0001104659-26-056720 | 10-Q | XBRL Viewer | Harmony Biosciences Holdings INC

Three Months Ended March 31,

Stock options, SARs, and RSUs to purchase common stock

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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)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Effective Income Tax Rate Reconciliation, Percent
Federal income tax rate	21.00%	21.00%
Stock-based compensation		0.40%
State taxes	1.30%	1.10%
Credits		(2.40%)
Other		0.20%
Effective tax rate	18.10%	20.30%

INVENTORY (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
INVENTORY
Work in process	$ 3,461	$ 2,885
Finished goods	1,984	2,636
Inventory, gross	5,445	5,521
Reserve for excess inventory	(164)	(164)
Total inventory, net	$ 5,281	$ 5,357

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The unaudited condensed 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 in consolidation. The unaudited condensed consolidated balance sheet as of March 31, 2026, the unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2026, and 2025, and the unaudited condensed consolidated statements of operations and comprehensive income and the unaudited condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2026, and 2025, are unaudited. The balance sheet as of December 31, 2025, was derived from audited financial statements as of and for the year ended December 31, 2025. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements as of and for the year ended December 31, 2025, and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of March 31, 2026, and the results of its operations and its cash flows for the three months ended March 31, 2026, and 2025. The unaudited condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted under the SEC’s rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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, clinical trial results 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, including generic competition; 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 commercialized 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 the Company to make estimates and assumptions that affect the reported amounts and disclosures in the unaudited condensed consolidated financial statements, including the notes thereto, and elsewhere in this report. Actual results may differ significantly from estimates, which include rebates payable pursuant to commercial and government contracts, accrued research and development expenses, stock-based compensation expense and income taxes.

Operating Segments

Operating segments 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, rare neurological diseases and, therefore, has one reportable segment. The Company holds all its tangible assets, conducts its operations, and generates its revenue in the United States.

Fair Value of Financial Instruments

The Company’s unaudited condensed consolidated financial statements include cash, cash equivalents, 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 non-recurring 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.

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 March 31, 2026, or December 31, 2025.

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 the statements of cash flows.


		As of
		March 31,		December 31,
		2026		2025
Cash and cash equivalents		$	589,398	$	752,502
Restricted cash included in other noncurrent assets			270		270
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows		$	589,668	$	752,772

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. Interest income earned on cash and investment balances, accretion of the discount on investments in debt securities, amortization of premiums and realized gains and losses, if any, are recorded in interest income on the unaudited condensed 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 six 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 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 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 for uncollectible amounts, if necessary. As of March 31, 2026, three customers accounted for 100% of gross accounts receivable; Accredo Health Group, Inc. (“Accredo”), which accounted for 41% of gross accounts receivable; Caremark LLC (“CVS Caremark”), which accounted for 33% of gross accounts receivable; and PANTHERx Specialty Pharmacy LLC (“Pantherx”), which accounted for 26% of gross accounts receivable. As of December 31, 2025, three customers accounted for 100% of gross accounts

receivable; Accredo, which accounted for 45% of gross accounts receivable, CVS Caremark, which accounted for 36% of gross accounts receivable; and PantherX, which accounted for 19% of gross accounts receivable.

For the three months ended March 31, 2026, three customers accounted for 100% of gross product revenue; CVS Caremark accounted for 37% of gross product revenue; Accredo accounted for 36% of gross product revenue; and Pantherx accounted for 27% of gross product revenue. For the three months ended March 31, 2025, three customers accounted for 100% of gross product revenue; CVS Caremark accounted for 40% of gross product revenue; Accredo accounted for 35% of gross product revenue; and Pantherx accounted for 25% 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.

Business Combinations

Business combinations and asset acquisitions are accounted for in accordance with FASB ASC 805 Business Combinations.

Recently Adopted Accounting Pronouncements

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.

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 early adopted this guidance in the first quarter of 2026 on a prospective basis. This pronouncement did not have a material impact on its unaudited condensed consolidated financial statements during the three months ended March 31, 2026.

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 the Company’s consolidated financial statements.

LIQUIDITY AND CAPITAL RESOURCES	3 Months Ended
Mar. 31, 2026
LIQUIDITY AND CAPITAL RESOURCES
LIQUIDITY AND CAPITAL RESOURCES	2. LIQUIDITY AND CAPITAL RESOURCES The unaudited condensed 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 $193,391 and $160,903, as of March 31, 2026, and December 31, 2025, respectively. As of March 31, 2026, the Company had cash, cash equivalents and investments of $870,473. The Company believes that its existing cash, cash equivalents and investments on hand as of March 31, 2026, 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 unaudited condensed consolidated financial statements.

LIQUIDITY AND CAPITAL RESOURCES

3 Months Ended

Mar. 31, 2026

LIQUIDITY AND CAPITAL RESOURCES

LIQUIDITY AND CAPITAL RESOURCES

2. LIQUIDITY AND CAPITAL RESOURCES

The unaudited condensed 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 $193,391 and $160,903, as of March 31, 2026, and December 31, 2025, respectively. As of March 31, 2026, the Company had cash, cash equivalents and investments of $870,473.

The Company believes that its existing cash, cash equivalents and investments on hand as of March 31, 2026, 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 unaudited condensed consolidated financial statements.

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Number of Awards, Awards outstanding, Beginning balance	7,861,925
Number of Awards, Awards issued	1,042,150
Number of Awards, Awards exercised	(32,731)
Number of Awards, Awards forfeited	(103,790)
Number of Awards, Awards outstanding, Ending balance	8,767,554		7,861,925
Number of Awards, Awards exercisable	5,994,578
Number of Awards, Awards unvested	2,772,976
Weighted-Average Exercise Price, Awards outstanding, Beginning balance	$ 33.56
Weighted-Average Exercise Price, Awards issued	36.76
Weighted-Average Exercise Price, Awards exercised	10.85
Weighted-Average Exercise Price, Awards forfeited	35.8
Weighted-Average Exercise Price, Awards outstanding, Ending balance	34		$ 33.56
Weighted-Average Exercise Price, Awards exercisable	33.43
Weighted-Average Exercise Price, Awards unvested	$ 35.25
Weighted-Average Remaining Contractual Term	6 years 6 months		6 years 3 months 18 days
Weighted-Average Remaining Contractual Term, Awards exercisable	5 years 3 months 18 days
Weighted-Average Remaining Contractual Term, Awards unvested	9 years
Aggregate Intrinsic Value, Awards outstanding, Ending balance	$ 16,301
Aggregate Intrinsic Value, Awards exercisable	16,201
Aggregate Intrinsic Value, Awards unvested	$ 100
Weighted-average grant-date fair values of stock options granted	$ 23.38	$ 25.5
Total intrinsic value of stock options exercised	$ 594	$ 2,157

EARNINGS PER SHARE - Summary of Securities Outstanding Included in Computation above, Utilizing Treasury Stock Method (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
EARNINGS PER SHARE
Securities outstanding included in the computation - Stock options, SARs, and RSUs to purchase common stock	957,237	1,214,628

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended
	Mar. 31, 2022	Feb. 28, 2022	Oct. 31, 2020	Aug. 31, 2019	Mar. 31, 2026	Mar. 31, 2025
Intangible Assets
Net product revenue					$ 215,387	$ 184,733
Amortization expense					$ 5,961	$ 5,961
WAKIX
Intangible Assets
License agreement milestone payments paid				$ 75,000
Final payment paid	$ 40,000
Useful life of intangible asset	7 years 7 months 6 days			10 years
Remaining useful life					3 years 6 months
WAKIX \| UNITED STATES
Intangible Assets
Net product revenue		$ 500,000
NDA for WAKIX.
Intangible Assets
License agreement milestone payments paid			$ 100,000
Useful life of intangible asset			9 years
Remaining useful life					3 years 6 months

LICENSE AGREEMENTS AND ASSET PURCHASE AGREEMENTS

3 Months Ended

Mar. 31, 2026

LICENSE AGREEMENTS AND ASSET PURCHASE AGREEMENTS

LICENSE AGREEMENTS AND ASSET PURCHASE AGREEMENTS

8. LICENSE AGREEMENTS AND ASSET PURCHASE AGREEMENTS

Bioprojet Agreements

In July 2017, Harmony entered into the 2017 LCA with 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.

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 a sublicense agreement with Bioprojet for an orexin-2 receptor agonist (the “Licensed Compound”) 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 the Licensed Compound in the United States and Latin American territories (the “Licensed Territories”), which are rights that Bioprojet originally licensed from Teijin Pharma, the innovator of the Licensed Compound. The Licensed Compound is currently in pre-clinical development with an Investigational Medicinal Product Dossier (“IMPD”) Application currently anticipated in the second half of 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 BP-205 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. 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. 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 audited 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 18, Related-Party Transactions, for further discussion of related party considerations for the CiRC Agreement.

Novitium Agreement

In January 2026, the Company entered into a license agreement ( the “Novitium License Agreement”) with Novitium Pharma LLC (“Novitium”), which includes an exclusive license to additional intellectual property that will expand the intellectual property estate of the Company, as well as a co-exclusive license, under which the Company and Novitium intend to develop a novel formulation of pitolisant in broad CNS indications outside of sleep/wake. Pursuant to the Novitium License Agreement, the Company paid an upfront license fee of $15,000, which was recognized as an IPR&D charge recorded in research and development within the

unaudited condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2026, and will also be obligated to pay $10,000 upon the achievement of certain development milestones, as well as low single-digit royalties on net sales of current and future pitolisant based products.

MSN Agreement

On February 25, 2026 (the “MSN Effective Date”), the Company entered into a license agreement (the “MSN License Agreement”) with MSN Laboratories Private Limited (“MSN”), which includes an exclusive, royalty-bearing license, with the right to grant sublicenses, to additional intellectual property, including pending licensed patents, under which the Company intends to develop a new formulation of pitolisant in broad CNS indications outside of sleep/wake. Pursuant to the MSN License Agreement, the Company paid an upfront license fee of $17,000, which was recognized as an IPR&D charge recorded in research and development within the unaudited condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2026. In addition, the Company will be obligated to pay $25,000 upon approval of the pending licensed patents by the United States Patent and Trademark Office (“USPTO”), which amount the Company must deposit into an escrow account within nine months from the MSN Effective Date, and which will be returned to the Company if approval by the USPTO does not occur by November 25, 2027. In addition, the Company will be obligated to pay low single-digit royalties on net sales of future products that include a new formulation of pitolisant.

The Company incurred $41,906 and $29,557 for the three months ended March 31, 2026, and 2025, respectively, for sales-based, trademark and tiered royalties recognized as cost of product sold. As of March 31, 2026, and December 31, 2025, the Company had accrued $41,906 and $65,819, respectively, for sales-based, trademark and tiered royalties.

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2026

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

19. SUBSEQUENT EVENTS

Patent Infringement Litigation

On April 20, 2026, the Company, along with its exclusive licensor Novitium, filed a lawsuit against AET Pharma US, Inc., AET Laboratories Private Limited, Alfred E. Tiefenbacher (GmbH & Co. KG), Sandoz Inc., Sandoz Private Limited, and Sandoz GmbH, alleging that the defendants’ actions in connection with the filing of AET’s ANDA No. 218892 infringe one or more claims of U.S. Patent No. 11,623,920. The case was filed in the United States District Court for the District of Delaware, and assigned case no. 26-cv-00453-JLH.

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2026

INVESTMENTS

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


	March 31, 2026
		Amortized	Unrealized	Unrealized		Fair
		Cost	Gains	Losses		Value
Short-term:
Commercial paper	$	12,931	1	(12)	$	12,920
Corporate debt securities		31,187	8	(38)		31,157
U.S. government securities		7,447	—	(4)		7,443
Total short-term investments	$	51,565	9	(54)	$	51,520

Long-term:
Corporate debt securities		198,705	62	(425)		198,342
U.S. government securities		31,218	37	(42)		31,213
Total long-term investments	$	229,923	99	(467)	$	229,555


	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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and cash equivalents	$ 589,398	$ 752,502
Restricted cash included in other noncurrent assets	270	270
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$ 589,668	$ 752,772	$ 489,268	$ 453,271

DEBT (Tables)

3 Months Ended

Mar. 31, 2026

DEBT

Schedule of long-term debt, net


		March 31,			December 31,
		2026			2025
Principal amount		$	160,000		$	165,000
Unamortized debt discount associated with debt financing costs			(1,186)			(1,337)
Total debt, net			158,814			163,663
Less current portion			(20,000)			(20,000)
Long-term debt, net		$	138,814		$	143,663

Schedule of future minimum payments relating to total debt


Years ending December 31,
2026 (excluding the three months ended March 31, 2026)	$	15,000
2027		20,000
2028		125,000
2029		—
2030		—
Thereafter		—
Total	$	160,000

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


	Three Months Ended
	March 31,
	2026		2025
Interest on principal balance	$	3,083	$	3,670
Amortization of deferred financing costs		151		166
Total term loan interest expense	$	3,234	$	3,836

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2026

INCOME TAXES.

Schedule of reconciliation between 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 for the three months ended March 31, 2026, after the adoption of ASU 2023-09, is as follows:


		Three Months Ended March 31,
		2026
		Amount	Percent
Federal statutory rate	$	8,334	21.0%
State income taxes, net of federal tax effect*		516	1.3%
Tax credits
Orphan drug credit		(1,262)	(3.2)%
Research and development credit		(310)	(0.8)%
Other nontaxable or nondeductible items		(79)	(0.2)%

Effective tax rate

7,199

18.1%

* State taxes in Illinois 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 tax rate for the three months ended March 31, 2025, prior to the adoption of ASU 2023-09, is as follows:


	Three Months Ended March 31,
	2025
Federal income tax rate	21.0	%
Stock-based compensation	0.4
State taxes	1.1
Credits	(2.4)
Other	0.2
Total	20.3	%

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

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, 2025		7,861,925		$	33.56		6.3
Awards issued		1,042,150		$	36.76
Awards exercised		(32,731)		$	10.85
Awards forfeited		(103,790)		$	35.80
Awards outstanding—March 31, 2026		8,767,554		$	34.00		6.5		$	16,301
Awards exercisable—March 31, 2026		5,994,578		$	33.43		5.3		$	16,201
Awards unvested—March 31, 2026		2,772,976		$	35.25		9.0		$	100

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, 2025		33,471		$	8.72		3.2
Awards issued		—		$	—
Awards exercised		—		$	—
Awards forfeited		—		$	—
Awards outstanding—March 31, 2026		33,471		$	8.72		2.9		$	380
Awards exercisable—March 31, 2026		33,471		$	8.72		2.9		$	380

Summary of changes in RSUs granted



				Weighted-
				Average
		Number of		Grant Date
		Awards		Fair Value
Awards outstanding—December 31, 2025		796,498		$	34.47
Awards issued		472,250		$	36.76
Awards vested		(180,279)		$	34.77
Awards forfeited		(39,554)		$	35.30
Awards outstanding—March 31, 2026		1,048,915		$	35.42

Summary of assumptions used to value awards


	As of
	March 31, 2026		December 31, 2025
Dividend yield	0.00	%	0.00	%
Expected volatility	66.49 - 66.65	%	69.03 - 71.43	%
Risk-free interest rate	3.84 - 3.97	%	3.72 - 4.44	%
Lack of marketability discount	0.00	%	0.00	%
Expected term (years)	1.3 - 6.1		1.4 - 6.1

Summary of stock-based compensation expense


		Three Months Ended March 31,
		2026			2025
Research and development expense		$	2,365		$	2,302
Sales and marketing expense			1,795			2,744
General and administrative expense			6,148			7,404
		$	10,308		$	12,450

LEASES (Tables)

3 Months Ended

Mar. 31, 2026

LEASES

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


Leases	Classification		March 31, 2026		December 31, 2025
Assets
Operating lease right-of-use assets	Other noncurrent assets	$	5,388	$	5,344
Liabilities
Operating lease liability, current portion	Other current liabilities	$	1,267	$	1,073
Operating lease liability, long-term	Other long-term liabilities		4,528		4,512
Total operating lease liabilities		$	5,795	$	5,585


		March 31, 2026		March 31, 2025
Operating cash flows from operating leases	$	333	$	430
Right of use assets obtained in exchange for operating lease obligations	$	476	$	34

Schedule of future payments under non-cancelable operating leases


Years ending December 31,
2026 (excluding the three months ended March 31, 2026)	$	1,236
2027		1,476
2028		1,406
2029		1,200
2030		1,215
Thereafter		311
Total lease payments		6,844
Less: imputed interest		(1,049)
Total lease liabilities	$	5,795

INVESTMENTS

3 Months Ended

Mar. 31, 2026

INVESTMENTS

INVESTMENTS

4. 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:


	March 31, 2026
		Amortized	Unrealized	Unrealized		Fair
		Cost	Gains	Losses		Value
Short-term:
Commercial paper	$	12,931	1	(12)	$	12,920
Corporate debt securities		31,187	8	(38)		31,157
U.S. government securities		7,447	—	(4)		7,443
Total short-term investments	$	51,565	9	(54)	$	51,520

Long-term:
Corporate debt securities		198,705	62	(425)		198,342
U.S. government securities		31,218	37	(42)		31,213
Total long-term investments	$	229,923	99	(467)	$	229,555


	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

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 in its unaudited condensed 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 March 31, 2026, and December 31, 2025, respectively.

INVENTORY (Tables)

3 Months Ended

Mar. 31, 2026

INVENTORY

Schedule of inventory net


		As of
		March 31,		December 31,
		2026		2025
Work in process			3,461		2,885
Finished goods			1,984		2,636
Inventory, gross			5,445		5,521
Reserve for excess inventory			(164)		(164)
Total inventory, net		$	5,281	$	5,357

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
ORGANIZATION AND DESCRIPTION OF BUSINESS
Number of discovery-stage candidates	2

FAIR VALUE MEASUREMENTS - Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Assets	$ 472,366	$ 355,570
Cash equivalents
Assets
Assets	191,291	225,605
Commercial paper
Assets
Assets	12,920	8,371
Corporate debt securities
Assets
Assets	229,499	104,147
U.S. government securities
Assets
Assets	38,656	17,447
Level 1
Assets
Assets	191,291	225,605
Level 1 \| Cash equivalents
Assets
Assets	191,291	225,605
Level 2
Assets
Assets	281,075	129,965
Level 2 \| Commercial paper
Assets
Assets	12,920	8,371
Level 2 \| Corporate debt securities
Assets
Assets	229,499	104,147
Level 2 \| U.S. government securities
Assets
Assets	$ 38,656	$ 17,447

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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


		As of
		March 31,		December 31,
		2026		2025
Cash and cash equivalents		$	589,398	$	752,502
Restricted cash included in other noncurrent assets			270		270
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows		$	589,668	$	752,772

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Apr. 30, 2021	Mar. 31, 2026	Mar. 31, 2025
Employee Stock Option
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Unrecognized stock-based compensation expense		$ 57,995
Weighted average period		3 years
Restricted Stock Units
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Unrecognized stock-based compensation expense		$ 33,769
Weighted average period		3 years 1 month 6 days
2020 Plan
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Stock options contractual term		10 years
Total number of shares available for issuance		7,333,147
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		0	0
Amount of discount on ESSP		$ 89	$ 60

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION - Summary of Assumptions Used to Value Awards (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Dividend yield	0.00%	0.00%
Expected volatility, minimum		69.03%
Expected volatility, maximum		71.43%
Risk-free interest rate, minimum		3.72%
Risk-free interest rate, maximum		4.44%
Lack of marketability discount	0.00%	0.00%
Minimum
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Expected term (years)	1 year 3 months 18 days	1 year 4 months 24 days
Maximum
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Expected term (years)	6 years 1 month 6 days	6 years 1 month 6 days

RELATED-PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2026

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

18. RELATED-PARTY TRANSACTIONS

Paragon Biosciences, LLC (“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 Paragon whereby it has access to and the right to use certain office space leased by Paragon in Chicago, Illinois. The Company incurred $73 for each of the three months ended March 31, 2026, and 2025, respectively, of expenses pursuant to the right of use agreement with Paragon, which are included in general and administrative in the unaudited condensed consolidated statements of operations and comprehensive income. As of March 31, 2026, and December 31, 2025, there were no amounts due to or due from Paragon included in the unaudited condensed consolidated balance sheets.

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 unaudited condensed consolidated statements of operations and comprehensive income. As of March 31, 2026, and December 31, 2025, there were no amounts due to or due from CiRC under the CiRC agreement. Refer to Note 8, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

EARNINGS PER SHARE

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

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


		Three Months Ended March 31,
		2026			2025
Numerator
Net income		$	32,488		$	45,560
Denominator
Net income per share of common stock - basic		$	0.56		$	0.79
Net income per share of common stock- diluted		$	0.55		$	0.78
Weighted average number of shares of common stock - basic			57,819,060			57,309,938
Weighted average number of shares of common stock - diluted			58,776,297			58,524,566

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

Summary of anti-dilutive securities excluded from the diluted earnings per share calculation

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION - Summary of SARs Activity (Details) - Stock Appreciation Rights (SARs) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Number of Awards, Awards outstanding, Beginning balance	33,471
Number of Awards, Awards issued	0
Number of Awards, Awards outstanding, Ending balance	33,471	33,471
Number of Awards, Awards exercisable	33,471
Weighted-Average Exercise Price, Awards outstanding, Beginning balance	$ 8.72
Weighted-Average Exercise Price, Awards outstanding, Ending balance	8.72	$ 8.72
Weighted-Average Exercise Price, Awards exercisable	$ 8.72
Weighted-Average Remaining Contractual Term	2 years 10 months 24 days	3 years 2 months 12 days
Weighted-Average Remaining Contractual Term, Awards exercisable	2 years 10 months 24 days
Aggregate Intrinsic Value, Awards outstanding	$ 380
Aggregate Intrinsic Value, Awards exercisable	$ 380

INTANGIBLE ASSETS - Schedule of Gross Carrying Amount and Net Book Value of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
INTANGIBLE ASSETS
Gross Carrying Amount	$ 215,000	$ 215,000
Accumulated Amortization	(131,543)	(125,582)
Net Book Value	$ 83,457	$ 89,418

LEASES

3 Months Ended

Mar. 31, 2026

LEASES

LEASES

11. LEASES

In June 2018, the Company entered into an operating lease 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 an 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 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 options 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 primarily used by its sales force and are classified as operating leases.

Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future lease payments using our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Our 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 $499 and $467 for the three months ended March 31, 2026, and 2025, respectively.

As of March 31, 2026, the weighted-average remaining lease term for operating leases was 4.4 years and the weighted-average discount rate for operating leases was 7.60%.

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


Leases	Classification		March 31, 2026		December 31, 2025
Assets
Operating lease right-of-use assets	Other noncurrent assets	$	5,388	$	5,344
Liabilities
Operating lease liability, current portion	Other current liabilities	$	1,267	$	1,073
Operating lease liability, long-term	Other long-term liabilities		4,528		4,512
Total operating lease liabilities		$	5,795	$	5,585

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


		March 31, 2026		March 31, 2025
Operating cash flows from operating leases	$	333	$	430
Right of use assets obtained in exchange for operating lease obligations	$	476	$	34

Future payments under non-cancelable operating leases with initial terms of one year or more as of March 31, 2026, consisted of the following:


Years ending December 31,
2026 (excluding the three months ended March 31, 2026)	$	1,236
2027		1,476
2028		1,406
2029		1,200
2030		1,215
Thereafter		311
Total lease payments		6,844
Less: imputed interest		(1,049)
Total lease liabilities	$	5,795

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2026 segment Institution item product customer	Mar. 31, 2025 customer	Dec. 31, 2025 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	6
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
Concentration risk percentage	100.00%	100.00%
Accredo Health Group, Inc \| Accounts Receivable \| Customer Concentration Risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration risk percentage	41.00%		45.00%
Accredo Health Group, Inc \| Product Revenues \| Customer Concentration Risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration risk percentage	36.00%	35.00%
Caremark LLC \| Accounts Receivable \| Customer Concentration Risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration risk percentage	33.00%		36.00%
Caremark LLC \| Product Revenues \| Customer Concentration Risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration risk percentage	37.00%	40.00%
PANTHERx Specialty Pharmacy LLC \| Accounts Receivable \| Customer Concentration Risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration risk percentage	26.00%		19.00%
PANTHERx Specialty Pharmacy LLC \| Product Revenues \| Customer Concentration Risk
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Concentration risk percentage	27.00%	25.00%

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
LEASES
Operating cash flows from operating leases	$ 333	$ 430
Right of use assets obtained in exchange for operating lease obligations	$ 476	$ 34

DEBT - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended
	Jul. 31, 2023	Mar. 31, 2026
Term Loans
DEBT
Debt issuance costs	$ 2,997
Net cash received	$ 197,003
Fair value of loan		$ 156,408
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%
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
TLA Term Loan
DEBT
Term of loan	5 years
Aggregate principal amount	$ 200,000

LEASES (Details) ft² in Thousands, $ in Thousands	1 Months Ended	3 Months Ended
LEASES (Details) ft² in Thousands, $ in Thousands	Jun. 30, 2018 ft² item	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Nov. 30, 2025 item
LEASES
Number of office suites \| item	3
Operating lease, renewal frequency \| item				2
Operating lease, renewal term				5 years
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 \| $		$ 499	$ 467
Weighted average remaining lease term		4 years 4 months 24 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

LICENSE AGREEMENTS AND ASSET PURCHASE AGREEMENTS - CiRC, Novitium and MSN Agreements (Details) $ in Thousands		1 Months Ended		3 Months Ended
	Feb. 25, 2026 USD ($)	Jan. 31, 2026 USD ($)	Jun. 30, 2025 USD ($) item	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
License Agreements and Asset Purchase Agreements
Cost of product sold				$ 44,512	$ 31,994
Accrued sales-based trademark and tired royalties				41,906		$ 65,819
CiRC \| Related party
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
Novitium
License Agreements and Asset Purchase Agreements
Payment of upfront license fee		$ 15,000
Payment for intellectual property upon developmental milestones		$ 10,000
MSN
License Agreements and Asset Purchase Agreements
Payment of upfront license fee	$ 17,000
Payments due upon approval of pending licensed patents	$ 25,000
Term of deposit into an escrow account (in months)	9 months
MSN \| Sales-based, trademark and tiered royalties
License Agreements and Asset Purchase Agreements
Cost of product sold				41,906	$ 29,557
Accrued sales-based trademark and tired royalties				$ 41,906		$ 65,819

DEBT

3 Months Ended

Mar. 31, 2026

DEBT

DEBT

10. DEBT

Term Loan A Credit Agreement

In July 2023, the Company entered into a Credit Agreement (the “TLA Credit Agreement”) with JPMorgan Chase Bank, N.A., as “Administrative Agent”, and certain lenders, which was subsequently amended in September 2023. The TLA Credit Agreement, as amended, provides for a five-year senior secured term loan (the “TLA Term Loan”) in an aggregate principal amount of $200,000.

The repayment schedule for the TLA Term Loan consists of quarterly $3,750 principal payments, which commenced 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 TLA Term Loan bears 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 TLA Term Loan as a result of the transactions, less debt issuance costs of $2,997, was $197,003. The debt issuance costs related to the TLA Term Loan will be amortized as additional interest expense over the loan term of the TLA Credit Agreement. The fair value of the TLA Term Loan as of March 31, 2026, was $156,408.

Long-term debt, net consisted of the following:


		March 31,			December 31,
		2026			2025
Principal amount		$	160,000		$	165,000
Unamortized debt discount associated with debt financing costs			(1,186)			(1,337)
Total debt, net			158,814			163,663
Less current portion			(20,000)			(20,000)
Long-term debt, net		$	138,814		$	143,663

Future minimum payments relating to long-term debt, net as of March 31, 2026, for the periods indicated below consisted of the following:


Years ending December 31,
2026 (excluding the three months ended March 31, 2026)	$	15,000
2027		20,000
2028		125,000
2029		—
2030		—
Thereafter		—
Total	$	160,000

Interest expense related to the Company’s long-term debt, net, is included in interest expense within the unaudited condensed consolidated statements of operations and comprehensive income and consisted of the following:


	Three Months Ended
	March 31,
	2026		2025
Interest on principal balance	$	3,083	$	3,670
Amortization of deferred financing costs		151		166
Total term loan interest expense	$	3,234	$	3,836

The TLA Credit Agreement contains customary affirmative and negative covenants, financial covenants, representations and warranties, events of default and other provisions. As of March 31, 2026, the Company had an event of default, which dated back to July 2025, related to a nonfinancial covenant due to a delay in a subsidiary joining the TLA Credit Agreement as a guarantor. On May 4, 2026, the Company entered into a Waiver and Consent Agreement with the Administrative Agent and certain lenders, whereby the event of default was waived. The Company has made all required principal and interest payments on time in connection with the TLA Credit Agreement and is in compliance with all covenants as of May 7, 2026, the date of issuance of these condensed consolidated financial statements.

- 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
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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 05, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		57,892,676
Entity Central Index Key	0001802665
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false

INTANGIBLE ASSETS - Schedule of Future Annual Amortization Expense for Unamortized Intangible Assets (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Future annual amortization expense
2026 (excluding the three months ended March 31, 2026)	$ 17,884
2027	23,845
2028	23,845
2029	17,883
Total	$ 83,457

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2026

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

13. 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 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 October 2023, the Company’s Board of Directors approved a 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 three months ended March 31, 2026, and 2025, no shares of common stock were repurchased by the Company under the October 2023 Repurchase Program. As of March 31, 2026, the remaining amount of common stock authorized for repurchases was $150,000.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LICENSE AGREEMENTS AND ASSET PURCHASE AGREEMENTS (Details) - USD ($) $ in Thousands	1 Months Ended										12 Months Ended
	Dec. 31, 2025	Sep. 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, 2024	Apr. 30, 2024	Jul. 31, 2022	Feb. 28, 2019
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
License agreement, additional milestone payment due										$ 102,000
Licensing agreement milestone fees										2,000
License agreement milestone payments paid									$ 75,000	2,000
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 \| 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

INCOME TAXES

3 Months Ended

Mar. 31, 2026

INCOME TAXES.

INCOME TAXES

17. INCOME TAXES


		Three Months Ended March 31,
		2026
		Amount	Percent
Federal statutory rate	$	8,334	21.0%
State income taxes, net of federal tax effect*		516	1.3%
Tax credits
Orphan drug credit		(1,262)	(3.2)%
Research and development credit		(310)	(0.8)%
Other nontaxable or nondeductible items		(79)	(0.2)%

Effective tax rate

7,199

18.1%

* State taxes in Illinois made up the majority (greater than 50%) of the tax effect in this category.


	Three Months Ended March 31,
	2025
Federal income tax rate	21.0	%
Stock-based compensation	0.4
State taxes	1.1
Credits	(2.4)
Other	0.2
Total	20.3	%

- Definition

The entire disclosure for income tax.

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

LIQUIDITY AND CAPITAL RESOURCES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
LIQUIDITY AND CAPITAL RESOURCES
Retained earnings	$ 193,391	$ 160,903
Cash, cash equivalents and investments	$ 870,473

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

INVESTMENTS - Carrying Value and Amortized Cost of Available-For-Sale Debt Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Minimum
INVESTMENTS
Non current investment maturity term (in years)	1 year
Maximum
INVESTMENTS
Non current investment maturity term (in years)	2 years
Short-term
INVESTMENTS
Amortized Cost	$ 51,565	$ 22,819
Unrealized Gains	9	19
Unrealized Losses	(54)
Fair Value	51,520	22,838
Short-term - Commercial paper
INVESTMENTS
Amortized Cost	12,931	7,558
Unrealized Gains	1	7
Unrealized Losses	(12)
Fair Value	12,920	7,565
Short-term - Corporate debt securities
INVESTMENTS
Amortized Cost	31,187	15,261
Unrealized Gains	8	12
Unrealized Losses	(38)
Fair Value	31,157	15,273
Short-term U.S. government securities
INVESTMENTS
Amortized Cost	7,447
Unrealized Losses	(4)
Fair Value	7,443
Long-term
INVESTMENTS
Amortized Cost	229,923	106,800
Unrealized Gains	99	327
Unrealized Losses	(467)
Fair Value	229,555	107,127
Long-term - Commercial paper
INVESTMENTS
Amortized Cost		805
Unrealized Gains		1
Fair Value		806
Long-term - Corporate debt securities
INVESTMENTS
Amortized Cost	198,705	88,626
Unrealized Gains	62	248
Unrealized Losses	(425)
Fair Value	198,342	88,874
Long-term - U.S. government securities
INVESTMENTS
Amortized Cost	31,218	17,369
Unrealized Gains	37	78
Unrealized Losses	(42)
Fair Value	$ 31,213	$ 17,447

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION

14. 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 SARs 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 March 31, 2026, there were 7,333,147 shares of common stock available for issuance under the 2020 Plan. The number of shares that may be issued under the 2020 Plan automatically increases 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 shares of common stock 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 three months ended March 31, 2026:


							Weighted-
				Weighted-			Average
				Average			Remaining			Aggregate
		Number of		Exercise			Contractual			Intrinsic
		Awards		Price			Term			Value ($000's)
Awards outstanding—December 31, 2025		7,861,925		$	33.56		6.3
Awards issued		1,042,150		$	36.76
Awards exercised		(32,731)		$	10.85
Awards forfeited		(103,790)		$	35.80
Awards outstanding—March 31, 2026		8,767,554		$	34.00		6.5		$	16,301
Awards exercisable—March 31, 2026		5,994,578		$	33.43		5.3		$	16,201
Awards unvested—March 31, 2026		2,772,976		$	35.25		9.0		$	100

The weighted-average grant-date fair value of stock options granted during the three months ended March 31, 2026, and 2025 was $23.38 and $25.50, respectively. The total intrinsic value of stock options exercised for the three months ended March 31, 2026, and 2025, was $594 and $2,157, respectively.

Stock Appreciation Rights

The following table summarizes SARs activity for the three months ended March 31, 2026:


							Weighted-
				Weighted-			Average
				Average			Remaining			Aggregate
		Number of		Exercise			Contractual			Intrinsic
		Awards		Price			Term			Value ($000's)
Awards outstanding—December 31, 2025		33,471		$	8.72		3.2
Awards issued		—		$	—
Awards exercised		—		$	—
Awards forfeited		—		$	—
Awards outstanding—March 31, 2026		33,471		$	8.72		2.9		$	380
Awards exercisable—March 31, 2026		33,471		$	8.72		2.9		$	380

Restricted Stock Units

The following table summarizes RSU activity for the three months ended March 31, 2026:



				Weighted-
				Average
		Number of		Grant Date
		Awards		Fair Value
Awards outstanding—December 31, 2025		796,498		$	34.47
Awards issued		472,250		$	36.76
Awards vested		(180,279)		$	34.77
Awards forfeited		(39,554)		$	35.30
Awards outstanding—March 31, 2026		1,048,915		$	35.42

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 2020 Plan during the three months ended March 31, 2026, and 2025 was $36.76 and $38.25, respectively.

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.


	As of
	March 31, 2026		December 31, 2025
Dividend yield	0.00	%	0.00	%
Expected volatility	66.49 - 66.65	%	69.03 - 71.43	%
Risk-free interest rate	3.84 - 3.97	%	3.72 - 4.44	%
Lack of marketability discount	0.00	%	0.00	%
Expected term (years)	1.3 - 6.1		1.4 - 6.1

Stock-Based Compensation Expense

Stock-based compensation expense for the three months ended March 31, 2026, and 2025, was recorded in the unaudited condensed consolidated statements of operations and comprehensive income in the following line items:


		Three Months Ended March 31,
		2026			2025
Research and development expense		$	2,365		$	2,302
Sales and marketing expense			1,795			2,744
General and administrative expense			6,148			7,404
		$	10,308		$	12,450

Stock-based compensation expense related to options and RSUs issued under the 2017 Plan and 2020 Plan is included in stockholder’s equity, and a liability for SARs is included in other non-current liabilities, in the Company’s unaudited condensed consolidated balance sheet. As of March 31, 2026, the total unrecognized stock-based compensation expense was $57,995 and $33,769 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 3.0 years and 3.1 years for stock options and RSUs, respectively.

Employee Stock Purchase Plan

The 2020 Employee Stock Purchase Plan (“ESPP”) was adopted by the Company’s Board of Directors on April 30, 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 automatically increases 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. There were no shares issued under the ESPP for the three months ended March 31, 2026, and 2025, respectively. The discount on the ESPP was $89 and $60 for the three months ended March 31, 2026, and 2025, respectively, and is recorded within stock-based compensation expense.

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

FAIR VALUE MEASUREMENTS

Schedule of assets measured at fair value


	March 31, 2026				December 31, 2025
		Total	Level 1	Level 2		Total	Level 1	Level 2
Assets
Cash equivalents	$	191,291	191,291	—	$	225,605	225,605	—
Commercial paper		12,920	—	12,920		8,371	—	8,371
Corporate debt securities		229,499	—	229,499		104,147	—	104,147
U.S. government securities		38,656	—	38,656		17,447	—	17,447
Total	$	472,366	191,291	281,075	$	355,570	225,605	129,965

INVENTORY

3 Months Ended

Mar. 31, 2026

INVENTORY

INVENTORY

6. INVENTORY

Inventory, net consisted of the following:


		As of
		March 31,		December 31,
		2026		2025
Work in process			3,461		2,885
Finished goods			1,984		2,636
Inventory, gross			5,445		5,521
Reserve for excess inventory			(164)		(164)
Total inventory, net		$	5,281	$	5,357

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION - Summary of RSUs Activity (Details) - Restricted Stock Units - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Number of Awards, Awards outstanding, Beginning balance	796,498
Number of Awards, Awards issued	472,250
Number of Awards, Awards vested	(180,279)
Number of Awards, Awards forfeited	(39,554)
Number of Awards, Awards outstanding, Ending balance	1,048,915
Weighted-Average Grant Date Fair Value, Awards outstanding, Beginning balance	$ 34.47
Weighted-Average Grant Date Fair Value, Awards issued	36.76	$ 38.25
Weighted-Average Grant Date Fair Value, Awards vested	34.77
Weighted-Average Grant Date Fair Value, Awards forfeited	35.3
Weighted-Average Grant Date Fair Value, Awards outstanding, Ending balance	$ 35.42

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ACCRUED EXPENSES
Royalties	$ 41,906	$ 65,819
Rebates and other sales deductions	77,448	76,304
Interest	1,910	2,151
Sales and marketing	4,915	3,153
Research and development	10,246	12,193
Legal and professional fees	11,797	29,999
Other expenses	1,885	1,420
Accrued expenses	$ 150,107	$ 191,039

STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Stock-based compensation expense	$ 10,308	$ 12,450
Research and development expense
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Stock-based compensation expense	2,365	2,302
Sales and marketing expense
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Stock-based compensation expense	1,795	2,744
General and administrative expense
STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION
Stock-based compensation expense	$ 6,148	$ 7,404

DEBT - Balances of Long-term Debt, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
DEBT
Principal amount	$ 160,000	$ 165,000
Unamortized debt discount associated with debt financing costs	(1,186)	(1,337)
Total debt, net	158,814	163,663
Less current portion	(20,000)	(20,000)
Long-term debt, net	$ 138,814	$ 143,663

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

DEBT - Future Minimum Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Future minimum payments
2026 (excluding the three months ended March 31, 2026)	$ 15,000
2027	20,000
2028	125,000
Total	$ 160,000	$ 165,000

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 589,398	$ 752,502
Investments, short-term	51,520	22,838
Trade receivables, net	108,222	96,787
Inventory, net	5,281	5,357
Prepaid expenses	16,801	16,014
Other current assets	7,595	13,516
Total current assets	778,817	907,014
NONCURRENT ASSETS:
Investments, long-term	229,555	107,127
Intangible assets, net	83,457	89,418
Deferred tax asset	153,562	149,699
Other noncurrent assets	26,433	18,373
Total noncurrent assets	493,007	364,617
TOTAL ASSETS	1,271,824	1,271,631
CURRENT LIABILITIES:
Trade payables	28,600	17,693
Accrued compensation	6,726	18,443
Accrued expenses	150,107	191,039
Current portion of long-term debt	20,000	20,000
Other current liabilities	11,907	4,957
Total current liabilities	217,340	252,132
NONCURRENT LIABILITIES:
Long-term debt, net	138,814	143,663
Other noncurrent liabilities	5,321	5,618
Total noncurrent liabilities	144,135	149,281
TOTAL LIABILITIES	361,475	401,413
STOCKHOLDERS' EQUITY:
Common stock-$0.00001 par value; 500,000,000 shares authorized at March 31, 2026 and December 31, 2025, respectively; 57,867,389 and 57,726,170 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	1	1
Additional paid in capital	717,370	708,968
Accumulated other comprehensive income	(413)	346
Retained earnings	193,391	160,903
TOTAL STOCKHOLDERS' EQUITY	910,349	870,218
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,271,824	$ 1,271,631

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Operating lease right-of-use assets	$ 5,388	$ 5,344
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Liabilities
Operating lease liability, current portion	$ 1,267	$ 1,073
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Operating lease liability, long-term	$ 4,528	$ 4,512
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 5,795	$ 5,585

EARNINGS PER SHARE - Summary of Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator
Net income	$ 32,488	$ 45,560
Denominator
Net income per share of common stock - basic	$ 0.56	$ 0.79
Net income per share of common stock- diluted	$ 0.55	$ 0.78
Weighted average number of shares of common stock - basic (in shares)	57,819,060	57,309,938
Weighted average number of shares of common stock - diluted (in shares)	58,776,297	58,524,566

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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-Subparagraph (f)(4)
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-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

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-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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
Net product revenue	$ 215,387	$ 184,733
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember
Cost of product sold	$ 44,512	$ 31,994
Cost, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember
Gross profit	$ 170,875	$ 152,739
Operating expenses:
Research and development	69,383	34,540
Sales and marketing	31,694	30,711
General and administrative	32,507	31,243
Total operating expenses	133,584	96,494
Operating income	37,291	56,245
Other expense, net	(127)	(276)
Interest expense	(3,234)	(3,836)
Interest income	5,757	5,044
Income before income taxes	39,687	57,177
Income tax expense	(7,199)	(11,617)
Net income	32,488	45,560
Unrealized (loss) income on investments	(759)	179
Comprehensive income	$ 31,729	$ 45,739
EARNINGS PER SHARE:
Basic (in dollars per share)	$ 0.56	$ 0.79
Diluted (in dollars per share)	$ 0.55	$ 0.78
Weighted average number of shares of common stock - basic (in shares)	57,819,060	57,309,938
Weighted average number of shares of common stock - diluted (in shares)	58,776,297	58,524,566

ACCRUED EXPENSES

3 Months Ended

Mar. 31, 2026

ACCRUED EXPENSES

ACCRUED EXPENSES

9. ACCRUED EXPENSES

Accrued expenses consisted of the following:


		As of
		March 31,		December 31,
		2026		2025
Royalties		$	41,906	$	65,819
Rebates and other sales deductions			77,448		76,304
Interest			1,910		2,151
Sales and marketing			4,915		3,153
Research and development			10,246		12,193
Legal and professional fees			11,797		29,999
Other expenses			1,885		1,420
		$	150,107	$	191,039

RELATED-PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 30, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
RELATED-PARTY TRANSACTIONS
General and administrative		$ 32,507	$ 31,243
Research and development		69,383	34,540
Related party
RELATED-PARTY TRANSACTIONS
General and administrative		73	$ 73
Related party \| Paragon
RELATED-PARTY TRANSACTIONS
Amounts due to related parties		0		$ 0
Amounts due from related parties		0		0
Related party \| CiRC
RELATED-PARTY TRANSACTIONS
Amounts due to related parties		0		0
Amounts due from related parties		$ 0		$ 0
Research and development	$ 15,000

- Definition

Amount of liabilities classified as other.

+ References

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2026

INTANGIBLE ASSETS

INTANGIBLE ASSETS

7. INTANGIBLE ASSETS

In August 2019, the Company received FDA approval of WAKIX for the treatment of EDS in adult patients with narcolepsy. This event triggered a milestone payment of $75,000 under the provisions of the 2017 LCA which the Company capitalized as an intangible asset. The Company determined a useful life of 10 years for the intangible asset, and, as of March 31, 2026, the remaining useful life was 3.5 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 March 31, 2026, the remaining useful life was 3.5 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 March 31, 2026, the remaining useful life was 3.5 years.

Amortization expense was $5,961 for each of the three months ended March 31, 2026, and 2025, respectively, and is recorded in general and administrative on the unaudited condensed consolidated statements of operations and comprehensive income.

The Company expects the future annual amortization expense for the unamortized intangible assets to be as follows:


Years ending December 31,
2026 (excluding the three months ended March 31, 2026)	$	17,884
2027		23,845
2028		23,845
2029		17,883
2030		—
Thereafter		—
Total	$	83,457

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


		As of
		March 31,		December 31,
		2026		2025
Gross Carrying Amount		$	215,000	$	215,000
Accumulated Amortization			(131,543)		(125,582)
Net Book Value		$	83,457	$	89,418

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

EARNINGS PER SHARE

EARNINGS PER SHARE

16. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding. Diluted net income per share of common 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, 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 per share:


		Three Months Ended March 31,
		2026			2025
Numerator
Net income		$	32,488		$	45,560
Denominator
Net income per share of common stock - basic		$	0.56		$	0.79
Net income per share of common stock- diluted		$	0.55		$	0.78
Weighted average number of shares of common stock - basic			57,819,060			57,309,938
Weighted average number of shares of common stock - diluted			58,776,297			58,524,566

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

The following table represents the shares of common stock excluded from the diluted earnings per share calculation because their effect would have been anti-dilutive:

STOCKHOLDERS' EQUITY (Details) $ in Thousands	3 Months Ended
STOCKHOLDERS' EQUITY (Details) $ in Thousands	Mar. 31, 2026 USD ($) Vote shares	Mar. 31, 2025 shares	Oct. 31, 2023 USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of votes for each common stock \| Vote	1
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 \| shares	0	0
Remaining authorized repurchase amount	$ 150,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

SEGMENT INFORMATION

Schedule of segment revenue and significant segment expenses



	Three Months Ended March 31,
	2026		2025
Net product revenue	$	215,387	$	184,733
Less:
Cost of product sold (a)		44,505		31,987
Research and development (b)		35,018		32,238
Sales and marketing (c)		29,899		27,967
General and administrative (d)		20,398		17,878
Depreciation and amortization		5,968		5,968
Stock-based compensation		10,308		12,450
Interest expense		3,234		3,836
Interest income		(5,757)		(5,044)
Income tax expense		7,199		11,617
Other segment items (e)		32,127		276
Consolidated net income	$	32,488	$	45,560

(a)

Cost of product sold excluding depreciation.

(b)

Research and development excluding stock-based compensation and IPR&D.

(c)

Sales and marketing excluding stock-based compensation.

(d)

General and administrative excluding stock-based compensation and amortization.

(e)

Other segment items include other expense, net and IPR&D charges.

ACCRUED EXPENSES (Tables)

3 Months Ended

Mar. 31, 2026

ACCRUED EXPENSES

Schedule of accrued expenses


		As of
		March 31,		December 31,
		2026		2025
Royalties		$	41,906	$	65,819
Rebates and other sales deductions			77,448		76,304
Interest			1,910		2,151
Sales and marketing			4,915		3,153
Research and development			10,246		12,193
Legal and professional fees			11,797		29,999
Other expenses			1,885		1,420
		$	150,107	$	191,039

LEASES - Future Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Years ending December 31,
2026 (excluding the three months ended March 31, 2026)	$ 1,236
2027	1,476
2028	1,406
2029	1,200
2030	1,215
Thereafter	311
Total lease payments	6,844
Less: imputed interest	(1,049)
Total lease liabilities	$ 5,795	$ 5,585

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

5. FAIR VALUE MEASUREMENTS

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 March 31, 2026, or December 31, 2025.

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


	March 31, 2026				December 31, 2025
		Total	Level 1	Level 2		Total	Level 1	Level 2
Assets
Cash equivalents	$	191,291	191,291	—	$	225,605	225,605	—
Commercial paper		12,920	—	12,920		8,371	—	8,371
Corporate debt securities		229,499	—	229,499		104,147	—	104,147
U.S. government securities		38,656	—	38,656		17,447	—	17,447
Total	$	472,366	191,291	281,075	$	355,570	225,605	129,965

- 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
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+ Details

ORGANIZATION AND DESCRIPTION OF BUSINESS

3 Months Ended

Mar. 31, 2026

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” or “Harmony”), 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, and Harmony Biosciences Management, Inc. 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 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 and cataplexy in pediatric patients six years and older in 2024 and 2026, respectively. 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 April 2024, we expanded into orexin science through a sublicense agreement with Bioprojet for an orexin 2 receptor agonist (“BP-205”) in preclinical development for narcolepsy and other potential indications. Under the sublicense agreement the Company obtained the exclusive right to develop, manufacture and commercialize BP-205 in the United States and Latin American territories, which are rights originally licensed from Teijin Pharma, the innovator of BP-205. 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.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 32,488	$ 45,560
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	7	7
Intangible amortization	5,961	5,961
Acquired in-process research & development (IPR&D) expense	32,000
Stock-based compensation	10,620	12,499
Stock appreciation rights market adjustment	(312)	(49)
Debt issuance costs amortization	151	166
Deferred taxes	(3,863)	(4,311)
Amortization of premiums and accretion of discounts on investment securities	(220)	(451)
Other non-cash expenses	560	467
Change in operating assets and liabilities:
Trade receivables	(11,435)	(22,936)
Inventory	76	814
Prepaid expenses and other assets	(2,996)	(1,999)
Trade payables	10,907	3,715
Other liabilities	(46,184)	(5,456)
Net cash provided by operating activities	27,760	33,987
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment securities	(178,995)	(19,132)
Proceeds from maturities and sales of investment securities	27,349	21,622
Purchase of property and equipment		(128)
Payment of upfront fee related to license agreements	(32,000)
Net cash (used in) provided by investing activities	(183,646)	2,362
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayment of long-term debt	(5,000)	(3,750)
Payments of employee withholding taxes related to stock-based awards	(2,565)	(1,308)
Proceeds from exercised options	347	4,706
Net cash used in financing activities	(7,218)	(352)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(163,104)	35,997
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH-Beginning of period	752,772	453,271
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH-End of period	589,668	489,268
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for interest	$ 3,324	$ 4,197

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	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount
Federal statutory rate	$ 8,334
State income taxes, net of federal tax effect	$ 516
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]	stpr:IL
Tax credits
Orphan drug credit	$ (1,262)
Research and development credit	(310)
Other nontaxable or nondeductible Items	(79)
Income Tax Expense (Benefit), Total	$ 7,199	$ 11,617
Effective Income Tax Rate Reconciliation, Percent
Federal statutory rate	21.00%	21.00%
State income taxes, net of federal tax effect	1.30%	1.10%
Tax credits
Orphan drug credit	(3.20%)
Research and development credit	(0.80%)
Other nontaxable or nondeductible items	(0.20%)
Effective tax rate	18.10%	20.30%

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
UNAUDITED CONDENSED 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	57,867,389	57,726,170
Common stock, shares outstanding	57,867,389	57,726,170

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Basis of Presentation

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.

other pricing sources. The Company did not classify any assets or liabilities as Level 3 as of March 31, 2026, or December 31, 2025.

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash


		As of
		March 31,		December 31,
		2026		2025
Cash and cash equivalents		$	589,398	$	752,502
Restricted cash included in other noncurrent assets			270		270
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows		$	589,668	$	752,772

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

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

Business Combinations

Business Combinations

Business combinations and asset acquisitions are accounted for in accordance with FASB ASC 805 Business Combinations.

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 32,488	$ 45,560

- Definition

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

+ References

+ Details

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

12. 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 March 31, 2026, 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, 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. Opening post-trial briefs were filed on April 9, 2026. Rebuttal briefs are due May 7, 2026, and reply briefs are due May 21, 2026.

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings	Total
Beginning balance at Dec. 31, 2024	$ 1	$ 656,872	$ 66	$ 2,216	$ 659,155
Beginning balance, shares at Dec. 31, 2024	57,144,887
Net Income (Loss)				45,560	45,560
Unrealized gain (loss) on investments			179		179
Restricted stock unit tax withholding, net of stock option exercises		3,132			3,132
Restricted stock unit tax withholding, net of stock option exercises, Shares	248,786
Stock-based compensation		12,499			12,499
Ending balance at Mar. 31, 2025	$ 1	672,503	245	47,776	720,525
Ending balance, shares at Mar. 31, 2025	57,393,673
Beginning balance at Dec. 31, 2025	$ 1	708,968	346	160,903	870,218
Beginning balance, shares at Dec. 31, 2025	57,726,170
Net Income (Loss)				32,488	32,488
Unrealized gain (loss) on investments			(759)		(759)
Restricted stock unit tax withholding, net of stock option exercises		(2,218)			(2,218)
Restricted stock unit tax withholding, net of stock option exercises, Shares	141,219
Stock-based compensation		10,620			10,620
Ending balance at Mar. 31, 2026	$ 1	$ 717,370	$ (413)	$ 193,391	$ 910,349
Ending balance, shares at Mar. 31, 2026	57,867,389

- 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

INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

INTANGIBLE ASSETS

Schedule of future annual amortization expense for unamortized intangible assets


Years ending December 31,
2026 (excluding the three months ended March 31, 2026)	$	17,884
2027		23,845
2028		23,845
2029		17,883
2030		—
Thereafter		—
Total	$	83,457

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


		As of
		March 31,		December 31,
		2026		2025
Gross Carrying Amount		$	215,000	$	215,000
Accumulated Amortization			(131,543)		(125,582)
Net Book Value		$	83,457	$	89,418

EARNINGS PER SHARE - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
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	8,892,703	7,752,451

DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
DEBT - Interest Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
DEBT
Interest on principal balance	$ 3,083	$ 3,670
Amortization of deferred financing costs	151	166
Total term loan interest expense	$ 3,234	$ 3,836

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	1
Net product revenue	$ 215,387	$ 184,733
Stock-based compensation	10,308	12,450
Interest expense	3,234	3,836
Interest income	(5,757)	(5,044)
Income tax expense	7,199	11,617
Net income	32,488	45,560
Rare Neurological Diseases Segment
Segment Reporting Information [Line Items]
Net product revenue	215,387	184,733
Cost of product sold	44,505	31,987
Research and development	35,018	32,238
Sales and marketing	29,899	27,967
General and administrative	20,398	17,878
Depreciation and amortization	5,968	5,968
Stock-based compensation	10,308	12,450
Interest expense	3,234	3,836
Interest income	(5,757)	(5,044)
Income tax expense	7,199	11,617
Other segment items	$ 32,127	$ 276
Segment Reporting, Other Segment Item, Composition, Description	Other segment items include other expense, net and IPR&D charges	Other segment items include other expense, net and IPR&D charges
Net income	$ 32,488	$ 45,560

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

SEGMENT INFORMATION

SEGMENT INFORMATION

15. 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 three months ended March 31, 2026, and 2025:



	Three Months Ended March 31,
	2026		2025
Net product revenue	$	215,387	$	184,733
Less:
Cost of product sold (a)		44,505		31,987
Research and development (b)		35,018		32,238
Sales and marketing (c)		29,899		27,967
General and administrative (d)		20,398		17,878
Depreciation and amortization		5,968		5,968
Stock-based compensation		10,308		12,450
Interest expense		3,234		3,836
Interest income		(5,757)		(5,044)
Income tax expense		7,199		11,617
Other segment items (e)		32,127		276
Consolidated net income	$	32,488	$	45,560

(a)

Cost of product sold excluding depreciation.

(b)

Research and development excluding stock-based compensation and IPR&D.

(c)

Sales and marketing excluding stock-based compensation.

(d)

General and administrative excluding stock-based compensation and amortization.

(e)

Other segment items include other expense, net and IPR&D charges.

- 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