0001564590-21-042897 | 10-Q | XBRL Viewer | Harmony Biosciences Holdings INC

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 05, 2021
Cover [Abstract]
Entity Registrant Name	HARMONY BIOSCIENCES HOLDINGS, INC.
Entity Central Index Key	0001802665
Entity Tax Identification Number	82-2279923
Entity File Number	001-39450
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Incorporation, State or Country Code	DE
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
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		57,008,474

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 159,686	$ 228,631
Trade receivables, net	31,196	22,176
Inventory, net	4,951	3,823
Prepaid expenses	7,322	6,959
Other current assets	1,559	1,302
Total current assets	204,714	262,891
NONCURRENT ASSETS:
Property and equipment, net	944	938
Restricted cash	750	750
Intangible assets, net	153,135	162,343
Other noncurrent assets	152	152
Total noncurrent assets	154,981	164,183
TOTAL ASSETS	359,695	427,074
CURRENT LIABILITIES:
Trade payables	2,006	2,556
Accrued compensation	6,043	8,942
Accrued expenses	26,653	122,727
Other current liabilities	1,893	314
Total current liabilities	36,595	134,539
NONCURRENT LIABILITIES:
Long term debt, net	195,610	194,250
Other noncurrent liabilities	939	1,105
Total noncurrent liabilities	196,549	195,355
TOTAL LIABILITIES	233,144	329,894
COMMITMENTS AND CONTINGENCIES (Note 9)
STOCKHOLDERS’ EQUITY:
Preferred stock - $0.00001 par value; 10,000,000 shares and 0 shares authorized at June 30, 2021 and December 31, 2020, respectively; 0 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively
Common stock—$0.00001 par value; 500,000,000 shares authorized at June 30, 2021 and December 31, 2020, respectively; 57,000,139 shares and 56,890,569 issued and outstanding at June 30, 2021 and December 31, 2020, respectively	1	1
Additional paid in capital	593,242	585,374
Accumulated deficit	(466,692)	(488,195)
TOTAL STOCKHOLDERS’ EQUITY	126,551	97,180
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 359,695	$ 427,074

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	57,000,139	56,890,569
Common stock, shares outstanding	57,000,139	56,890,569

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net product revenues	$ 73,821	$ 38,005	$ 133,495	$ 57,845
Cost of product sold	12,687	6,456	23,097	9,930
Gross profit	61,134	31,549	110,398	47,915
Operating expenses:
Research and development	6,498	4,169	11,177	7,600
Sales and marketing	17,022	12,443	32,529	25,697
General and administrative	14,302	7,628	28,848	15,772
Total operating expenses	37,822	24,240	72,554	49,069
Operating income (loss)	23,312	7,309	37,844	(1,154)
Loss on debt extinguishment				(22,639)
Other income (expense), net	4	(400)	(15)	(1,546)
Interest expense, net	(7,227)	(6,936)	(14,354)	(13,308)
Income (loss) before income taxes	16,089	(27)	23,475	(38,647)
Income taxes	(1,972)		(1,972)
Net income (loss) and comprehensive income (loss)	14,117	(27)	21,503	(38,647)
Accumulation of dividends on preferred stock		(10,446)		(20,891)
Net income (loss) available to common stockholders	$ 14,117	$ (10,473)	$ 21,503	$ (59,538)
EARNINGS (LOSS) PER SHARE:
Basic	$ 0.25	$ (1.34)	$ 0.38	$ (7.63)
Diluted	$ 0.24	$ (1.34)	$ 0.37	$ (7.63)
Weighted average number of shares of common stock - basic	56,940,840	7,805,848	56,916,282	7,798,928
Weighted average number of shares of common stock - diluted	58,592,876	7,805,848	58,635,195	7,798,928

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock	Series B Convertible Preferred Stock	Series C Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Series A Convertible Preferred Stock	Accumulated Deficit	Accumulated Deficit Series A Convertible Preferred Stock	Accumulated Deficit Series B Convertible Preferred Stock	Accumulated Deficit Series C Convertible Preferred Stock
Beginning balance at Dec. 31, 2019	$ (422,862)							$ (422,862)
Convertible Preferred Stock, beginning balance, Shares at Dec. 31, 2019	318,510,205
Convertible Preferred Stock, beginning balance at Dec. 31, 2019	$ 411,275
Beginning balance, shares at Dec. 31, 2019					7,787,470
Net income (loss)	(38,647)							(38,647)
Preferred stock dividend		$ (17,688)	$ (604)	$ (2,599)			$ (1,048)		$ (16,640)	$ (604)	$ (2,599)
Preferred stock accretion		(1,551)	(12)	(280)					(1,551)	(12)	(280)
Temporary equity, Preferred stock dividend		17,688	604	2,599
Temporary equity, Preferred stock accretion		$ 1,551	$ 12	$ 280
Exercise of stock options	251					$ 251
Exercise of stock options, Shares					30,553
Stock-based compensation	797					797
Repurchase and cancellation of common units	(167)							(167)
Repurchase and cancellation of common shares, Shares					(12,175)
Ending balance at Jun. 30, 2020	$ (483,362)							(483,362)
Convertible Preferred Stock, Ending balance, Shares at Jun. 30, 2020	318,510,205	285,000,000	8,000,000	25,510,205
Convertible Preferred Stock, ending balance at Jun. 30, 2020	$ 434,009
Ending balance, shares at Jun. 30, 2020					7,805,848
Beginning balance at Mar. 31, 2020	$ (472,330)							(472,330)
Convertible Preferred Stock, beginning balance, Shares at Mar. 31, 2020	318,510,205
Convertible Preferred Stock, beginning balance at Mar. 31, 2020	$ 422,642
Beginning balance, shares at Mar. 31, 2020					7,805,848
Net income (loss)	(27)							(27)
Preferred stock dividend		$ (8,844)	$ (302)	$ (1,300)			$ (529)		(8,315)	(302)	(1,300)
Preferred stock accretion		(775)	(6)	(140)					$ (775)	$ (6)	$ (140)
Temporary equity, Preferred stock dividend		8,844	302	1,300
Temporary equity, Preferred stock accretion		$ 775	$ 6	$ 140
Exercise of stock options	100					100
Exercise of stock options, Shares					12,175
Stock-based compensation	429					429
Repurchase and cancellation of common units	(167)							(167)
Repurchase and cancellation of common shares, Shares					(12,175)
Ending balance at Jun. 30, 2020	$ (483,362)							(483,362)
Convertible Preferred Stock, Ending balance, Shares at Jun. 30, 2020	318,510,205	285,000,000	8,000,000	25,510,205
Convertible Preferred Stock, ending balance at Jun. 30, 2020	$ 434,009
Ending balance, shares at Jun. 30, 2020					7,805,848
Beginning balance at Dec. 31, 2020	97,180				$ 1	585,374		(488,195)
Beginning balance, shares at Dec. 31, 2020					56,890,569
Net income (loss)	21,503							21,503
Exercise of stock options	$ 660					660
Exercise of stock options, Shares	124,461				109,570
Stock-based compensation	$ 7,208					7,208
Ending balance at Jun. 30, 2021	126,551				$ 1	593,242		(466,692)
Ending balance, shares at Jun. 30, 2021					57,000,139
Beginning balance at Mar. 31, 2021	107,879				$ 1	588,687		(480,809)
Beginning balance, shares at Mar. 31, 2021					56,892,406
Net income (loss)	14,117							14,117
Exercise of stock options	648					648
Exercise of stock options, Shares					107,733
Stock-based compensation	3,907					3,907
Ending balance at Jun. 30, 2021	$ 126,551				$ 1	$ 593,242		$ (466,692)
Ending balance, shares at Jun. 30, 2021					57,000,139

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 21,503	$ (38,647)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	200	194
Intangible amortization	9,208	3,693
Stock-based and employee stock purchase compensation expense	7,208	797
Stock appreciation rights market adjustment	(130)	139
Warrant expense		1,584
Debt issuance costs amortization	1,361	680
Loss on debt extinguishment		22,639
Change in operating assets and liabilities:
Trade receivables	(9,019)	(10,984)
Inventory	(1,128)	(995)
Prepaid expenses and other assets	(622)	(2,987)
Other non-current assets		789
Trade payables	(550)	(4,287)
Accrued expenses and other current liabilities	2,606	5,456
Other non-current liabilities	(37)	59
Net cash provided by (used in) operating activities	30,600	(21,870)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(205)	(2)
Milestone and acquisition of intangible asset	(100,000)
Net cash used in investing activities	(100,205)	(2)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long term debt		200,000
Debt issuance costs		(5,804)
Extinguishment of debt		(102,538)
Extinguishment of debt exit fees		(18,047)
Proceeds from exercised options	660	251
Repurchase of common stock		(167)
Net cash provided by financing activities	660	73,695
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(68,945)	51,823
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period	229,381	25,207
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period	160,436	77,030
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for interest	13,092	12,698
Cash paid during the year for milestones	$ 100,000
Supplemental Disclosures of Noncash Investing and Financing Activities:
Warrant financing		2,359
Series A Convertible Preferred Stock
Supplemental Disclosures of Noncash Investing and Financing Activities:
Preferred Stock accrued return		17,688
Accretion of issuance costs		1,551
Series B Convertible Preferred Stock
Supplemental Disclosures of Noncash Investing and Financing Activities:
Preferred Stock accrued return		604
Accretion of issuance costs		12
Series C Convertible Preferred Stock
Supplemental Disclosures of Noncash Investing and Financing Activities:
Preferred Stock accrued return		2,599
Accretion of issuance costs		$ 280

Organization and Description of Business

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Description of Business

1. ORGANIZATION AND DESCRIPTION OF BUSINESS

The Company

Our operating subsidiary, Harmony Biosciences, LLC (“Harmony”), was formed on May 17, 2017. Harmony Biosciences Holdings, Inc. (the “Company”) was founded on July 25, 2017 as Harmony Biosciences II, LLC, a Delaware limited liability company, and the Company converted to a Delaware corporation named Harmony Biosciences II, Inc. on September 19, 2017. On February 3, 2020, the Company changed its name to Harmony Biosciences Holdings, Inc. The Company is a holding company and has no operations. The Company’s operations are conducted in its wholly owned subsidiary, Harmony. The Company is a commercial-stage, rare disease pharmaceutical company focused on developing and commercializing innovative therapies for patients living with rare neurological disorders who have unmet medical needs. The Company is headquartered in Plymouth Meeting, Pennsylvania.

Initial Public Offering

On August 21, 2020, the Company completed its initial public offering (“IPO”) of common stock, in which it sold 6,151,162 shares, including 802,325 shares pursuant to the underwriters’ over-allotment option. The shares began trading on the Nasdaq Global Market on August 19, 2020. The shares were sold at an IPO price of $24.00 per share for net proceeds of approximately $135,435, after deducting underwriting discounts and commissions and offering expenses of approximately $12,193 payable by the Company. Upon the closing of the IPO, all outstanding shares of the Company’s convertible preferred stock were automatically converted into shares of common stock and the accrued dividend payable to holders of the convertible preferred stock was paid out in shares of common stock, resulting in a total of 42,926,630 shares of common stock being issued to former holders of the Company’s convertible preferred stock. Warrants exercisable for convertible preferred stock were automatically converted into warrants exercisable for a total of 410,239 shares of common stock.

Reverse Stock Split

On August 11, 2020, the Company implemented a 1-for-8.215 reverse stock split of the Company’s common stock. All share and per share data shown in the accompanying financial statements and related notes have been retroactively revised to reflect the reverse stock split. Shares of common stock underlying outstanding stock options and other equity instruments were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities. Shares of common stock reserved for issuance upon the conversion of the Company’s Preferred Stock and preferred dividend were proportionately reduced. All references in the accompanying condensed consolidated financial statements and related notes to the number of shares of common stock, convertible preferred stock, warrants and options to purchase common stock and per share data reflect the effect of the reverse stock split.

Liquidity and Capital Resources

6 Months Ended

Jun. 30, 2021

Liquidity And Capital Resources [Abstract]

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 has an accumulated deficit of $466,692 and $488,195, as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, the Company had cash and cash equivalents of $159,686.

On August 21, 2020, the Company received aggregate proceeds from a common stock offering of approximately $135,435, net of underwriting discounts and commissions and other estimated offering expenses (see Note 11). Additionally, on January 9, 2020, the Company received aggregate proceeds of approximately $200,000 through the loan agreement with OrbiMed Royalty & Credit Opportunities, LP. This capital raise and debt issuance has resolved the Company’s significant risks and uncertainties regarding sources of liquidity, which previously raised substantial doubt about the Company’s ability to continue as a going concern.

The Company believes that its anticipated cash from operating and financing activities and existing cash and cash equivalents will enable the Company to meet its operational liquidity needs and fund its planned investing activities for the next twelve months from the date of issuance of these unaudited condensed consolidated financial statements.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

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 condensed consolidated balance sheet as of June 30, 2021, the condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020, and the condensed consolidated statements of operations and comprehensive income (loss) and the condensed consolidated statements of convertible preferred stock and shareholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020, are unaudited. The balance sheet as of December 31, 2020 was derived from audited financial statements as of and for the year ended December 31, 2020. 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, 2020, 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 June 30, 2021, and the results of its operations and its cash flows for the three and six months ended June 30, 2021 and 2020. The condensed consolidated results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and note disclosures of the Company normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted under the SEC’s rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto for the year ended December 31, 2020.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the Condensed Consolidated Financial Statements, including the notes thereto, and elsewhere in this report. Uncertainties related to the magnitude and duration of COVID-19, the extent to which it will impact our estimated future financial results, worldwide macroeconomic conditions including interest rates, employment rates, consumer spending and health insurance coverage, the speed of the anticipated recovery and governmental and business reactions to the pandemic have increased the complexity of developing these estimates, including the carrying amounts of long-lived assets, and the intangible asset. Actual results may differ significantly from our estimates, including as a result of COVID-19.

Fair Value of Financial Instruments

The Company’s unaudited condensed consolidated financial statements include cash, cash equivalents, restricted cash, accounts payable, and accrued liabilities, all of which are short term in nature and, accordingly, approximate fair value. Additionally, prior to the IPO, the Company’s condensed consolidated financial statements included a warrant liability that was carried at fair value and was re-measured at each balance sheet date until it would be exercised or expired. In connection with the IPO, the Warrants were re-evaluated under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480 Distinguishing Liabilities from Equity and reclassified to equity. See Note 13 for a further discussion of the warrants.

It is the Company’s policy, in general, to measure non-financial assets and liabilities at fair value on a nonrecurring basis. The instruments 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 in accordance with ASC 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (the exit price) in an orderly transaction between market participants at the measurement date. The guidance in ASC 820 outlines a valuation framework and creates a fair value hierarchy that serves to increase the consistency and comparability of fair value measurements and the related disclosures. In determining fair value, the Company maximizes the use of quoted prices and observable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. The fair value hierarchy is broken down into three levels based on the source of inputs as follows:

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

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

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

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents and restricted cash consist of cash and, if applicable, highly liquid investments with an original maturity of three months or less when purchased, including investments in Money Market Funds. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that equal the amount reflected in the statements of cash flows.

	As of
	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	159,686	$	228,631
Restricted cash		750		750
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$	160,436	$	229,381

Amounts included in restricted cash represent those 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.

Concentrations of Risk

Substantially all of the Company’s cash and money market funds are held with a single financial institution. Due to its size, the Company believes this financial institution represents minimal credit risk. Deposits in this institution may exceed the amount of insurance provided on such deposits by the Federal Deposit Insurance Corporation for U.S. institutions. The Company has not experienced any losses on its deposits of cash and cash equivalents. Management believes that the Company 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 also subject to credit risk from its trade receivables related to its product sales. The Company monitors its exposure within accounts receivable and records a reserve against uncollectible accounts receivable as necessary. 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. As of June 30, 2021, three customers accounted for 100% of gross accounts receivable; Caremark LLC (“CVS Caremark”), which accounted for 35% of gross accounts receivable; PANTHERx Specialty Pharmacy LLC (“Pantherx”), which accounted for 35% of gross accounts receivable; and Accredo Health Group, Inc. (“Accredo”), which accounted for 30% of gross accounts receivable. As of December 31, 2020, three customers accounted for 100% of gross accounts receivable; CVS Caremark, which accounted for 44% of gross accounts receivable; Pantherx, which accounted for 23% of gross accounts receivable; and Accredo, which accounted for 33% of gross accounts receivable.

For the six months ended June 30, 2021, three customers accounted for 100% of gross product revenues; CVS Caremark accounted for 37% of gross product revenues; Pantherx accounted for 35% of gross product

revenues; and Accredo accounted for 28% of gross product revenues. For the six months ended June 30, 2020 three customers accounted for 100% of gross product revenues; CVS Caremark accounted for 42% of gross product revenues; Pantherx accounted for 33% of gross product revenues; and Accredo accounted for 25% of gross product revenues.

The Company depends on a single source supplier for its product and active pharmaceutical ingredient.

Cost of Product Sold

Cost of product sold includes manufacturing and distribution costs, the cost of drug substance, FDA program fees, royalties due to third parties on net product sales, freight, shipping, handling, storage costs, and salaries of employees involved with production. The Company began capitalizing inventory upon FDA approval of WAKIX^® . Excluded from cost of product sold shown and included in general and administrative expenses on the condensed consolidated statements of operations and comprehensive loss is amortization of acquired developed technology of $4,629 and $1,907 for the three months ended June 30, 2021 and 2020, respectively, and $9,208 and $3,693 for the six months ended June 30, 2021 and 2020, respectively.

Recently Issued Accounting Pronouncements

In February 2016, the FASB issued amended guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities in the balance sheet and disclosing key information about leasing arrangements. The new guidance clarifies the criteria for distinguishing between a finance lease and operating lease, as well as classification between the two types of leases, which is substantially unchanged from the previous lease guidance. Further, the new guidance requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset, initially measured at the present value of the lease payments. For finance leases, a lessee should recognize interest on the lease liability separately from amortization of the right-of-use asset. For operating leases, a lessee should recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. The new standard will become effective for the Company’s fiscal year ending December 31, 2021. The Company is currently assessing the impact of this amended guidance and the timing of adoption.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU No. 2016-13 introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022 for companies deemed to be small reporting companies as of November 15, 2019, with early adoption permitted. The Company is currently evaluating the potential impact of adoption of this standard on its results of operations, financial position and cash flows and related disclosures.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in the existing guidance for income taxes and making other minor improvements. The amendments are effective for annual reporting periods beginning after December 15, 2020 with early adoption permitted. The Company is currently evaluating the impact of adopting this new accounting guidance.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), which provides guidance related to reference rate reform. The pronouncement provides temporary optional expedients and exceptions to the current guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. The Company is currently evaluating the impact of the transition from LIBOR to alternative reference rates but does not expect a significant impact to its condensed consolidated financial statements.

In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain

Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force), which clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments are effective for annual periods beginning after December 15, 2021, including interim periods within those periods with early adoption permitted. The Company is currently evaluating the impact of adopting this new accounting guidance.

Inventory

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventory

4. INVENTORY

Inventory, net consisted of the following:

	As of
	June 30, 2021			December 31, 2020
Raw materials	$	712		$	396
Work in process		2,361			2,660
Finished goods		2,013			941
Inventory, gross		5,086			3,997
Reserve for obsolescence		(135	)		(174	)
Total inventory, net	$	4,951		$	3,823

Intangible Assets

6 Months Ended

Jun. 30, 2021

Intangible Assets Net Excluding Goodwill [Abstract]

Intangible Assets

5. INTANGIBLE ASSETS

On August 15, 2019, the Company received FDA approval of WAKIX (pitolisant) for the treatment of excessive daytime sleepiness (“EDS”) in adult patients with narcolepsy. This event triggered a milestone payment of $75,000 associated with the License Agreement (discussed below) which the Company capitalized as an intangible asset and paid in November of 2019. The Company determined a useful life of 10 years for such intangible asset, and, as of June 30, 2021, the remaining useful life was 8.25 years. Prior to this event, all other milestones associated with the License Agreement were expensed through research and development as they did not meet the criteria to be recognized as an intangible asset.

On October 13, 2020, the Company received notice that the FDA approved 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 associated with the License Agreement which the Company capitalized as an intangible asset and paid in January of 2021. The Company determined a useful life of 9 years for such intangible asset, and, as of June 30, 2021, the remaining useful life was 8.25 years. Amortization expense was $4,629 and $1,907 for the three months ended June 30, 2021 and 2020, respectively, and $9,208, and $3,693, for the six months ended June 30, 2021 and 2020 respectively, and is recorded in general and administrative expenses on the condensed consolidated statements of operations and comprehensive income (loss).

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

Years ending December 31,
2021 (excluding the six months ended June 30, 2021)	$	9,285
2022		18,569
2023		18,569
2024		18,569
2025		18,569
Total	$	83,561

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

	As of
	June 30, 2021			December 31, 2020
Gross Carrying Amount	$	175,000		$	175,000
Accumulated Amortization		(21,865	)		(12,657	)
Net Book Value	$	153,135		$	162,343

License Agreement

6 Months Ended

Jun. 30, 2021

License Agreement [Abstract]

License Agreement

6. LICENSE AGREEMENT

On July 28, 2017, Harmony entered into the License Agreement (“the License Agreement”) with Bioprojet Société Civile de Recherche (“Bioprojet”) whereby Harmony acquired the exclusive right to commercialize the pharmaceutical compound pitolisant for the treatment, and/or prevention, of narcolepsy, obstructive sleep apnea, idiopathic hypersomnia, and Parkinson’s disease as well as any other indications unanimously agreed by the parties in the United States and its territories. A milestone payment of $50,000 was due upon acceptance by the FDA of pitolisant’s NDA, which was achieved on February 12, 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 on August 14, 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. An additional $40,000 milestone payment is due to Bioprojet upon WAKIX attaining $500,000 in aggregate net sales in the United States. The License Agreement also requires sales-based milestone payments, a fixed trademark royalty and a tiered royalty, all based on net sales, which become due and payable to Bioprojet on a quarterly basis. The Company incurred $11,812 and $6,000 for the three months ended June 30, 2021 and 2020, respectively, and $21,359 and $9,277 for the six months ended June 30, 2021 and 2020, respectively, for sales-based, trademark and tiered royalties recognized as cost of product sold. As of June 30, 2021 and December 31, 2020, the Company had accrued $11,811 and $9,006, respectively, for sales-based, trademark and tiered royalties. At December 31, 2020, the Company had accrued $100,000 for the milestone payment to Bioprojet.

Accrued Expenses

6 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Accrued Expenses

7. ACCRUED EXPENSES

Accrued expenses consist of the following:

	As of
	June 30, 2021		December 31, 2020
Royalties due to third parties		11,811		9,006
Rebates and other sales deductions		10,173		7,803
Selling and marketing		1,472		1,905
Research and development		1,280		2,186
Professional fees, consulting, and other services		1,067		1,081
Other expenses		850		746
Milestone payment		—		100,000
	$	26,653	$	122,727

Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

8. DEBT

Credit Agreements

On February 28, 2019, the Company entered into a multi-draw loan agreement with CRG Servicing LLC for an aggregate of $200,000 (the “CRG Loan”), which would have matured in March 2025. The CRG Loan bore a fixed rate of 12%. The CRG Loan required compliance with certain financial covenants. The Company could draw three tranches of the CRG Loan based on achieving specific milestones and dates. The Company could elect to pay the interest on the outstanding principal amount as follows: (i) only 7.5% of the 12% per annum in cash, paid quarterly, starting in March 2019, and (ii) 4.5% of the 12% per annum interest as compounded interest, added to the aggregate outstanding principal balance quarterly; the amount of any such compounded interest being a paid-in-kind loan.

As of December 31, 2019, the Company had borrowed $100,000, resulting in cash proceeds received of $94,816, net of issuance costs. The issuance costs of $5,184 were being amortized over the six-year loan term of the CRG Loan.

On January 9, 2020, the Company entered into a credit agreement with OrbiMed Royalty & Credit Opportunities, LP for an aggregate amount of $200,000 (the “OrbiMed Loan”), which matures in January 2026. Borrowings under the OrbiMed Loan are collateralized by all of the Company’s assets, excluding the intellectual property licensed through the License Agreement. The OrbiMed Loan bears an interest rate equal to the sum of (i) the greater of (a) 1-month LIBOR or (b) 2.00% per annum, plus (ii) 11.00% per annum, paid in cash monthly in arrears on the last day of each month starting in January 2020. At the time of prepayment or repayment of all or any portion of the principal of the OrbiMed Loan, the Company is required to pay an exit fee of 7.0% of the principal amount of the OrbiMed Loan prepaid, repaid, or required to be prepaid or repaid. The Company recorded the exit fee as a liability and debt discount at the origination of the term loan.

In addition to entering into the OrbiMed Loan, the Company extinguished the CRG Loan which required a payoff amount of $120,893 consisting of principal repayment, interest, and exit fees. In connection with extinguishment of the CRG Loan, the Company recognized a loss on extinguishment of $22,639, which included an exit fee of $18,047 and the write-off of the remaining unamortized debt issuance costs of $4,592. The loss on extinguishment of debt was recorded in loss on debt extinguishment within the Company’s condensed consolidated statements of operations. The net cash received as a result of the transaction, less debt issuance costs of $5,804, was $73,313. These debt issuance costs will be amortized as additional interest expense over the six-year loan term of the OrbiMed Loan. The fair value of the OrbiMed loan as of June 30, 2021 was $257,568.

In connection with the OrbiMed Loan, the Company issued warrants (the “Warrants”) to OrbiMed Royalty & Credit Opportunities, LP on January 9, 2020. See Note 13 for further discussion of the Warrants. Pursuant to the Warrants, OrbiMed Royalty & Credit Opportunities, LP, may purchase up to 410,239 shares of the Company’s Common Stock for an initial exercise price of $16.10 at any time from the date of execution of the Warrants through the expiration date, defined within the Warrants as the earlier of (i) January 9, 2027 and (ii) the closing date of a Corporate Reorganization. The fair value of the Warrants using the Black-Scholes option-pricing model was $2,359 at January 9, 2020. The portion of the OrbiMed Loan proceeds allocated to the warrant liability resulted in a debt discount, which is presented in the condensed consolidated balance sheets as a direct deduction from the carrying value of the debt and is being amortized as additional interest expense over the six-year loan term of the OrbiMed Loan. The unamortized debt discount as of June 30, 2021 is $1,957 and is presented in the condensed consolidated balance sheets as a direct deduction from the carrying value of the debt.

The balances of the OrbiMed Loan as of June 30, 2021 and December 31, 2020 were as follows:

	June 30, 2021			December 31, 2020
Liability component - principal	$	200,000		$	200,000
Exit fee		14,000			14,000
Unamortized debt discount associated with the exit fee, debt financing costs and discount with warrant financing		(18,390	)		(19,750	)
Liability component - net carrying value	$	195,610		$	194,250

Interest expense related to the OrbiMed Loan and CRG Loan were included in interest expense, net in the condensed consolidated statements of operations and comprehensive income (loss) as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
		2021		2020		2021		2020
Interest on principal balance	$	6,582	$	6,681	$	13,092	$	12,894
Amortization of deferred financing costs		697		340		1,361		680
Total term loan interest expense	$	7,279	$	7,021	$	14,453	$	13,574

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. COMMITMENTS AND CONTINGENCIES

Litigation

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.

Lease Agreements

In April 2018, the Company entered into an operating lease for approximately nine thousand square feet of office space in Northbrook, IL, which expired in January 2020.

In June 2018, the Company entered into an operating lease for approximately fifteen thousand square feet of office space in Plymouth Meeting, PA, which expires in May 2024.

In December 2020, the Company entered into an operating lease for approximately thirteen thousand square feet of additional office space in Plymouth Meeting, PA, which expires in May 2024. The term will not commence until the Company takes occupancy in mid-2021.

The terms of the lease payments provide for rental payments on a monthly basis and on a graduated scale. The Company recognizes rent expense on a straight-line basis over the lease period and has accrued for rent expense incurred but not paid. In addition, tenant improvement allowances recorded are amortized as a reduction to rent expense on a straight-line basis over the lease term. Rent expense was $217 and $353 for the three and six months ended June 30, 2021, respectively, compared to $151 and $355 for the three and six months ended June 30, 2020, respectively. The following table sets forth the lease payment obligations as of June 30, 2021, for the periods indicated below:

Years ending December 31,
2021 (excluding the six months ended June 30, 2021)	$	267
2022		875
2023		892
2024		334
2025		—
Thereafter		—
Total	$	2,368

Convertible Preferred Stock

6 Months Ended

Jun. 30, 2021

Stockholders Equity Note [Abstract]

Convertible Preferred Stock

10. CONVERTIBLE PREFERRED STOCK

Upon the closing of the IPO, all outstanding shares of the Company’s convertible preferred stock were automatically converted into shares of common stock and the accrued dividend payable to holders of the convertible preferred stock was paid out in shares of common stock, resulting in a total of 42,926,630 shares of common stock being issued to former holders of the Company’s convertible preferred stock.

Series A Preferred Stock

On September 22, 2017, the Company issued 270,000,000 shares of Series A convertible preferred stock for a purchase price of $1.00 per share, or $270,000 in the aggregate. On January 8, 2018, the Company issued an additional 15,000,000 shares of Series A convertible preferred stock for a purchase price of $1.00 per share, or $15,000 in the aggregate. As of June 30, 2020, there were 286,000,000 Series A convertible preferred stock authorized of which 285,000,000 were issued and outstanding. Each outstanding share of Series A convertible preferred stock accrued dividends at 10% per annum of the Series A original issue price, subject to adjustment for stock splits, combinations, recapitalizations, stock dividends and similar transactions. Preferred dividends on the Series A convertible preferred stock were cumulative and were compounded annually.

Series B Preferred Stock

On January 8, 2018, the Company issued 8,000,000 shares of Series B convertible preferred stock for a purchase price of $1.25 per share, or $10,000 in the aggregate. As of June 30, 2020, there were 8,030,000 shares of Series B convertible preferred stock authorized, of which 8,000,000 were issued and outstanding. Each

outstanding share of Series B convertible preferred stock accrued dividends at 10% per annum of the Series B original issue price, subject to adjustment for stock splits, combinations, recapitalizations, stock dividends and similar transactions. Preferred dividends on the Series B convertible preferred stock were cumulative and were compounded annually.

Series C Preferred Stock

On August 9, 2019, the Company issued 25,510,205 shares of Series C convertible preferred stock for a purchase price of $1.96 per share, or $50,000 in the aggregate. As June 30, 2020, there were 25,600,000 shares of Series C convertible preferred stock authorized, of which 25,510,205 were issued and outstanding. Each outstanding share of Series C convertible preferred stock accrued dividends at 10% per annum of the Series C original issue price, subject to adjustment for stock splits, combinations, recapitalizations, stock dividends and similar transactions. Preferred dividends on the Series C convertible preferred stock were cumulative and were compounded annually.

Dividends

The holders of Series A, Series B, and Series C convertible preferred stock were entitled to receive, when and if declared by the board of directors of the Company, cumulative dividends equal to a 10% per annum of Series A, Series B, and Series C convertible preferred stock. In addition, the holders of the outstanding shares of Series A, Series B, and Series C convertible preferred stock were entitled to receive, when and if declared by the board of directors of the Company, a dividend at least equal to any dividend payable on the Company’s common stock as if all convertible preferred stock had been converted to common stock. No dividends were declared as of December 31, 2019. As part of the Company’s IPO, the Company’s accrued cumulative dividend was paid out to holders of Series A, Series B, and Series C convertible preferred stock in shares of the Company’s common stock and reflects the reverse stock split in connection with the mandatory conversion of the Series A, Series B, and Series C convertible preferred stock into shares of the Company’s common stock.

Stockholders' Equity (Deficit)

6 Months Ended

Jun. 30, 2021

Stockholders Equity Note [Abstract]

Stockholders' Equity (Deficit)

11. STOCKHOLDERS’ EQUITY (DEFICIT)

Common Stock

On August 11, 2020, the Company implemented a 1-for-8.215 reverse stock split of the Company’s common stock. All share and per share data shown in the accompanying financial statements and related notes have been retroactively revised to reflect the reverse stock split with the exception of the preferred stock. Shares of common stock underlying outstanding stock options and other equity instruments were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities. Shares of common stock reserved for issuance upon the conversion of the Company’s Preferred Stock were proportionately reduced. As of August 11, 2020, all outstanding shares of preferred stock and preferred stock dividend were convertible into shares of common stock on a 1-for-8.215 basis. On August 21, 2020, the Company completed its IPO of common stock, in which it sold 6,151,162 shares, including 802,325 shares pursuant to the underwriters’ over-allotment option. The shares began trading on the Nasdaq Global Market on August 19, 2020. The shares were sold at an IPO price of $24.00 per share for net proceeds of approximately $135,435, after deducting underwriting discounts and commissions and offering expenses of approximately $12,193 incurred by the Company.

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

Stock Incentive Plan and Stock-based Compensation

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Incentive Plan and Stock-based Compensation

12. STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION

Stock Incentive Plan

On August 7, 2017, the Company adopted an equity incentive plan (the “2017 Plan”). Under the 2017 Plan, directors, officers, employees, consultants, and advisors of the Company can be paid incentive compensation measured by the value of the Company’s common shares through grants of stock options, stock appreciation rights (“SARs”), or restricted stock.

In connection with the Company’s IPO, the board of directors 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. Upon the effectiveness of the 2020 Plan, no further grants 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. The 2020 Plan provides for the grant of stock options, including incentive stock options (“ISOs”) and non-qualified stock options (“NSOs”), SARs, restricted stock, dividend equivalents, restricted stock units (“RSUs”) and other stock or cash-based awards.

Stock options and stock appreciation rights under the 2017 Plan and 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).

Changes in stock options granted under the 2017 and 2020 Plans for the six months ended June 30, 2021 is as follows:

	Number of Awards			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term
Awards outstanding—December 31, 2020		5,210,832		$	17.66		8.63
Awards issued		1,298,690		$	34.90
Awards exercised		(124,461	)	$	8.22
Awards forfeited		(301,278	)	$	21.81
Awards outstanding—June 30, 2021		6,083,783		$	21.32		8.47

Changes in SARs granted under the 2017 Plan for the three months ended June 30, 2021 is as follows:

	Number of Awards		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term
Awards outstanding—December 31, 2020		49,294	$	9.24		8.29
Awards issued		—	$	—
Awards exercised		—	$	—
Awards forfeited		—	$	—
Awards outstanding—June 30, 2021		49,294	$	9.24		7.79

Changes in RSUs granted under the 2020 Plan for the three months ended June 30, 2021 is as follows:

	Number of Awards		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term
Awards outstanding—December 31, 2020		—	$	—		—
Awards issued		60,000	$	29.03
Awards exercised		—	$	—
Awards forfeited		—	$	—
Awards outstanding—June 30, 2021		60,000	$	29.03		9.75

As of June 30, 2021 and December 31, 2020, stock awards issued under the 2017 and 2020 Plans of 1,074,133 and 987,538 common shares, respectively, were vested. The Company has elected early adoption of ASU No. 2016-09 to recognize forfeitures as they occur. As a result of the adoption, for the six months ended June 30, 2020 the Company reversed $10 out of stock-based compensation previously recorded.

Value of Stock Options and SARs

The Company has valued awards for each of the plans included herein using the Black-Scholes option-pricing model. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, the Company estimates its 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. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

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

	As of
	June 30, 2021			December 31, 2020
Dividend yield		0.00	%		0.00	%
Expected volatility		60.00	%	55.00 - 95.80		%
Risk-free interest rate	0.66 - 1.19		%	0.32 - 0.56		%
Lack of marketability discount		0.00	%	0.00 - 20.48		%
Expected term (years)	4.6 - 6.3			5.4 - 6.5

Value of RSUs

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

The weighted average per share fair value of awards issued under the 2017 Plan and 2020 Plan was $12.24 and $10.06 on June 30, 2021 and December 31, 2020, respectively.

Stock-based compensation expense, net for the three and six months ended June 30, 2021 and 2020, respectively, was recorded in the condensed consolidated statements of operations and comprehensive income (loss) in the following line items:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Research and development expense	$	549	$	89	$	969	$	169
Sales and marketing expense		777		111		1,396		219
General and administrative expense		2,481		261		4,693		548
	$	3,807	$	461	$	7,058	$	936

Options and RSUs issued under the 2017 Plan and 2020 Plan are reflected as a component of equity in these condensed consolidated financial statements. Stock appreciation rights are reflected as other non-current liability. The Company will recognize compensation expense for these awards as summarized in the following table.

Years Ending December 31,	Stock Compensation Expense
2021 (excluding the six months ended June 30, 2021)	$	9,584
2022		17,682
2023		16,695
2024		15,716
2025		6,046

Employee Stock Purchase Plan

The 2021 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. It is intended that the ESPP meet the requirements for an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. For the three and six months ended June 30, 2021, there were no shares issued under the ESPP, respectively. The discount on the ESPP for the three and six months ended June 30, 2021 is nominal.

Warrants

6 Months Ended

Jun. 30, 2021

Warrants And Rights Note Disclosure [Abstract]

Warrants

13. WARRANTS

In connection with the OrbiMed Loan, the Company issued Warrants to OrbiMed Royalty & Credit Opportunities, LP on January 9, 2020. Pursuant to the Warrants, OrbiMed Royalty & Credit Opportunities, LP, may purchase up to 410,239 shares of the Company’s Common Stock for an initial exercise price of $16.10 at any time from the date of execution of the Warrants through the expiration date, defined within the Warrants as the earlier of (i) January 9, 2027 and (ii) the closing date of a Corporate Reorganization. The fair value of the Warrants using the Black-Scholes option-pricing model was $2,359 on January 9, 2020 and was initially recorded as a warrant liability which was included in warrant liability in the condensed consolidated balance sheet. The portion of the OrbiMed Loan proceeds allocated to the warrant liability resulted in a debt discount, which is presented in the condensed consolidated balance sheets as a direct deduction from the carrying value of the debt and is being amortized as additional interest expense over the six-year loan term of the OrbiMed Loan. The unamortized debt discount as of June 30, 2021 and December 31, 2020 was $1,957 and $2,102, respectively, and is presented in the condensed consolidated balance sheet as a direct deduction from the carrying value of the debt. During the three and six months ended June 30, 2020, a loss of $438 and $1,584 was recorded in other expense in the condensed consolidated statements of operations due to the change in the fair value of the warrant liability.

In connection with the IPO, the financial instrument underlying the warrants was converted from the Company’s Series C Preferred Stock to the Company’s Common Stock. As a result of this conversion the Warrants were re-evaluated under ASC 480 Distinguishing Liabilities from Equity and ASC 815 Derivatives and Hedging and reclassified to equity.

Earnings per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings per Share

14. EARNINGS PER SHARE

For the three and six months ended June 30, 2020, the Company used the two-class method to compute net loss per common share because the Company has issued securities (convertible preferred stock) that entitle the holder to participate in dividends and earnings of the Company. Under this method, net income is reduced by the amount of any dividends earned and the accretion of convertible preferred stock to its redemption value during the period. The remaining earnings (undistributed earnings) are allocated to common stock and each series of convertible preferred stock to the extent that each preferred security may share in the earnings as if all of the earnings for the period had been distributed. The total earnings allocated to common stock is then divided by the number of outstanding shares to which the earnings are allocated to determine the earnings per share. The two-class method is not applicable during periods with a net loss, as the holders of the convertible preferred stock have no obligation to fund losses.

The Company has reported a net loss for the three and six months ended June 30, 2020, and the weighted average number of shares utilized for basic and diluted net loss per share attributable to common stockholders are the same for these periods because all convertible preferred stock and stock options have been excluded from the computation of diluted weighted-average shares outstanding because such securities would have an antidilutive impact. Additionally, the fair value adjustment for the warrants was excluded from the computation of diluted net loss for the three and six months ended June 30, 2020 since the additional income would have an antidilutive impact.

The Company has reported net income for the three and six months ended June 30, 2021. Diluted net income (loss) per common share is computed under the treasury stock method by using the weighted average number of shares of common stock outstanding, plus, for periods with net income attributable to common stockholders, the potential dilutive effects of stock options, stock appreciation rights, restricted stock units and

warrants. In addition, the Company analyzes the potential dilutive effects of the outstanding convertible preferred stock under the ‘if-converted’ method when calculating diluted earnings per share, in which it is assumed that the outstanding convertible preferred stock converts into common stock at the beginning of the period or when issued if later. The Company reports the more dilutive of the approaches (treasury stock or ‘if converted’) as their diluted net income per share during the period.

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

	Three Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021		2020
Numerator
Net income (loss)	$	14,117	$	(27	)	$	21,503	$	(38,647	)
Accumulation of dividends on preferred stock		—		(10,446	)		—		(20,891	)
Net income (loss) available to common shareholders	$	14,117	$	(10,473	)	$	21,503	$	(59,538	)
Denominator
Net income (loss) per common share - basic	$	0.25	$	(1.34	)	$	0.38	$	(7.63	)
Net income (loss) per common share - diluted	$	0.24	$	(1.34	)	$	0.37	$	(7.63	)
Weighted average number of shares of common stock - basic		56,940,840		7,805,848			56,916,282		7,798,928
Weighted average number of shares of common stock - diluted		58,592,876		7,805,848			58,635,195		7,798,928

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Stock options, SARs, and RSUs to purchase common stock		1,461,958		—		1,511,899		—
Warrants		190,078		—		207,013		—
Total		1,652,036		—		1,718,912		—

Potential common shares issuable upon conversion of preferred stock, exercise of stock options, and exercise of warrants that are excluded from the computation of diluted weighted-average shares outstanding as well as the warrant fair value adjustments excluded from the numerator are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Stock options, SARs, and RSUs to purchase common stock		4,731,119		2,413,507		4,681,177		2,413,507
Convertible preferred stock		—		39,141,451		—		39,141,451
Warrants		220,161		410,239		203,226		410,239
Total		4,951,280		41,965,197		4,884,403		41,965,197

Adjustment for warrants	$	—	$	438	$	—	$	1,584

Related-party Transactions

6 Months Ended

Jun. 30, 2021

Related-party Transactions

15. RELATED-PARTY TRANSACTIONS

The Company was party to a management agreement for professional services provided by a related party, Paragon Biosciences, LLC (“Paragon”). The related party 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 incurred $71 and $1,744 for the three months ended June 30, 2021 and 2020, respectively, and $142 and $3,474 for the six months ended June 30, 2021 and 2020, respectively, in management fee expense and other expenses to this related party, which are included in general and

administrative expense in the condensed consolidated statements of operations and comprehensive loss. The Company terminated the Management Services Agreement upon the consummation of its IPO. The Company is also party to a right of use agreement with the related party whereby it has access to and the right to use certain office space leased by the related party in Chicago, Illinois. In addition, the Company had participated in certain transactions with separate related parties that also share common ownership with the Company, primarily related to combined employee health plans. As of June 30, 2021 and December 31, 2020 the amounts due to related parties included in current liabilities was $0 and $0, respectively, and the amount included in prepaid expenses and other assets was $0 and $1, respectively.

Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

16. SUBSEQUENT EVENTS

On August 9, 2021, the Company entered into a Credit Agreement (the “New Credit Facility”) with Blackstone Alternative Credit Advisors LP and the other lenders party thereto from time to time and Wilmington Trust, National Association, as administrative agent, that provides for (i) a senior secured term loan facility in an aggregate original principal amount of $200,000 and (b) a senior secured delayed draw term loan facility in an aggregate principal amount up to $100,000. In connection with the New Credit Facility, on August 9, 2021, the Company also sold 1,048,951 shares of the Company’s common stock at a price per share of $28.60 for gross proceeds of $30,000.

The OrbiMed Loan was repaid in full and all commitments thereunder were terminated on August 9, 2021 in connection with the execution of the New Credit Facility. In connection with the payment of the OrbiMed Loan, we paid an exit fee of 7.0% and a repayment premium of 4.0% of the principal amount of the OrbiMed Loan repaid.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Fair Value of Financial Instruments

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

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

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

Cash, Cash Equivalents and Restricted Cash

	As of
	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	159,686	$	228,631
Restricted cash		750		750
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$	160,436	$	229,381

Amounts included in restricted cash represent those 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.

Concentrations of Risk

The Company depends on a single source supplier for its product and active pharmaceutical ingredient.

Cost of Product Sold

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that equal the amount reflected in the statements of cash flows.

	As of
	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	159,686	$	228,631
Restricted cash		750		750
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$	160,436	$	229,381

Inventory (Tables)

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory Net

Inventory, net consisted of the following:

	As of
	June 30, 2021			December 31, 2020
Raw materials	$	712		$	396
Work in process		2,361			2,660
Finished goods		2,013			941
Inventory, gross		5,086			3,997
Reserve for obsolescence		(135	)		(174	)
Total inventory, net	$	4,951		$	3,823

Intangible Assets (Table)

6 Months Ended

Jun. 30, 2021

Intangible Assets Net Excluding Goodwill [Abstract]

Schedule of Expected Future Annual Amortization Expense for Unamortized Intangible Assets

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

Years ending December 31,
2021 (excluding the six months ended June 30, 2021)	$	9,285
2022		18,569
2023		18,569
2024		18,569
2025		18,569
Total	$	83,561

Schedule of Gross Carrying Amount and Net Book Value of Intangible Assets

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

	As of
	June 30, 2021			December 31, 2020
Gross Carrying Amount	$	175,000		$	175,000
Accumulated Amortization		(21,865	)		(12,657	)
Net Book Value	$	153,135		$	162,343

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2021

Payables And Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consist of the following:

	As of
	June 30, 2021		December 31, 2020
Royalties due to third parties		11,811		9,006
Rebates and other sales deductions		10,173		7,803
Selling and marketing		1,472		1,905
Research and development		1,280		2,186
Professional fees, consulting, and other services		1,067		1,081
Other expenses		850		746
Milestone payment		—		100,000
	$	26,653	$	122,727

Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Balances of OrbiMed Loan

The balances of the OrbiMed Loan as of June 30, 2021 and December 31, 2020 were as follows:

	June 30, 2021			December 31, 2020
Liability component - principal	$	200,000		$	200,000
Exit fee		14,000			14,000
Unamortized debt discount associated with the exit fee, debt financing costs and discount with warrant financing		(18,390	)		(19,750	)
Liability component - net carrying value	$	195,610		$	194,250

Interest Expense Related to OrbiMed Loan and CRG Loan

Interest expense related to the OrbiMed Loan and CRG Loan were included in interest expense, net in the condensed consolidated statements of operations and comprehensive income (loss) as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
		2021		2020		2021		2020
Interest on principal balance	$	6,582	$	6,681	$	13,092	$	12,894
Amortization of deferred financing costs		697		340		1,361		680
Total term loan interest expense	$	7,279	$	7,021	$	14,453	$	13,574

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Summary of Lease Payment Obligations

The following table sets forth the lease payment obligations as of June 30, 2021, for the periods indicated below:

Years ending December 31,
2021 (excluding the six months ended June 30, 2021)	$	267
2022		875
2023		892
2024		334
2025		—
Thereafter		—
Total	$	2,368

Stock Incentive Plan and Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Changes in Stock Options Granted

Changes in stock options granted under the 2017 and 2020 Plans for the six months ended June 30, 2021 is as follows:

	Number of Awards			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term
Awards outstanding—December 31, 2020		5,210,832		$	17.66		8.63
Awards issued		1,298,690		$	34.90
Awards exercised		(124,461	)	$	8.22
Awards forfeited		(301,278	)	$	21.81
Awards outstanding—June 30, 2021		6,083,783		$	21.32		8.47

Summary of Changes in SARs Granted under 2017 Plan

Changes in SARs granted under the 2017 Plan for the three months ended June 30, 2021 is as follows:

	Number of Awards		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term
Awards outstanding—December 31, 2020		49,294	$	9.24		8.29
Awards issued		—	$	—
Awards exercised		—	$	—
Awards forfeited		—	$	—
Awards outstanding—June 30, 2021		49,294	$	9.24		7.79

Summary of Changes in RSUs Granted under 2020 Plan

Changes in RSUs granted under the 2020 Plan for the three months ended June 30, 2021 is as follows:

	Number of Awards		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term
Awards outstanding—December 31, 2020		—	$	—		—
Awards issued		60,000	$	29.03
Awards exercised		—	$	—
Awards forfeited		—	$	—
Awards outstanding—June 30, 2021		60,000	$	29.03		9.75

Summary of Assumptions Used to Value Awards

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

	As of
	June 30, 2021			December 31, 2020
Dividend yield		0.00	%		0.00	%
Expected volatility		60.00	%	55.00 - 95.80		%
Risk-free interest rate	0.66 - 1.19		%	0.32 - 0.56		%
Lack of marketability discount		0.00	%	0.00 - 20.48		%
Expected term (years)	4.6 - 6.3			5.4 - 6.5

Summary of Stock-based Compensation Expense

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Research and development expense	$	549	$	89	$	969	$	169
Sales and marketing expense		777		111		1,396		219
General and administrative expense		2,481		261		4,693		548
	$	3,807	$	461	$	7,058	$	936

Summary of Future Compensation Expense

The Company will recognize compensation expense for these awards as summarized in the following table.

Years Ending December 31,	Stock Compensation Expense
2021 (excluding the six months ended June 30, 2021)	$	9,584
2022		17,682
2023		16,695
2024		15,716
2025		6,046

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Loss per Share

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

	Three Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021		2020
Numerator
Net income (loss)	$	14,117	$	(27	)	$	21,503	$	(38,647	)
Accumulation of dividends on preferred stock		—		(10,446	)		—		(20,891	)
Net income (loss) available to common shareholders	$	14,117	$	(10,473	)	$	21,503	$	(59,538	)
Denominator
Net income (loss) per common share - basic	$	0.25	$	(1.34	)	$	0.38	$	(7.63	)
Net income (loss) per common share - diluted	$	0.24	$	(1.34	)	$	0.37	$	(7.63	)
Weighted average number of shares of common stock - basic		56,940,840		7,805,848			56,916,282		7,798,928
Weighted average number of shares of common stock - diluted		58,592,876		7,805,848			58,635,195		7,798,928

Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Stock options, SARs, and RSUs to purchase common stock		1,461,958		—		1,511,899		—
Warrants		190,078		—		207,013		—
Total		1,652,036		—		1,718,912		—

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Stock options, SARs, and RSUs to purchase common stock		4,731,119		2,413,507		4,681,177		2,413,507
Convertible preferred stock		—		39,141,451		—		39,141,451
Warrants		220,161		410,239		203,226		410,239
Total		4,951,280		41,965,197		4,884,403		41,965,197

Adjustment for warrants	$	—	$	438	$	—	$	1,584

Organization and Description of Business - Additional Information (Details) $ / shares in Units, $ in Thousands	Aug. 21, 2020 USD ($) $ / shares shares	Aug. 11, 2020
Organization And Description Of Business [Line Items]
Purchase of common stock upon exercise of warrants	410,239
Reverse stock split ratio, description		1-for-8.215
Reverse stock split ratio		0.1217
Common Stock
Organization And Description Of Business [Line Items]
Stock issued for conversion of convertible securities	42,926,630
Common Stock \| IPO
Organization And Description Of Business [Line Items]
Stock issued during period, shares	6,151,162
Shares issued, price per share \| $ / shares	$ 24.00
Proceeds from issuance of stock \| $	$ 135,435
Underwriting discounts and commissions and offering expenses \| $	$ 12,193
Common Stock \| Over-Allotment Option
Organization And Description Of Business [Line Items]
Stock issued during period, shares	802,325

Liquidity and Capital Resources - Additional Information (Details) - USD ($) $ in Thousands	Aug. 21, 2020	Jan. 09, 2020	Jun. 30, 2021	Dec. 31, 2020
Liquidity And Capital Resources [Line Items]
Accumulated deficit			$ 466,692	$ 488,195
Cash and cash equivalents			$ 159,686	$ 228,631
Proceeds from issuance of common stock, net	$ 135,435
OrbiMed Royalty & Credit Opportunities, LP.
Liquidity And Capital Resources [Line Items]
Aggregate proceeds from loan		$ 200,000

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 159,686	$ 228,631
Restricted cash	750	750
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$ 160,436	$ 229,381	$ 77,030	$ 25,207

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) Customer	Jun. 30, 2020 USD ($) Customer	Dec. 31, 2020 Customer
Summary Of Significant Accounting Policies [Line Items]
Amortization of acquired developed technology \| $	$ 4,629	$ 1,907	$ 9,208	$ 3,693
Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Number of customers			3		3
Product Revenues
Summary Of Significant Accounting Policies [Line Items]
Number of customers			3	3
Three Customers \| Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			100.00%		100.00%
Three Customers \| Product Revenues \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			100.00%	100.00%
Caremark LLC \| Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			35.00%		44.00%
Caremark LLC \| Product Revenues \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			37.00%	42.00%
PANTHERx Specialty Pharmacy LLC \| Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			35.00%		23.00%
PANTHERx Specialty Pharmacy LLC \| Product Revenues \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			35.00%	33.00%
Accredo Health Group, Inc \| Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			30.00%		33.00%
Accredo Health Group, Inc \| Product Revenues \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage			28.00%	25.00%

Inventory - Schedule of Inventory Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 712	$ 396
Work in process	2,361	2,660
Finished goods	2,013	941
Inventory, gross	5,086	3,997
Reserve for obsolescence	(135)	(174)
Total inventory, net	$ 4,951	$ 3,823

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended		6 Months Ended
	Jan. 31, 2021	Oct. 31, 2020	Nov. 30, 2019	Aug. 31, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Finite Lived Intangible Assets [Line Items]
License agreement milestone payments paid			$ 75,000	$ 2,000
Useful life of intangible asset	9 years						10 years
Remaining useful life							8 years 3 months
Amortization of acquired developed technology					$ 4,629	$ 1,907	$ 9,208	$ 3,693
Upon FDA Approval of WAKIX
Finite Lived Intangible Assets [Line Items]
License agreement milestone payments paid	$ 100,000	$ 2,000

Intangible Assets - Schedule of Expected Future Annual Amortization Expense for Unamortized Intangible Assets (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Finite Lived Intangible Assets Net Amortization Expense Rolling Maturity [Abstract]
2021 (excluding the six months ended June 30, 2021)	$ 9,285
2022	18,569
2023	18,569
2024	18,569
2025	18,569
Total	$ 83,561

Intangible Assets - Schedule of Gross Carrying Amount and Net Book Value of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Intangible Assets Net Excluding Goodwill [Abstract]
Gross Carrying Amount	$ 175,000	$ 175,000
Accumulated Amortization	(21,865)	(12,657)
Net Book Value	$ 153,135	$ 162,343

License Agreement - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended				3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 14, 2019	Jan. 31, 2021	Oct. 31, 2020	Nov. 30, 2019	Aug. 31, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Feb. 12, 2019
License Agreement [Line Items]
License agreement, milestone payment due		$ 100,000
Licensing agreement milestone fees	$ 2,000
License agreement milestone payments paid				$ 75,000	$ 2,000
License agreement, additional milestone payment due	102,000
Cost of product sold						$ 12,687	$ 6,456	$ 23,097	$ 9,930
Accrued Sales Based Trademark and Royalties						11,811		11,811		$ 9,006
Accrued milestone payment										100,000
Upon Acceptance by FDA of Pitolisant’s
License Agreement [Line Items]
License agreement, milestone payment due											$ 50,000
Upon FDA Approval of WAKIX
License Agreement [Line Items]
License agreement, milestone payment due	77,000
Licensing agreement milestone fees	$ 2,000
License agreement milestone payments paid		100,000	$ 2,000
Sales-based, Trademark and Tiered Royalties
License Agreement [Line Items]
Cost of product sold						$ 11,812	$ 6,000	$ 21,359	$ 9,277
Bioprojet
License Agreement [Line Items]
Accrued milestone payment										100,000
Bioprojet \| United States
License Agreement [Line Items]
Amount of Aggregate Net Sales Attaining										$ 500,000
Bioprojet \| Attaining $500,000 Aggregate Net Sales \| United States \| Upon FDA Approval of WAKIX
License Agreement [Line Items]
License agreement, additional milestone payment due		$ 40,000

Accrued Expenses -Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Royalties due to third parties	$ 11,811	$ 9,006
Rebates and other sales deductions	10,173	7,803
Selling and marketing	1,472	1,905
Research and development	1,280	2,186
Professional fees, consulting, and other services	1,067	1,081
Other expenses	850	746
Milestone payment		100,000
Accrued expenses	$ 26,653	$ 122,727

Debt - Additional Information (Details)			3 Months Ended	6 Months Ended	12 Months Ended
Debt - Additional Information (Details)	Jan. 09, 2020 USD ($) $ / shares shares	Feb. 28, 2019 USD ($) Tranche	Jun. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Aug. 21, 2020 shares
Debt Instrument [Line Items]
Loss on debt extinguishment				$ (22,639,000)
Purchase of common stock upon exercise of warrants \| shares								410,239
Fair value of warrants			$ 438,000	1,584,000
OrbiMed Royalty & Credit Opportunities, LP.
Debt Instrument [Line Items]
Purchase of common stock upon exercise of warrants \| shares	410,239
Warrants initial exercise price \| $ / shares	$ 16.10
Fair value of warrants	$ 2,359,000			$ 1,584,000
OrbiMed Royalty & Credit Opportunities, LP. \| Warrants
Debt Instrument [Line Items]
Unamortized debt issuance costs						$ 1,957,000
Multi-draw Loan Agreement \| CRG Servicing LLC
Debt Instrument [Line Items]
Aggregate principal amount		$ 200,000,000
Maturity date		Mar. 31, 2025
Fixed interest rate		12.00%
Number of tranches \| Tranche		3
Percentage of interest payable in cash		7.50%
Percentage of Compounded interest rate		4.50%
Long-term Debt, Gross					$ 100,000,000
Cash proceeds received					94,816,000
Amortized issuance costs					$ 5,184,000
Term of loan					6 years
Extinguishment of loan, amount	120,893,000
Loss on debt extinguishment	22,639,000
Exit fee	18,047,000
Write-off of the remaining unamortized debt issuance costs	4,592,000
Credit Agreement \| OrbiMed Royalty & Credit Opportunities, LP.
Debt Instrument [Line Items]
Aggregate principal amount	$ 200,000,000
Maturity date	Jan. 31, 2026
Long-term Debt, Gross						200,000,000	$ 200,000,000
Cash proceeds received	$ 73,313,000
Amortized issuance costs	$ 5,804,000
Term of loan	6 years
Variable interest rate	2.00%
Basis spread on variable rate	11.00%
Debt instrument exit fee percentage	7.00%
Fair value of loan						$ 257,568,000

Debt - Balances of OrbiMed Loan (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Liability component - net carrying value	$ 195,610	$ 194,250
Credit Agreement \| OrbiMed
Debt Instrument [Line Items]
Liability component - principal	200,000	200,000
Exit fee	14,000	14,000
Unamortized debt discount associated with the exit fee, debt financing costs and discount with warrant financing	(18,390)	(19,750)
Liability component - net carrying value	$ 195,610	$ 194,250

Debt - Interest Expense Related to OrbiMed Loan and CRG Loan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Debt issuance costs amortization			$ 1,361	$ 680
Credit Agreement \| OrbiMed and CRG
Debt Instrument [Line Items]
Interest on principal balance	$ 6,582	$ 6,681	13,092	12,894
Debt issuance costs amortization	697	340	1,361	680
Total term loan interest expense	$ 7,279	$ 7,021	$ 14,453	$ 13,574

Commitments and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018 ft²	Apr. 30, 2018 ft²	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2020 ft²
Loss Contingencies [Line Items]
Rent expense \| $			$ 217	$ 151	$ 353	$ 355
Northbrook, IL
Loss Contingencies [Line Items]
Operating lease square feet of office space		9,000
Operating lease expiration month and year		2020-01
Plymouth Meeting, PA
Loss Contingencies [Line Items]
Operating lease square feet of office space	15,000						13,000
Operating lease expiration month and year	2024-05						2024-05

Commitments and Contingencies - Summary of Lease Payment Obligations (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021 (excluding the six months ended June 30, 2021)	$ 267
2022	875
2023	892
2024	334
Total	$ 2,368

Convertible Preferred Stock - Additional Information (Details) - USD ($)		6 Months Ended	12 Months Ended
	Aug. 21, 2020	Jun. 30, 2020	Dec. 31, 2019	Mar. 31, 2020	Aug. 09, 2019	Jan. 08, 2018	Sep. 22, 2017
Class Of Stock [Line Items]
Convertible preferred stock, shares outstanding		318,510,205	318,510,205	318,510,205
Convertible preferred stock aggregate amount		$ 434,009,000	$ 411,275,000	$ 422,642,000
Preferred stock dividend declared			$ 0
Series A Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized		286,000,000
Convertible preferred stock, shares issued		285,000,000				15,000,000	270,000,000
Convertible preferred stock, shares outstanding		285,000,000
Convertible preferred stock, purchase price						$ 1.00	$ 1.00
Convertible preferred stock aggregate amount						$ 15,000,000	$ 270,000,000
Percentage preferred stock accrued dividends		10.00%
Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized		8,030,000
Convertible preferred stock, shares issued		8,000,000				8,000,000
Convertible preferred stock, shares outstanding		8,000,000
Convertible preferred stock, purchase price						$ 1.25
Convertible preferred stock aggregate amount						$ 10,000,000
Percentage preferred stock accrued dividends		10.00%
Series C Convertible Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock, shares authorized		25,600,000
Convertible preferred stock, shares issued		25,510,205			25,510,205
Convertible preferred stock, shares outstanding		25,510,205
Convertible preferred stock, purchase price					$ 1.96
Convertible preferred stock aggregate amount					$ 50,000,000
Percentage preferred stock accrued dividends		10.00%
Common Stock
Class Of Stock [Line Items]
Stock issued for conversion of convertible securities	42,926,630

Stockholders' Equity (Deficit) - Additional Information (Details) $ / shares in Units, $ in Thousands			6 Months Ended
	Aug. 21, 2020 USD ($) $ / shares shares	Aug. 11, 2020	Jun. 30, 2021
Class Of Stock [Line Items]
Reverse stock split ratio, description		1-for-8.215
Reverse stock split ratio		0.1217
Preferred stock, conversion basis		1-for-8.215
Preferred stock conversion ratio		0.1217
Common stock, voting rights			one vote for each share
Common Stock \| IPO
Class Of Stock [Line Items]
Issuance of shares upon initial public offering \| shares	6,151,162
Shares issued, price per share \| $ / shares	$ 24.00
Net proceeds from initial public offering \| $	$ 135,435
Underwriting discounts and commissions and offering expenses \| $	$ 12,193
Common Stock \| Over-Allotment Option
Class Of Stock [Line Items]
Issuance of shares upon initial public offering \| shares	802,325

Stock Incentive Plan and Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense (income)			$ (10)
Weighted average per share fair value of awards issued			$ 12.24		$ 10.06
Stock-based compensation expense	$ 3,807	$ 461	$ 7,058	$ 936
2017 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options contractual term			10 years
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options contractual term			10 years
2017 and 2020 Plans \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock vested			1,074,133		987,538
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
ESPP permits eligible employees to purchase shares of common stock at discount			15.00%
Total number of shares reserved for issuance	629,805		629,805
Shares issued under the ESPP	0		0

Stock Incentive Plan and Stock-based Compensation - Summary of Changes in Stock Options Granted (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Awards, Awards outstanding, Beginning balance	5,210,832
Number of Awards, Awards issued	1,298,690
Number of Awards, Awards exercised	(124,461)
Number of Awards, Awards forfeited	(301,278)
Number of Awards, Awards outstanding, Ending balance	6,083,783	5,210,832
Weighted-Average Exercise Price, Awards outstanding, Beginning balance	$ 17.66
Weighted-Average Exercise Price, Awards issued	34.90
Weighted-Average Exercise Price, Awards exercised	8.22
Weighted-Average Exercise Price, Awards forfeited	21.81
Weighted-Average Exercise Price, Awards outstanding, Ending balance	$ 21.32	$ 17.66
Weighted-Average Remaining Contractual Term, Balance	8 years 5 months 19 days	8 years 7 months 17 days

Stock Incentive Plan and Stock-based Compensation - Summary of Changes in SARs Granted under 2017 Plan (Details) - SARs Granted under 2017 Plan - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Awards, Awards outstanding, Beginning balance	49,294
Number of Awards, Awards outstanding, Ending balance	49,294	49,294
Weighted-Average Exercise Price, Awards outstanding, Beginning balance	$ 9.24
Weighted-Average Exercise Price, Awards outstanding, Ending balance	$ 9.24	$ 9.24
Weighted-Average Remaining Contractual Term, Balance	7 years 9 months 14 days	8 years 3 months 14 days

Stock Incentive Plan and Stock-based Compensation - Summary of Changes in RSUs Granted under 2020 Plan (Details) - RSUs Granted under 2020 Plan	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Awards, Awards issued \| shares	60,000
Number of Awards, Awards outstanding, Ending balance \| shares	60,000
Weighted-Average Exercise Price, Awards issued \| $ / shares	$ 29.03
Weighted-Average Exercise Price, Awards outstanding, Ending balance \| $ / shares	$ 29.03
Weighted-Average Remaining Contractual Term, Balance	9 years 9 months

Stock Incentive Plan and Stock-based Compensation - Summary of Assumptions Used to Value Awards (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Expected volatility, minimum	60.00%	55.00%
Expected volatility, maximum		95.80%
Risk-free interest rate, minimum	0.66%	0.32%
Risk-free interest rate, maximum	1.19%	0.56%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Lack of marketability discount	0.00%	0.00%
Expected term (years)	4 years 7 months 6 days	5 years 4 months 24 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Lack of marketability discount		20.48%
Expected term (years)	6 years 3 months 18 days	6 years 6 months

Stock Incentive Plan and Stock-based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,807	$ 461	$ 7,058	$ 936
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	549	89	969	169
Sales and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	777	111	1,396	219
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,481	$ 261	$ 4,693	$ 548

Stock Incentive Plan and Stock-based Compensation - Summary of Future Compensation Expense (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
2021 (excluding the six months ended June 30, 2021)	$ 9,584
2022	17,682
2023	16,695
2024	15,716
2025	$ 6,046

Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Jan. 09, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Aug. 21, 2020
Class Of Warrant Or Right [Line Items]
Purchase of common stock upon exercise of warrants						410,239
Fair value of warrants		$ 438	$ 1,584
OrbiMed Royalty & Credit Opportunities, LP.
Class Of Warrant Or Right [Line Items]
Purchase of common stock upon exercise of warrants	410,239
Warrants initial exercise price	$ 16.10
Unamortized debt discount				$ 1,957	$ 2,102
Fair value of warrants	$ 2,359		$ 1,584
Warrants \| OrbiMed Royalty & Credit Opportunities, LP.
Class Of Warrant Or Right [Line Items]
Fair value of the Warrants	$ 2,359

Earnings per Share - Summary of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net income (loss)	$ 14,117	$ (27)	$ 21,503	$ (38,647)
Accumulation of dividends on preferred stock		(10,446)		(20,891)
Net income (loss) available to common shareholders	$ 14,117	$ (10,473)	$ 21,503	$ (59,538)
Denominator
Net income (loss) per common share - basic	$ 0.25	$ (1.34)	$ 0.38	$ (7.63)
Net income (loss) per common share - diluted	$ 0.24	$ (1.34)	$ 0.37	$ (7.63)
Weighted average number of shares of common stock - basic	56,940,840	7,805,848	56,916,282	7,798,928
Weighted average number of shares of common stock - diluted	58,592,876	7,805,848	58,635,195	7,798,928

- Definition

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

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+ Details

Earnings per Share - Summary of Securities Outstanding Included in Computation above, Utilizing Treasury Stock Method (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	1,652,036	1,718,912
Stock Options, SARs, and RSUs to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	1,461,958	1,511,899
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	190,078	207,013

Earnings per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	4,951,280	41,965,197	4,884,403	41,965,197
Fair value of warrants		$ 438		$ 1,584
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total		39,141,451		39,141,451
Stock Options, SARs, and RSUs to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	4,731,119	2,413,507	4,681,177	2,413,507
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	220,161	410,239	203,226	410,239

Related-party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Current Liabilities
Related Party Transaction [Line Items]
Amounts due to related parties - current	$ 0		$ 0		$ 0
Prepaid Expenses and Other Assets
Related Party Transaction [Line Items]
Amounts due from related parties	0		0		$ 1
Management Services Agreement \| General and Administrative Expense
Related Party Transaction [Line Items]
Management fee expense and other expenses to related party	$ 71	$ 1,744	$ 142	$ 3,474

Subsequent Events - Additional Information (Details) - USD ($)	Aug. 09, 2021	Aug. 21, 2020	Jan. 09, 2020
Subsequent Event [Line Items]
Proceeds from issuance of common stock, net		$ 135,435,000
Credit Agreement \| OrbiMed Royalty & Credit Opportunities, LP.
Subsequent Event [Line Items]
Aggregate principal amount			$ 200,000,000
Debt instrument exit fee percentage			7.00%
Subsequent Events \| New Credit Facility
Subsequent Event [Line Items]
Proceeds from issuance of common stock, net	$ 30,000,000
Subsequent Events \| Senior Secured Term Loan \| New Credit Facility
Subsequent Event [Line Items]
Aggregate principal amount	200,000,000
Subsequent Events \| Senior Secured Delayed Draw Term Loan \| New Credit Facility
Subsequent Event [Line Items]
Aggregate principal amount	$ 100,000,000
Subsequent Events \| Credit Agreement \| OrbiMed Royalty & Credit Opportunities, LP.
Subsequent Event [Line Items]
Debt instrument exit fee percentage	7.00%
Debt instrument repayment premium percentage	4.00%
Subsequent Events \| Common Stock \| New Credit Facility
Subsequent Event [Line Items]
Number of shares sold	1,048,951
Shares issued, price per share	$ 28.60