0001558370-23-001574 | 10-K | XBRL Viewer | Harmony Biosciences Holdings INC

Issuance of Series A, B, C convertible stock to common stock

^[1]

6,151,162

$ (444,715)

$ 1

444,715

444,716

Issuance of Series A, B, C convertible stock to common stock, Shares

(318,510,205)

42,926,630

^[1]

Reclassification of warrant liability to equity

5,468

Exercise of stock options

299

Exercise of stock options, Shares

^[1]

37,947

Stock-based compensation

4,693

Repurchase and cancellation of common units

(167)

Repurchase and cancellation of common shares, Shares

^[1]

(12,175)

Repurchase and cancellation of common units withheld for taxes

(17)

Repurchase and cancellation of common units withheld for taxes, Shares

^[1]

(465)

Ending balance at Dec. 31, 2020

$ 1

585,374

(488,195)

97,180

Ending balance, shares at Dec. 31, 2020

^[1]

56,890,569

Net income

34,597

Issuance of common stock

29,700

Exercise of stock options

^[1]

1,270,462

9,371

Exercise of stock options, Shares

^[1]

664,738

Stock-based compensation

15,659

Ending balance at Dec. 31, 2021

$ 1

640,104

(453,598)

186,507

Ending balance, shares at Dec. 31, 2021

^[1]

58,825,769

Net income

181,468

Unrealized loss on investments

$ (151)

(151)

Issuance of common stock

408

Exercise of stock options

^[1]

8,050

8,433

$ 8,433

Exercise of stock options, Shares

781,912

^[1]

761,414

Stock-based compensation

26,173

$ 26,173

Ending balance at Dec. 31, 2022

$ 1

$ 675,118

$ (151)

$ (272,130)

$ 402,838

Ending balance, shares at Dec. 31, 2022

^[1]

59,615,731

[1]	Common stock of Harmony Biosciences Holdings, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 181,468	$ 34,597	$ (36,944)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	419	416	394
Intangible amortization	22,966	18,424	9,843
Acquired in-process research & development (IPR&D) expense			2,000
Stock-based and employee stock purchase compensation expense	26,173	15,659	4,693
Stock appreciation rights market adjustment	732	446	497
Warrant expense			3,109
Debt issuance costs amortization	1,663	2,238	2,412
Deferred taxes	(85,943)
Amortization of premiums and accretion of discounts on Investment securities	(432)
Loss on debt extinguishment		26,146	22,639
Other non-cash expenses	1,526
Change in operating assets and liabilities:
Trade receivables	(19,897)	(12,667)	(17,922)
Inventory	135	(609)	(2,735)
Prepaid expenses and other assets	(7,548)	(1,655)	(5,774)
Trade payables	2,785	(1,555)	(3,804)
Accrued expenses and other current liabilities	20,570	17,263	18,450
Other non-current liabilities	(151)	(146)	157
Net cash provided by operating activities	144,466	98,557	(2,985)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment securities	(110,729)
Proceeds from maturities and sales of investment securities	9,069
Purchase of property and equipment	(172)	(298)	(2)
Milestone payments	(40,000)	(100,000)	(2,000)
Net cash used in investing activities	(141,832)	(100,298)	(2,002)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock upon initial public offering			147,628
Initial public offering issuance costs			(12,193)
Proceeds from issuance of common stock		30,000
Common stock issuance costs		(300)
Proceeds from long term debt		200,000	200,000
Debt issuance costs		(9,152)	(5,804)
Extinguishment of debt		(200,000)	(102,538)
Extinguishment of debt exit fees		(22,000)	(18,047)
Principal repayment of long term debt	(2,000)	(500)
Proceeds from exercised options	8,841	9,371	299
Repurchase of common stock			(167)
Tax payments for employees shares withheld			(17)
Net cash provided by financing activities	6,841	7,419	209,161
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	9,475	5,678	204,174
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH-Beginning of period	235,059	229,381	25,207
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH-End of period	244,534	235,059	229,381
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for interest	16,364	19,830	26,203
Cash paid during the year for taxes	$ 12,645	$ 2,875
Supplemental Disclosures of Noncash Investing and Financing Activities:
Warrant financing			2,359
Warrant liability reclassified to equity			5,468
Series A Convertible Preferred Stock
Supplemental Disclosures of Noncash Investing and Financing Activities:
Preferred Stock accrued return			22,780
Accretion of issuance costs			5,562
Series B Convertible Preferred Stock
Supplemental Disclosures of Noncash Investing and Financing Activities:
Preferred Stock accrued return			777
Accretion of issuance costs			53
Series C Convertible Preferred Stock
Supplemental Disclosures of Noncash Investing and Financing Activities:
Preferred Stock accrued return			3,347
Accretion of issuance costs			$ 921

Organization and Description of Business

12 Months Ended

Dec. 31, 2022

Organization and Description of Business

1. ORGANIZATION AND DESCRIPTION OF BUSINESS

The Company

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

Initial Public Offering

In August 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 were sold at a 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

In August 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 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

12 Months Ended

Dec. 31, 2022

Liquidity And Capital Resources

Liquidity and Capital Resources

2. LIQUIDITY AND CAPITAL RESOURCES

The consolidated financial statements have been prepared as though the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company had an accumulated deficit of $272,130 and $453,598, as of December 31, 2022 and 2021, respectively. As of December 31, 2022, the Company had cash, cash equivalents, restricted cash and investments of $ 346,433.

The Company believes that its existing cash, cash equivalents and investments on hand as of December 31, 2022, as well as additional cash generated from operating and financing activities will meet its operational liquidity needs and fund its planned investing activities for the next twelve months from the date of issuance of these consolidated financial statements.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

Significant Risks and Uncertainties

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

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

Use of Estimates

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

Operating Segments

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

Fair Value of Financial Instruments

The Company’s consolidated financial statements include cash, cash equivalents, accounts payable, and accrued liabilities, all of which are short term in nature and, accordingly, approximate fair value. Additionally, prior to the IPO, the Company’s 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 16 for a further discussion of the warrants.

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

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

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

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

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

Money market funds are classified as Level 1 fair value instruments. Investments in available-for-sale debt securities are classified as Level 2 and carried at fair value, which we estimate utilizing a third-party pricing service. The pricing service utilizes industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. We validate valuations obtained from third-party services by obtaining market values from other pricing sources. The Company did not classify any assets or liabilities as Level 3 as of December 31, 2022 or December 31, 2021.

Cash, Cash Equivalents and Restricted Cash

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


	As of
	December 31,		December 31,
	2022		2021
Cash and cash equivalents	$	243,784	$	234,309
Restricted cash		750		750
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$	244,534	$	235,059

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

Investments

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

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

Concentrations of Risk

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

The Company is also subject to credit risk from its trade receivables related to its product sales. The Company extends credit to specialty pharmaceutical distribution companies within the United States. Customer creditworthiness is monitored and collateral is not required. Historically, the Company has not experienced credit losses on its accounts receivable. The Company monitors its exposure within accounts receivable and would record a reserve against uncollectible accounts receivable if necessary. As of December 31, 2022, three customers accounted for 100% of gross accounts receivable, Caremark LLC (“CVS Caremark”), which accounted for 41% of gross accounts receivable; Accredo Health Group, Inc. (“Accredo”), which accounted for 35% of gross accounts receivable; and PANTHERx Specialty Pharmacy LLC (“Pantherx”), which accounted for 24% of gross accounts receivable. As of December 31, 2021, three customers accounted for 100% of gross accounts receivable; Accredo, which accounted for 40% of gross accounts receivable, Pantherx, which accounted for 31% of gross accounts receivable and CVS Caremark, which accounted for 29% of gross accounts receivable.

For the year ended December 31, 2022, three customers accounted for 100% of gross product revenues; CVS Caremark accounted for 42% of gross product revenues; Pantherx accounted for 29% of gross product revenues; and Accredo accounted for 29% of gross product revenues. For the year ended December 31, 2021, three customers accounted for 100% of gross product revenues; CVS Caremark accounted for 36% of gross product revenues; Pantherx accounted for 35% of gross product revenues; and Accredo accounted for 29% of gross product revenues. For the year ended December 31, 2020, three customers accounted for 100% of gross product revenues; CVS Caremark accounted for 40% of gross product revenues; Pantherx accounted for 33% of gross products revenues; and Accredo accounted for 27% of gross product revenues.

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

Inventory

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

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

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally between three and ten years. Leasehold improvements are depreciated using the straight-line method over the shorter of the estimated useful life of the asset or the term of the lease. The Company’s leasehold improvements primarily relate to its corporate headquarters in Plymouth Meeting, PA, and are generally being depreciated through the end of the lease term in May 2024. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in the consolidated statement of operations and comprehensive income (loss) in the period realized.

Intangible Assets

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

Revenue Recognition

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

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

Product Sales, Net

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

Government Contracts

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

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

Cost of Product Sold

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

Research and Development Expenses

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

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

Advertising Expenses

We expensed the costs of advertising, including promotional expenses, as incurred. Advertising expenses were $22,428, $19,558 and $13,301 for the years ended December 31, 2022, 2021 and 2020, respectively.

Stock-Based Compensation

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

Basic and Diluted Net Income (Loss) per Share

Basic net income (loss) per share is determined using the weighted average number of shares of common stock outstanding during each period. Diluted net income per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock and stock options, which would result in the issuance of incremental shares of common stock. The computation of diluted net loss per shares does not include the conversion of securities that would have an anti-dilutive effect. The basic and diluted computations of net loss per share for the Company are the same because the effects of the Company’s convertible securities would be anti-dilutive (see Note 17 for further detail).

Income Taxes

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

Deferred tax assets may be reduced by a valuation allowance if, based on all available evidence, it is more likely than not that some portion or all of the deferred income tax assets will not be realized. Management judgment is required in determining the period in which a reversal of a valuation allowance should occur. The Company is required to consider all available evidence, both positive and negative, such as historical levels of income and future forecasts of taxable income among other items, in determining whether a full or partial release of its valuation allowance is required. During the year ended December 31, 2022, in part because in the current year we achieved three years of cumulative pretax income, which is a positive indication of the Company’s ability to generate sufficient future taxable income, the Company determined that there was sufficient positive evidence to conclude that it is more likely than not that additional deferred taxes are realizable and, therefore, released the valuation allowance accordingly. Our accounting for deferred tax consequences represents the

best estimate of those future events. The Company presents deferred income taxes on the Consolidated Balance Sheet on a jurisdictional basis as either a net noncurrent asset or liability.

The Company recognizes the effect of income tax positions only if those positions are more likely than not sustainable, based solely on its technical merits and consideration of the relevant taxing authority’s widely understood administrative practices and precedents. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which a change in judgment occurs. At December 31, 2022 and 2021, the Company did not have any unrecognized uncertain tax positions. The Company’s policy is to include any interest and penalties as a component of income tax expense.

Recently Issued Accounting Pronouncements

ASU 2020-04, Reference Rate Reform (Topic 848). 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 could initially be applied to applicable contract modifications through December 31, 2022, which was extended to December 31, 2024 upon the FASB issuing ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. 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 consolidated financial statements.

Investments

12 Months Ended

Dec. 31, 2022

Investments

Investments

4. INVESTMENTS

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


	December 31, 2022
		Amortized	Unrealized	Unrealized		Fair
		Cost	Gains	Losses		Value
Short-term:
Commercial paper	$	26,553	15	(34)	$	26,534
Corporate debt securities		49,213	9	(73)		49,149
U.S. government securities		3,658	—	(10)		3,648
Total short-term investments	$	79,424	24	(117)	$	79,331

Long-term:
Commercial paper	$	853	1	—	$	854
Corporate debt securities		21,516	11	(68)		21,459
U.S. government securities		257	—	(2)		255
Total long-term investments	$	22,626	12	(70)	$	22,568

The Company classifies investments with an original maturity of less than one year as current and investments with an original maturity date of greater than one year as noncurrent on its consolidated balance sheet. The investments classified as noncurrent have original maturity dates ranging from 1-2 years.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Measurements

Fair Value Measurements

5. FAIR VALUE MEASUREMENTS

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


	December 31, 2022				December 31, 2021
		Total	Level 1	Level 2		Total	Level 1	Level 2
Assets
Cash equivalents	$	184,977	184,977	—	$	156,782	156,782	—
Commercial paper		27,388	—	27,388		—	—	—
Corporate debt securities		70,608	—	70,608		—	—	—
U.S. government securities		3,903	—	3,903		—	—	—
Total	$	286,876	184,977	101,899	$	156,782	156,782	—

The Company estimated the fair value of the warrant liability using the Black-Scholes option-pricing model at each balance sheet date or when specific events occurred. As discussed in Note 16, in connection with the Company’s IPO the warrant fair value was updated on August 19, 2020 with the change in fair value recorded in current period earnings as other expense in the consolidated statement of operations and reclassified to equity. During the year ended December 31, 2020, a loss of $3,109 was recorded in other expense in the consolidated statements of operations due to the change in the fair value of the warrant liability.

The range of assumptions used to determine the fair value of the warrant liability through August 19, 2020 were as follows:



Dividend yield	0.0	%
Expected volatility	54.2% - 68.8	%
Risk-free interest rate	0.17% - 1.56	%
Lack of marketability discount	0.0	%
Expected term (years)	1 - 4.5

License and Asset Purchase Agreements

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

+ References + Details

Inventory

12 Months Ended

Dec. 31, 2022

Inventory

Inventory

6. INVENTORY

Inventory, net consisted of the following:


	As of
	December 31,		December 31,
	2022		2021
Raw materials	$	838	$	986
Work in process		1,513		1,787
Finished goods		2,565		2,108
Inventory, gross		4,916		4,881
Reserve for excess inventory		(619)		(449)
Total inventory, net	$	4,297	$	4,432

Intangible Assets

12 Months Ended

Dec. 31, 2022

Intangible Assets

Intangible Assets

7. INTANGIBLE ASSETS

In August 2019, the Company received FDA approval of WAKIX® (pitolisant) for the treatment of excessive daytime sleepiness (“EDS”) in adult patients with narcolepsy. This event triggered a milestone payment of $75,000 under the provisions of the 2017 LCA (defined below) which the Company capitalized as an intangible asset. The Company determined a useful life of 10 years for such intangible asset, and, as of December 31, 2022 the remaining useful life was 6.8 years.

In October 2020, the Company received FDA approval for the New Drug Application (“NDA”) for WAKIX® for the treatment of cataplexy in adult patients with narcolepsy. This event triggered a milestone payment of $100,000 under the provisions of the 2017 LCA which the Company capitalized as an intangible asset and paid in January of 2021. The Company determined a useful life of 9 years for such intangible asset, and, as of December 31, 2022 the remaining useful life was 6.8 years.

In February 2022, the Company attained $500,000 in life-to-date aggregate net sales of WAKIX in the United States. This event triggered a final $40,000 payment under the provisions of the 2017 LCA which the Company capitalized as an intangible asset and paid in March of 2022. The Company determined a useful life of 7.6 years for such intangible asset, and, as of December 31, 2022, the remaining useful life was 6.8 years.

Amortization expense was $22,966, $18,424 and $9,843 for the years ended December 31, 2022, 2021 and 2020, respectively, and is recorded in general and administrative expenses in the 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,
2023	$	23,845
2024		23,845
2025		23,845
2026		23,845
2027		23,845
Thereafter		41,728
Total	$	160,953

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


	As of
	December 31,		December 31,
	2022		2021
Gross Carrying Amount	$	215,000	$	175,000
Accumulated Amortization		(54,047)		(31,081)
Net Book Value	$	160,953	$	143,919

License and Asset Purchase Agreements

12 Months Ended

Dec. 31, 2022

License and Asset Purchase Agreements

8. LICENSE AGREEMENTS AND ASSET PURCHASE AGREEMENTS

In July 2017, Harmony entered into a License Agreement (the “2017 LCA”) with Bioprojet Société Civile de Recherche (“Bioprojet”) whereby Harmony acquired the exclusive right to commercialize the pharmaceutical compound pitolisant for the treatment, and/or prevention, of narcolepsy, obstructive sleep apnea, idiopathic hypersomnia, and Parkinson’s disease as well as any other indications unanimously agreed by the parties in the United States and its territories. A milestone payment of $50,000 was due upon acceptance by the FDA of pitolisant’s NDA, which was achieved in February 2019 and was expensed within research and development for the year ended December 31, 2019. A milestone payment of $77,000, which included a $2,000 fee that is described below, was due upon FDA approval of WAKIX (pitolisant) for treatment of EDS in adult patients with narcolepsy, which was achieved in August 2019. The $2,000 payment and $75,000 milestone payment were paid in August and November 2019, respectively. In addition, a milestone payment of $102,000, which included a $2,000 fee was due upon the FDA approval of the NDA for WAKIX for the treatment of cataplexy in adult patients with narcolepsy. The $2,000 payment was paid in October 2020 and a $100,000 milestone payment was paid in January 2021. A final $40,000 milestone payment was paid to Bioprojet in March 2022 upon WAKIX attaining $500,000 in aggregate net sales in the United States. The 2017 LCA also requires a fixed trademark royalty and a tiered royalty based on net sales, which is payable to Bioprojet on a quarterly basis. The Company incurred $77,107, $50,957 and $25,580 for the years ended December 31, 2022, 2021 and 2020, respectively, for sales-based, trademark and tiered royalties recognized as cost of product sold. As of December 31, 2022 and 2021, the Company had accrued $25,367 and $16,396, respectively, for sales-based, trademark and tiered royalties.

On July 31, 2022, Harmony entered into a License and Commercialization Agreement (the “2022 LCA”) with Bioprojet whereby Harmony obtained exclusive rights to manufacture, use and commercialize one or more new products based on pitolisant in the United States and Latin America, with the potential to add additional indications and formulations upon agreement of both parties. Harmony paid an initial, non-refundable $30,000 licensing fee in October 2022 and additional payments of up to $155,000 are potentially due under the 2022 LCA upon the achievement of certain future development and sales-based milestones. In addition, there are other payments due upon achievement of development

milestones for new indications and formulations as agreed upon by both parties. The 2022 LCA also requires a fixed trademark royalty and a tiered royalty based on net sales upon commercialization, which will be payable to Bioprojet on a quarterly basis. Upon the closing of the 2022 LCA on September 28, 2022, the $30,000 licensing fee was recorded in research and development within the consolidated statement of operations and comprehensive income (loss) for the year ended December 31, 2022.

Agreement Related to Intellectual Property

In August 2021, the Company entered into an asset purchase agreement with ConSynance Therapeutics, Inc. (the “APA”) to acquire HBS-102 (formerly referred to as “CSTI-100”), a potential first-in-class molecule with a novel mechanism of action. Under the terms of the APA, the Company acquired full development and commercialization rights globally, with the exception of Greater China, for $3,500. The Company accounted for the transaction as an asset acquisition as substantially all of the fair value of the assets acquired was concentrated in a single identified asset. Additionally, there are payments due under the APA upon the achievement of certain milestones including $1,750 for preclinical milestones, $19,000 for development milestones, $44,000 for regulatory milestones and $110,000 for sales milestones.

Accrued Expenses

12 Months Ended

Dec. 31, 2022

Accrued Expenses

Accrued Expenses

9. ACCRUED EXPENSES

Accrued expenses consist of the following:


	As of
	December 31,		December 31,
	2022		2021
Royalties due to third parties	$	25,367	$	16,396
Rebates and other sales deductions		27,860		17,141
Interest		3,286		2,125
Selling and marketing		1,135		1,983
Research and development		358		658
Professional fees, consulting, and other services		1,163		1,645
Other expenses		773		301
	$	59,942	$	40,249

Debt

12 Months Ended

Dec. 31, 2022

Debt

Debt

10. DEBT

Credit Agreements

Blackstone Credit Agreement

In August 2021, the Company entered into the Blackstone Credit Agreement that provides for (i) a senior secured term loan facility in an aggregate original principal amount of $200,000 (the “Initial Term Loan”) and (ii) a senior secured delayed draw term loan facility in an aggregate principal amount up to $100,000 (the “DDTL” and, together with the Initial Term Loan, the “Loans”). The DDTL was initially available to draw down through August 9, 2022. In August 2022, the Company entered into an agreement to extend the expiration date of the DDTL to August 9, 2023, for which the Company will pay a ticking fee at a rate of 1% per annum on the undrawn portion of the DDTL, which commenced on August 10, 2022.

The repayment schedule for the Initial Term Loan consists of quarterly $500 principal payments, which commenced on December 31, 2021 and increasing to quarterly $5,000 principal payments beginning on March 31, 2024, with a $145,500 payment due on the maturity date of August 9, 2026 (“Maturity Date”). Interest is payable quarterly, which commenced on November 9, 2021, and continues through the Maturity Date. The Initial Term Loan bears interest at a per annum rate equal to LIBOR, subject to a 1.00% floor, plus 6.50%.

Net cash received from the Initial Term Loan was $191,849, net of debt issuance costs of $8,151. The debt issuance costs related to the Initial Term Loan are being amortized as additional interest expense over the five-year loan term of the Blackstone Credit Agreement. In addition, the Company paid $1,000 in debt issuance costs relating the DDTL, which are recorded in other current assets within the consolidated balance sheet. The fair value of the Initial Term Loan as of December 31, 2022 was $155,198.

OrbiMed Credit Agreement

In January 2020, the Company entered into a credit agreement with OrbiMed for an aggregate amount of $200,000 (the “OrbiMed Loan”), with a maturity date of January 2026. Borrowings under the OrbiMed Loan were collateralized by all of the Company’s assets, excluding the intellectual property licensed through the License Agreement. The OrbiMed Loan had 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 was 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 connection with the OrbiMed Loan, the Company extinguished its $200,000 multi-draw loan agreement with CRG Servicing LLC (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 within the Company’s consolidated statement of operations for the year ended December 31, 2020.

In connection with the Blackstone Credit Agreement, the Company extinguished the OrbiMed Loan, which required a payoff amount of $222,666 consisting of principal repayment, interest, exit fees and a prepayment premium. The Company recognized a loss on extinguishment of $26,146 relating to the OrbiMed Loan within the Company’s consolidated statement of operation for the year ended December 31, 2021.

Long-term debt, net consists of the following:


	December 31,		December 31,
	2022		2021
Liability component - principal	$	197,500	$	199,500
Unamortized debt discount associated with debt financing costs		(5,853)		(7,516)
Liability component - net carrying value		191,647		191,984
Less current portion		(2,000)		(2,000)
Long-term debt, net	$	189,647	$	189,984

Future minimum payments relating to long term debt, net as of December 31, 2022 for the periods indicated below consists of the following:


Years ending December 31,
2023	$	2,000
2024		20,000
2025		20,000
2026		155,500
2027		—
Thereafter		—
Total	$	197,500

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


	Year Ended
	December 31,
	2022		2021		2020
Interest on principal balance	$	17,132	$	21,955	$	26,203
Amortization of deferred financing costs		1,663		2,238		2,412
Total term loan interest expense	$	18,795	$	24,193	$	28,615

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

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Commitments and Contingencies

Leases

12 Months Ended

Dec. 31, 2022

Leases

Leases

11. LEASES

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 terms of the lease payments provide for rental payments on a monthly basis and on a graduated scale. The Company also leases a fleet of automobiles that are used by its sales representatives and are classified as operating leases.

Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future lease payments using our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Our leases have remaining lease terms of less than 1 year to 3 years, some of which may include the option to extend or terminate the leases.

The company recorded operating lease costs of $1,526 and $1,197 for the years ended December 31, 2022 and 2021, respectively, and recorded rent expense of $686 for the year ended December 31, 2020.

As of December 31, 2022, the weighted-average remaining lease term for operating leases was 1.6 years and the weighted-average discount rate for operating leases was 3.8%.

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


Leases	Classification		December 31, 2022		December 31, 2021
Assets
Operating lease right-of-use assets	Other noncurrent assets	$	2,312	$	3,298
Liabilities
Operating lease liability, current portion	Other current liabilities	$	1,614	$	1,527
Operating lease liability, long-term	Other long-term liabilities		975		2,233
Total operating lease liabilities		$	2,589	$	3,760

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


		December 31, 2022		December 31, 2021
Operating cash flows from operating leases	$	1,716	$	1,126
Right of use assets obtained in exchange for operating lease obligations (1)	$	485	$	4,480

(1)

Including the balance recognized on January 1, 2021, upon adoption of ASU No. 2016-02.

Future payments under noncancelable operating leases with initial terms of one year or more as of December 31, 2022 consisted of the following:


Years ending December 31,
2023	$	1,679
2024		958
2025		34
2026		—
2027		—
Thereafter		—
Total lease payments		2,671
Less: imputed interest		(82)
Total lease liabilities	$	2,589

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies.

12. 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. As of December 31, 2022, there were no material claims or suits outstanding.

Convertible Preferred Stock

12 Months Ended

Dec. 31, 2022

STOCKHOLDERS' EQUITY [Abstract]

Convertible Preferred Stock

13. 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 issued to former holders of the Company’s convertible preferred stock.

Series A Preferred Stock

In September 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. 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

In January 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. 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

In August 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. 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

12 Months Ended

Dec. 31, 2022

STOCKHOLDERS' EQUITY [Abstract]

Stockholders' Equity

14. STOCKHOLDERS’ EQUITY

Common Stock

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. In August 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 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.

In connection with the Blackstone Credit Agreement, in August 2021, the Company sold an aggregate of 1,048,951 shares of our common stock, par value $0.00001 per share, for an aggregate cash consideration of $30,000, or $28.60 per share. This sale did not involve a public offering and was therefore exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D thereunder as a transaction not involving any public offering.

In September 2021, the Company issued 221,511 shares of common stock in connection with the OrbiMed warrant (see Note 16).

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 16
-Subparagraph (b)
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

Stock Incentive Plan and Stock-based Compensation

Stock Incentive Plan and Stock-based Compensation

12 Months Ended

Dec. 31, 2022

Stock Incentive Plan and Stock-based Compensation

15. STOCK INCENTIVE PLAN AND STOCK-BASED COMPENSATION

2020 Stock Incentive Plan

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

Stock options and stock appreciation rights under the 2020 Plan have a 10-year contractual term and vest over the vesting period specified in the applicable award agreement, at achievement of a performance requirement, or upon change of control (as defined in the applicable plan). RSUs vest over the vesting period specified in the applicable award agreement, at achievement of a performance requirement, or upon change of control (as defined in the applicable plan). As of December 31, 2022, there were 4,746,884 shares of common stock available for issuance under the 2020 Plan. The number of shares that may be issued under the 2020 Plan will automatically increase on January 1 of each year in an amount equal to the lesser of (i) 4.0% of the shares of the Company’s common stock outstanding on December 31 of the preceding year or (ii) an amount determined by the Company’s board of directors.

2017 Stock Incentive Plan

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

Following the adoption of the 2020 Plan, no further grants have been, or will be, made under the 2017 Plan. However, the 2017 Plan will continue to govern the terms and conditions of outstanding awards granted under it.

Stock Options

The following table summarizes stock option activity for the year ended December 31, 2022:


				Weighted-
		Weighted-		Average
		Average		Remaining
	Number of	Exercise		Contractual
	Awards	Price		Term
Awards outstanding—December 31, 2021	5,716,597	$	22.53	8.09
Awards issued	1,719,579	$	49.52
Awards exercised	(761,414)	$	10.27
Awards forfeited	(213,815)	$	30.46
Awards outstanding—December 31, 2022	6,460,947	$	30.90	7.86

Stock Appreciation Rights

The following table summarizes SARs activity for the year ended December 31, 2022:


				Weighted-
		Weighted-		Average
		Average		Remaining
	Number of	Exercise		Contractual
	Awards	Price		Term
Awards outstanding—December 31, 2021	49,294	$	9.24	7.29
Awards issued	—	$	—
Awards exercised	(3,651)	$	8.22
Awards forfeited	(2,435)	$	8.22
Awards outstanding—December 31, 2022	43,208	$	9.38	6.32

Restricted Stock Units

The following table summarizes RSU activity for the year ended December 31, 2022:


				Weighted-
		Weighted-		Average
		Average		Remaining
	Number of	Exercise		Contractual
	Awards	Price		Term
Awards outstanding—December 31, 2021	60,000	$	29.03	9.24
Awards issued	—	$	—
Awards exercised	—	$	—
Awards forfeited	—	$	—
Awards outstanding—December 31, 2022	60,000	$	29.03	8.24

As of December 31, 2022 and 2021, stock awards issued under the 2017 and 2020 Plans of 1,818,045 and 1,285,432 common shares, respectively, were vested.

Value of Stock Options and SARs

The Company values options and SARs using the Black-Scholes option-pricing model. The Company lacks sufficient historical company-specific volatility information. Therefore, the Company estimates expected stock volatility based on historical volatility of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-

vanilla” options. For SARs, the expected term is based upon the weighting of certain future events. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for the time periods approximately equal to the expected term of the award. An expected dividend yield of 0% is based on the fact that the Company has never paid cash dividends and does not expect to do so in the foreseeable future.

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


	As of
	December 31,		December 31,		December 31,
	2022		2021		2020
Dividend yield	0.00	%	0.00	%	0.00	%
Expected volatility	72.57 - 77.08	%	60.00	%	55.00 - 95.80	%
Risk-free interest rate	1.99 - 4.05	%	0.66 - 1.44	%	0.32 - 0.56	%
Lack of marketability discount	0.00	%	0.00	%	0.00 - 20.48	%
Expected term (years)	3.1 - 6.3		4.1 - 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 the 2020 Plan was $18.88, $12.82 and $10.06 in 2022, 2021 and 2020, respectively.

Stock-Based Compensation Expense

Stock-based compensation expense was $26,905, $16,105 and $5,190 for the years ended December 31, 2022, 2021 and 2020, respectively, and is recorded in the consolidated statements of operations and comprehensive income (loss) in the following line items:


	Year Ended December 31,
	2022		2021		2020
Research and development expense	$	2,614	$	2,121	$	586
Sales and marketing expense		3,886		3,103		703
General and administrative expense		20,405		10,881		3,901
	$	26,905	$	16,105	$	5,190

Stock-based compensation expense, net related to options and RSUs issued under the 2017 Plan and 2020 Plan is included in stockholder’s equity, and a liability for SARs is included in other non-current liabilities, in the Company’s consolidated balance sheet. As of December 31, 2022, the total unrecognized stock-based compensation expense related to options and RSUs was $83,558. Such amount will be recognized in the Company’s consolidated statement of operations over a weighted average period of 2.9 years.

Employee Stock Purchase Plan

The 2021 Employee Stock Purchase Plan (“ESPP”) was adopted by the Company’s Board of Directors in April 2021. The ESPP permits eligible employees to purchase shares of the Company’s common stock at a 15% discount from the lesser of the fair market value per share of the Company’s common stock on the first day of the offering period or the fair market value of the Company’s common stock on the purchase date. Funds are collected from employees through after-tax payroll deductions. The total number of shares reserved for issuance under the ESPP was initially 629,805, which will automatically increase on January 1 of each year in an amount equal to the lesser of (i) 1.0% of the shares of the Company’s common stock outstanding on December 31 of the preceding year or (ii) an amount determined by the Company’s board of directors. It is intended that the ESPP meet the requirements for an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. For the years ended December 31, 2022 and 2021, there were 21,943 and 11,010 shares

issued under the ESPP, respectively. The discount on the ESPP was $363 and $173 for the years ended December 31, 2022 and December 31, 2021, respectively, and is recorded within stock-based compensation expense.

Warrants

12 Months Ended

Dec. 31, 2022

Warrants

Warrants

16. 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 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 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. In connection with the Blackstone Credit Agreement, the OrbiMed Loan was repaid in fully and the unamortized debt discount related to the Warrants was included in the loss on debt extinguishment (see Note 12). In September 2021, OrbiMed exercised its option to purchase shares of the Company’s common stock pursuant to the Warrants, which resulted in the net settlement of 221,511 shares of the Company’s common stock issued to OrbiMed.

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

12 Months Ended

Dec. 31, 2022

Earnings per Share

Earnings per Share

17. EARNINGS PER SHARE

Basic earnings per share is calculated by diving net income by the weighted average number of shares of common stock outstanding. For the years ended December 31, 2022 and 2021, respectively, the Company calculated Diluted net income per common share is computed under the treasury stock method by using the weighted average number of shares of common stock outstanding, plus, for periods with net income attributable to common stockholders, the potential dilutive effects of stock options, stock appreciation rights and restricted stock units.

For the year ended December 31, 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 entitled 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 reported a net loss for the year ended December 31, 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 this period 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 year ended December 31, 2020 since the additional income would have an antidilutive impact.

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


	Year Ended December 31,
	2022		2021		2020
Numerator
Net income (loss)	$	181,468	$	34,597	$	(36,944)
Accumulation of dividends on preferred stock		—		—		(26,904)
Net income (loss) available to common shareholders	$	181,468	$	34,597	$	(63,848)
Denominator
Net income (loss) per common share - basic	$	3.07	$	0.60	$	(2.48)
Net income (loss) per common share - diluted	$	2.97	$	0.58	$	(2.48)
Weighted average number of shares of common stock - basic		59,173,121		57,531,540		25,772,419
Weighted average number of shares of common stock - diluted		61,097,045		59,205,213		25,772,419

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


	Year Ended December 31,
	2022		2021		2020
Stock options, SARs, and RSUs to purchase common stock		1,923,924		1,536,825		—
Warrants		—		136,848		—
Total		1,923,924		1,673,673		—

Potential common shares issuable upon conversion of preferred stock, exercise of stock options, and exercise of warrants that were 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:


	Year Ended December 31,
	2022		2021		2020
Stock options, SARs, and RSUs to purchase common stock		4,640,231		4,289,066		5,260,126
Convertible preferred stock		—		—		—
Warrants		—		—		410,239
Total		4,640,231		4,289,066		5,670,365

Adjustment for warrants	$	—	$	—	$	3,109

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Taxes

Income Taxes

18. INCOME TAXES

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


	Year Ended December 31,
	2022		2021		2020
Federal	$	10,011	$	6,487	$	(6,416)
State		9,573		2,852		4,198
Valuation allowance		(96,366)		(6,508)		2,218
	$	(76,782)	$	2,831	$	—
Current	$	9,161	$	2,831	$	—
Deferred		10,423		6,508		(2,218)
Valuation allowance		(96,366)		(6,508)		2,218
Total	$	(76,782)	$	2,831	$	—

The reasons for the difference between the statutory federal income tax rate and the Company’s effective income tax rate as of December 31, 2022, 2021 and 2020 are as follows:


	Year Ended December 31,
	2022		2021		2020
Federal income tax rate	21.0	%	21.0	%	21.0	%
Stock-based compensation	(4.9)		(2.3)		—
State taxes	(14.1)		6.4		(11.4)
Credits	(4.8)		—		—
Other	(0.3)		(0.2)		(3.6)
Valuation allowance	(70.2)		(17.3)		(6.0)
Total	(73.3)	%	7.6	%	—	%

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021, are as follows:


	As of December 31,
	2022				2021
	Assets		Liabilities		Assets		Liabilities
Acquired in-process research and development	$	45,938	$	—	$	42,460	$	—
Net operating loss carryforward		6,370		—		29,739		—
Accrued compensation		11,551		—		6,285		—
Credits		—		—		168		—
Disallowed interest		—		—		7,635		—
Lease obligations, net		71		—		123		—
Fixed assets		115		—		124		—
Inventory		6,781		—		6,294		—
Accrued rebates		7,118		—		4,564		—
Research and development		8,802		—		—		—
Other		15		818		70		1,096
Total	$	86,761		818	$	97,462		1,096
Net deferred tax asset	$	85,943	$	—	$	96,366	$	—
Valuation allowance	$	—	$	—	$	(96,366)	$	—
Total	$	85,943	$	—	$	—	$	—

As of December 31, 2022 and December 31, 2021, our deferred tax assets were primarily the result of acquired in-process research and development costs, operating loss carryforwards, capitalized research and development costs, disallowed interest, inventory, and accrued rebates. A valuation allowance of $96,366 was recorded against our net deferred tax asset balance as of December 31, 2021. We recorded a tax benefit of $74,474 as a discrete item in the year ended December, 2022 related to the release of a valuation allowance on certain deferred tax assets, net, which had accumulated through December 31, 2021. We also recorded a tax benefit of $21,892 as a component to our current year effective tax rate in the year ended December 31, 2022, related to deferred tax assets, net, which were utilized in the current period.

As of each reporting date, the Company considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. During the year ended December 31, 2022, in part because in the current year we achieved three years of cumulative pretax income, which is a positive indication of the Company’s ability to generate sufficient future taxable income, the Company determined that there was sufficient positive evidence to conclude that it is more likely than not that additional deferred taxes are realizable and, therefore, released the valuation allowance accordingly. Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2022, 2021 and 2020 were as follows:


	Year Ended December 31,
	2022		2021		2020
Valuation allowance at the beginning of the year	$	(96,366)	$	(102,874)	$	(100,656)
Decreases recorded as a benefit to income tax provision		96,366		6,508		—
Increases recorded to income tax provision		—		—		(2,218)
Valuation allowance at the end of the year	$	—	$	(96,366)	$	(102,874)

As of December 31, 2022 and 2021, the Company has approximately $0 and $98,069, respectively, of federal net operating loss ("NOL") carryforward available to offset future federal taxable income. The Company also has approximately $95,230 and $120,074 of state NOL carryforwards as of December 31, 2022 and 2021, respectively, available to offset future state taxable income. All of the Company’s tax years remain open to examination by federal and state taxing authorities. The Company’s state NOLs begin to expire in 2037. Utilization of the net operating loss carryforwards may be subject to a substantial limitation due to state provisions. These changes may limit the amount of net operating loss and tax credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change” as defined by Section 382 of the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain stockholders or public groups.

As of December 31, 2022 and 2021, the Company has federal tax credits of $0 and $168, respectively.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Related-party Transactions

Retirement Plan

12 Months Ended

Dec. 31, 2022

Retirement Plan

Retirement Plan

19. RETIREMENT PLAN

The Company formed a 401(k) defined contribution savings plan (the “401(k) Plan”) in January 2021. The 401(k) Plan is for the benefit of all qualifying employees and permits voluntary contributions by employees limited by the IRS-imposed maximum. Employer contributions were $1,705 and $2,479 for 2022 and 2021, respectively.

Related-party Transactions

12 Months Ended

Dec. 31, 2022

Related-party Transactions

20. RELATED-PARTY TRANSACTIONS

The Company was party to a management agreement for professional services provided by a related party, 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. For the years ended December 31, 2022, 2021 and 2020, the Company incurred $284, $284 and $7,384, respectively, in management fee expense and other expenses to this related party, which are included in general and administrative expense in the consolidated statements of operations and comprehensive income (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. In August 2021, the Company paid a $2,300 advisory fee to Paragon in connection with the Blackstone Credit Agreement. $2,000 of this payment was recorded in debt issuance costs as a component of long-term debt, net and $300 was recorded in common stock issuance costs as a component of additional paid-in capital, within the consolidated balance sheet as of December 31, 2022. As of December 31, 2022 and 2021, there were no amounts due to or due from related parties included within the consolidated balance sheet.

Valuation and Qualifying Accounts - Accounts Receivable, Net

12 Months Ended

Dec. 31, 2022

Valuation and Qualifying Accounts - Accounts Receivable, Net

Valuation and Qualifying Accounts - Accounts Receivable, Net

21.VALUATION AND QUALIFYING ACCOUNTS – ACCOUNTS RECEIVABLE, NET

Changes in the valuation allowance for accounts receivable, net during the years ended December 31, 2022, 2021 and 2020 were as follows:


	Year Ended December 31,
	2022		2021		2020
Allowance for distribution fees, discounts and chargebacks at the beginning of the year	$	1,885	$	806	$	253
Additions due to current period provision		14,806		12,174		4,439
Deductions due to payment of distribution fees, discounts and chargebacks		(14,861)		(11,095)		(3,886)
Allowance for distribution fees, discounts and chargebacks at the end of the year	$	1,830	$	1,885	$	806

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies

Basis of Presentation

Significant Risks and Uncertainties

Significant Risks and Uncertainties

Use of Estimates

Use of Estimates

Operating Segments

Operating Segments

Fair Value of Financial Instruments

Fair Value of Financial Instruments

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

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

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

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents and Restricted Cash


	As of
	December 31,		December 31,
	2022		2021
Cash and cash equivalents	$	243,784	$	234,309
Restricted cash		750		750
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$	244,534	$	235,059

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

Investments

Concentrations of Risk

Concentrations of Risk

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

Inventory

Inventory

Property and Equipment

Property and Equipment

Intangible Asset

Intangible Assets

Revenue Recognition

Revenue Recognition

Product Sales, Net

Product Sales, Net

Government Contracts

Cost of Product Sold

Cost of Product Sold

Research and Development Expenses

Research and Development Expenses

Advertising Expenses

Advertising Expenses

Stock-Based Compensation

Stock-Based Compensation

Basic and Diluted Net Income (Loss) per Share

Basic and Diluted Net Income (Loss) per Share

Income Taxes

Income Taxes

best estimate of those future events. The Company presents deferred income taxes on the Consolidated Balance Sheet on a jurisdictional basis as either a net noncurrent asset or liability.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies

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


	As of
	December 31,		December 31,
	2022		2021
Cash and cash equivalents	$	243,784	$	234,309
Restricted cash		750		750
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$	244,534	$	235,059

Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments

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


	December 31, 2022
		Amortized	Unrealized	Unrealized		Fair
		Cost	Gains	Losses		Value
Short-term:
Commercial paper	$	26,553	15	(34)	$	26,534
Corporate debt securities		49,213	9	(73)		49,149
U.S. government securities		3,658	—	(10)		3,648
Total short-term investments	$	79,424	24	(117)	$	79,331

Long-term:
Commercial paper	$	853	1	—	$	854
Corporate debt securities		21,516	11	(68)		21,459
U.S. government securities		257	—	(2)		255
Total long-term investments	$	22,626	12	(70)	$	22,568

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Measurements

Schedule of assets measured at fair value


	December 31, 2022				December 31, 2021
		Total	Level 1	Level 2		Total	Level 1	Level 2
Assets
Cash equivalents	$	184,977	184,977	—	$	156,782	156,782	—
Commercial paper		27,388	—	27,388		—	—	—
Corporate debt securities		70,608	—	70,608		—	—	—
U.S. government securities		3,903	—	3,903		—	—	—
Total	$	286,876	184,977	101,899	$	156,782	156,782	—

Schedule of range of assumptions used to determine the fair value of the warrant liability



Dividend yield	0.0	%
Expected volatility	54.2% - 68.8	%
Risk-free interest rate	0.17% - 1.56	%
Lack of marketability discount	0.0	%
Expected term (years)	1 - 4.5

Inventory (Tables)

12 Months Ended

Dec. 31, 2022

Inventory

Schedule of inventory net


	As of
	December 31,		December 31,
	2022		2021
Raw materials	$	838	$	986
Work in process		1,513		1,787
Finished goods		2,565		2,108
Inventory, gross		4,916		4,881
Reserve for excess inventory		(619)		(449)
Total inventory, net	$	4,297	$	4,432

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Intangible Assets

Schedule of expected future annual amortization expense for unamortized intangible assets


Years ending December 31,
2023	$	23,845
2024		23,845
2025		23,845
2026		23,845
2027		23,845
Thereafter		41,728
Total	$	160,953

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


	As of
	December 31,		December 31,
	2022		2021
Gross Carrying Amount	$	215,000	$	175,000
Accumulated Amortization		(54,047)		(31,081)
Net Book Value	$	160,953	$	143,919

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Accrued Expenses

Schedule of accrued expenses


	As of
	December 31,		December 31,
	2022		2021
Royalties due to third parties	$	25,367	$	16,396
Rebates and other sales deductions		27,860		17,141
Interest		3,286		2,125
Selling and marketing		1,135		1,983
Research and development		358		658
Professional fees, consulting, and other services		1,163		1,645
Other expenses		773		301
	$	59,942	$	40,249

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt

Schedule of long-term debt, net


	December 31,		December 31,
	2022		2021
Liability component - principal	$	197,500	$	199,500
Unamortized debt discount associated with debt financing costs		(5,853)		(7,516)
Liability component - net carrying value		191,647		191,984
Less current portion		(2,000)		(2,000)
Long-term debt, net	$	189,647	$	189,984

Schedule of future minimum payments relating to long term debt


Years ending December 31,
2023	$	2,000
2024		20,000
2025		20,000
2026		155,500
2027		—
Thereafter		—
Total	$	197,500

Schedule of interest expense related to long term debt


	Year Ended
	December 31,
	2022		2021		2020
Interest on principal balance	$	17,132	$	21,955	$	26,203
Amortization of deferred financing costs		1,663		2,238		2,412
Total term loan interest expense	$	18,795	$	24,193	$	28,615

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases

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


Leases	Classification		December 31, 2022		December 31, 2021
Assets
Operating lease right-of-use assets	Other noncurrent assets	$	2,312	$	3,298
Liabilities
Operating lease liability, current portion	Other current liabilities	$	1,614	$	1,527
Operating lease liability, long-term	Other long-term liabilities		975		2,233
Total operating lease liabilities		$	2,589	$	3,760


		December 31, 2022		December 31, 2021
Operating cash flows from operating leases	$	1,716	$	1,126
Right of use assets obtained in exchange for operating lease obligations (1)	$	485	$	4,480

(1)

Including the balance recognized on January 1, 2021, upon adoption of ASU No. 2016-02.

Schedule of future payments under noncancelable operating leases


Years ending December 31,
2023	$	1,679
2024		958
2025		34
2026		—
2027		—
Thereafter		—
Total lease payments		2,671
Less: imputed interest		(82)
Total lease liabilities	$	2,589

Stock Incentive Plan and Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Stock Incentive Plan and Stock-based Compensation

Summary of changes in stock options granted


				Weighted-
		Weighted-		Average
		Average		Remaining
	Number of	Exercise		Contractual
	Awards	Price		Term
Awards outstanding—December 31, 2021	5,716,597	$	22.53	8.09
Awards issued	1,719,579	$	49.52
Awards exercised	(761,414)	$	10.27
Awards forfeited	(213,815)	$	30.46
Awards outstanding—December 31, 2022	6,460,947	$	30.90	7.86

Summary of changes in SARs granted


				Weighted-
		Weighted-		Average
		Average		Remaining
	Number of	Exercise		Contractual
	Awards	Price		Term
Awards outstanding—December 31, 2021	49,294	$	9.24	7.29
Awards issued	—	$	—
Awards exercised	(3,651)	$	8.22
Awards forfeited	(2,435)	$	8.22
Awards outstanding—December 31, 2022	43,208	$	9.38	6.32

Summary of changes in RSUs granted


				Weighted-
		Weighted-		Average
		Average		Remaining
	Number of	Exercise		Contractual
	Awards	Price		Term
Awards outstanding—December 31, 2021	60,000	$	29.03	9.24
Awards issued	—	$	—
Awards exercised	—	$	—
Awards forfeited	—	$	—
Awards outstanding—December 31, 2022	60,000	$	29.03	8.24

Summary of assumptions used to value awards


	As of
	December 31,		December 31,		December 31,
	2022		2021		2020
Dividend yield	0.00	%	0.00	%	0.00	%
Expected volatility	72.57 - 77.08	%	60.00	%	55.00 - 95.80	%
Risk-free interest rate	1.99 - 4.05	%	0.66 - 1.44	%	0.32 - 0.56	%
Lack of marketability discount	0.00	%	0.00	%	0.00 - 20.48	%
Expected term (years)	3.1 - 6.3		4.1 - 6.3		5.4 - 6.5

Summary of stock-based compensation expense


	Year Ended December 31,
	2022		2021		2020
Research and development expense	$	2,614	$	2,121	$	586
Sales and marketing expense		3,886		3,103		703
General and administrative expense		20,405		10,881		3,901
	$	26,905	$	16,105	$	5,190

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings per Share

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

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


	Year Ended December 31,
	2022		2021		2020
Numerator
Net income (loss)	$	181,468	$	34,597	$	(36,944)
Accumulation of dividends on preferred stock		—		—		(26,904)
Net income (loss) available to common shareholders	$	181,468	$	34,597	$	(63,848)
Denominator
Net income (loss) per common share - basic	$	3.07	$	0.60	$	(2.48)
Net income (loss) per common share - diluted	$	2.97	$	0.58	$	(2.48)
Weighted average number of shares of common stock - basic		59,173,121		57,531,540		25,772,419
Weighted average number of shares of common stock - diluted		61,097,045		59,205,213		25,772,419

Summary of antidilutive securities excluded from computation of earnings per share


	Year Ended December 31,
	2022		2021		2020
Stock options, SARs, and RSUs to purchase common stock		1,923,924		1,536,825		—
Warrants		—		136,848		—
Total		1,923,924		1,673,673		—


	Year Ended December 31,
	2022		2021		2020
Stock options, SARs, and RSUs to purchase common stock		4,640,231		4,289,066		5,260,126
Convertible preferred stock		—		—		—
Warrants		—		—		410,239
Total		4,640,231		4,289,066		5,670,365

Adjustment for warrants	$	—	$	—	$	3,109

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of provision for income taxes


	Year Ended December 31,
	2022		2021		2020
Federal	$	10,011	$	6,487	$	(6,416)
State		9,573		2,852		4,198
Valuation allowance		(96,366)		(6,508)		2,218
	$	(76,782)	$	2,831	$	—
Current	$	9,161	$	2,831	$	—
Deferred		10,423		6,508		(2,218)
Valuation allowance		(96,366)		(6,508)		2,218
Total	$	(76,782)	$	2,831	$	—

Schedule of difference between statutory federal income tax rate


	Year Ended December 31,
	2022		2021		2020
Federal income tax rate	21.0	%	21.0	%	21.0	%
Stock-based compensation	(4.9)		(2.3)		—
State taxes	(14.1)		6.4		(11.4)
Credits	(4.8)		—		—
Other	(0.3)		(0.2)		(3.6)
Valuation allowance	(70.2)		(17.3)		(6.0)
Total	(73.3)	%	7.6	%	—	%

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


	As of December 31,
	2022				2021
	Assets		Liabilities		Assets		Liabilities
Acquired in-process research and development	$	45,938	$	—	$	42,460	$	—
Net operating loss carryforward		6,370		—		29,739		—
Accrued compensation		11,551		—		6,285		—
Credits		—		—		168		—
Disallowed interest		—		—		7,635		—
Lease obligations, net		71		—		123		—
Fixed assets		115		—		124		—
Inventory		6,781		—		6,294		—
Accrued rebates		7,118		—		4,564		—
Research and development		8,802		—		—		—
Other		15		818		70		1,096
Total	$	86,761		818	$	97,462		1,096
Net deferred tax asset	$	85,943	$	—	$	96,366	$	—
Valuation allowance	$	—	$	—	$	(96,366)	$	—
Total	$	85,943	$	—	$	—	$	—

Schedule of change in valuation allowance for deferred tax assets


	Year Ended December 31,
	2022		2021		2020
Valuation allowance at the beginning of the year	$	(96,366)	$	(102,874)	$	(100,656)
Decreases recorded as a benefit to income tax provision		96,366		6,508		—
Increases recorded to income tax provision		—		—		(2,218)
Valuation allowance at the end of the year	$	—	$	(96,366)	$	(102,874)

Valuation and Qualifying Accounts - Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2022

Valuation and Qualifying Accounts - Accounts Receivable, Net

Schedule of valuation and qualifying accounts - accounts receivable, net


	Year Ended December 31,
	2022		2021		2020
Allowance for distribution fees, discounts and chargebacks at the beginning of the year	$	1,885	$	806	$	253
Additions due to current period provision		14,806		12,174		4,439
Deductions due to payment of distribution fees, discounts and chargebacks		(14,861)		(11,095)		(3,886)
Allowance for distribution fees, discounts and chargebacks at the end of the year	$	1,830	$	1,885	$	806

Organization and Description of Business (Details)
$ / shares in Units, $ in Thousands

1 Months Ended

12 Months Ended

Aug. 31, 2020

USD ($)

$ / shares

Dec. 31, 2022

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Proceeds from issuance of common stock upon initial public offering | $

$ 147,628

Underwriting discounts and commissions and offering expenses | $

$ 300

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

^[1]

8,050

1,270,462

6,151,162

Common stock issued

42,926,630

^[1]

Common Stock | IPO

Shares issued, price per share | $ / shares

6,151,162

$ 24.00

Proceeds from issuance of common stock upon initial public offering | $

$ 135,435

Underwriting discounts and commissions and offering expenses | $

$ 12,193

Common Stock | Over-Allotment Option

802,325

[1]	Common stock of Harmony Biosciences Holdings, Inc.

Liquidity and Capital Resources (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Liquidity And Capital Resources
Accumulated deficit	$ 272,130	$ 453,598
Cash, cash equivalents, restricted cash and investments	$ 346,433

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary of Significant Accounting Policies
Cash and cash equivalents	$ 243,784	$ 234,309
Restricted cash	750	750
Total cash, cash equivalents, and restricted cash shown in the statements of cash flows	$ 244,534	$ 235,059	$ 229,381	$ 25,207

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Institution product customer segment	Dec. 31, 2021 USD ($) customer	Dec. 31, 2020 USD ($) customer
Summary Of Significant Accounting Policies [Line Items]
Number of approved commercial products \| product	1
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Number Of financial institutions \| Institution	2
Advertising expenses	$ 22,428	$ 19,558	$ 13,301
Unrecognized uncertain tax positions	$ 0	$ 0
Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives of the assets	P3Y
Time-based vesting period	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives of the assets	P10Y
Time-based vesting period	5 years
Recognized income tax positions	$ 50
Three Customers \| Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| customer	3	3
Concentration risk percentage	100.00%	100.00%
Three Customers \| Product Revenues \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| customer	3	3	3
Concentration risk percentage	100.00%	100.00%	100.00%
Caremark LLC \| Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	41.00%	40.00%
Caremark LLC \| Product Revenues \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	42.00%	36.00%	40.00%
PANTHERx Specialty Pharmacy LLC \| Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	24.00%	31.00%
PANTHERx Specialty Pharmacy LLC \| Product Revenues \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	29.00%	35.00%	33.00%
Accredo Health Group, Inc \| Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	35.00%	29.00%
Accredo Health Group, Inc \| Product Revenues \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	29.00%	29.00%	27.00%

Investments - Carrying Value and Amortized Cost of Available-For-Sale Debt Securities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Minimum
Investment securities
Non current investment maturity term	1 year
Maximum
Investment securities
Non current investment maturity term	2 years
Short-term
Investment securities
Amortized cost	$ 79,424
Unrealized Gains	24
Unrealized Losses	(117)
Fair Value	79,331
Short-term commercial paper
Investment securities
Amortized cost	26,553
Unrealized Gains	15
Unrealized Losses	(34)
Fair Value	26,534
Short-term corporate debt securities
Investment securities
Amortized cost	49,213
Unrealized Gains	9
Unrealized Losses	(73)
Fair Value	49,149
Short-term U.S. government securities
Investment securities
Amortized cost	3,658
Unrealized Losses	(10)
Fair Value	3,648
Long-term
Investment securities
Amortized cost	22,626
Unrealized Gains	12
Unrealized Losses	(70)
Fair Value	22,568
Long-term commercial paper
Investment securities
Amortized cost	853
Unrealized Gains	1
Fair Value	854
Long-term corporate debt securities
Investment securities
Amortized cost	21,516
Unrealized Gains	11
Unrealized Losses	(68)
Fair Value	21,459
Long-term U.S. government securities
Investment securities
Amortized cost	257
Unrealized Losses	(2)
Fair Value	$ 255

Fair Value Measurements - Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021
Assets
Assets		$ 286,876	$ 156,782
Change in the fair value of the warrant liability	$ 3,109
Other expense
Assets
Change in the fair value of the warrant liability	$ 3,109
Cash equivalents
Assets
Assets		184,977	156,782
Commercial paper
Assets
Assets		27,388
Corporate debt securities
Assets
Assets		70,608
U.S. government securities
Assets
Assets		3,903
Level 1
Assets
Assets		184,977	156,782
Level 1 \| Cash equivalents
Assets
Assets		184,977	$ 156,782
Level 2
Assets
Assets		101,899
Level 2 \| Commercial paper
Assets
Assets		27,388
Level 2 \| Corporate debt securities
Assets
Assets		70,608
Level 2 \| U.S. government securities
Assets
Assets		$ 3,903

Fair Value Measurements - Assumptions Used to Determine Fair Value Warrant Liability (Details)	Dec. 31, 2022 Y
Dividend Yield
FAIR VALUE MEASUREMENTS
Fair value of the warrant liability	0.000
Expected Volatility \| Minimum
FAIR VALUE MEASUREMENTS
Fair value of the warrant liability	0.542
Expected Volatility \| Maximum
FAIR VALUE MEASUREMENTS
Fair value of the warrant liability	0.688
Risk-Free Interest Rate \| Minimum
FAIR VALUE MEASUREMENTS
Fair value of the warrant liability	0.0017
Risk-Free Interest Rate \| Maximum
FAIR VALUE MEASUREMENTS
Fair value of the warrant liability	0.0156
Lack of Marketability Discount
FAIR VALUE MEASUREMENTS
Fair value of the warrant liability	0.000
Expected Term \| Minimum
FAIR VALUE MEASUREMENTS
Fair value of the warrant liability	1
Expected Term \| Maximum
FAIR VALUE MEASUREMENTS
Fair value of the warrant liability	4.5

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory
Raw materials	$ 838	$ 986
Work in process	1,513	1,787
Finished goods	2,565	2,108
Inventory, gross	4,916	4,881
Reserve for excess inventory	(619)	(449)
Total inventory, net	$ 4,297	$ 4,432

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended				12 Months Ended
	Mar. 31, 2022	Feb. 28, 2022	Jan. 31, 2021	Aug. 31, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets
Amortization expense					$ 22,966	$ 18,424	$ 9,843
Net product revenues					$ 437,855	$ 305,440	$ 159,742
WAKIX
Intangible Assets
Final payment paid	$ 40,000
Useful life of intangible asset					7 years 7 months 6 days
Remaining useful life					6 years 9 months 18 days
WAKIX \| United States
Intangible Assets
Net product revenues		$ 500,000
WAKIX \| Daytime Sleepiness
Intangible Assets
License agreement milestone payments paid				$ 75,000
Useful life of intangible asset					10 years
Remaining useful life					6 years 9 months 18 days
NDA for WAKIX. \| Cataplexy
Intangible Assets
License agreement milestone payments paid			$ 100,000
Useful life of intangible asset					9 years
Remaining useful life					6 years 9 months 18 days

Intangible Assets - Schedule of Expected Future Annual Amortization Expense for Unamortized Intangible Assets (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Future annual amortization expense
2023	$ 23,845
2024	23,845
2025	23,845
2026	23,845
2027	23,845
Thereafter	41,728
Total	$ 160,953

Intangible Assets - Schedule of Gross Carrying Amount and Net Book Value of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets
Gross Carrying Amount	$ 215,000	$ 175,000
Accumulated Amortization	(54,047)	(31,081)
Net Book Value	$ 160,953	$ 143,919

License and Asset Purchase Agreements (Details) - USD ($) $ in Thousands		1 Months Ended						12 Months Ended
	Sep. 28, 2022	Jul. 31, 2022	Aug. 31, 2021	Jan. 31, 2021	Oct. 31, 2020	Nov. 30, 2019	Aug. 31, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 12, 2019
License and Asset Purchase Agreements
Cost of product sold								$ 83,481	$ 55,518	$ 27,738
Accrued Sales Based Trademark and Royalties								25,367	16,396
All Countries Excluding Greater China \| HBS-102 \| Asset Purchase Agreement with ConSynance Therapeutics
License and Asset Purchase Agreements
Consideration transferred			$ 3,500
Payment for intellectual property upon preclinical milestones			1,750
Payment for intellectual property upon developmental milestones			19,000
Payment for intellectual property upon regulatory milestones			44,000
Payment for intellectual property upon sales milestones			$ 110,000
Bioprojet
License and Asset Purchase Agreements
Licensing agreement milestone fees							$ 2,000
License agreement milestone payments paid						$ 75,000	2,000
License agreement, additional milestone payment due							102,000
Accrued Sales Based Trademark and Royalties								25,367	16,396
Bioprojet \| Upon Acceptance by FDA of Pitolisant's
License and Asset Purchase Agreements
License agreement, milestone payment due											$ 50,000
License agreement, upfront non-refundable licensing fees paid		$ 30,000
License agreement, maximum additional milestone payment due		$ 155,000
Bioprojet \| Upon Acceptance by FDA of Pitolisant's \| Research and Development Expense
License and Asset Purchase Agreements
License agreement, upfront non-refundable licensing fees paid	$ 30,000
Bioprojet \| Upon FDA Approval of WAKIX
License and Asset Purchase Agreements
License agreement, milestone payment due							77,000
Licensing agreement milestone fees							$ 2,000
License agreement milestone payments paid				$ 100,000	$ 2,000
Bioprojet \| Sales-based, trademark and tiered royalties
License and Asset Purchase Agreements
Cost of product sold								77,107	$ 50,957	$ 25,580
Bioprojet \| United States
License and Asset Purchase Agreements
Amount of Aggregate Net Sales Attaining								500,000
Bioprojet \| Attaining $500,000 Aggregate Net Sales \| United States \| Upon FDA Approval of WAKIX
License and Asset Purchase Agreements
License agreement, additional milestone payment due								$ 40,000

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Expenses
Royalties due to third parties	$ 25,367	$ 16,396
Rebates and other sales deductions	27,860	17,141
Interest	3,286	2,125
Selling and marketing	1,135	1,983
Research and development	358	658
Professional fees, consulting, and other services	1,163	1,645
Other expenses	773	301
Accrued expenses	$ 59,942	$ 40,249

Debt - Additional Information (Details) - USD ($) $ in Thousands			1 Months Ended		12 Months Ended
	Aug. 10, 2022	Jan. 09, 2020	Aug. 31, 2021	Jan. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
DEBT
Debt issuance costs paid					$ 9,152	$ 5,804
Loss on debt extinguishment					26,146	22,639
Senior Secured Term Loan \| Blackstone Alternative Credit Advisors ("Blackstone")
DEBT
Aggregate principal amount			$ 200,000
Debt issuance costs			8,151
Cash proceeds received			$ 191,849
Term of loan			5 years
Fair value of loan							$ 155,198
Senior Secured Term Loan \| Blackstone Alternative Credit Advisors ("Blackstone") \| Repayment of Debt Commencing on December 31, 2021
DEBT
Periodic payment principal			$ 500
Senior Secured Term Loan \| Blackstone Alternative Credit Advisors ("Blackstone") \| Repayment of Debt Beginning on March 31, 2024
DEBT
Periodic payment principal			5,000
Senior Secured Term Loan \| Blackstone Alternative Credit Advisors ("Blackstone") \| Repayment of Debt Due on Maturity Date
DEBT
Periodic payment principal			$ 145,500
Senior Secured Term Loan \| Blackstone Alternative Credit Advisors ("Blackstone") \| LIBOR
DEBT
Basis spread on variable rate			6.50%
Senior Secured Term Loan \| Blackstone Alternative Credit Advisors ("Blackstone") \| LIBOR \| Minimum
DEBT
Basis spread on variable rate			1.00%
Senior Secured Delayed Draw Term Loan \| Blackstone Alternative Credit Advisors ("Blackstone")
DEBT
Aggregate principal amount			$ 100,000
Percentage of ticking fee	1.00%
Debt issuance costs			$ 1,000
Credit Agreement \| OrbiMed Royalty & Credit Opportunities, LP.
DEBT
Aggregate principal amount				$ 200,000
Basis spread on variable rate				11.00%
Term of loan		6 years
Fixed interest rate				2.00%
Debt instrument exit fee percentage				7.00%
Extinguishment of loan, amount				$ 222,666
Loss on debt extinguishment					$ 26,146
Multi-draw Loan Agreement \| CRG Servicing LLC
DEBT
Aggregate principal amount				200,000
Extinguishment of loan, amount				$ 120,893
Loss on debt extinguishment						$ 22,639

Debt - Balances of Long-term Debt, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
DEBT
Liability component - principal	$ 197,500
Less current portion	(2,000)	$ (2,000)
Long-term debt, net	189,647	189,984
Credit Agreement \| OrbiMed Royalty & Credit Opportunities, LP.
DEBT
Liability component - principal	197,500
Unamortized debt discount associated with debt financing costs	(5,853)
Liability component - net carrying value	191,647
Less current portion	(2,000)
Long-term debt, net	$ 189,647
Credit Agreement \| CRG Servicing LLC
DEBT
Liability component - principal		199,500
Unamortized debt discount associated with debt financing costs		(7,516)
Liability component - net carrying value		191,984
Less current portion		(2,000)
Long-term debt, net		$ 189,984

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

+ References + Details

Debt - Future Minimum Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Future minimum payments
2023	$ 2,000
2024	20,000
2025	20,000
2026	155,500
Total	$ 197,500

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - Interest Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt
Interest on principal balance	$ 17,132	$ 21,955	$ 26,203
Amortization of deferred financing costs	1,663	2,238	2,412
Total term loan interest expense	$ 18,795	$ 24,193	$ 28,615

Leases (Details) ft² in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
Leases (Details) ft² in Thousands, $ in Thousands	Dec. 31, 2020 ft²	Jun. 30, 2018 ft²	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
LEASES
Operating lease square feet of office space \| ft²	13	15
Lessee, Operating Lease, Existence of Option to Extend [true false]			true
Lessee, Operating Lease, Existence of Option to Terminate [true false]			true
Cost operating lease \| $			$ 1,526	$ 1,197	$ 686
Weighted average remaining lease term			1 year 7 months 6 days
Weighted-average discount rate for operating leases			3.80%
Minimum
LEASES
Lease terms			1 year
Maximum
LEASES
Lease terms			3 years

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Operating lease right-of-use assets	$ 2,312	$ 3,298
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets Noncurrent	Other Assets Noncurrent
Liabilities
Operating lease liability, current portion	$ 1,614	$ 1,527
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities Current	Other Liabilities Current
Operating lease liability, long-term	$ 975	$ 2,233
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities Noncurrent	Other Liabilities Noncurrent
Total operating lease liabilities	$ 2,589	$ 3,760

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating cash flows from operating leases	$ 1,716	$ 1,126
Right of use assets obtained in exchange for operating lease obligations	$ 485	$ 4,480

Leases - Future Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Years ending December 31,
2023	$ 1,679
2024	958
2025	34
Total lease payments	2,671
Less: imputed interest	(82)
Total operating lease liabilities	$ 2,589	$ 3,760

Commitments and Contingencies (Details)	Dec. 31, 2022
Commitments and Contingencies.
Claims or suits outstanding	0

Convertible Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

12 Months Ended

Jan. 08, 2018

Aug. 31, 2020

Aug. 31, 2019

Jan. 31, 2018

Sep. 30, 2017

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

$ 408

$ 29,700

$ 135,435

Series A Convertible Preferred Stock

$ 0

Convertible preferred stock, purchase price

15,000,000

270,000,000

$ 1.00

Percentage preferred stock accrued dividends

$ 15,000

$ 270,000

10.00%

Series B Convertible Preferred Stock

22,780

Convertible preferred stock, purchase price

8,000,000

$ 1.25

Percentage preferred stock accrued dividends

$ 10,000

10.00%

Series C Convertible Preferred Stock

777

Convertible preferred stock, purchase price

25,510,205

$ 1.96

Percentage preferred stock accrued dividends

$ 50,000

10.00%

$ 3,347

Common Stock

Common stock issued

42,926,630

^[1]

^[1]

8,050

1,270,462

6,151,162

[1]	Common stock of Harmony Biosciences Holdings, Inc.

Stockholders' Equity (Details)
$ / shares in Units, $ in Thousands

1 Months Ended

12 Months Ended

Sep. 30, 2021

Aug. 31, 2021

USD ($)

$ / shares

Aug. 31, 2020

USD ($)

$ / shares

Dec. 31, 2022

$ / shares

Dec. 31, 2021

$ / shares

Dec. 31, 2020

USD ($)

Reverse stock split ratio, description

1-for-8.215

Reverse stock split ratio

0.1217

Net proceeds from initial public offering | $

$ 147,628

Common stock, voting rights

one vote for each share

Common Stock Par or Stated Value Per Share | $ / shares

$ 0.00001

OrbiMed Royalty & Credit Opportunities, LP.

OrbiMed Royalty & Credit Opportunities, LP. | OrbiMed Royalty & Credit Opportunities, LP.

221,511

221,511

Common Stock

Common Stock | Blackstone Alternative Credit Advisors ("Blackstone")

^[1]

8,050

1,270,462

6,151,162

Aggregate cash consideration | $

Number of shares sold

1,048,951

$ 30,000

Price per share (in USD per share) | $ / shares

$ 28.60

Common Stock Par or Stated Value Per Share | $ / shares

$ 0.00001

Common Stock | IPO

Shares issued, price per share | $ / shares

6,151,162

$ 24.00

Net proceeds from initial public offering | $

$ 135,435

Underwriting discounts and commissions and offering expenses | $

$ 12,193

Common Stock | Over-Allotment Option

802,325

[1]	Common stock of Harmony Biosciences Holdings, Inc.

Stock Incentive Plan and Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock Incentive Plan and Stock-based Compensation
Stock options contractual term	10 years
Unrecognized stock-based compensation expense	$ 83,558
Weighted average period	2 years 10 months 24 days
Restricted Stock Units
Stock Incentive Plan and Stock-based Compensation
Weighted average per share fair value of awards issued (in USD per share)	$ 18.88	$ 12.82	$ 10.06
2020 Plan
Stock Incentive Plan and Stock-based Compensation
Stock options contractual term	10 years
Percentage of increment of common stock outstanding	4.00%
Total number of shares available for issuance	4,746,884
2017 and 2020 Plans \| Common Stock
Stock Incentive Plan and Stock-based Compensation
Stock vested	1,818,045	1,285,432
Employee Stock Purchase Plan
Stock Incentive Plan and Stock-based Compensation
Percentage of increment of common stock outstanding	1.00%
ESPP permits eligible employees to purchase shares of common stock at discount		15.00%
Total number of shares available for issuance	629,805
Shares issued under the ESPP	21,943	11,010
Amount of discount on ESSP	$ 363	$ 173

Stock Incentive Plan and Stock-based Compensation - Summary of Changes in Stock Options Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock Incentive Plan and Stock-based Compensation
Number of Awards, Awards outstanding, Beginning balance	5,716,597
Number of Awards, Awards issued	1,719,579
Number of Awards, Awards exercised	(761,414)
Number of Awards, Awards forfeited	(213,815)
Number of Awards, Awards outstanding, Ending balance	6,460,947	5,716,597
Weighted-Average Exercise Price, Awards outstanding, Beginning balance	$ 22.53
Weighted-Average Exercise Price, Awards issued	49.52
Weighted-Average Exercise Price, Awards exercised	10.27
Weighted-Average Exercise Price, Awards forfeited	30.46
Weighted-Average Exercise Price, Awards outstanding, Ending balance	$ 30.90	$ 22.53
Weighted-Average Remaining Contractual Term	7 years 10 months 9 days	8 years 1 month 2 days

Stock Incentive Plan and Stock-based Compensation - Summary of Changes in SARs Granted (Details) - Stock Appreciation Rights - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Awards, Awards outstanding, Beginning balance	49,294
Number of Awards, Awards exercised	(3,651)
Number of Awards, Awards forfeited	(2,435)
Number of Awards, Awards outstanding, Ending balance	43,208	49,294
Weighted-Average Exercise Price, Awards outstanding, Beginning balance	$ 9.24
Weighted-Average Exercise Price, Awards exercised	8.22
Weighted-Average Exercise Price, Awards forfeited	8.22
Weighted-Average Exercise Price, Awards outstanding, Ending balance	$ 9.38	$ 9.24
Weighted-Average Remaining Contractual Term	6 years 3 months 25 days	7 years 3 months 14 days

Stock Incentive Plan and Stock-based Compensation - Summary of Changes in RSUs Granted (Details) - Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Awards, Awards outstanding, Beginning balance	60,000
Number of Awards, Awards outstanding, Ending balance	60,000	60,000
Weighted-Average Exercise Price, Awards outstanding, Beginning balance	$ 29.03
Weighted-Average Exercise Price, Awards outstanding, Ending balance	$ 29.03	$ 29.03
Weighted-Average Remaining Contractual Term	8 years 2 months 26 days	9 years 2 months 26 days

Stock Incentive Plan and Stock-based Compensation - Summary of Assumptions Used to Value Awards (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%	0.00%
Expected volatility, minimum	72.57%	60.00%	55.00%
Expected volatility, maximum	77.08%		95.80%
Risk-free interest rate, minimum	1.99%	0.66%	0.32%
Risk-free interest rate, maximum	4.05%	1.44%	0.56%
Lack of marketability discount	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Lack of marketability discount		0.00%	0.00%
Expected term (years)	3 years 1 month 6 days	4 years 1 month 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 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 26,905	$ 16,105	$ 5,190
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	2,614	2,121	586
Sales and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	3,886	3,103	703
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 20,405	$ 10,881	$ 3,901

Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended
	Jan. 09, 2020	Sep. 30, 2021	Aug. 31, 2020
Warrants
Purchase of common stock upon exercise of warrants			410,239
OrbiMed Royalty & Credit Opportunities, LP.
Warrants
Issuance of common stock (in shares)		221,511
OrbiMed Royalty & Credit Opportunities, LP.
Warrants
Purchase of common stock upon exercise of warrants	410,239
Warrants initial exercise price	$ 16.10
OrbiMed Royalty & Credit Opportunities, LP. \| OrbiMed Royalty & Credit Opportunities, LP.
Warrants
Issuance of common stock (in shares)		221,511
Credit Agreement \| OrbiMed Royalty & Credit Opportunities, LP.
Warrants
Term of loan	6 years
Warrants. \| OrbiMed Royalty & Credit Opportunities, LP.
Warrants
Fair value of the Warrants	$ 2,359

Earnings per Share - Summary of Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator
Net income (loss)	$ 181,468	$ 34,597	$ (36,944)
Accumulation of dividends on preferred stock			(26,904)
Net income (loss) available to common stockholders	$ 181,468	$ 34,597	$ (63,848)
Denominator
Net income (loss) per common share - basic	$ 3.07	$ 0.60	$ (2.48)
Net income (loss) per common share - diluted	$ 2.97	$ 0.58	$ (2.48)
Weighted average number of shares of common stock - basic	59,173,121	57,531,540	25,772,419
Weighted average number of shares of common stock - diluted	61,097,045	59,205,213	25,772,419

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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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Earnings per Share - Summary of Securities Outstanding Included in Computation above, Utilizing Treasury Stock Method (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	1,923,924	1,673,673
Stock options, SARs, and RSUs to purchase common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	1,923,924	1,536,825
Warrants.
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total		136,848

Earnings per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	4,640,231	4,289,066	5,670,365
Fair value of warrants			$ 3,109
Stock options, SARs, and RSUs to purchase common stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	4,640,231	4,289,066	5,260,126
Warrants.
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total			410,239

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Federal	$ 10,011	$ 6,487	$ (6,416)
State	9,573	2,852	4,198
Valuation allowance	(96,366)	(6,508)	2,218
Income Tax Expense (Benefit), Total	(76,782)	2,831
Current	9,161	2,831
Deferred	$ 10,423	$ 6,508	$ (2,218)

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

+ References + Details

Income Taxes - Schedule of Difference Between Statutory Federal Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Federal income tax rate	21.00%	21.00%	21.00%
Stock-based compensation	(4.90%)	(2.30%)
State taxes	(14.10%)	6.40%	(11.40%)
Credits	(4.80%)
Other	(0.30%)	(0.20%)	(3.60%)
Valuation allowance	(70.20%)	(17.30%)	(6.00%)
Total	(73.30%)	7.60%

Income Taxes - Schedule of Significant Components of Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Acquired in-process research and development	$ 45,938	$ 42,460
Net operating loss carryforward	6,370	29,739
Accrued compensation	11,551	6,285
Credits		168
Disallowed interest		7,635
Lease obligations, net	71	123
Fixed assets	115	124
Inventory	6,781	6,294
Accrued rebates	7,118	4,564
Research and development	8,802
Other	15	70
Total	86,761	97,462
Net deferred tax asset	85,943	96,366
Valuation allowance		(96,366)	$ (102,874)	$ (100,656)
Total	85,943
Liabilities
Other	818	1,096
Total	$ 818	$ 1,096

Income Taxes - Changes in the valuation allowance for deferred tax assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Valuation allowance at the beginning of the year	$ (96,366)	$ (102,874)	$ (100,656)
Decreases recorded as a benefit to income tax provision	$ (96,366)	(6,508)
Tax benefit related to the release of a valuation allowance on certain deferred tax assets, net			(2,218)
Valuation allowance at the end of the year		$ (96,366)	$ (102,874)

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Valuation allowance		$ 96,366	$ 102,874	$ 100,656
Tax benefit related to the release of a valuation allowance on certain deferred tax assets, net	$ 74,474
Tax benefit related to deferred tax assets, net which were utilized in the current period	$ 21,892
Decrease in valuation allowance			$ 2,218
Operating loss carryforwards limitations on use	These changes may limit the amount of net operating loss and tax credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change” as defined by Section 382 of the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain stockholders or public groups.
Percentage of change in ownership	50.00%
Period of change in ownership	3 years
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 0	98,069
Tax credit	0	168
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 95,230	$ 120,074
Operating loss carryforwards expiration period	2037	2037

Retirement Plan (Details) - USD ($) $ in Thousands	12 Months Ended
Retirement Plan (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Retirement Plan
Employer contributions	$ 1,705	$ 2,479

Related-party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related-party Transactions
Amounts due to or due from related parties		$ 0	$ 0
Advisory fee paid	$ 2,300
Debt issuance costs as a component of long-term debt
Related-party Transactions
Advisory fee paid		2,000
Additional Paid-in Capital
Related-party Transactions
Advisory fee paid		300
Management Services Agreement \| General and Administrative Expense
Related-party Transactions
Management fee expense and other expenses to related party		$ 284	$ 284	$ 7,384

Receivables to be collected from (obligations owed to) related parties, net as of the balance sheet date where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.

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