, including the allowance of immediate expensing of domestic research and development expenses. As a result, the Company recorded a $48,000 reduction to deferred tax assets related to domestic research and development expenses which is reflected in its consolidated balance sheet as of December 31, 2025. As of December 31, 2024, the Company had a valuation allowance on net operating loss carryforwards of the Company’s subsidiary, Zynerba Pharmaceuticals Pty Ltd., and net operating loss carryforwards and other deferred tax assets of the Company’s subsidiary, Harmony Biosciences Management, Inc. During the year ended December 31, 2025, it was determined that the net operating loss carryforward and other deferred tax assets related to the Company’s subsidiaries were not utilizable, accordingly the Company removed the related deferred tax asset and the corresponding valuation allowance, which reduced the valuation allowance by $2,891.

As of December 31, 2025, and 2024, the Company has approximately $203,788 and $220,243, respectively, of federal net operating loss ("NOL") carryforward available to offset future federal taxable income. The Company also has approximately $110,579 and $111,079 of state NOL carryforwards as of December 31, 2025, and 2024, respectively, available to offset future state taxable income. The Company’s state NOLs begin to expire in 2037. As of December 31, 2025, and 2024, the Company had federal tax credits of $3,499 and $3,902, respectively.

Utilization of the net operating loss carryforwards and federal tax credits may be subject to a substantial limitation under Section 382 of the Internal Revenue Code due to ownership changes that could occur in the future. These changes may limit the amount of net operating loss and tax credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change” as defined by Section 382 of the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain stockholders or public groups. The majority of the Company’s carryforwards and federal tax credits were acquired in conjunction with the Zynerba and Epygenix acquisitions and are subject to annual limitations under Section 382 of the Internal Revenue Code.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations. The Company’s tax years are still open under statute from 2022 to present. All open years may be examined to the extent that tax credits or NOLs are used in future periods. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision. The Company has not recorded any amounts for unrecognized tax benefits as of December 31, 2025, and 2024.

- Definition

The entire disclosure for income tax.

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+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

13. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

From time to time, the Company is subject to claims and suits arising in the ordinary course of business. The Company accrues such liabilities when they are known, if they are deemed probable and can be reasonably estimated. Accruals may be adjusted from time to time, as appropriate, in light of new information. The amount of loss incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued. Any expenses, fines, fees, penalties, judgments or settlements that might be incurred by the Company in connection with

proceedings could have a material adverse effect on the Company’s results of operations and financial condition. As of December 31, 2025, there were no material claims or lawsuits outstanding other than the Abbreviated New Drug Application (“ANDA”) litigation discussed below.

ANDA Litigation

In September 2023, the Company and its licensor, Bioprojet, received notice from Lupin Limited (“Lupin”) pursuant to 21 U.S.C. § 355(j) et seq. and 21 C.F.R. § 314.95 et seq. (the “Lupin Notice Letter”) that Lupin has submitted ANDA No. 218846 (the “Lupin ANDA”) to the FDA and is seeking regulatory approval to market a generic version of WAKIX^® before the expiration of U.S. Patent Nos. 8,486,947 (“’947 patent”) and 8,207,197 (“’197 patent”). The ’947 patent and the ‘197 patent are listed with respect to WAKIX^® in the FDA’s Orange Book and will expire in September 2029 and March 2030, respectively. The Lupin Notice Letter asserts that their generic product will not infringe the ’947 patent and the ‘197 patent and/or that the ’947 patent and the ‘197 patent are invalid or unenforceable. In November 2023, we, Bioprojet and Bioprojet’s wholly owned subsidiary, Bioprojet Pharma SAS (“Bioprojet Pharma”), filed a complaint for patent infringement of the ’947 patent and the ‘197 patent against Lupin and certain of their affiliates and agents in the United States District Court for the District of Delaware in response to the filing of their respective ANDAs with the FDA. In December 2024, the Company and Bioprojet received further notice from Lupin pursuant to 21 U.S.C. § 355(j) et seq. and 21 C.F.R. § 314.95 et seq. (the “Second Lupin Notice Letter”) that Lupin has submitted the Lupin ANDA to the FDA and is seeking regulatory approval to market a generic version of WAKIX^® before the expiration of the ‘947 patent and the ‘197 patent. The Second Lupin Notice Letter asserts that its generic product will not infringe the ’947 patent and the ‘197 patent and/or that the ’947 patent and the ‘197 patent are invalid or unenforceable. In January 2025, we, Bioprojet and Bioprojet Pharma filed a complaint in the United States District Court for the District of Delaware for patent infringement of the ’947 patent and the ‘197 patent against Lupin. In June 2025, the Company reached an agreement with Lupin to resolve the dispute over Lupin’s ANDA to market a generic version of WAKIX. Under the terms of the settlement agreement, the litigation between the parties in the United States District Court for the District of Delaware will be dismissed, and Lupin will have a license to sell its generic product beginning July 2030 if WAKIX receives pediatric exclusivity, or earlier under certain circumstances

In September 2023, the Company and Bioprojet received notice from Novugen Pharma Sdn. Bhd. (“Novugen”) pursuant to 21 U.S.C. § 355(j) et seq. and 21 C.F.R. § 314.95 et seq. (the “Novugen Notice Letter”) that Novugen had submitted ANDA No. 218834 (the “Novugen ANDA”) to the FDA and is seeking regulatory approval to market a generic version of WAKIX^® before the expiration of the ’947 patent and ’197 patent. The Novugen Notice Letter asserts that their generic product will not infringe the ’947 patent and the ‘197 patent and/or that the ’947 patent and the ‘197 patent are invalid or unenforceable. In November 2023, we, Bioprojet and Bioprojet’s wholly owned subsidiary, Bioprojet Pharma SAS (“Bioprojet Pharma”), filed a complaint for patent infringement of the ’947 patent and the ‘197 patent against Novugen and certain of their affiliates and agents in the United States District Court for the District of Delaware in response to the filing of their respective ANDAs with the FDA. In October 2024, the Company reached an agreement with Novugen Pharma to resolve the dispute over Novugen’s ANDA for a generic pitolisant hydrochloride product. Under the terms of the settlement agreement, the litigation between the parties in the United States District Court for the District of Delaware was ended on November 4, 2024, and Novugen will have a license to sell its generic product beginning July 2030 if WAKIX receives pediatric exclusivity, or earlier under certain circumstances.

In October 2023, the Company and Bioprojet received notice from Novitium Pharma LLC (“Novitium”), pursuant to 21 U.S.C. § 355(j) et seq. and 21 C.F.R. § 314.95 et seq. (the “Novitium Notice Letter”), that Novitium has submitted ANDA No. 218495 (the “Novitium ANDA”) to the FDA and is seeking regulatory approval to market a generic version of WAKIX^® before the expiration of U.S. Patent No. 8,354,430 (the “’430 patent”), which is also listed with respect to WAKIX^® in the FDA’s Orange Book and will expire in February 2026. The Novitium Notice Letter asserts that its generic product will not infringe the ‘430 patent, ’947 patent and the ‘197 patent and/or that the ‘430 patent, ’947 patent and the ‘197 patent are invalid or unenforceable. In November 2023, the Company, Bioprojet and Bioprojet Pharma filed a complaint for patent infringement of the ’947 patent and the ‘197 patent against Novitium and certain of their affiliates and agents and for patent infringement of the ’430 patent against Novitium and certain of their affiliates and agents in the United States District Court for the District of Delaware in response to their filing of their respective ANDAs with the FDA. In January 2026, the Company reached an agreement with Novitium to resolve the dispute over Novitium’s ANDA to market a generic version of WAKIX. Under the terms of the settlement agreement, the litigation between the parties in the United States District Court for the District of Delaware will be dismissed, and Novitium will have a license to sell its generic product beginning July 2030 if WAKIX receives pediatric exclusivity, or earlier under certain circumstances.

In October 2023, the Company and Bioprojet received notice from Zenara Pharma Pvt. Ltd. (“Zenara”), pursuant to 21 U.S.C. § 355(j) et seq. and 21 C.F.R. § 314.95 et seq. (the “Zenara Notice Letter”), that Zenara has submitted ANDA No. 218796 (the “Zenara ANDA”) to the FDA and is seeking regulatory approval to market a generic version of WAKIX^® before the expiration of the ’430 patent, ’947 patent and the ’197 patent. The Zenara Notice Letter asserts that its generic product will not infringe the ‘430 patent, ’947 patent and the ‘197 patent and/or that the ‘430 patent, ’947 patent and the ‘197 patent are invalid or unenforceable. In November 2023, the Company, Bioprojet and Bioprojet Pharma filed a complaint for patent infringement of the ’947 patent and the ‘197 patent against Zenara and certain of their affiliates and agents and for patent infringement of the ’430 patent against Zenara and certain of their affiliates and agents in the United States District Court for the District of Delaware in response to their filing of their respective ANDAs with the FDA. In January 2026, the Company reached an agreement with Hikma (to whom Zenara transferred its ANDA) to resolve the dispute over Hikma’s ANDA to market a generic version of WAKIX. Under the terms of the settlement agreement, the litigation between the parties in the United States District Court for the District of Delaware will be dismissed, and Hikma will have a license to sell its generic product beginning March 2030 if WAKIX receives pediatric exclusivity, or earlier under certain circumstances.

In October 2023, the Company and Bioprojet received notice from AET Pharma US, Inc. (“AET”), pursuant to 21 U.S.C. § 355(j) et seq. and 21 C.F.R. § 314.95 et seq. (the “AET Notice Letter”), that AET has submitted ANDA No. 218892 (the “AET ANDA”) to the FDA and is seeking regulatory approval to market a generic version of WAKIX^® before the expiration of the ’947 patent and the ’197 patent. AET’s Notice Letter asserts that AET’s generic product will not infringe the ’947 patent and the ‘197 patent and/or that ’947 patent and the ‘197 patent are invalid or unenforceable. In November 2023, the Company, Bioprojet and Bioprojet Pharma filed a complaint for patent infringement of the ’947 patent and the ‘197 patent against AET and certain of their affiliates and agents in the United States District Court for the District of Delaware in response to their filing of their respective ANDAs with the FDA. In August 2024, the Company and Bioprojet received further notice from AET pursuant to 21 U.S.C. § 355(j) et seq. and 21 C.F.R. § 314.95 et seq. (the “Second AET Notice Letter”) that AET has submitted the AET ANDA to the FDA and is seeking regulatory approval to market a generic version of WAKIX^® before the expiration of the ‘947 patent and the ‘197 patent. The Second AET Notice Letter asserts that its generic product will not infringe the ’947 patent and the ‘197 patent and/or that the ’947 patent and the ‘197 patent are invalid or unenforceable. In August 2024, we, Bioprojet and Bioprojet Pharma filed a complaint in the United States District Court for the District of Delaware for patent infringement of the ’947 patent and the ‘197 patent against AET.

In October 2023, the Company and Bioprojet received notice from Annora Pharma Private Limited (“Annora”), pursuant to 21 U.S.C. § 355(j) et seq. and 21 C.F.R. § 314.95 et seq. (the “Annora Notice Letter”), that Annora has submitted ANDA No. 218832 (the “Annora ANDA”) to the FDA and is seeking regulatory approval to market a generic version of WAKIX^® before the expiration of the ’430 patent, the ’947 patent and the ’197 patent. The Annora Notice Letter asserts that its generic product will not infringe the ‘430 patent, ’947 patent and the ‘197 patent and/or that the ‘430 patent, ’947 patent and the ‘197 patent are invalid or unenforceable. In November 2023, the Company, Bioprojet and Bioprojet Pharma filed a complaint for patent infringement of the ’947 patent and the ‘197 patent against Annora and certain of their affiliates and agents and for patent infringement of the ’430 patent against Annora and certain of their affiliates and agents in the United States District Court for the District of Delaware in response to their filing of their respective ANDAs with the FDA. In March 2025, the Company reached an agreement with Annora to resolve the dispute over Annora’s ANDA for a generic pitolisant hydrochloride product. Under the terms of the settlement agreement, the litigation between the parties in the United States District Court for the District of Delaware was ended on March 31, 2025, and Annora will have a license to sell its generic product beginning July 2030 if WAKIX receives pediatric exclusivity, or earlier under certain circumstances.

In October 2023, MSN Pharmaceuticals Inc. (“MSN Pharma”) sent correspondence to the Company and Bioprojet stating that MSN Pharma has submitted ANDA No. 218873 (the “MSN ANDA”) to the FDA and is seeking regulatory approval to market a generic version of WAKIX^®. In December 2023, MSN Laboratories Private Limited (“MSN”) filed a declaratory judgment action in the United States District Court for the Eastern District of Virginia against Bioprojet claiming that the ‘430 patent, the ’947 patent and the ‘197 patent will not be infringed by MSN’s generic version of WAKIX^®and that the ‘947 patent is invalid. In December 2023, we, Bioprojet and Bioprojet Pharma filed a complaint in the United States District Court for the District of Delaware for patent infringement of the ‘430 patent, the ’947 patent and the ‘197 patent against MSN and MSN Pharma. In January 2024, the declaratory judgment action was transferred from the United States District Court for the Eastern District of Virginia to the United States District Court for the District of Delaware. In January 2026, the Company reached an agreement with MSN to resolve the dispute over MSN’s ANDA to market a generic version of WAKIX. Under the terms of the settlement agreement, the litigation between the parties in the United States District Court for the District of Delaware will be dismissed. The remaining terms of the settlement agreement remain confidential.

In April 2024, the United States District Court for the District of Delaware issued a scheduling order consolidating the cases described above for all purposes up to and including trial (the “Scheduling Order”). The Scheduling Order set March 27, 2025, as the date for the hearing on claim construction and scheduled a bench trial that began on February 17, 2026, and concluded on February 19, 2026. A post-trial briefing schedule and closing arguments are to be scheduled at a later date.

Settlement amounts associated with ANDA litigation have been recognized in general and administrative expenses on the Company’s consolidated statements of operation and comprehensive income for the year ended December 31, 2025. Unpaid settlements as of December 31, 2025, have been recognized in accrued expenses on the Company’s consolidated balance sheets as of December 31, 2025.

The resolution of any ANDA litigation matters against the Company could have a significant negative effect on the Company’s results of operations.

SEGMENT INFORMATION (Details) $ in Thousands	12 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	1
Net product revenue	$ 868,453	$ 714,734	$ 582,022
Stock-based compensation	44,960	42,701	31,206
Interest expense	14,649	17,496	23,757
Interest income	(21,924)	(18,542)	(14,730)
Income tax expense	56,377	46,311	44,543
Net income	158,687	145,493	128,853
Rare Neurological Diseases Segment
Segment Reporting Information [Line Items]
Net product revenue	868,453	714,734	582,022
Cost of product sold	198,315	156,788	121,232
Research and development	144,923	95,548	69,091
Sales and marketing	112,136	103,481	92,256
General and administrative	100,065	57,683	48,838
Depreciation and amortization	25,335	24,112	24,359
Stock-based compensation	44,960	42,701	31,206
Interest expense	14,649	17,496	23,757
Interest income	(21,924)	(18,542)	(14,730)
Income tax expense	56,377	46,311	44,543
Other segment items	$ 34,930	$ 43,663	$ 12,617
Segment Reporting, Other Segment Item, Composition, Description	Other segment items include other expense (income), net, IPR&D charges and charges related to the extinguishment of debt.	Other segment items include other expense (income), net, IPR&D charges and charges related to the extinguishment of debt.	Other segment items include other expense (income), net, IPR&D charges and charges related to the extinguishment of debt.
Net income	$ 158,687	$ 145,493	$ 128,853

RELATED-PARTY TRANSACTIONS (Details) - USD ($)
$ in Thousands

1 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

RELATED-PARTY TRANSACTIONS

General and administrative

$ 152,536

$ 110,352

$ 95,289

Research and development

^[1]

189,594

145,825

76,063

Related party

RELATED-PARTY TRANSACTIONS

Research and development

15,000

Related party | Paragon

RELATED-PARTY TRANSACTIONS

General and administrative

474

290

$ 290

Amounts due to related parties

Amounts due from related parties

Related party | CiRC Biosciences, Inc.

RELATED-PARTY TRANSACTIONS

Amounts due to related parties

Amounts due from related parties

$ 0

Research and development

$ 15,000

[1]	Includes $15,000 in related party expenses for the year ended December 31, 2025, and no related party expenses for the years ended December 31, 2024, and 2023.

- Definition

Amount of liabilities classified as other.

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+ Details

EARNINGS PER SHARE - Summary of Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator
Net income	$ 158,687	$ 145,493	$ 128,853
Denominator
Net income per share of common stock - basic	$ 2.76	$ 2.56	$ 2.17
Net income per share of common stock- diluted	$ 2.71	$ 2.51	$ 2.13
Weighted average number of shares of common stock - basic	57,492,277	56,885,455	59,469,648
Weighted average number of shares of common stock - diluted	58,544,570	57,869,915	60,372,397

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION

15. STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION

2020 Stock Incentive Plan

In August 2020, the Company adopted, and its stockholders approved, the 2020 Incentive Award Plan (the “2020 Plan”), in order to facilitate the grant of cash and equity incentives to directors, employees (including the Company’s named executive officers) and consultants of the Company and its subsidiaries. The 2020 Plan provides for the grant of stock options, including incentive stock options (“ISOs”) and non-qualified stock options (“NSOs”), stock appreciation rights (“SARs”), restricted stock, dividend equivalents, restricted stock units (“RSUs”) and other stock or cash-based awards.

Stock options and stock appreciation rights under the 2020 Plan have a 10-year contractual term and vest over the vesting period specified in the applicable award agreement, at achievement of a performance requirement, or upon change of control (as defined in the applicable plan). RSUs vest over the vesting period specified in the applicable award agreement, at achievement of a performance requirement, or upon change of control (as defined in the applicable plan). As of December

31, 2025, there were 8,704,203 shares of common stock available for issuance under the 2020 Plan. The number of shares that may be issued under the 2020 Plan will automatically increase on January 1 of each year in an amount equal to the lesser of (i) 4.0% of the shares of the Company’s common stock outstanding on December 31 of the preceding year or (ii) an amount determined by the Company’s board of directors.

2017 Stock Incentive Plan

In August 2017, the Company adopted an equity incentive plan (the “2017 Plan”). Under the 2017 Plan, directors, officers, employees, consultants, and advisors of the Company can be paid incentive compensation measured by the value of the Company’s common shares through grants of stock options, SARs, or restricted stock. Following the adoption of the 2020 Plan, no further grants have been, or will be, made under the 2017 Plan. However, the 2017 Plan will continue to govern the terms and conditions of outstanding awards granted under it.

Stock Options

The following table summarizes stock option activity for the year ended December 31, 2025:


							Weighted-
				Weighted-			Average
				Average			Remaining			Aggregate
		Number of		Exercise			Contractual			Intrinsic
		Awards		Price			Term			Value ($000's)
Awards outstanding—December 31, 2024		7,157,235		$	32.48		6.7
Awards issued		1,427,931		$	36.13
Awards exercised		(439,606)		$	22.01
Awards forfeited		(283,635)		$	36.95
Awards outstanding—December 31, 2025		7,861,925		$	33.56		6.3		$	51,952
Awards exercisable—December 31, 2025		5,624,889		$	32.86		5.4		$	44,826
Awards unvested—December 31, 2025		2,237,036		$	35.34		8.6		$	7,126

The weighted-average grant-date fair values of stock options granted during the years ended December 31, 2025, and 2024, were $24.08 and $20.68, respectively. The total intrinsic value of stock options exercised for the years ended December 31, 2025, and 2024, were $6,439 and $4,328, respectively.

Stock Appreciation Rights

The following table summarizes SARs activity for the year ended December 31, 2025:


							Weighted-
				Weighted-			Average
				Average			Remaining			Aggregate
		Number of		Exercise			Contractual			Intrinsic
		Awards		Price			Term			Value ($000's)
Awards outstanding—December 31, 2024		43,208		$	9.38		4.3
Awards issued		—		$	—
Awards exercised		(9,737)		$	11.66
Awards forfeited		—		$	—
Awards outstanding—December 31, 2025		33,471		$	8.72		3.2		$	692
Awards exercisable—December 31, 2025		33,471		$	8.72		3.2		$	692

Restricted Stock Units

The following table summarizes RSU activity for the year ended December 31, 2025:



				Weighted-
				Average
		Number of		Grant Date
		Awards		Fair Value
Awards outstanding—December 31, 2024		638,900		$	30.90
Awards issued		458,650		$	37.61
Awards vested		(215,795)		$	30.99
Awards forfeited		(85,257)		$	33.39
Awards outstanding—December 31, 2025		796,498		$	34.47

Value of Stock Options and SARs

The Company values options and SARs using the Black-Scholes option-pricing model. The Company lacks sufficient historical company-specific volatility information. Therefore, the Company estimates expected stock volatility based on historical volatility of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. For SARs, the expected term is based upon the weighting of certain future events. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for the time periods approximately equal to the expected term of the award. An expected dividend yield of 0% is based on the fact that the Company has never paid cash dividends and does not expect to do so in the foreseeable future.

The assumptions used to value the awards are summarized in the following table.


	Year Ended December 31
	2025		2024		2023
Dividend yield	0.00	%	0.00	%	0.00	%
Expected volatility	69.03 - 71.43	%	69.84 - 72.98	%	74.87 - 80.78	%
Risk-free interest rate	3.72 - 4.44	%	3.51 - 4.65	%	3.42 - 4.62	%
Lack of marketability discount	0.00	%	0.00	%	0.00	%
Expected term (years)	1.4 - 6.1		1.8 - 6.1		2.3 - 10.8

Value of RSUs

The fair value of RSUs is equal to the value of the Company’s common stock on the grant date.

The weighted average per share fair value of awards issued under the 2017 Plan and the 2020 Plan was $37.61, $30.62 and $31.78 in 2025, 2024 and 2023, respectively.

Stock-Based Compensation Expense

Stock-based compensation expense was $44,960, $42,701 and $31,206 for the years ended December 31, 2025, 2024 and 2023, respectively, and is recorded in the consolidated statements of operations and comprehensive income (loss) in the following line items:


		Year Ended December 31,
		2025			2024		2023
Research and development expense		$	8,958		$	6,682	$	3,962
Sales and marketing expense			7,376			7,435		5,148
General and administrative expense			28,626			28,584		22,096
		$	44,960		$	42,701	$	31,206

Stock-based compensation expense, net related to options and RSUs issued under the 2017 Plan and 2020 Plan and the employee stock purchase plan is included in stockholder’s equity, and a liability for SARs is included in other non-current liabilities, in the Company’s consolidated balance sheet. As of December 31, 2025, the total unrecognized stock-based compensation expense was $43,697 and $20,446 for stock options and RSUs, respectively. These amounts will be recognized in the Company’s consolidated statement of operations over a weighted average period of 2.4 years and 2.6 years for stock options and RSU’s, respectively.

Employee Stock Purchase Plan

The 2021 Employee Stock Purchase Plan (“ESPP”) was adopted by the Company’s Board of Directors in April 2021. The ESPP permits eligible employees to purchase shares of the Company’s common stock at a 15% discount from the lesser of the fair market value per share of the Company’s common stock on the first day of the offering period or the fair market value of the Company’s common stock on the purchase date. Funds are collected from employees through after-tax payroll deductions. The total number of shares reserved for issuance under the ESPP was initially 629,805, which will automatically increase on January 1 of each year in an amount equal to the lesser of (i) 1.0% of the shares of the Company’s common stock outstanding on December 31 of the preceding year or (ii) an amount determined by the Company’s board of directors. It is intended that the ESPP meet the requirements for an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. For the years ended December 31, 2025, 2024 and 2023, there were 25,856, 23,121 and 21,313 shares issued under the ESPP, respectively. The discount on the ESPP was $281, $298 and $393 for the years ended December 31, 2025, 2024 and 2023, respectively, and is recorded within stock-based compensation expense.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Thousands

Common Stock

Additional paid-in capital

Accumulated other comprehensive (loss) income

Retained earnings/(Accumulated deficit)

Total

Beginning balance at Dec. 31, 2022

$ 1

$ 675,118

$ (151)

$ (272,130)

$ 402,838

Beginning balance, shares at Dec. 31, 2022

^[1]

59,615,731

Net Income (Loss)

128,853

Unrealized gain (loss) on investments

153

Repurchase of common stock

(101,097)

Repurchase of common stock, Shares

^[1]

(3,254,445)

Exercise of options and vesting of restricted stock units

^[2]

4,540

Exercise of options and vesting of restricted stock units, Shares

^[1],[2]

407,795

Stock-based compensation

31,705

Ending balance at Dec. 31, 2023

$ 1

610,266

(143,277)

466,992

Ending balance, shares at Dec. 31, 2023

^[1]

56,769,081

Net Income (Loss)

145,493

Unrealized gain (loss) on investments

Exercise of options and vesting of restricted stock units

^[2]

4,004

Exercise of options and vesting of restricted stock units, Shares

^[1],[2]

375,806

Stock-based compensation

42,602

Ending balance at Dec. 31, 2024

$ 1

656,872

2,216

659,155

Ending balance, shares at Dec. 31, 2024

^[1]

57,144,887

Net Income (Loss)

158,687

Unrealized gain (loss) on investments

280

Exercise of options and vesting of restricted stock units

^[2]

7,201

Exercise of options and vesting of restricted stock units, Shares

^[1],[2]

581,283

Stock-based compensation

44,895

Ending balance at Dec. 31, 2025

$ 1

$ 708,968

$ 346

$ 160,903

$ 870,218

Ending balance, shares at Dec. 31, 2025

^[1]

57,726,170

[1]	Common stock of Harmony Biosciences Holdings, Inc.
[2]	Inclusive of fees and 1% excise tax on shares repurchased.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

DEBT - Future Minimum Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Future minimum payments
2026	$ 20,000
2027	20,000
2028	125,000
Total	$ 165,000	$ 181,250

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED BALANCE SHEETS
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	57,726,170	57,144,887
Common stock, shares outstanding	57,726,170	57,144,887

ACCRUED EXPENSES

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES

ACCRUED EXPENSES

10. ACCRUED EXPENSES

Accrued expenses included the following:


		As of
		December 31,		December 31,
		2025		2024
Royalties due to Bioprojet		$	65,819	$	51,746
Rebates and other sales deductions			76,304		50,542
Interest			2,151		2,834
Sales and marketing			3,153		2,166
Research and development			12,193		9,014
Accrued legal and professional fees			29,999		3,047
Other expenses			1,420		1,291
		$	191,039	$	120,640

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
INCOME TAXES
Reduction to deferred tax assets	$ (149,699)	$ (190,398)
Period of change in ownership	3 years
Percentage of change in ownership	50.00%
Federal
INCOME TAXES
Operating loss carryforwards	$ 203,788	220,243
Tax credit	3,499	3,902
State
INCOME TAXES
Operating loss carryforwards	110,579	$ 111,079
Zynerba Pharmaceuticals, Inc.
INCOME TAXES
Decrease in valuation allowance	2,891
Income tax effect from OBBBA
INCOME TAXES
Reduction to deferred tax assets	$ 48,000

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

6. FAIR VALUE MEASUREMENTS

Money market funds are classified as Level 1 fair value instruments. Investments in available-for-sale debt securities are classified as Level 2 and carried at fair value, which we estimate utilizing a third-party pricing service. The pricing service utilizes industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. We validate valuations obtained from third-party services by obtaining market values from other pricing sources. The Company did not classify any assets or liabilities as Level 3 as of December 31, 2025, or December 31, 2024.

The Company’s assets measured at fair value consisted of the following:


	December 31, 2025				December 31, 2024
		Total	Level 1	Level 2		Total	Level 1	Level 2
Assets
Cash equivalents	$	225,605	225,605	—	$	303,545	303,545	—
Commercial paper		8,371	—	8,371		7,678	—	7,678
Corporate debt securities		104,147	—	104,147		93,257	—	93,257
U.S. government securities		17,447	—	17,447		22,124	—	22,124
Total	$	355,570	225,605	129,965	$	426,604	303,545	123,059

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 752,502	$ 453,001
Investments, short-term	22,838	14,185
Trade receivables, net	96,787	83,033
Inventory, net	5,357	7,198
Prepaid expenses	16,014	13,714
Other current assets	13,516	8,121
Total current assets	907,014	579,252
NONCURRENT ASSETS:
Investments, long-term	107,127	108,874
Intangible assets, net	89,418	113,263
Deferred tax asset	149,699	190,398
Other noncurrent assets	18,373	7,413
Total noncurrent assets	364,617	419,948
TOTAL ASSETS	1,271,631	999,200
CURRENT LIABILITIES:
Trade payables	17,693	13,744
Accrued compensation	18,443	18,776
Accrued expenses	191,039	120,640
Current portion of long-term debt	20,000	16,250
Other current liabilities	4,957	5,672
Total current liabilities	252,132	175,082
NONCURRENT LIABILITIES:
Long-term debt, net	143,663	163,016
Other noncurrent liabilities	5,618	1,947
Total noncurrent liabilities	149,281	164,963
TOTAL LIABILITIES	401,413	340,045
COMMITMENTS AND CONTINGENCIES (Note 13)
STOCKHOLDERS' EQUITY:
Common stock-$0.00001 par value; 500,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; 57,726,170 and 57,144,887 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	1	1
Additional paid in capital	708,968	656,872
Accumulated other comprehensive income	346	66
Retained earnings	160,903	2,216
TOTAL STOCKHOLDERS' EQUITY	870,218	659,155
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,271,631	$ 999,200

LEASES (Details) ft² in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
LEASES (Details) ft² in Thousands, $ in Thousands	Jun. 30, 2018 ft² item	Dec. 31, 2025 USD ($) M item	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
LEASES
Number of office suites \| item	3
Operating lease, renewal frequency \| item		2
Operating lease, renewal term		5 years
Number of months of early termination option \| M		41
Lessee, Operating Lease, Existence of Option to Extend [true false]		true
Lessee, Operating Lease, Existence of Option to Terminate [true false]		true
Operating lease costs \| $		$ 1,971	$ 2,099	$ 1,811
Weighted average remaining lease term		4 years 7 months 6 days
Weighted-average discount rate for operating leases		7.60%
Plymouth Meeting, PA, Office One
LEASES
Operating lease square feet of office space	15
Plymouth Meeting, PA, Office Two
LEASES
Operating lease square feet of office space	7
Plymouth Meeting, PA, Office Three
LEASES
Operating lease square feet of office space	13
Minimum
LEASES
Lease terms		1 year
Maximum
LEASES
Lease terms		5 years

VALUATION AND QUALIFYING ACCOUNTS - ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2025

VALUATION AND QUALIFYING ACCOUNTS - ACCOUNTS RECEIVABLE, NET

Schedule of valuation and qualifying accounts - accounts receivable, net


		Year Ended December 31,
		2025			2024		2023
Allowance for distribution fees, discounts and chargebacks at the beginning of the year		$	4,004		$	2,644	$	1,830
Additions due to current period provision			38,921			28,782		21,821
Deductions due to payment of distribution fees, discount and chargebacks			(37,806)			(27,422)		(21,007)
Allowance for distribution fees, discounts and chargebacks at the end of the year		$	5,119		$	4,004	$	2,644

ACQUISITION - Purchase Consideration (Details) - USD ($) $ in Thousands		1 Months Ended
	Apr. 30, 2024	Oct. 31, 2023
Zynerba Acquisition
ACQUISITION
Cash consideration paid to selling shareholders		$ 55,960
Cash consideration paid to settle Zynerba restricted stock awards ("RSAs") as stock options (ii)		4,040
Transaction costs		2,645
Total purchase consideration		$ 62,645
Epygenix Acquisition
ACQUISITION
Cash consideration paid to selling shareholders and to settle restricted stock units ("RSUs")	$ 32,686
Transaction costs	450
Total purchase consideration	$ 33,136

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Number of Awards, Awards outstanding, Beginning balance	7,157,235
Number of Awards, Awards issued	1,427,931
Number of Awards, Awards exercised	(439,606)
Number of Awards, Awards forfeited	(283,635)
Number of Awards, Awards outstanding, Ending balance	7,861,925	7,157,235
Number of Awards, Awards exercisable	5,624,889
Number of Awards, Awards unvested	2,237,036
Weighted-Average Exercise Price, Awards outstanding, Beginning balance	$ 32.48
Weighted-Average Exercise Price, Awards issued	36.13
Weighted-Average Exercise Price, Awards exercised	22.01
Weighted-Average Exercise Price, Awards forfeited	36.95
Weighted-Average Exercise Price, Awards outstanding, Ending balance	33.56	$ 32.48
Weighted-Average Exercise Price, Awards exercisable	32.86
Weighted-Average Exercise Price, Awards unvested	$ 35.34
Weighted-Average Remaining Contractual Term	6 years 3 months 18 days	6 years 8 months 12 days
Weighted-Average Remaining Contractual Term, Awards exercisable	5 years 4 months 24 days
Weighted-Average Remaining Contractual Term, Awards unvested	8 years 7 months 6 days
Aggregate Intrinsic Value, Awards outstanding, Ending balance	$ 51,952
Aggregate Intrinsic Value, Awards exercisable	44,826
Aggregate Intrinsic Value, Awards unvested	$ 7,126
Weighted-average grant-date fair values of stock options granted	$ 24.08	$ 20.68
Total intrinsic value of stock options exercised	$ 6,439	$ 4,328

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION

Summary of changes in stock options granted


							Weighted-
				Weighted-			Average
				Average			Remaining			Aggregate
		Number of		Exercise			Contractual			Intrinsic
		Awards		Price			Term			Value ($000's)
Awards outstanding—December 31, 2024		7,157,235		$	32.48		6.7
Awards issued		1,427,931		$	36.13
Awards exercised		(439,606)		$	22.01
Awards forfeited		(283,635)		$	36.95
Awards outstanding—December 31, 2025		7,861,925		$	33.56		6.3		$	51,952
Awards exercisable—December 31, 2025		5,624,889		$	32.86		5.4		$	44,826
Awards unvested—December 31, 2025		2,237,036		$	35.34		8.6		$	7,126

Summary of changes in SARs granted


							Weighted-
				Weighted-			Average
				Average			Remaining			Aggregate
		Number of		Exercise			Contractual			Intrinsic
		Awards		Price			Term			Value ($000's)
Awards outstanding—December 31, 2024		43,208		$	9.38		4.3
Awards issued		—		$	—
Awards exercised		(9,737)		$	11.66
Awards forfeited		—		$	—
Awards outstanding—December 31, 2025		33,471		$	8.72		3.2		$	692
Awards exercisable—December 31, 2025		33,471		$	8.72		3.2		$	692

Summary of changes in RSUs granted



				Weighted-
				Average
		Number of		Grant Date
		Awards		Fair Value
Awards outstanding—December 31, 2024		638,900		$	30.90
Awards issued		458,650		$	37.61
Awards vested		(215,795)		$	30.99
Awards forfeited		(85,257)		$	33.39
Awards outstanding—December 31, 2025		796,498		$	34.47

Summary of assumptions used to value awards


	Year Ended December 31
	2025		2024		2023
Dividend yield	0.00	%	0.00	%	0.00	%
Expected volatility	69.03 - 71.43	%	69.84 - 72.98	%	74.87 - 80.78	%
Risk-free interest rate	3.72 - 4.44	%	3.51 - 4.65	%	3.42 - 4.62	%
Lack of marketability discount	0.00	%	0.00	%	0.00	%
Expected term (years)	1.4 - 6.1		1.8 - 6.1		2.3 - 10.8

Summary of stock-based compensation expense


		Year Ended December 31,
		2025			2024		2023
Research and development expense		$	8,958		$	6,682	$	3,962
Sales and marketing expense			7,376			7,435		5,148
General and administrative expense			28,626			28,584		22,096
		$	44,960		$	42,701	$	31,206

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented. All intercompany accounts and transactions have been eliminated.

Reclassifications

Certain prior period amounts within the consolidated balance sheets have been reclassified to conform to current period presentation. In particular, restricted cash and property, plant and equipment were previously classified as separate captions and are now included within other noncurrent assets. The reclassification of these items had no impact on net income, earnings per share or accumulated deficit in current or prior periods.

Significant Risks and Uncertainties

The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to, the results of clinical testing and trial activities of the Company’s product candidates; the Company’s ability to obtain regulatory approval to market its products; competition from products manufactured and sold or being developed by other companies; the price of, and demand for, the Company’s products, if approved; the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its product candidates; and the Company’s ability to raise capital.

The Company currently has one commercially approved product, WAKIX, and there can be no assurance that the Company’s research and development efforts will result in successfully commercialized products in addition to WAKIX. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and consultants and obtaining and protecting intellectual property.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements, including the notes thereto, and elsewhere in this report. Actual results may differ significantly from estimates, which include rebates due pursuant to commercial and government contracts, accrued research and development expenses, stock-based compensation expense and income taxes.

Operating Segments

The Company holds all its tangible assets, conducts its operations, and generates its revenue in the U.S. Operating segments which are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company has determined it operates in a single operating segment and, therefore, has one reportable segment.

Fair Value of Financial Instruments

The Company’s consolidated financial statements include cash, cash equivalents, accounts receivable, other current assets, accounts payable, and accrued liabilities, all of which are short term in nature and, accordingly, approximate fair value.

It is the Company’s policy to measure non-financial assets and liabilities at fair value on a nonrecurring basis. These non-financial assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (such as evidence of impairment), which, if material, are disclosed in the accompanying footnotes.

The Company measures certain assets and liabilities at fair value based on the fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three levels based on the source of inputs as follows:

Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2—Valuations based on observable inputs and quoted prices in active markets for similar assets and liabilities.

Level 3—Valuations based on unobservable inputs and models that are supported by little or no market activity.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents and restricted cash consist of cash and, if applicable, highly liquid investments with an original maturity of three months or less when purchased, including investments in money market funds and debt securities that approximate fair value. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet and in the statements of cash flows.


		As of
		December 31,		December 31,
		2025		2024
Cash and cash equivalents		$	752,502	$	453,001
Restricted cash included in other noncurrent assets			270		270
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows		$	752,772	$	453,271

Restricted cash includes amounts required to be held as a security deposit in the form of letters of credit for the Company’s credit card program and the fleet program.

Investments

The Company’s investments consist of debt securities that are classified as available-for-sale. Short-term and long-term investments are carried at fair value and unrealized gains and losses are recorded as a component of accumulated comprehensive income in stockholders’ equity. The amortization of premiums and accretion of discounts adjust the carrying value of investments and are recorded in interest expense on the consolidated statements of operations and comprehensive income. Interest income and realized gains and losses, if any, are also recorded in interest income on the consolidated statement of operations and comprehensive income. Realized gains and losses that result from the sale of investments are determined on a specific identification basis.

At each reporting period, the Company reviews any unrealized losses position to determine if the decline in the fair value of the underlying investments is a result of credit losses or other factors. If the assessment indicates that a credit loss exists, any impairment is recognized as an allowance for credit losses in our consolidated statement of operations.

Concentrations of Risk

Substantially all of the Company’s cash and money market funds are held in five financial institutions. Due to their size, the Company believes these financial institutions represent minimal credit risk. Deposits may exceed the amount of insurance provided on such deposits by the Federal Deposit Insurance Corporation for U.S. institutions. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company believes that it is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

The Company is subject to credit risk from its trade receivables related to its product sales. The Company extends credit to specialty pharmaceutical distribution companies within the United States. Customer creditworthiness is monitored and collateral is not required. Historically, the Company has not experienced credit losses on its accounts receivable. The Company monitors its exposure within accounts receivable and would record a reserve against uncollectible accounts receivable if necessary. As of December 31, 2025, three customers accounted for 100% of gross accounts receivable, Accredo Health Group, Inc. (“Accredo”), which accounted for 45% of gross accounts receivable; Caremark LLC (“CVS Caremark”), which accounted for 36% of gross accounts receivable; and PANTHERx Specialty Pharmacy LLC (“PANTHERx”), which accounted for 19% of gross accounts receivable. As of December 31, 2024, three customers accounted for 100% of gross accounts receivable; CVS Caremark, which accounted for 39% of gross accounts receivable, PANTHERx, which accounted for 31% of gross accounts receivable and Accredo, which accounted for 30% of gross accounts receivable.

For the year ended December 31, 2025, three customers accounted for 100% of gross product revenue; CVS Caremark accounted for 38% of gross product revenue; Accredo accounted for 36% of gross product revenue; and PANTHERx accounted for 26% of gross product revenue. For the year ended December 31, 2024, three customers accounted for 100% of gross product revenue; CVS Caremark accounted for 39% of gross product revenue; Accredo accounted for 34% of gross product revenue; and PANTHERx accounted for 27% of gross product revenue. For the year ended December 31, 2023, three customers accounted for 100% of gross product revenue; CVS Caremark accounted for 37% of gross product revenue; Accredo accounted for 32% of gross product revenue; and PANTHERx accounted for 31% of gross product revenue.

The Company depends on two suppliers of the active pharmaceutical ingredient (“API”) for its commercial product, WAKIX, and single API suppliers for each of its potential product candidates.

Share Repurchases

The Company accounts for share repurchases as constructive retirements, whereby it reduces common stock and additional paid-in capital by the amount of the original issuance, with any excess purchase price recorded as a reduction to retained earnings. Under this method, issued and outstanding shares of common stock are reduced by the amount of shares of common stock repurchased, and no treasury stock is recognized on the condensed consolidated financial statements.

Inventory

Inventory is valued at the lower of cost or net realizable value. Cost is determined using the specific identification method for all inventory. Our policy is to write down inventory that has become obsolete, that has a cost basis in excess of its expected net realizable value and/or that we have quantities in excess of expected future demand. The estimate of excess quantities is subjective and primarily dependent on our estimates of future demand. If our estimate of future demand changes, we consider the impact on the reserve for excess inventory and adjust the reserve as required. Inventory reserves are recorded as a component of cost of product sold in our consolidated statement of operations.

We may capitalize inventory costs associated with products prior to regulatory approval when future commercialization is probable. Otherwise, such costs are expensed as research and development. The determination to capitalize inventory costs is based on various factors, including status and expectations of the regulatory approval process, any known safety or efficacy concerns, potential labeling restrictions, and any other impediments to obtaining regulatory approval.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally between three and ten years. Leasehold improvements are depreciated using the straight-line method over the shorter of the estimated useful life of the asset or the term of the lease. The Company’s leasehold improvements primarily relate to its corporate headquarters in Plymouth Meeting, PA, and have been fully depreciated as of December 31, 2025. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in the consolidated statement of operations and comprehensive income (loss) in the period realized.

Intangible Assets

Intangible assets with finite useful lives consist primarily of purchased developed technology and are amortized on a straight-line basis over their estimated useful lives. The estimated useful lives associated with finite-lived intangible assets are consistent with the estimated lives of the associated products and may be modified when circumstances warrant. Such assets are reviewed for impairment when events or circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset and its eventual disposition are less than its carrying amount. The amount of any impairment is measured as the difference between the carrying amount and the fair value of the impaired asset.

Revenue Recognition

We account for contracts with our customers in accordance with ASC 606, Revenue from Contracts with Customers (ASC 606). Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. The amount of variable consideration which is included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under contracts will not occur in a future period. Our analyses contemplate the application of the constraint in accordance with ASC 606. Actual amounts of consideration ultimately received may differ from our estimates. If actual results in the future vary from our estimates, we will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known.

We have determined that the delivery of our product to our customer constitutes a single performance obligation as there are no other promises to deliver goods or services in contracts with our customers. Shipping and handling activities are considered to be fulfilment activities and are not considered to be a separate performance obligation. The payment terms with our customers do not exceed one year and therefore, no amount of consideration has been allocated as a financing component. Taxes collected related to product sales are remitted to governmental authorities and are excluded from revenue.

Net Product Revenue

We recognize revenue from sales of WAKIX when the customers, specialty pharmacies, obtain control of the product which occurs at a point in time, typically upon delivery. Product revenue is recorded at the product’s list price, and is reduced from the product’s list price at the time of recognition for variable consideration that are offered within contracts between us and our customers, payors, and other indirect customers relating to the sale of WAKIX. Components of variable consideration include government (as detailed below) and commercial contracts, commercial co-payment assistance program, and distribution service fees. These deductions are based on the amounts earned, or to be claimed on the related sales, and are classified as a current liability or reduction of receivables in our consolidated balance sheet.

Government Contracts

We have entered into contracts (i) to participate in the Medicaid Drug Rebate Program and the Medicare Part D program, and (ii) to sell to the U.S. Department of Veterans Affairs, 340b entities and other government agencies, or government payors, so that WAKIX will be eligible for purchase by, in partial or full reimbursement from, such government payors. We record reserves for rebates due pursuant to these contracts as a reduction of revenue in the same period in which the revenue is recognized. The liability for government rebates is included in accrued expenses in our consolidated balance sheet.

We estimate rebates due pursuant to government contracts based upon our historical payment trends, information obtained from third parties estimating current payment trends, the government-mandated discounts applicable to government-funded programs, as well as information obtained from our customers. The liability for these government rebates consists of estimates of claims for WAKIX dispensed in the current period, plus an estimate for product which has shipped and has been recognized as revenue but remains in the distribution channel at the end of a reporting period.

Cost of Product Sold

Cost of product sold includes manufacturing and distribution costs, the cost of drug substance, FDA program fees, royalties due to third parties on net product sales, freight, shipping, handling, storage costs, and salaries of employees involved with production.

Research and Development Expenses

Research and development costs are expensed as incurred. Liabilities due to third parties in connection with research and development collaborations prior to regulatory approval are expensed as incurred.

Upfront payments and pre-FDA approval milestone payments made for licensing of technology are expensed as research and development in the period in which they are incurred. Advance payments for goods and services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed.

Advertising Expenses

We expense the costs of advertising, including promotional expenses, as incurred. Advertising expenses were $29,526, $27,556 and $21,544 for the years ended December 31, 2025, 2024 and 2023, respectively.

Stock-Based Compensation

The Company recognizes stock-based compensation expense in operating results using a fair value measurement method, in accordance with FASB ASC 718, Compensation-Stock Compensation. ASC 718 requires all stock-based payments to employees to be recognized in operating results as compensation expense based on fair value over the requisite service period of the awards. The vesting periods have a time-based provision consisting of one to five years and expire no more than 10 years after the date of grant. Upon a change of control, certain unvested awards will immediately vest. The Company determines the fair value of stock-based awards on their grant date using the Black-Scholes option-pricing model, which uses both historical and current market data to estimate fair value. The method incorporates various assumptions, such as the risk-free interest rate, expected volatility, expected dividend yield, and expected life of the options. The Company recognizes forfeitures as they occur.

Basic and Diluted Net Income per Share

Basic net income per share is determined using the weighted average number of shares of common stock outstanding during each period. Diluted net income per share includes the effect, if any, from the potential exercise or conversion of securities, such as stock options, and warrants which would result in the issuance of incremental shares of common stock.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Deferred tax assets may be reduced by a valuation allowance if, based on all available evidence, it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Management judgment is required in determining the period in which a reversal of a valuation allowance should occur. The Company is required to consider all available evidence, both positive and negative, such as historical levels of income and future forecasts of taxable income among other items, in determining whether a full or partial release of its valuation allowance is required. Our accounting for deferred tax consequences represents the best estimate of those future events. The Company presents deferred income taxes on the Consolidated Balance Sheet on a jurisdictional basis as either a net noncurrent asset or liability.

The Company recognizes the effect of income tax positions only if those positions are more likely than not sustainable, based solely on its technical merits and consideration of the relevant taxing authority’s widely understood administrative practices and precedents. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs. At December 31, 2025, and 2024, the Company did not have any unrecognized uncertain tax positions. The Company’s policy is to include any interest and penalties as a component of income tax expense.

Business Combinations

Business combinations and asset acquisitions are accounted for in accordance with FASB ASC 805 Business Combinations. Refer to Note 4, Acquisitions, for a more detailed discussion of the Company’s acquisition of Zynerba and Epygenix.

Recently Adopted Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosures primarily through enhanced disclosure of reportable segment expenses and requires that a public entity that has a single reportable segment provide all the disclosures required by ASU 2023-07 and all existing segment disclosures in Topic 280. This ASU was effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption was permitted. ASU 2023-07 was required to be applied retrospectively to all prior periods presented in the financial statements. The Company adopted this guidance in the fourth quarter of 2024. This pronouncement addresses disclosures only and had no impact on its consolidated financial results.

In December 2023, the FASB issued Accounting Standards Update (“ASU”) No 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 expands disclosures in the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption was permitted. The Company adopted this guidance in the fourth quarter of 2025 on a prospective basis. This pronouncement addresses disclosures only and had no impact on its consolidated financial results.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires disclosure, in the notes to the financial statements, of specified information about certain costs and expenses, including amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption, as well as a qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 also requires disclosure of the total amount of selling expenses and, in annual periods, an entity’s definition of selling expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and

interim periods within fiscal years beginning after December 15, 2027. The guidance may be applied prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact that ASU 2024-03 will have on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 makes targeted improvements to accounting for and disclosure of software costs under ASC 350-40. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The guidance may be adopted prospectively, retrospectively, or via a modified prospective transition method. Early adoption is permitted. The Company is currently evaluating the impact that ASU 2025-06 will have on its consolidated financial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Payment of upfront fee related to license agreements

^[1]

$ 15,000

$ 25,500

$ 15,000

$ 0

[1]	Includes $15,000 in cash paid to a related party during the year ended December 31, 2025, and no related party payments during the years ended December 31, 2024, and 2023.

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Stock options contractual term		10 years
Employee Stock Option
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Unrecognized stock-based compensation expense		$ 43,697
Weighted average period		2 years 4 months 24 days
Restricted Stock Units
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Unrecognized stock-based compensation expense		$ 20,446
Weighted average period		2 years 7 months 6 days
2020 Plan
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Stock options contractual term		10 years
Total number of shares available for issuance		8,704,203
Percentage of increment of common stock outstanding		4.00%
Employee Stock Purchase Plan
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Total number of shares available for issuance	629,805
Percentage of increment of common stock outstanding	1.00%
ESPP permits eligible employees to purchase shares of common stock at discount	15.00%
Shares issued under the ESPP		25,856	23,121	21,313
Amount of discount on ESSP		$ 281	$ 298	$ 393

LEASES

12 Months Ended

Dec. 31, 2025

LEASES

LEASES

12. LEASES

Beginning in June 2018, the Company was party to an operating lease and subsequent amendments for three office suites of approximately fifteen thousand square feet, seven thousand square feet and thirteen thousand square feet in Plymouth Meeting, PA, which was set to expire in November 2025. In November 2025, the Company entered into a new operating lease amendment (the “PM Lease Amendment”) extending the lease through March 31, 2031. The terms of the PM Lease Amendment provide for fixed rental payments on a monthly basis and on a graduated scale. Additionally, the terms of the PM Lease Amendment also provide the Company with an option to extend the lease for two additional five-year periods and an option to early terminate the lease effective on the forty-first month, which were not considered in the determination of the operating lease right-of-use asset (“ROU asset”) or operating lease liability as neither option is reasonably certain to be exercised by the Company.

The Company also leases a fleet of automobiles that are used by its sales representatives and are classified as operating leases.

As the rate implicit in the lease is not readily determinable, the Company’s operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future lease payments using the Company’s incremental borrowing rate, defined as the rate of interest that it would have to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. As a policy election, leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company’s leases have remaining lease terms of less than 1 year to approximately 5 years, some of which may include the option to extend or terminate the leases.

The Company recorded operating lease costs of $1,971, $2,099 and $1,811 for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, the weighted-average remaining lease term for operating leases was 4.6 years and the weighted-average discount rate for operating leases was 7.6%.

Supplemental balance sheet information related to operating leases was as follows:


Leases	Classification		December 31, 2025		December 31, 2024
Assets
Operating lease right-of-use assets	Other noncurrent assets	$	5,344	$	2,122
Liabilities
Operating lease liability, current portion	Other current liabilities	$	1,073	$	1,318
Operating lease liability, long-term	Other long-term liabilities		4,512		822
Total operating lease liabilities		$	5,585	$	2,140

Supplemental cash flow information related to operating leases was as follows:


		December 31, 2025		December 31, 2024		December 31, 2023
Operating cash flows from operating leases	$	1,995	$	2,156	$	2,016
Right of use assets obtained in exchange for operating lease obligations	$	4,795	$	1,877	$	2,163

Future payments under non-cancelable operating leases with initial terms of one year or more as of December 31, 2025, consisted of the following:


Years ending December 31,
2026	$	1,447
2027		1,307
2028		1,229
2029		1,180
2030		1,215
Thereafter		311
Total lease payments		6,689
Less: imputed interest		(1,104)
Total lease liabilities	$	5,585

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

DEBT

Schedule of long-term debt, net


		December 31,			December 31,
		2025			2024
Principal amount		$	165,000		$	181,250
Unamortized debt discount associated with debt financing costs			(1,337)			(1,984)
Total debt, net			163,663			179,266
Less current portion			(20,000)			(16,250)
Long-term debt, net		$	143,663		$	163,016

Schedule of future minimum payments relating to total debt


Years ending December 31,
2026	$	20,000
2027		20,000
2028		125,000
2029		—
2030		—
Thereafter		—
Total	$	165,000

Schedule of interest expense related to the company's long-term debt


	Year Ended
	December 31,
	2025		2024		2023
Interest on principal balance	$	14,002	$	16,796	$	20,511
Amortization of deferred financing costs		647		700		3,246
Total term loan interest expense	$	14,649	$	17,496	$	23,757

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

SEGMENT INFORMATION

Schedule of segment revenue and significant segment expenses



	Year Ended December 31,
	2025		2024		2023
Net product revenue	$	868,453	$	714,734	$	582,022
Less:
Cost of product sold (a)		198,315		156,788		121,232
Research and development (b)		144,923		95,548		69,091
Sales and marketing (c)		112,136		103,481		92,256
General and administrative (d)		100,065		57,683		48,838
Depreciation and amortization		25,335		24,112		24,359
Stock-based compensation		44,960		42,701		31,206
Interest expense		14,649		17,496		23,757
Interest income		(21,924)		(18,542)		(14,730)
Income tax expense		56,377		46,311		44,543
Other segment items (e)		34,930		43,663		12,617
Consolidated net income	$	158,687	$	145,493	$	128,853

(a) Cost of product sold excluding depreciation.

(b) Research and development excluding stock-based compensation, IPR&D and impairment of long-lived assets.

(d) General and administrative excluding stock-based compensation and amortization.

(e) Other segment items include other expense (income), net, IPR&D charges and charges related to the extinguishment of debt.

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Operating lease right-of-use assets	$ 5,344	$ 2,122
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Liabilities
Operating lease liability, current portion	$ 1,073	$ 1,318
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Operating lease liability, long-term	$ 4,512	$ 822
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 5,585	$ 2,140

VALUATION AND QUALIFYING ACCOUNTS - ACCOUNTS RECEIVABLE, NET (Details) - Distribution Fees, discounts and chargebacks - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Changes in the valuation allowance for accounts receivable, net
Allowance at the beginning of the year	$ 4,004	$ 2,644	$ 1,830
Additions due to current period provision	38,921	28,782	21,821
Deductions due to payment	(37,806)	(27,422)	(21,007)
Allowance at the end of the year	$ 5,119	$ 4,004	$ 2,644

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
Excise tax rate on shares repurchased	1.00%	1.00%	1.00%

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

22. SUBSEQUENT EVENTS

On January 11, 2026, the Company entered into a license agreement with a third party, which includes an exclusive license to additional intellectual property that will expand the patent estate of the Company, as well as a co-exclusive license, with which the Company intends to develop a new formulation of pitolisant in broad CNS indications outside of sleep/wake. Under the license agreement, the Company paid an upfront license fee of $15,000 and will also be obligated to pay up to $10,000 upon achievement of certain development milestones, as well as low single-digit royalties on net sales of pitolisant based products.

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended				12 Months Ended
	Mar. 31, 2022	Feb. 28, 2022	Oct. 31, 2020	Aug. 31, 2019	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible Assets
Net product revenue					$ 868,453	$ 714,734	$ 582,022
Amortization expense					$ 23,845	$ 23,845	$ 23,845
WAKIX
Intangible Assets
Final payment paid	$ 40,000
Useful life of intangible asset					7 years 7 months 6 days
Remaining useful life					3 years 9 months 18 days
WAKIX \| UNITED STATES
Intangible Assets
Net product revenue		$ 500,000
WAKIX \| Daytime Sleepiness
Intangible Assets
License agreement milestone payments paid				$ 75,000
Useful life of intangible asset				10 years
Remaining useful life					3 years 9 months 18 days
NDA for WAKIX. \| Cataplexy
Intangible Assets
License agreement milestone payments paid			$ 100,000
Useful life of intangible asset			9 years
Remaining useful life					3 years 9 months 18 days

INVESTMENTS - Carrying Value and Amortized Cost of Available-For-Sale Debt Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Minimum
Investment securities
Non current investment maturity term	1 year
Maximum
Investment securities
Non current investment maturity term	2 years
Short-term
Investment securities
Amortized Cost	$ 22,819	$ 14,165
Unrealized Gains	19	21
Unrealized Losses		(1)
Fair Value	22,838	14,185
Short-term commercial paper
Investment securities
Amortized Cost	7,558	7,670
Unrealized Gains	7	9
Unrealized Losses		(1)
Fair Value	7,565	7,678
Short-term corporate debt securities
Investment securities
Amortized Cost	15,261	6,495
Unrealized Gains	12	12
Fair Value	15,273	6,507
Long-term
Investment securities
Amortized Cost	106,800	108,828
Unrealized Gains	327	203
Unrealized Losses		(157)
Fair Value	107,127	108,874
Long-term commercial paper
Investment securities
Amortized Cost	805
Unrealized Gains	1
Fair Value	806
Long-term corporate debt securities
Investment securities
Amortized Cost	88,626	86,700
Unrealized Gains	248	192
Unrealized Losses		(142)
Fair Value	88,874	86,750
Long-term U.S. government securities
Investment securities
Amortized Cost	17,369	22,128
Unrealized Gains	78	11
Unrealized Losses		(15)
Fair Value	$ 17,447	$ 22,124

DEBT

12 Months Ended

Dec. 31, 2025

DEBT

DEBT

11. DEBT

Credit Agreements

Term Loan A Credit Agreement

On July 26, 2023, the Company entered into a Credit Agreement (the “TLA Credit Agreement”) with JPMorgan Chase Bank, N.A., as “Administrative Agent”, and certain lenders. The TLA Credit Agreement provides for a five-year senior secured term loan (the “TLA Term Loan”) in an aggregate principal amount of $185,000.

On September 21, 2023, the Company entered into the First Incremental Amendment (the “First Incremental Amendment”) with the Administrative Agent and Bank of America, N.A., as incremental lender. The First Incremental Amendment provides for an incremental senior secured term loan (the “Incremental Term Loan”) in an aggregate principal amount of $15,000. The First Incremental Amendment amends the TLA Credit Agreement and provides that the Incremental Term Loan will have identical terms as the TLA Term Loan.

The repayment schedule for both the TLA Term Loan and the Incremental Term Loan (together, the “Term Loans”) consists of quarterly $3,750 principal payments, which commence on December 31, 2023, increasing to quarterly $5,000 principal payments beginning on December 31, 2025, with a $115,000 payment due on the maturity date of July 26, 2028. The Term Loans bear interest at a per annum rate equal to, at the Company’s option, (i) a base rate plus a specified margin ranging from 2.50% to 3.00%, based on the Company’s senior secured net leverage ratio (as defined in the TLA Credit Agreement) or (ii) Term SOFR plus a credit spread adjustment of 0.10% plus a specified margin ranging from 3.50% to 4.00%, based on the Company’s senior secured net leverage ratio.

The net cash received related to the Term Loans as a result of the transactions, less debt issuance costs of $2,997, was $197,003. The debt issuance costs related to the Term Loans will be amortized as additional interest expense over the loan term of the TLA Credit Agreement. The fair value of the Term Loans as of December 31, 2025, was $163,393.

Blackstone Credit Agreement

In August 2021, the Company entered into the Blackstone Credit Agreement that provides for (i) a senior secured term loan facility in an aggregate original principal amount of $200,000 (the “Initial Term Loan”) and (ii) a senior secured delayed draw term loan facility in an aggregate principal amount up to $100,000 (the “DDTL” and, together with the Initial Term Loan, the “Loans”). The DDTL was initially available to draw down through August 9, 2022. In August 2022, the Company entered into an agreement to extend the expiration date of the DDTL to August 9, 2023.

Net cash received from the Initial Term Loan was $191,849, net of debt issuance costs of $8,151. In addition, the Company paid $1,000 in debt issuance costs relating to the DDTL, which was initially recorded in other current assets within the consolidated balance sheet for the year ended December 31, 2021.

In connection with the TLA Credit Agreement, the Company extinguished the Blackstone Credit Agreement, which required a payoff amount of $207,308 consisting of principal repayment, interest, exit fees, Ticking Fee and a prepayment premium. The Company recognized a loss on extinguishment of debt of $9,766 relating to the Blackstone Credit Agreement within the Company’s consolidated statements of operation and comprehensive income for the year ended December 31, 2023. In addition, the Company recognized $1,972 relating to unamortized debt issuance costs relating to the DDTL and the Ticking Fee, which was recorded in interest expense, net within the consolidated statement of operations and comprehensive income for the year ended December 31, 2023.

Long-term debt, net consists of the following:


		December 31,			December 31,
		2025			2024
Principal amount		$	165,000		$	181,250
Unamortized debt discount associated with debt financing costs			(1,337)			(1,984)
Total debt, net			163,663			179,266
Less current portion			(20,000)			(16,250)
Long-term debt, net		$	143,663		$	163,016

Future minimum payments relating to long-term debt, net as of December 31, 2025, for the periods indicated below consists of the following:


Years ending December 31,
2026	$	20,000
2027		20,000
2028		125,000
2029		—
2030		—
Thereafter		—
Total	$	165,000

Interest expense related to the Company’s long-term debt, net, is included in interest expense in the consolidated statements of operations and comprehensive income (loss) and consists of the following:


	Year Ended
	December 31,
	2025		2024		2023
Interest on principal balance	$	14,002	$	16,796	$	20,511
Amortization of deferred financing costs		647		700		3,246
Total term loan interest expense	$	14,649	$	17,496	$	23,757

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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+ Details

ACQUISITION - Net Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Apr. 30, 2024	Oct. 31, 2023
Assets acquired
Cash and cash equivalents	$ 752,502	$ 453,001
Deferred tax asset	149,699	190,398
Restricted cash	270	270
TOTAL ASSETS	1,271,631	999,200
Liabilities assumed
Accounts payable	17,693	13,744
Accrued expenses and accrued compensation	191,039	120,640
Other current liabilities	4,957	5,672
TOTAL LIABILITIES	$ 401,413	$ 340,045
Zynerba Acquisition
Assets acquired
Cash and cash equivalents				$ 25,658
Prepaid expenses and other current assets				3,540
Deferred tax asset				44,800
Restricted cash				20
Acquired in-process research and development				2,260
TOTAL ASSETS				76,278
Liabilities assumed
Accounts payable				4,995
Accrued expenses and accrued compensation				8,479
Other current liabilities				159
TOTAL LIABILITIES				13,633
Net assets acquired				$ 62,645
Epygenix Acquisition
Assets acquired
Deferred tax asset			$ 18,268
Other assets			590
Acquired in-process research and development			17,095
TOTAL ASSETS			35,953
Liabilities assumed
TOTAL LIABILITIES			2,817
Net assets acquired			$ 33,136

ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2025

Zynerba Acquisition

ACQUISITION

Schedule of purchase consideration and allocation of purchase consideration


Cash consideration paid to selling shareholders (i)	$	55,960
Cash consideration paid to settle Zynerba restricted stock awards ("RSAs") as stock options (ii)		4,040
Transaction costs		2,645
Total purchase consideration	$	62,645

(i)

The cash consideration paid to selling shareholders was determined based on the total number of Zynerba shares tendered at closing of 50,602,656 at a per share price of $1.1059.

(ii)


Assets acquired
Cash and cash equivalents	$	25,658
Prepaid expenses and other current assets		3,540
Deferred tax asset		44,800
Restricted cash		20
Acquired in-process research and development		2,260
Total assets acquired	$	76,278
Liabilities assumed
Accounts payable		4,995
Accrued expenses and accrued compensation		8,479
Other current liabilities		159
Total liabilities assumed	$	13,633

Net assets acquired	$	62,645

Epygenix Acquisition

ACQUISITION

Schedule of purchase consideration and allocation of purchase consideration


Cash consideration paid to selling shareholders and to settle restricted stock units ("RSUs")	$	32,686
Transaction costs		450
Total purchase consideration	$	33,136


Assets acquired
Acquired in-process research and development	$	17,095
Deferred tax asset		18,268
Other assets		590
Total assets acquired	$	35,953
Total liabilities assumed	$	2,817

Net assets acquired	$	33,136

INTANGIBLE ASSETS - Schedule of Future Annual Amortization Expense for Unamortized Intangible Assets (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Future annual amortization expense
2026	$ 23,845
2027	23,845
2028	23,845
2029	17,883
Total	$ 89,418

DEBT - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 26, 2023	Aug. 31, 2021	Dec. 31, 2025	Dec. 31, 2023	Sep. 21, 2023
DEBT
Debt issuance costs paid				$ 2,997
Loss on debt extinguishment				9,766
Term Loans
DEBT
Debt issuance costs			$ 2,997
Net cash received			197,003
Fair value of loan			163,393
Term Loans \| Repayment Of Debt Commencing On December 31 2023
DEBT
Periodic payment principal			3,750
Term Loans \| Repayment Of Debt Beginning On December 31 2025
DEBT
Periodic payment principal			5,000
Term Loans \| Repayment of Debt Due on Maturity Date of July 26, 2028
DEBT
Periodic payment principal			$ 115,000
Term Loans \| Base rate \| Minimum
DEBT
Basis spread on variable rate			2.50%
Term Loans \| Base rate \| Maximum
DEBT
Basis spread on variable rate			3.00%
Term Loans \| SOFR
DEBT
Credit spread adjustment rate			0.10%
Term Loans \| SOFR \| Minimum
DEBT
Basis spread on variable rate			3.50%
Term Loans \| SOFR \| Maximum
DEBT
Basis spread on variable rate			4.00%
TLA Term Loan
DEBT
Term of loan	5 years
Aggregate principal amount	$ 185,000
Incremental Term Loan
DEBT
Aggregate principal amount					$ 15,000
Blackstone Credit Agreement
DEBT
Extinguishment of loan, amount			$ 207,308
Loss on debt extinguishment				9,766
Senior Secured Term Loan
DEBT
Aggregate principal amount		$ 200,000
Debt issuance costs		8,151
Net cash received		191,849
Senior Secured Delayed Draw Term Loan
DEBT
Aggregate principal amount		100,000
Debt issuance costs paid		$ 1,000
Unamortized debt issuance costs				$ 1,972

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Reclassifications

Reclassifications

Significant Risks and Uncertainties

Significant Risks and Uncertainties

Use of Estimates

Use of Estimates

Operating Segments

Operating Segments

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2—Valuations based on observable inputs and quoted prices in active markets for similar assets and liabilities.

Level 3—Valuations based on unobservable inputs and models that are supported by little or no market activity.

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash


		As of
		December 31,		December 31,
		2025		2024
Cash and cash equivalents		$	752,502	$	453,001
Restricted cash included in other noncurrent assets			270		270
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows		$	752,772	$	453,271

Restricted cash includes amounts required to be held as a security deposit in the form of letters of credit for the Company’s credit card program and the fleet program.

Investments

Concentrations of Risk

Concentrations of Risk

The Company depends on two suppliers of the active pharmaceutical ingredient (“API”) for its commercial product, WAKIX, and single API suppliers for each of its potential product candidates.

Share Repurchases

Share Repurchases

Inventory

Inventory

Property and Equipment

Property and Equipment

Intangible Assets

Intangible Assets

Revenue Recognition

Revenue Recognition

Net Product Revenue

Net Product Revenue

Government Contracts

Cost of Product Sold

Cost of Product Sold

Research and Development Expenses

Research and Development Expenses

Advertising Expenses

Advertising Expenses

Stock-Based Compensation

Stock-Based Compensation

Basic and Diluted Net Income per Share

Basic and Diluted Net Income per Share

Income Taxes

Income Taxes

Business Combinations

Business Combinations

Recent Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

DEBT - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
DEBT - Interest Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
DEBT
Interest on principal balance	$ 14,002	$ 16,796	$ 20,511
Amortization of deferred financing costs	647	700	3,246
Total term loan interest expense	$ 14,649	$ 17,496	$ 23,757

STOCKHOLDERS' EQUITY (Details) $ in Thousands	3 Months Ended	12 Months Ended
STOCKHOLDERS' EQUITY (Details) $ in Thousands	Dec. 31, 2023 USD ($) shares	Dec. 31, 2025 USD ($) Vote shares	Dec. 31, 2024 shares	Dec. 31, 2023 USD ($) shares	Oct. 31, 2023 USD ($)	Aug. 31, 2023 USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of votes for each common stock \| Vote		1
August 2023 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of shares of common stock approved						$ 125,000
Shares of common stock repurchased and retired \| shares				1,439,792
Aggregate cost of common stock repurchased and cancelled, exclusive of commissions and transaction fees				$ 50,000
October 2023 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of shares of common stock approved					$ 200,000
Shares of common stock repurchased and retired \| shares	1,814,653	0	0
Remaining authorized repurchase amount		$ 150,000
Aggregate cost of common stock repurchased and cancelled, exclusive of commissions and transaction fees	$ 50,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and cash equivalents	$ 752,502	$ 453,001
Restricted cash included in other noncurrent assets	270	270
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$ 752,772	$ 453,271	$ 311,930	$ 244,534

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

LEASES

Schedule of supplemental balance sheet and cash flow information related to operating leases


Leases	Classification		December 31, 2025		December 31, 2024
Assets
Operating lease right-of-use assets	Other noncurrent assets	$	5,344	$	2,122
Liabilities
Operating lease liability, current portion	Other current liabilities	$	1,073	$	1,318
Operating lease liability, long-term	Other long-term liabilities		4,512		822
Total operating lease liabilities		$	5,585	$	2,140


		December 31, 2025		December 31, 2024		December 31, 2023
Operating cash flows from operating leases	$	1,995	$	2,156	$	2,016
Right of use assets obtained in exchange for operating lease obligations	$	4,795	$	1,877	$	2,163

Schedule of future payments under non-cancelable operating leases


Years ending December 31,
2026	$	1,447
2027		1,307
2028		1,229
2029		1,180
2030		1,215
Thereafter		311
Total lease payments		6,689
Less: imputed interest		(1,104)
Total lease liabilities	$	5,585