0001628280-26-031667 | 10-Q | XBRL Viewer | Vanda Pharmaceuticals INC

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Commitments and Contingencies - Fanapt - Narrative (Details) - Fanapt®		60 Months Ended
	Dec. 31, 2014	Dec. 31, 2019
Commitments and Contingencies [Line Items]
Royalty payable on net sales (in percent)	6.00%	3.00%
Royalty payment period (in years)	10 years

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

There have been no material changes to the significant accounting policies previously disclosed in the Annual Report.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reported periods. Management continually re-evaluates its estimates, judgments and assumptions, and management’s evaluation could change. Actual results could differ from those estimates under different assumptions or conditions.

Cash, Cash Equivalents and Restricted Cash

For purposes of the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows, cash equivalents represent highly-liquid investments with a maturity date of three months or less at the date of purchase. Cash and cash equivalents include investments in money market funds with commercial banks and financial institutions, and commercial paper of high-quality corporate issuers. Restricted cash relates primarily to amounts held as collateral for letters of credit for office space leases at the Company’s Washington, D.C. headquarters.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the total end of period cash, cash equivalents and restricted cash reported within the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025:


(in thousands)	March 31, 2026		March 31, 2025
Cash and cash equivalents	$	54,034	$	111,796
Restricted cash included in:
Prepaid expenses and other current assets	103		—
Non-current inventory and other	366		469
Total cash, cash equivalents and restricted cash	$	54,503	$	112,265

Revenue from Net Product Sales

Net sales by product for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended
(in thousands)	March 31, 2026		March 31, 2025
Fanapt® net product sales	$	29,560	$	23,545
HETLIOZ® net product sales	15,947		20,872
PONVORY® net product sales	6,211		5,624
Total net product sales	$	51,718	$	50,041

Since the entrance of generic competition in the first quarter of 2023, HETLIOZ® dispenses have decreased. Additionally, inventory levels at the Company’s specialty pharmacy customers have been elevated relative to inventory levels prior to the entrance of generic competition. HETLIOZ® net product sales have been and may continue to fluctuate from quarter to quarter depending on when specialty pharmacy customers purchase again. HETLIOZ® net product sales may decline in future periods, potentially significantly, related to continued generic competition in the U.S.

The Company recognized a decrease to net product sales of $1.5 million during the three months ended March 31, 2026 and an increase to net product sales of $3.8 million during the three months ended March 31, 2025 for changes in estimates on variable consideration for performance obligations satisfied in previous periods across the Company’s commercial products. The elevated levels of HETLIOZ® inventory have resulted in longer periods to resolve uncertainties related to variable consideration. Furthermore, an amount of variable consideration related to Fanapt® net product sales is subject to dispute, of which approximately $3.0 million was recognized for the three months ended December 31, 2025. An amount of variable consideration related to PONVORY® net product sales is also subject to dispute, of which approximately $3.0 million was recognized for the three months ended December 31, 2024.

Major Customers

Fanapt® is available in the United States (U.S.) for distribution through a limited number of wholesalers and is available in retail pharmacies. HETLIOZ® is available in the U.S. for distribution through a limited number of specialty pharmacies and is not available in retail pharmacies. PONVORY® is available in the U.S. for distribution primarily through a limited number of specialty distributors and specialty pharmacies. The Company invoices and records revenue when its customers, wholesalers, specialty pharmacies and specialty distributors, receive product from the third-party logistics warehouse, which is the point at which control is transferred to the customer. Revenues and accounts receivable are concentrated with these customers. Outside the U.S., the Company has a distribution agreement for the commercialization of Fanapt® in Israel and sells HETLIOZ® in Germany. There were four major customers that each accounted for more than 10% of total revenues and, as a group, represented 75% of total revenues for the three months ended March 31, 2026. There were four major customers that each accounted for more than 10% of accounts receivable and, as a group, represented 82% of total accounts receivable at March 31, 2026. Receivables are carried at transaction price paid by the wholesalers, specialty pharmacies and specialty distributors, net of estimated prompt pay discounts and allowance for credit losses. Payment terms differ by customer but are based on customary commercial terms and typically range between thirty and sixty days. Allowance for credit losses is measured using historical loss rates based on the aging of receivables and incorporating current conditions and forward-looking estimates.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220-40), which addresses the disaggregation of income statement expenses. This standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is evaluating this standard to determine if adoption will have a material impact on the Company’s consolidated financial statements.

Business Organization and Presentation	3 Months Ended
Business Organization and Presentation	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Organization and Presentation	Business Organization and Presentation Business Organization Vanda Pharmaceuticals Inc. (the Company or Vanda) is a global biopharmaceutical company focused on the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients. The Company commenced its operations in 2003. The Company’s commercial portfolio is currently comprised of five products: Fanapt® and BYSANTITM for the acute treatment of manic or mixed episodes associated with bipolar I disorder and the treatment of schizophrenia, HETLIOZ® for the treatment of Non-24-Hour Sleep-Wake Disorder (Non-24) and for the treatment of nighttime sleep disturbances in Smith-Magenis syndrome (SMS), PONVORY® for the treatment of relapsing forms of multiple sclerosis (RMS) including clinically isolated syndrome, relapsing-remitting disease and active secondary progressive disease and NEREUSTM for the prevention of vomiting induced by motion (collectively, the Company’s commercial products). In addition, the Company has a number of drugs and/or additional indications for current products in development, including: •Fanapt® (iloperidone) long acting injectable (LAI) formulation for the treatment of schizophrenia and hypertension; •BYSANTITM (milsaperidone) for major depressive disorder (MDD); •HETLIOZ® (tasimelteon) for the treatment of jet lag disorder, insomnia, pediatric insomnia, delayed sleep phase disorder (DSPD) and pediatric Non-24; •PONVORY® (ponesimod) for the treatment of ulcerative colitis and psoriasis; •Imsidolimab, an IL-36R antagonist, for the treatment of generalized pustular psoriasis (GPP); •NEREUSTM (tradipitant) for the prevention of vomiting induced by GLP-1 receptor agonists and the treatment of gastroparesis; •VQW-765, a small molecule alpha-7 nicotinic acetylcholine receptor partial agonist, for the treatment of social/performance anxiety and psychiatric disorders; •Portfolio of Cystic Fibrosis Transmembrane Conductance Regulator (CFTR) activators and inhibitors, including VSJ-110 for the treatment of dry eye and ocular inflammation and VPO-227 for the treatment of secretory diarrhea disorders, including cholera; •VTR-297, a small molecule histone deacetylase (HDAC) inhibitor for the treatment of hematologic malignancies and onychomycosis and with potential use as a treatment for several oncology indications; and •Antisense oligonucleotide (ASO) molecules, including VGA-157A for Parkinson’s disease, VCA-894A for the treatment of Charcot-Marie-Tooth Disease, Type 2S (CMT2S), caused by cryptic slice site variants within the IGHMBP2 gene and VGT-1849A for the treatment of polycythemia vera (PV), a form of a rare hematologic malignancy. Based on the Company’s current operating plans, which include continued investment in support of its commercial products, including the ongoing commercial launch of NEREUSTM for the prevention of vomiting induced by motion, which became commercially available in the U.S. on May 1, 2026, and the upcoming commercial launch of BYSANTITM for the acute treatment of manic or mixed episodes associated with bipolar I disorder and for the treatment of schizophrenia, continued clinical development of its commercial and other products, pursuit of regulatory approval of imsidolimab, pursuit of further regulatory approvals for its currently approved products and payments due upon achievement of milestones under its license agreements, the Company believes that its cash, cash equivalents and marketable securities and cash received from product sales will be sufficient for at least the next 12 months as of the date the financial statements were issued. The Company’s activities will necessitate significant working capital through 2026 and beyond, and future cash requirements and the adequacy of its available funds will depend on many factors, primarily including the Company’s ability to generate revenue, the scope and costs of its commercial, manufacturing and process development activities, including the commercial launches of NEREUSTM and BYSANTITM, a regulatory approval of imsidolimab, the magnitude of its discovery, preclinical and clinical development programs and potential costs to acquire or license the rights to additional products. The Company may need or desire to obtain additional capital to finance its operations through debt, equity or alternative financing arrangements. The Company may also seek capital through collaborations or partnerships with other companies. If the Company is unable to obtain additional financing, it may be required to reduce the scope of its future activities. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Vanda Pharmaceuticals Inc. and its wholly-owned subsidiaries and have been prepared in accordance with United States generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s consolidated financial statements and accompanying notes included in the Company’s annual report on Form 10-K (Annual Report) for the fiscal year ended December 31, 2025. The financial information as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 is unaudited, but in the opinion of management, all adjustments considered necessary for a fair statement of the results for these interim periods have been included. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet data as of December 31, 2025 was derived from audited financial statements but does not include all disclosures required by GAAP. The results of the Company’s operations for any interim period are not necessarily indicative of the results that may be expected for any other interim period or any future year or period.

Stock-Based Compensation - Stock-Based Compensation Expense - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Granted (in shares)	0	0
Performance Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term (in years)	3 years

Commitments and Contingencies - HETLIOZ - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended	266 Months Ended
	Jan. 31, 2014	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2018	Mar. 31, 2026
Commitments and Contingencies [Line Items]
Acquisition of intangible assets		$ 10,000,000	$ 0
HETLIOZ®
Commitments and Contingencies [Line Items]
Acquisition of intangible assets	$ 8,000,000.0			$ 25,000,000.0	$ 37,500,000
Intangible assets capitalized					$ 33,000,000.0
Possible future milestone payment		$ 0
Royalty payment period (in years)		10 years
Percentage of future sublicense fees payable to third-party		mid-twenties
HETLIOZ® \| Non-US
Commitments and Contingencies [Line Items]
Royalty payable on net sales (in percent)		5.00%

Accounts Payable and Accrued Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

The following is a summary of the Company’s accounts payable and accrued liabilities as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Professional fees	$	21,931	$	16,506
Research and development expenses	19,670		18,917
Compensation and employee benefits	6,683		10,322
Finance lease liabilities	3,667		3,403
Operating lease liabilities	2,355		2,152
Royalties payable	1,842		2,057
Milestone obligations under license agreements	—		10,000

Accounts payable and other accrued liabilities	4,472		4,940
Total accounts payable and accrued liabilities	$	60,620	$	68,297

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Marketable Securities

The following is a summary of the Company’s available-for-sale marketable securities as of March 31, 2026, which all have contractual maturities of less than two years:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
(in thousands)
U.S. Treasury and government agencies	$	127,782	$	201	$	(26)	$	127,957
Corporate debt	20,321		12		(14)		20,319

Total marketable securities	$	148,103	$	213	$	(40)	$	148,276

The following is a summary of the Company’s available-for-sale marketable securities as of December 31, 2025, which all have contractual maturities of less than two years:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
(in thousands)
U.S. Treasury and government agencies	$	153,212	$	523	$	—	$	153,735
Corporate debt	25,210		51		—		25,261

Total marketable securities	$	178,422	$	574	$	—	$	178,996

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Accumulated Balances Related to Each Component of Other Comprehensive Income, Net of Taxes

The accumulated balances related to each component of other comprehensive income, net of taxes, were as follows as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Foreign currency translation	$	52	$	68
Unrealized gain on marketable securities	160		561
Accumulated other comprehensive income	$	212	$	629

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended		12 Months Ended			266 Months Ended
	Dec. 31, 2025	Dec. 31, 2023	Apr. 30, 2018	Jan. 31, 2014	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2018	Mar. 31, 2026
Finite-Lived Intangible Assets [Line Items]
Acquisition of intangible assets					$ 10,000	$ 0
Fully amortized intangible assets	$ 147,894				147,894					$ 147,894
Fully amortized intangible assets, amortization	30,805				32,792					32,792
Intangible asset amortization					1,987	$ 1,752
PONVORY Acquisition
Finite-Lived Intangible Assets [Line Items]
Acquisition of intangible assets							$ 4,200	$ 100,700
Total purchase price		$ 104,900
HETLIOZ®
Finite-Lived Intangible Assets [Line Items]
Acquisition of intangible assets				$ 8,000					$ 25,000	37,500
Cumulative worldwide sales milestone			$ 250,000
Fully amortized intangible assets	33,000				33,000					33,000
Fully amortized intangible assets, amortization	18,863				19,229					19,229
NEREUSTM
Finite-Lived Intangible Assets [Line Items]
Acquisition of intangible assets	10,000
Fully amortized intangible assets	10,000				10,000					10,000
Fully amortized intangible assets, amortization	0				235					235
Fanapt®
Finite-Lived Intangible Assets [Line Items]
Fully amortized intangible assets	27,900				27,900					27,900
Fully amortized intangible assets, amortization	$ 27,900				$ 27,900					$ 27,900

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 54,034	$ 84,851	$ 111,796
Restricted cash included in:
Prepaid expenses and other current assets	103		0
Non-current inventory and other	366		469
Total cash, cash equivalents and restricted cash	$ 54,503	$ 85,320	$ 112,265	$ 102,785

Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 148,276,000	$ 178,996,000
Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 0	$ 0

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Summary Of Significant Accounting Policies [Line Items]
Revenue recognized related to change in sales allowance estimates	$ (1.5)		$ 3.8
Four Major Customers \| Sales Revenue, Net \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, (in percent)	75.00%
Four Major Customers \| Accounts Receivable \| Credit Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, (in percent)	82.00%
Fanapt®
Summary Of Significant Accounting Policies [Line Items]
Variable consideration that may be subject to dispute		$ 3.0
PONVORY® net product sales
Summary Of Significant Accounting Policies [Line Items]
Variable consideration that may be subject to dispute				$ 3.0

Summary of Significant Accounting Policies - Schedule of Net Product Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from External Customer [Line Items]
Total net product sales	$ 51,718	$ 50,041
Fanapt® net product sales
Revenue from External Customer [Line Items]
Total net product sales	29,560	23,545
HETLIOZ® net product sales
Revenue from External Customer [Line Items]
Total net product sales	15,947	20,872
PONVORY® net product sales
Revenue from External Customer [Line Items]
Total net product sales	$ 6,211	$ 5,624

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Marketable Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The following is a summary of the Company’s available-for-sale marketable securities as of March 31, 2026, which all have contractual maturities of less than two years:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
(in thousands)
U.S. Treasury and government agencies	$	127,782	$	201	$	(26)	$	127,957
Corporate debt	20,321		12		(14)		20,319

Total marketable securities	$	148,103	$	213	$	(40)	$	148,276

The following is a summary of the Company’s available-for-sale marketable securities as of December 31, 2025, which all have contractual maturities of less than two years:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
(in thousands)
U.S. Treasury and government agencies	$	153,212	$	523	$	—	$	153,735
Corporate debt	25,210		51		—		25,261

Total marketable securities	$	178,422	$	574	$	—	$	178,996

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share of Common Stock

The following table presents the calculation of basic and diluted net loss per share of common stock for the three months ended March 31, 2026 and 2025:


	Three Months Ended
(in thousands, except for share and per share amounts)	March 31, 2026		March 31, 2025
Numerator:
Net loss	$	(48,567)	$	(29,494)
Denominator:
Weighted average shares outstanding, basic and diluted	59,459,982		58,527,775


Net loss per share, basic and diluted	$	(0.82)	$	(0.50)


Antidilutive securities excluded from calculations of diluted net loss per share	6,423,183		6,507,815

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Finished goods	$ 1,699	$ 1,852
Total inventory, current	1,699	1,852
Non-Current assets
Raw materials	934	934
Work-in-process	5,991	5,996
Finished goods	1,885	2,238
Total inventory, non-current	8,810	9,168
Total inventory	$ 10,509	$ 11,020

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Professional fees	$ 21,931	$ 16,506
Research and development expenses	19,670	18,917
Compensation and employee benefits	6,683	10,322
Milestone obligations under license agreements	0	10,000
Finance lease liabilities	3,667	3,403
Operating lease liabilities	2,355	2,152
Royalties payable	1,842	2,057
Accounts payable and other accrued liabilities	4,472	4,940
Accounts payable and accrued liabilities	$ 60,620	$ 68,297

Accounts Payable and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

The following is a summary of the Company’s accounts payable and accrued liabilities as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Professional fees	$	21,931	$	16,506
Research and development expenses	19,670		18,917
Compensation and employee benefits	6,683		10,322
Finance lease liabilities	3,667		3,403
Operating lease liabilities	2,355		2,152
Royalties payable	1,842		2,057
Milestone obligations under license agreements	—		10,000

Accounts payable and other accrued liabilities	4,472		4,940
Total accounts payable and accrued liabilities	$	60,620	$	68,297

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 2,563	$ 2,971
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	601	765
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,962	$ 2,206

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (48,567)	$ (29,494)
Denominator:
Weighted average shares outstanding, basic (in shares)	59,459,982	58,527,775
Weighted average shares outstanding, diluted (in shares)	59,459,982	58,527,775
Net loss per share, basic (in dollars per share)	$ (0.82)	$ (0.50)
Net loss per share, diluted (in dollars per share)	$ (0.82)	$ (0.50)
Antidilutive securities excluded from calculations of diluted net loss per share (in shares)	6,423,183	6,507,815

- Definition

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

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+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash


(in thousands)	March 31, 2026		March 31, 2025
Cash and cash equivalents	$	54,034	$	111,796
Restricted cash included in:
Prepaid expenses and other current assets	103		—
Non-current inventory and other	366		469
Total cash, cash equivalents and restricted cash	$	54,503	$	112,265

Schedule of Net Sales by Product

Net sales by product for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended
(in thousands)	March 31, 2026		March 31, 2025
Fanapt® net product sales	$	29,560	$	23,545
HETLIOZ® net product sales	15,947		20,872
PONVORY® net product sales	6,211		5,624
Total net product sales	$	51,718	$	50,041

Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 148,276	$ 178,996
Total assets measured at fair value	148,276	178,996
U.S. Treasury and government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	127,957	153,735
Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	20,319	25,261
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	127,957	153,735
Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. Treasury and government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	127,957	153,735
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	20,319	25,261
Significant Other Observable Inputs (Level 2) \| U.S. Treasury and government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Significant Other Observable Inputs (Level 2) \| Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	20,319	25,261
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Significant Unobservable Inputs (Level 3) \| U.S. Treasury and government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Significant Unobservable Inputs (Level 3) \| Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 0	$ 0

Stock-Based Compensation - Schedule of Mote Carlo Model for PSUs Granted (Details) - Performance Shares	3 Months Ended
	Mar. 31, 2026
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected dividend yield	0.00%
Weighted average expected volatility	61.00%
Weighted average expected term (years)	2 years 10 months 13 days
Weighted average risk-free rate	3.44%

Commitments and Contingencies - Imsidolimab - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Commitments and Contingencies [Line Items]
Research and development		$ 28,435	$ 35,712
Imsidolimab
Commitments and Contingencies [Line Items]
Development and milestone obligations paid to third party	$ 10,000
Additional development and milestone payments to third party	$ 5,000
Research and development				$ 14,400
Royalty payable on net sales (in percent)	10.00%
Imsidolimab \| Future Regulatory Approval and Sales Milestones
Commitments and Contingencies [Line Items]
Possible future milestone payment		35,000
Imsidolimab \| Future Regulatory Approval, Filing Application For Marketing Authorization Milestone \| U.S.
Commitments and Contingencies [Line Items]
Possible future milestone payment		5,000
Imsidolimab \| Future Regulatory Approval, Filing Application For Marketing Authorization Milestone \| E.U.
Commitments and Contingencies [Line Items]
Possible future milestone payment		5,000
Imsidolimab \| Future Regulatory Approval, Sales Milestones
Commitments and Contingencies [Line Items]
Possible future milestone payment		$ 25,000

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

As of March 31, 2026, there were 8,836,571 shares subject to outstanding options, restricted stock units (RSUs) and performance restricted stock units (PSUs) under the Amended and Restated 2016 Equity Incentive Plan (2016 Plan). No awards remain in effect under the 2006 Equity Incentive Plan (2006 Plan, and together with the 2016 Plan, Plans), which expired by its terms in April 2016. In June 2016, the Company’s stockholders approved the 2016 Plan. The 2016 Plan has been amended a number of times since to increase the number of shares reserved for issuance, among other administrative changes, including, but not limited to, an amendment to eliminate its term. Each of the amendments to the 2016 Plan was approved by the Company’s stockholders. There is a total of 18,190,000 shares of common stock authorized for issuance under the 2016 Plan, 3,230,604 shares of which remained available for future grant as of March 31, 2026.

Stock Options

The Company has granted option awards under the Plans with service conditions (service option awards) that are subject to terms and conditions established by the compensation committee of the board of directors. Service option awards have 10-year contractual terms. Service option awards granted to employees and new directors upon their election vest and become exercisable over four years, with the first 25% of the shares subject to service option awards vesting on the first anniversary of the grant date and the remaining 75% of the shares subject to the service option awards in 36 equal monthly installments thereafter. Subsequent annual service option awards granted to directors vest and become exercisable in full on the first anniversary of the grant date. Service option awards granted to executive officers and certain other employees provide for partial acceleration of vesting if the executive officer or employee is subject to an involuntary termination, and full acceleration of vesting if the executive officer or employee is subject to an involuntary termination within 24 months after a change in control of the Company. Service option awards granted to directors provide for accelerated vesting if there is a change in control of the Company or if the director’s service terminates as a result of the director’s death or total and permanent disability.

As of March 31, 2026, $0.6 million of unrecognized compensation costs related to unvested service option awards are expected to be recognized over a weighted average period of 0.5 years. No option awards are classified as a liability as of March 31, 2026.

A summary of option activity under the Plans for the three months ended March 31, 2026 follows:


(in thousands, except for share and per share amounts)	Number of Shares	Weighted Average Exercise Price at Grant Date		Weighted Average Remaining Term (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2025	4,490,324	$	12.75	4.74	$	2,698


Expired	(282,330)	7.94

Outstanding at March 31, 2026	4,207,994	13.07		4.80	382
Exercisable at March 31, 2026	4,029,314	13.34		4.71	376
Vested and expected to vest at March 31, 2026	4,205,776	13.07		4.80	382

There were no options granted during the three months ended March 31, 2026 and 2025. There were no options exercised for the three months ended March 31, 2026 and 2025.

Restricted Stock Units

An RSU is a stock award that entitles the holder to receive shares of the Company’s common stock as the award vests. The fair value of each RSU is based on the closing price of the Company’s stock on the date of grant. The Company has granted RSUs under the Plans with service conditions (service RSUs) that are subject to terms and conditions established by the compensation committee of the board of directors. Service RSUs granted to employees and new directors upon their election vest in four equal annual installments. Subsequent annual service RSUs granted to directors vest on the first anniversary of the date of grant. Service RSUs granted to executive officers and certain other employees provide for accelerated vesting if the executive officer or employee is subject to an involuntary termination within 24 months after a change in control. Service RSUs granted to directors provide for accelerated vesting if there is a change in control of the Company.

As of March 31, 2026, $20.3 million of unrecognized compensation costs related to unvested service RSUs are expected to be recognized over a weighted average period of 2.1 years. No RSUs are classified as a liability as of March 31, 2026.

A summary of RSU activity for the 2016 Plan for the three months ended March 31, 2026 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	3,476,509	$	4.99
Granted	1,785,000	6.05
Forfeited	(4,500)	5.32
Vested	(1,033,432)	5.83
Unvested at March 31, 2026	4,223,577	5.23

The total fair value of the 1,033,432 RSUs that vested during the three months ended March 31, 2026 was $6.0 million.

Performance Restricted Stock Units

In the first quarter of 2026, the compensation committee of the board of directors granted PSUs under the 2016 Plan to the Company’s executive officers. The PSUs entitle each employee to earn a number of shares of the Company’s common stock ranging from 0% to 150% of the target number of PSUs granted, based on the Company’s Total Shareholder Return (TSR) relative to the TSR of the companies comprising the Nasdaq Biotechnology Index (Relative TSR), over the three-year performance period beginning on December 31, 2025 and ending on December 31, 2028 (the Performance Period), subject to the executive’s continued employment through the compensation committee of the board of director’s certification of performance following the end of the Performance Period. Following the end of the Performance Period, the compensation committee of the board of directors will determine the extent to which the applicable performance goals have been achieved and will determine the number of PSUs, if any, that have been earned, and any such earned PSUs will vest on March 1, 2029. The PSUs provide for accelerated vesting in certain scenarios including in the event that the executive is subject to an involuntary termination within 24 months after a change in control.

As of March 31, 2026, $3.2 million of unrecognized compensation costs related to unvested PSUs are expected to be recognized over a weighted average period of 2.9 years. No PSUs are classified as a liability as of March 31, 2026.

A summary of PSU activity for the 2016 Plan for the three months ended March 31, 2026, based on award at target, is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	—	$	—
Granted	405,000	8.03


Unvested at March 31, 2026	405,000	8.03

No PSUs vested during the three months ended March 31, 2026.

Stock-Based Compensation Expense

Stock-based compensation expense recognized for the three months ended March 31, 2026 and 2025 was comprised of the following:


	Three Months Ended
(in thousands)	March 31, 2026		March 31, 2025
Research and development	$	601	$	765
Selling, general and administrative	1,962		2,206
Total stock-based compensation expense	$	2,563	$	2,971

The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option pricing model. Expected volatility rates are based on the historical volatility of the Company’s publicly traded common stock and other factors. The expected terms are determined based on a combination of historical exercise data and hypothetical exercise data for unexercised stock options. The risk-free interest rates are based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The Company has never paid cash dividends to its stockholders and does not plan to pay dividends in the foreseeable future. There were no options granted during the three months ended March 31, 2026 and 2025.

The fair value of each PSU is estimated on the date of grant using a Monte Carlo model because the performance target is based on a market condition. Expense related to these PSUs is recognized ratably over the three-year measurement period. The expected volatility rate is based on the historical volatility of the Company’s publicly traded common stock and other factors. The expected term is determined based on the remaining performance period of the award. The risk-free interest rate is based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The Company has never paid cash dividends to its stockholders and does not plan to pay dividends in the foreseeable future. Assumptions used in the Monte Carlo model for PSUs granted during the three months ended March 31, 2026 were as follows:


	Three Months Ended
	March 31, 2026

Expected dividend yield	—	%
Expected volatility of the Company	61	%
Remaining performance period (years)	2.87
Risk-free rate	3.44	%

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 147,894	$ 147,894
Accumulated Amortization	32,792	30,805
Net Carrying Amount	115,102	117,089
HETLIOZ®
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	33,000	33,000
Accumulated Amortization	19,229	18,863
Net Carrying Amount	13,771	14,137
PONVORY®
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	104,894	104,894
Accumulated Amortization	13,328	11,942
Net Carrying Amount	91,566	92,952
NEREUSTM
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,000	10,000
Accumulated Amortization	235	0
Net Carrying Amount	$ 9,765	$ 10,000

- Definition

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

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+ Details

Stock-Based Compensation - Schedule of RSU Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	3,476,509
Granted (in shares) \| shares	1,785,000
Forfeited (in shares) \| shares	(4,500)
Vested (in shares) \| shares	(1,033,432)
Unvested, ending balance (in shares) \| shares	4,223,577
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 4.99
Granted (in dollars per share) \| $ / shares	6.05
Forfeited (in dollars per share) \| $ / shares	5.32
Vested (in dollars per share) \| $ / shares	5.83
Unvested, ending balance (in dollars per share) \| $ / shares	$ 5.23

Commitments and Contingencies - Purchase Commitments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Agreements for clinical and marketing services, termination notice period (in days)	90 days
Long-term non-cancellable purchase commitments to be paid in the remainder of the fiscal year	$ 7.7
Long-term non-cancellable purchase commitments to be paid in year one	12.0
Long-term non-cancellable purchase commitments to be paid in year two	7.2
Long-term non-cancellable purchase commitments to be paid in year three	$ 2.6

Stock-Based Compensation - Schedule of Option Activity (Details) - 2006 Plan and 2016 Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Number of Shares
Beginning balance (in shares)	4,490,324
Expired (in shares)	(282,330)
Ending balance (in shares)	4,207,994	4,490,324
Exercisable at end of period (in shares)	4,029,314
Vested and expected to vest at end of period (in shares)	4,205,776
Weighted Average Exercise Price at Grant Date
Beginning balance (in dollars per share)	$ 12.75
Expired (in dollars per share)	7.94
Ending balance (in dollars per share)	13.07	$ 12.75
Exercisable at end of period (in dollars per share)	13.34
Vested and expected to vest at end of period (in dollars per share)	$ 13.07
Weighted Average Remaining Term (Years)
Outstanding	4 years 9 months 18 days	4 years 8 months 26 days
Exercisable at end of period	4 years 8 months 15 days
Vested and expected to vest at end of period	4 years 9 months 18 days
Aggregate Intrinsic Value
Outstanding	$ 382	$ 2,698
Exercisable at end of period	376
Vested and expected to vest at end of period	$ 382

Commitments and Contingencies - VQW-765 - Narrative (Details)	3 Months Ended
	Mar. 31, 2026
VQW-765
Commitments and Contingencies [Line Items]
Future percentage of royalty payments based net sales	mid-teens

Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Accumulated Other Comprehensive Income

The accumulated balances related to each component of other comprehensive income, net of taxes, were as follows as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Foreign currency translation	$	52	$	68
Unrealized gain on marketable securities	160		561
Accumulated other comprehensive income	$	212	$	629

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-34186
Entity Registrant Name	VANDA PHARMACEUTICALS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	03-0491827
Entity Address, Address Line One	2200 Pennsylvania Avenue NW
Entity Address, Address Line Two	Suite 300E
Entity Address, City or Town	Washington
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20037
City Area Code	202
Local Phone Number	734-3400
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	VNDA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,135,562
Entity Central Index Key	0001347178
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Commitments and Contingencies - NEREUS - Narrative (Details) - NEREUSTM - USD ($) $ in Millions	3 Months Ended	168 Months Ended
	Mar. 31, 2026	Mar. 31, 2026
Commitments and Contingencies [Line Items]
Future percentage of royalty payments based net sales	low double digits
Development and milestone obligations paid to third party		$ 15.0
NDA Approval Milestones
Commitments and Contingencies [Line Items]
Development and milestone obligations paid to third party	$ 10.0
Regulatory Approval Milestone \| European Union
Commitments and Contingencies [Line Items]
Possible future milestone payment	5.0
Sales Milestone
Commitments and Contingencies [Line Items]
Possible future milestone payment	$ 80.0

Earnings per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings per Share

Basic earnings per share (EPS) is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding. Diluted EPS is computed by dividing the net loss by the weighted average number of shares of common stock outstanding, plus potential outstanding common stock for the period. Potential outstanding common stock includes stock options and shares underlying RSUs and PSUs, but only to the extent that their inclusion is dilutive, as calculated using the treasury stock method.

The following table presents the calculation of basic and diluted net loss per share of common stock for the three months ended March 31, 2026 and 2025:


	Three Months Ended
(in thousands, except for share and per share amounts)	March 31, 2026		March 31, 2025
Numerator:
Net loss	$	(48,567)	$	(29,494)
Denominator:
Weighted average shares outstanding, basic and diluted	59,459,982		58,527,775


Net loss per share, basic and diluted	$	(0.82)	$	(0.50)


Antidilutive securities excluded from calculations of diluted net loss per share	6,423,183		6,507,815

The Company incurred a net loss for the three months ended March 31, 2026 and 2025 causing inclusion of any potentially dilutive securities to have an anti-dilutive effect, resulting in dilutive loss per share and basic loss per share attributable to common stockholders being equivalent.

Commitments and Contingencies - Portfolio of CFTR Activators and Inhibitors - Narrative (Details) - CFTR Activators and Inhibitors - USD ($) $ in Millions	3 Months Ended	109 Months Ended
	Mar. 31, 2026	Mar. 31, 2026
Commitments and Contingencies [Line Items]
Future percentage of royalty payments based net sales	single-digit
Development and milestone obligations paid to third party		$ 1.8
Developmental Milestone
Commitments and Contingencies [Line Items]
Possible future milestone payments	$ 11.9
Future Regulatory Approval and Sales Milestones
Commitments and Contingencies [Line Items]
Possible future milestone payments	33.0
Development and Milestone Payment, Conclusion of Clinical Studies
Commitments and Contingencies [Line Items]
Possible future milestone payments	1.1
Development and Milestone Payment, Conclusion of Clinical Studies \| Maximum
Commitments and Contingencies [Line Items]
Possible future milestone payments	$ 3.2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Business Organization	Vanda Pharmaceuticals Inc. (the Company or Vanda) is a global biopharmaceutical company focused on the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients. The Company commenced its operations in 2003. The Company’s commercial portfolio is currently comprised of five products: Fanapt® and BYSANTITM for the acute treatment of manic or mixed episodes associated with bipolar I disorder and the treatment of schizophrenia, HETLIOZ® for the treatment of Non-24-Hour Sleep-Wake Disorder (Non-24) and for the treatment of nighttime sleep disturbances in Smith-Magenis syndrome (SMS), PONVORY® for the treatment of relapsing forms of multiple sclerosis (RMS) including clinically isolated syndrome, relapsing-remitting disease and active secondary progressive disease and NEREUSTM for the prevention of vomiting induced by motion (collectively, the Company’s commercial products). In addition, the Company has a number of drugs and/or additional indications for current products in development, including: •Fanapt® (iloperidone) long acting injectable (LAI) formulation for the treatment of schizophrenia and hypertension; •BYSANTITM (milsaperidone) for major depressive disorder (MDD); •HETLIOZ® (tasimelteon) for the treatment of jet lag disorder, insomnia, pediatric insomnia, delayed sleep phase disorder (DSPD) and pediatric Non-24; •PONVORY® (ponesimod) for the treatment of ulcerative colitis and psoriasis; •Imsidolimab, an IL-36R antagonist, for the treatment of generalized pustular psoriasis (GPP); •NEREUSTM (tradipitant) for the prevention of vomiting induced by GLP-1 receptor agonists and the treatment of gastroparesis; •VQW-765, a small molecule alpha-7 nicotinic acetylcholine receptor partial agonist, for the treatment of social/performance anxiety and psychiatric disorders; •Portfolio of Cystic Fibrosis Transmembrane Conductance Regulator (CFTR) activators and inhibitors, including VSJ-110 for the treatment of dry eye and ocular inflammation and VPO-227 for the treatment of secretory diarrhea disorders, including cholera; •VTR-297, a small molecule histone deacetylase (HDAC) inhibitor for the treatment of hematologic malignancies and onychomycosis and with potential use as a treatment for several oncology indications; and •Antisense oligonucleotide (ASO) molecules, including VGA-157A for Parkinson’s disease, VCA-894A for the treatment of Charcot-Marie-Tooth Disease, Type 2S (CMT2S), caused by cryptic slice site variants within the IGHMBP2 gene and VGT-1849A for the treatment of polycythemia vera (PV), a form of a rare hematologic malignancy.
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements include the accounts of Vanda Pharmaceuticals Inc. and its wholly-owned subsidiaries and have been prepared in accordance with United States generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s consolidated financial statements and accompanying notes included in the Company’s annual report on Form 10-K (Annual Report) for the fiscal year ended December 31, 2025. The financial information as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 is unaudited, but in the opinion of management, all adjustments considered necessary for a fair statement of the results for these interim periods have been included. All intercompany accounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet data as of December 31, 2025 was derived from audited financial statements but does not include all disclosures required by GAAP. The results of the Company’s operations for any interim period are not necessarily indicative of the results that may be expected for any other interim period or any future year or period.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reported periods. Management continually re-evaluates its estimates, judgments and assumptions, and management’s evaluation could change. Actual results could differ from those estimates under different assumptions or conditions.
Cash, Cash Equivalents and Restricted Cash	For purposes of the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Cash Flows, cash equivalents represent highly-liquid investments with a maturity date of three months or less at the date of purchase. Cash and cash equivalents include investments in money market funds with commercial banks and financial institutions, and commercial paper of high-quality corporate issuers. Restricted cash relates primarily to amounts held as collateral for letters of credit for office space leases at the Company’s Washington, D.C. headquarters.
Major Customers	Fanapt® is available in the United States (U.S.) for distribution through a limited number of wholesalers and is available in retail pharmacies. HETLIOZ® is available in the U.S. for distribution through a limited number of specialty pharmacies and is not available in retail pharmacies. PONVORY® is available in the U.S. for distribution primarily through a limited number of specialty distributors and specialty pharmacies. The Company invoices and records revenue when its customers, wholesalers, specialty pharmacies and specialty distributors, receive product from the third-party logistics warehouse, which is the point at which control is transferred to the customer. Revenues and accounts receivable are concentrated with these customers. Outside the U.S., the Company has a distribution agreement for the commercialization of Fanapt® in Israel and sells HETLIOZ® in Germany. There were four major customers that each accounted for more than 10% of total revenues and, as a group, represented 75% of total revenues for the three months ended March 31, 2026. There were four major customers that each accounted for more than 10% of accounts receivable and, as a group, represented 82% of total accounts receivable at March 31, 2026. Receivables are carried at transaction price paid by the wholesalers, specialty pharmacies and specialty distributors, net of estimated prompt pay discounts and allowance for credit losses. Payment terms differ by customer but are based on customary commercial terms and typically range between thirty and sixty days. Allowance for credit losses is measured using historical loss rates based on the aging of receivables and incorporating current conditions and forward-looking estimates.
Recent Accounting Pronouncements	In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220-40), which addresses the disaggregation of income statement expenses. This standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is evaluating this standard to determine if adoption will have a material impact on the Company’s consolidated financial statements.
Marketable Securities	The Company’s assets classified in Level 1 and Level 2 as of March 31, 2026 and December 31, 2025 consist of cash equivalents and available-for-sale marketable securities. The valuation of Level 1 instruments is determined using a market approach and is based upon unadjusted quoted prices for identical assets in active markets. The valuation of Level 2 instruments is also determined using a market approach based upon quoted prices for similar assets in active markets, or other inputs that are observable for substantially the full term of the financial instrument. Level 2 securities include certificates of deposit, commercial paper and corporate notes that use as their basis readily observable market parameters.
Earnings per Share	Basic earnings per share (EPS) is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding. Diluted EPS is computed by dividing the net loss by the weighted average number of shares of common stock outstanding, plus potential outstanding common stock for the period. Potential outstanding common stock includes stock options and shares underlying RSUs and PSUs, but only to the extent that their inclusion is dilutive, as calculated using the treasury stock method.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section S50
-Paragraph 1
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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 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Inventory - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory [Line Items]
Inventory	$ 10,509	$ 11,020
HETLIOZ®
Inventory [Line Items]
Inventory	7,500	7,800
Product and Service, Other
Inventory [Line Items]
Inventory	$ 3,000	$ 3,200

Intangible Assets - Schedule of Future Intangible Asset Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Net Carrying Amount	$ 115,102	$ 117,089
2026	5,961
2027	7,948
2028	7,948
2029	7,948
2030	7,948
Thereafter	77,349
HETLIOZ®
Finite-Lived Intangible Assets [Line Items]
Net Carrying Amount	13,771	14,137
2026	1,097
2027	1,463
2028	1,463
2029	1,463
2030	1,463
Thereafter	6,822
PONVORY®
Finite-Lived Intangible Assets [Line Items]
Net Carrying Amount	91,566	92,952
2026	4,158
2027	5,544
2028	5,544
2029	5,544
2030	5,544
Thereafter	65,232
NEREUSTM
Finite-Lived Intangible Assets [Line Items]
Net Carrying Amount	9,765	$ 10,000
2026	706
2027	941
2028	941
2029	941
2030	941
Thereafter	$ 5,295

Segments

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segments

The Company operates in one reportable segment, which includes all activities related to the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients. The determination of a single reportable segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (CODM), which is its president, chief executive officer and chairman of the board, who reviews and evaluates consolidated net income (loss) for purposes of assessing performance, making operating decisions, allocating resources and planning and forecasting for future periods. The measure of segment assets is reported on the balance sheet as total assets.

The following table presents the segment revenue and significant expense categories included within the product segment’s measure of profit or loss for the three months ended March 31, 2026 and 2025:


	Three Months Ended
(in thousands)	March 31, 2026		March 31, 2025
Revenue	$	51,718	$	50,041
Less:
Cost of goods sold excluding amortization	3,159		3,521
Research and development	28,435		35,712
Selling, general and administrative	68,361		50,084
Intangible asset amortization	1,987		1,752
Other income, net	(1,800)		(3,660)
Provision (benefit) for income taxes	143		(7,874)
Net loss	$	(48,567)	$	(29,494)

- Definition

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

+ References

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+ Details

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Option Activity

A summary of option activity under the Plans for the three months ended March 31, 2026 follows:


(in thousands, except for share and per share amounts)	Number of Shares	Weighted Average Exercise Price at Grant Date		Weighted Average Remaining Term (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2025	4,490,324	$	12.75	4.74	$	2,698


Expired	(282,330)	7.94

Outstanding at March 31, 2026	4,207,994	13.07		4.80	382
Exercisable at March 31, 2026	4,029,314	13.34		4.71	376
Vested and expected to vest at March 31, 2026	4,205,776	13.07		4.80	382

Schedule of RSU Activity

A summary of RSU activity for the 2016 Plan for the three months ended March 31, 2026 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	3,476,509	$	4.99
Granted	1,785,000	6.05
Forfeited	(4,500)	5.32
Vested	(1,033,432)	5.83
Unvested at March 31, 2026	4,223,577	5.23

Schedule of PSU Activity

A summary of PSU activity for the 2016 Plan for the three months ended March 31, 2026, based on award at target, is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	—	$	—
Granted	405,000	8.03


Unvested at March 31, 2026	405,000	8.03

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense recognized for the three months ended March 31, 2026 and 2025 was comprised of the following:


	Three Months Ended
(in thousands)	March 31, 2026		March 31, 2025
Research and development	$	601	$	765
Selling, general and administrative	1,962		2,206
Total stock-based compensation expense	$	2,563	$	2,971

Schedule of Mote Carlo Model for PSUs Granted

Assumptions used in the Monte Carlo model for PSUs granted during the three months ended March 31, 2026 were as follows:


	Three Months Ended
	March 31, 2026

Expected dividend yield	—	%
Expected volatility of the Company	61	%
Remaining performance period (years)	2.87
Risk-free rate	3.44	%

Inventory

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Current assets

Finished goods	1,699		1,852
Total inventory, current	$	1,699	$	1,852
Non-Current assets
Raw materials	$	934	$	934
Work-in-process	5,991		5,996
Finished goods	1,885		2,238
Total inventory, non-current	8,810		9,168
Total inventory	$	10,509	$	11,020

Inventory, which is recorded at the lower of cost or net realizable value, includes the cost of third-party manufacturing and other direct and indirect costs and is valued using the first-in, first-out method. The Company evaluates the risk of excess inventory and product expiry by evaluating current and future product demand relative to product shelf life, taking into account all possible alternative uses for the inventory available in the ordinary course of business. The Company builds demand forecasts by considering factors such as, but not limited to, overall market potential, market share, market acceptance, patient usage and generic competition. The Company’s inventory balance consisted of $7.5 million of HETLIOZ® product and $3.0 million of other products as of March 31, 2026. The Company’s inventory balance consisted of $7.8 million of HETLIOZ® product and $3.2 million of other products as of December 31, 2025.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Non-cash change in deferred tax assets valuation allowance, amount			$ 113,700
Income tax provision (benefit)	$ 143	$ (7,874)
Discrete income tax expense		$ 500

- Definition

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

+ References

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+ Details

Commitments and Contingencies - Other Agreements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2022	May 07, 2026
Commitments and Contingencies [Line Items]
Research and development	$ 28,435	$ 35,712
Lessee, finance lease, term of contract (in years)	3 years
Amount of finance leases capitalized during the period	$ 700
Fixed payments for leases that had not yet commenced	$ 600
Unrecorded unconditional purchase obligation, term (in years)	3 years
Subsequent Event
Commitments and Contingencies [Line Items]
Lessee, operating lease, liability, to be paid, additional fixed payments				$ 26,900
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Commitments and Contingencies [Line Items]
Research and development	$ 700
Research and development, amounts reimbursable from the third party	$ 300
OliPass Corporation \| Additional Funding Agreement Terms
Commitments and Contingencies [Line Items]
Consideration for entering into the arrangement			$ 3,000

Segments - Narrative (Details)	3 Months Ended
Segments - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Equity [Abstract]
Foreign currency translation	$ 52	$ 68
Unrealized gain on marketable securities	160	561
Accumulated other comprehensive income	$ 212	$ 629

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Stock-Based Compensation - Narrative (Details)	Mar. 31, 2026 shares
2006 Plan and 2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares subject to outstanding options and RSUs and PSUs (in shares)	8,836,571
2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock authorized for issuance (in shares)	18,190,000
Number of shares of common stock available for future grant (in shares)	3,230,604

- Definition

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

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 54,034	$ 84,851
Marketable securities	148,276	178,996
Accounts receivable, net	56,879	54,578
Inventory	1,699	1,852
Prepaid expenses and other current assets	32,281	26,985
Total current assets	293,169	347,262
Property and equipment, net	2,245	2,248
Operating lease right-of-use assets	4,536	3,923
Finance lease right-of-use assets	7,284	7,343
Intangible assets, net	115,102	117,089
Non-current inventory and other	11,189	11,083
Total assets	433,525	488,948
Current liabilities:
Accounts payable and accrued liabilities	60,620	68,297
Product revenue allowances	74,962	76,865
Total current liabilities	135,582	145,162
Operating lease non-current liabilities	3,266	2,991
Finance lease non-current liabilities	3,785	4,076
Other non-current liabilities	10,127	9,533
Total liabilities	152,760	161,762
Commitments and contingencies (Notes 8 and 14)
Stockholders’ equity:
Preferred stock, $0.001 par value; 20,000,000 shares authorized, and no shares issued or outstanding at March 31, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value; 150,000,000 shares authorized; 60,135,062 and 59,101,630 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	60	59
Additional paid-in capital	723,826	721,264
Accumulated other comprehensive income	212	629
Accumulated deficit	(443,333)	(394,766)
Total stockholders’ equity	280,765	327,186
Total liabilities and stockholders’ equity	$ 433,525	$ 488,948

Stock-Based Compensation - Restricted Stock Units - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) installment shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vesting equal installments \| installment	36
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vesting equal installments \| installment	4
Full acceleration of vesting, employee or executive officer subject to involuntary termination, period post change of control of the Company (in months)	24 months
Unrecognized compensation expenses related to unvested RSUs	$ 20.3
Unrecognized compensation expenses, weighted average period (in years)	2 years 1 month 6 days
Grant date fair value of common stock granted (in shares) \| shares	1,033,432
Grant date fair value of common stock vested	$ 6.0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Full acceleration of vesting, employee or executive officer subject to involuntary termination, period post change of control of the Company (in months)	24 months
Unrecognized compensation expenses related to unvested RSUs	$ 3.2
Unrecognized compensation expenses, weighted average period (in years)	2 years 10 months 24 days
Grant date fair value of common stock granted (in shares) \| shares	0

- Definition

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

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Net product sales	$ 51,718	$ 50,041
Total revenues	51,718	50,041
Operating expenses:
Cost of goods sold excluding amortization	3,159	3,521
Research and development	28,435	35,712
Selling, general and administrative	68,361	50,084
Intangible asset amortization	1,987	1,752
Total operating expenses	101,942	91,069
Loss from operations	(50,224)	(41,028)
Other income, net	1,800	3,660
Loss before income taxes	(48,424)	(37,368)
Provision (benefit) for income taxes	143	(7,874)
Net loss	$ (48,567)	$ (29,494)
Net loss per share:
Basic (in dollars per share)	$ (0.82)	$ (0.50)
Diluted (in dollars per share)	$ (0.82)	$ (0.50)
Weighted average shares outstanding:
Basic (in shares)	59,459,982	58,527,775
Diluted (in shares)	59,459,982	58,527,775

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees and Indemnifications The Company has entered into a number of standard intellectual property indemnification agreements in the ordinary course of its business. Pursuant to these agreements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners or customers, in connection with any U.S. patent or any copyright or other intellectual property infringement claim by any third party with respect to the Company’s products. The term of these indemnification agreements is generally perpetual from the date of execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. Since inception, the Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. The Company also indemnifies its officers and directors for certain events or occurrences, subject to certain conditions. License Agreements The Company’s rights to develop and commercialize its products are subject to the terms and conditions of licenses granted to the Company by other pharmaceutical companies. Fanapt®. Pursuant to the terms of a settlement agreement with Novartis Pharma AG (Novartis), Novartis transferred all U.S. and Canadian rights in the Fanapt® franchise to the Company on December 31, 2014. The Company paid directly to Sanofi S.A. (Sanofi) a fixed royalty of 3% of net sales through December 2019 related to manufacturing know-how. The Company is also obligated to pay Sanofi a fixed royalty on Fanapt® net sales equal to 6% on Sanofi know-how not related to manufacturing under certain conditions for a period of up to 10 years in markets where the new chemical entity patent has expired or was not issued. The Company is obligated to pay this 6% royalty on net sales in the U.S. through November 2026. HETLIOZ®. In February 2004, the Company entered into a license agreement with BMS under which it received an exclusive worldwide license under certain patents and patent applications, and other licenses to intellectual property, to develop and commercialize HETLIOZ®. As of March 31, 2026, the Company has paid BMS $37.5 million in upfront fees and milestone obligations, including $33.0 million of regulatory approval and commercial milestones capitalized as intangible assets (see Note 6, Intangible Assets). The Company has no remaining milestone obligations to BMS. Additionally, the Company is obligated to make royalty payments on HETLIOZ® net sales to BMS in each territory where the Company commercializes HETLIOZ® for a period of 10 years following the first commercial sale in the territory. The royalty is 5% on net sales in territories outside the U.S. The Company’s obligation to pay royalties in the U.S. ended in April 2024. The Company is also obligated under the license agreement to pay BMS a percentage of any sublicense fees, upfront payments and milestone and other payments (excluding royalties) that it receives from a third party in connection with any sublicensing arrangement, at a rate which is in the mid-twenties. The Company is obligated to use its commercially reasonable efforts to develop and commercialize HETLIOZ®. NEREUSTM. In April 2012, the Company entered into a license agreement with Lilly pursuant to which the Company acquired an exclusive worldwide license under certain patents and patent applications, and other licenses to intellectual property, to develop and commercialize NEREUSTM for all human indications. Lilly is eligible to receive future payments based upon achievement of specified development, regulatory approval and commercialization milestones as well as tiered royalties on net sales at percentage rates up to the low double digits. As of March 31, 2026, the Company has paid Lilly $15.0 million in upfront fees and development milestones, including a $10.0 million milestone paid to Lilly during the first quarter of 2026 for the FDA’s approval of the Company’s NDA for the prevention of vomiting induced by motion in the fourth quarter of 2025, which was accrued as a current liability on the Consolidated Balance Sheets as of December 31, 2025. As of March 31, 2026, remaining milestone obligations include a $5.0 million milestone for the first approval of an application for marketing authorization for NEREUSTM in the E.U. and up to $80.0 million for sales milestones. The Company is obligated to use its commercially reasonable efforts to develop and commercialize NEREUSTM. Imsidolimab. In January 2025, the Company entered into an exclusive global license agreement with AnaptysBio, Inc. (Anaptys) under which it acquired the worldwide rights to develop, manufacture and commercialize imsidolimab. Under the terms of the agreement, which was accounted for as an asset acquisition, the Company made an upfront payment of $10.0 million to Anaptys and an additional $5.0 million payment for drug supply, $14.4 million of which was included in research and development expense on the Consolidated Statements of Operations for the year ended December 31, 2025. Anaptys is eligible to receive future payments based upon achievement of specified regulatory approval and commercialization milestones as well as a 10% royalty on global net sales. As of March 31, 2026, remaining milestone obligations include up to $35.0 million for future regulatory approval and sales milestones, including $5.0 million each for the first approval of an application for marketing authorization for imsidolimab in the U.S. and E.U. and $25.0 million for a sales milestone. The Company is obligated to use its commercially reasonable efforts to develop and commercialize imsidolimab. Portfolio of CFTR activators and inhibitors. In March 2017, the Company entered into a license agreement with the University of California San Francisco (UCSF), under which the Company acquired an exclusive worldwide license to develop and commercialize a portfolio of CFTR activators and inhibitors. Pursuant to the license agreement, the Company will develop and commercialize the CFTR activators and inhibitors and is responsible for all development costs, including current pre-investigational new drug development work. UCSF is eligible to receive future payments based upon achievement of specified development and commercialization milestones as well as single-digit royalties on net sales. As of March 31, 2026, the Company has paid UCSF $1.8 million in upfront fees and development milestones. As of March 31, 2026, remaining milestone obligations include $11.9 million for development milestones and $33.0 million for future regulatory approval and sales milestones. Included in the $11.9 million of development milestones are $1.1 million of milestone obligations due upon the conclusion of clinical studies for each licensed product, not to exceed $3.2 million in total for the CFTR portfolio. VQW-765. In connection with a settlement agreement with Novartis relating to Fanapt®, the Company received an exclusive worldwide license under certain patents and patent applications, and other licenses to intellectual property, to develop and commercialize VQW-765. Pursuant to the license agreement, the Company is obligated to use its commercially reasonable efforts to develop and commercialize VQW-765 and is responsible for all development costs. The Company has no milestone obligations, but Novartis is eligible to receive tiered-royalties on net sales at percentage rates up to the mid-teens. Other Agreements Olipass. In September 2022, the Company entered into an agreement with OliPass Corporation (OliPass) to jointly develop a set of ASO molecules based on OliPass’ proprietary modified peptide nucleic acids. As consideration for entering into the arrangement, the Company paid OliPass an upfront fee of $3.0 million, which was recorded as research and development expense in 2022. The Company is funding the research and development activities and has the option to license jointly developed intellectual property upon successful development. Clinical Trial Agreement. In December 2024, the Company entered into an agreement with a third party to jointly design and complete a pediatric study for PONVORY® required by the FDA and the European Medicines Agency. Pursuant to the agreement, the Company will bear the primary responsibility for completing the clinical trial, and the third party will bear primary responsibility for manufacturing the clinical study product. All costs associated with the pediatric study will be shared equally by the Company and the third party. As the Company and the third party are both active participants in the research activities and both parties are exposed to significant risks and rewards, the agreement is being accounted for under Accounting Standards Codification (ASC) 808. Furthermore, no parts of the agreement are within the scope of ASC 606, because the Company determined that performing research and development activities on behalf of other parties is not part of the ordinary activities of its business. Therefore, reimbursements from the third party for research and development costs are recorded as reductions to research and development expense as incurred. Expenses recognized by the Company related to activities under the collaborative arrangement, which commenced during the first quarter of 2025, were $0.7 million for the three months ended March 31, 2026, which were reduced by amounts reimbursable from the third party of $0.3 million. Expenses recognized by the Company related to activities under the collaborative arrangement were not material for the three months ended March 31, 2025. Lease Agreements. In May 2026, the Company entered into an amendment to the lease for its headquarters at 2200 Pennsylvania Avenue, N.W. in Washington, D.C. The amendment extends the term of the lease from July 2028 to July 2038 for additional fixed payments, net of contractual rent abatements, totaling $26.9 million, among other terms. In August 2024, the Company entered into a master lease agreement for vehicles to be utilized by the Company’s sales force. The individual car leases commence upon delivery of the vehicles. Delivery of these vehicles began in the fourth quarter of 2024, and they were determined to be finance leases upon lease commencement. The contractual period of each lease is three years. The Company continued to lease additional cars under the master lease agreement during 2025 and 2026. The Company capitalized $0.7 million for car leases that commenced during the three months ended March 31, 2026, all of which were determined to be finance leases. Total fixed payments for the vehicle leases that had not yet commenced as of March 31, 2026 are estimated to be $0.6 million, payable over initial terms of three years, and subject to change upon finalization of each vehicle lease contract. For further information regarding the Company’s lease agreements, see Note 8, Leases, to the consolidated financial statements included in the Company’s Annual Report for the fiscal year ended December 31, 2025. Purchase Commitments In the normal course of its business, the Company regularly enters into agreements with third-party vendors under fee service arrangements, which generally may be terminated on 90 days’ notice without incurring additional charges, other than charges for work completed or materials procured but not paid for through the effective date of termination and other costs incurred by the Company’s contractors in closing out work in progress as of the effective date of termination. The Company’s unrecognized non-cancellable purchase commitments for agreements with a remaining non-cancellable term longer than one year from March 31, 2026 primarily relate to commitments for marketing activities and data services, of which $7.7 million, $12.0 million, $7.2 million and $2.6 million are expected to be paid in 2026, 2027, 2028 and 2029, respectively. Various other long-term agreements entered into for services with other third-party vendors, such as inventory purchase commitments, are cancellable in nature or contain variable commitment terms within the agreement that are within the Company’s control.

Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

HETLIOZ®. In January 2014, the United States Food and Drug Administration (FDA) approved the New Drug Application (NDA) for HETLIOZ®. As a result of this approval, the Company met a milestone under its license agreement with Bristol-Myers Squibb (BMS) that required the Company to make a license payment of $8.0 million to BMS. In April 2018, the Company met its final milestone under its license agreement with BMS when cumulative worldwide sales of HETLIOZ® reached $250.0 million. As a result of the achievement of this milestone, the Company made a payment to BMS of $25.0 million in 2018. These milestone payments were determined to be additional consideration for the acquisition of HETLIOZ® and capitalized as an intangible asset and are being amortized on a straight-line basis over the estimated economic useful life of the related product patents.

PONVORY®. In December 2023, the Company acquired the U.S. and Canadian rights to PONVORY® from Actelion Pharmaceuticals Ltd. (Janssen), a Johnson & Johnson Company. The total purchase price of $104.9 million, $100.7 million of which was paid in 2023 and the remaining $4.2 million in 2024, was allocated to the acquired intangible asset for the U.S. and Canadian rights to PONVORY®. The PONVORY® intangible asset is being amortized on a straight-line basis over the estimated economic useful life of the related product rights.

NEREUSTM. In December 2025, the FDA approved the NDA for NEREUSTM. As a result of this approval, the Company met a milestone under its license agreement with Eli Lilly and Company (Lilly) that required the Company to make a license payment of $10.0 million to Lilly, which was accrued in the Company’s Consolidated Balance Sheets as of December 31, 2025 and represented a non-cash investing activity for the year ended December 31, 2025, and was paid in the first quarter of 2026. This milestone obligation was determined to be additional consideration for the acquisition of NEREUSTM and capitalized as an intangible asset and is being amortized on a straight-line basis over the estimated economic useful life of the related product patents.

The following is a summary of the Company’s amortizing intangible assets as of March 31, 2026:


		March 31, 2026
(in thousands)	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
HETLIOZ®	2035	$	33,000	$	19,229	$	13,771

PONVORY®	2042	104,894		13,328		91,566
NEREUSTM	2036	10,000		235		9,765
Total amortizing intangible assets		$	147,894	$	32,792	$	115,102

The following is a summary of the Company’s amortizing intangible assets as of December 31, 2025:


		December 31, 2025
(in thousands)	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
HETLIOZ®	2035	$	33,000	$	18,863	$	14,137

PONVORY®	2042	104,894		11,942		92,952
NEREUSTM	2036	10,000		—		10,000
Total amortizing intangible assets		$	147,894	$	30,805	$	117,089

As of March 31, 2026 and December 31, 2025, the Company also had $27.9 million of fully amortized intangible assets related to Fanapt®.

Intangible assets are amortized over their estimated useful economic life using the straight-line method. Amortization expense was $2.0 million and $1.8 million for the three months ended March 31, 2026 and 2025, respectively.

The following is a summary of the future intangible asset amortization schedule as of March 31, 2026:


(in thousands)	Total		2026		2027		2028		2029		2030		Thereafter
HETLIOZ®	$	13,771	$	1,097	$	1,463	$	1,463	$	1,463	$	1,463	$	6,822
PONVORY®	91,566		4,158		5,544		5,544		5,544		5,544		65,232
NEREUSTM	9,765		706		941		941		941		941		5,295
Total amortization expense	$	115,102	$	5,961	$	7,948	$	7,948	$	7,948	$	7,948	$	77,349

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Schedule of PSU Activity (Details) - Performance Shares	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Shares
Unvested, beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	405,000
Unvested, ending balance (in shares) \| shares	405,000
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	8.03
Unvested, ending balance (in dollars per share) \| $ / shares	$ 8.03

Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 148,103	$ 178,422
Gross Unrealized Gains	213	574
Gross Unrealized Losses	(40)	0
Fair Market Value	148,276	178,996
U.S. Treasury and government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	127,782	153,212
Gross Unrealized Gains	201	523
Gross Unrealized Losses	(26)	0
Fair Market Value	127,957	153,735
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20,321	25,210
Gross Unrealized Gains	12	51
Gross Unrealized Losses	(14)	0
Fair Market Value	$ 20,319	$ 25,261

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Organization and Presentation (Details)	3 Months Ended
Business Organization and Presentation (Details)	Mar. 31, 2026 product
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of products in portfolio	5

Stock-Based Compensation - Performance Restricted Stock Units - Narrative (Details) - Performance Shares $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) shares
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items]
Share-based compensation arrangement by share-based payment award, performance period (in years)	3 years
Full acceleration of vesting, employee or executive officer subject to involuntary termination, period post change of control of the Company (in months)	24 months
Unrecognized compensation expenses related to unvested RSUs \| $	$ 3.2
Unrecognized compensation expenses, weighted average period (in years)	2 years 10 months 24 days
Grant date fair value of common stock granted (in shares) \| shares	0
Minimum
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items]
Share-based payment award, granted, target (in percent)	0
Maximum
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items]
Share-based payment award, granted, target (in percent)	1.50

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Authoritative guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:

•Level 1 — defined as observable inputs such as quoted prices in active markets

•Level 2 — defined as inputs other than quoted prices in active markets that are either directly or indirectly observable

•Level 3 — defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions

The Company’s assets classified in Level 1 and Level 2 as of March 31, 2026 and December 31, 2025 consist of cash equivalents and available-for-sale marketable securities. The valuation of Level 1 instruments is determined using a market approach and is based upon unadjusted quoted prices for identical assets in active markets. The valuation of Level 2 instruments is also determined using a market approach based upon quoted prices for similar assets in active markets, or other inputs that are observable for substantially the full term of the financial instrument. Level 2 securities include certificates of deposit, commercial paper and corporate notes that use as their basis readily observable market parameters.

The Company held certain assets that are required to be measured at fair value on a recurring basis as of March 31, 2026, as follows:


			Fair Value Measurement as of March 31, 2026 Using
	Total Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			(Level 1)		(Level 2)		(Level 3)
U.S. Treasury and government agencies	$	127,957	$	127,957	$	—	$	—
Corporate debt	20,319		—		20,319		—

Total assets measured at fair value	$	148,276	$	127,957	$	20,319	$	—

The Company held certain assets that are required to be measured at fair value on a recurring basis as of December 31, 2025, as follows:


			Fair Value Measurement as of December 31, 2025 Using
	Total Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			(Level 1)		(Level 2)		(Level 3)
U.S. Treasury and government agencies	$	153,735	$	153,735	$	—	$	—
Corporate debt	25,261		—		25,261		—

Total assets measured at fair value	$	178,996	$	153,735	$	25,261	$	—

Total assets measured at fair value as of March 31, 2026 and December 31, 2025 include no cash equivalents.

The Company also has financial assets and liabilities not required to be measured at fair value on a recurring basis, which primarily consist of cash, accounts receivable, restricted cash, accounts payable and accrued liabilities, milestone obligations under licensing agreements and product revenue allowances, the carrying values of which materially approximate their fair values.

- Definition

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

+ References

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (48,567)	$ (29,494)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment	273	231
Stock-based compensation	2,563	2,971
Amortization of premiums and accretion of discounts on marketable securities	(136)	(749)
Intangible asset amortization	1,987	1,752
Right-of-use asset amortization	1,267	845
Deferred income taxes	0	(7,797)
Other non-cash adjustments, net	280	1,008
Changes in operating assets and liabilities:
Accounts receivable	(2,333)	2,534
Prepaid expenses and other assets	(5,768)	(5,390)
Inventory	294	(1,850)
Accounts payable and other liabilities	1,480	5,636
Product revenue allowances	(1,558)	(2,844)
Net cash used in operating activities	(50,218)	(33,147)
Cash flows from investing activities
Acquisition of intangible asset	(10,000)	0
Purchases of property and equipment	(221)	(436)
Purchases of marketable securities	0	(43,329)
Sales and maturities of marketable securities	30,455	87,667
Net cash provided by investing activities	20,234	43,902
Cash flows from financing activities
Principal payments on finance leases	(776)	(409)
Tax obligations paid in connection with settlement of restricted stock units	0	(915)
Net cash used in financing activities	(776)	(1,324)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(57)	49
Net change in cash, cash equivalents and restricted cash	(30,817)	9,480
Cash, cash equivalents and restricted cash
Beginning of period	85,320	102,785
End of period	$ 54,503	$ 112,265

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		58,310,644
Beginning balance at Dec. 31, 2024	$ 538,546	$ 58	$ 712,706	$ 74	$ (174,292)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from the exercise of stock options and settlement of equity awards (in shares)		623,338
Issuance of common stock from the exercise of stock options and settlement of equity awards	(915)	$ 1	(916)
Stock-based compensation expense	2,971		2,971
Net loss	(29,494)				(29,494)
Other comprehensive income (loss), net of tax	309			309
Ending balance (in shares) at Mar. 31, 2025		58,933,982
Ending balance at Mar. 31, 2025	$ 511,417	$ 59	714,761	383	(203,786)
Beginning balance (in shares) at Dec. 31, 2025	59,101,630	59,101,630
Beginning balance at Dec. 31, 2025	$ 327,186	$ 59	721,264	629	(394,766)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from the exercise of stock options and settlement of equity awards (in shares)		1,033,432
Issuance of common stock from the exercise of stock options and settlement of equity awards	0	$ 1	(1)
Stock-based compensation expense	2,563		2,563
Net loss	(48,567)				(48,567)
Other comprehensive income (loss), net of tax	$ (417)			(417)
Ending balance (in shares) at Mar. 31, 2026	60,135,062	60,135,062
Ending balance at Mar. 31, 2026	$ 280,765	$ 60	$ 723,826	$ 212	$ (443,333)

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	60,135,062	59,101,630
Common stock, shares outstanding (in shares)	60,135,062	59,101,630

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The following is a summary of the Company’s amortizing intangible assets as of March 31, 2026:


		March 31, 2026
(in thousands)	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
HETLIOZ®	2035	$	33,000	$	19,229	$	13,771

PONVORY®	2042	104,894		13,328		91,566
NEREUSTM	2036	10,000		235		9,765
Total amortizing intangible assets		$	147,894	$	32,792	$	115,102

The following is a summary of the Company’s amortizing intangible assets as of December 31, 2025:


		December 31, 2025
(in thousands)	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
HETLIOZ®	2035	$	33,000	$	18,863	$	14,137

PONVORY®	2042	104,894		11,942		92,952
NEREUSTM	2036	10,000		—		10,000
Total amortizing intangible assets		$	147,894	$	30,805	$	117,089

Schedule of Future Intangible Asset Amortization

The following is a summary of the future intangible asset amortization schedule as of March 31, 2026:


(in thousands)	Total		2026		2027		2028		2029		2030		Thereafter
HETLIOZ®	$	13,771	$	1,097	$	1,463	$	1,463	$	1,463	$	1,463	$	6,822
PONVORY®	91,566		4,158		5,544		5,544		5,544		5,544		65,232
NEREUSTM	9,765		706		941		941		941		941		5,295
Total amortization expense	$	115,102	$	5,961	$	7,948	$	7,948	$	7,948	$	7,948	$	77,349

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

The Company held certain assets that are required to be measured at fair value on a recurring basis as of March 31, 2026, as follows:


			Fair Value Measurement as of March 31, 2026 Using
	Total Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			(Level 1)		(Level 2)		(Level 3)
U.S. Treasury and government agencies	$	127,957	$	127,957	$	—	$	—
Corporate debt	20,319		—		20,319		—

Total assets measured at fair value	$	148,276	$	127,957	$	20,319	$	—

The Company held certain assets that are required to be measured at fair value on a recurring basis as of December 31, 2025, as follows:


			Fair Value Measurement as of December 31, 2025 Using
	Total Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)			(Level 1)		(Level 2)		(Level 3)
U.S. Treasury and government agencies	$	153,735	$	153,735	$	—	$	—
Corporate debt	25,261		—		25,261		—

Total assets measured at fair value	$	178,996	$	153,735	$	25,261	$	—

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company assesses the need for a valuation allowance against its deferred tax assets each quarter through the review of all available positive and negative evidence. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. After considering all available positive and negative evidence, including but not limited to historical, current and future projected results and significant risks and uncertainties related to forecasts, the Company has concluded that it is not more likely than not that substantially all of its deferred tax assets are realizable in future periods and maintained a valuation allowance against all net deferred tax assets as of March 31, 2026 and December 31, 2025. The valuation allowance was recorded in the fourth quarter of 2025, resulting in a non-cash income tax expense of $113.7 million for the year ended December 31, 2025. As a result of the valuation allowance against the Company’s deferred tax assets, the Company recognized an income tax provision of $0.1 million for the three months ended March 31, 2026 related to discrete income tax expense. The income tax benefit of $7.9 million for the three months ended March 31, 2025 was primarily driven by the estimated effective tax rate for the year, as well as discrete income tax expense of $0.5 million

- Definition

The entire disclosure for income tax.

+ References

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

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

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

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

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

+ Details

Inventory (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Current assets

Finished goods	1,699		1,852
Total inventory, current	$	1,699	$	1,852
Non-Current assets
Raw materials	$	934	$	934
Work-in-process	5,991		5,996
Finished goods	1,885		2,238
Total inventory, non-current	8,810		9,168
Total inventory	$	10,509	$	11,020

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (48,567)	$ (29,494)
Other comprehensive income (loss):
Net foreign currency translation gain (loss)	(16)	25
Change in net unrealized gain (loss) on marketable securities	(401)	375
Tax provision on other comprehensive income (loss)	0	(91)
Other comprehensive income (loss), net of tax	(417)	309
Comprehensive loss	$ (48,984)	$ (29,185)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Segments (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Revenue and Significant Expenses


	Three Months Ended
(in thousands)	March 31, 2026		March 31, 2025
Revenue	$	51,718	$	50,041
Less:
Cost of goods sold excluding amortization	3,159		3,521
Research and development	28,435		35,712
Selling, general and administrative	68,361		50,084
Intangible asset amortization	1,987		1,752
Other income, net	(1,800)		(3,660)
Provision (benefit) for income taxes	143		(7,874)
Net loss	$	(48,567)	$	(29,494)

Stock-Based Compensation - Stock Option - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) installment shares	Mar. 31, 2025 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation option awards contractual term (in years)	10 years
Vesting period for subsequent stock options granted to employees and new directors (in years)	4 years
Portion of initial stock options granted to employees and new directors that vests on first anniversary of grant date (in percent)	25.00%
Portion of initial stock options granted to employees and new directors that vests ratably over three years after completion of first year of service (in percent)	75.00%
Number of vesting equal installments \| installment	36
Granted (in shares)	0	0
Number of stock options exercised (in shares)	0	0
Service option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Full acceleration of vesting, employee or executive officer subject to involuntary termination, period post change of control of the Company (in months)	24 months
Unrecognized compensation expenses \| $	$ 0.6
Unrecognized compensation expenses, weighted average period (in years)	6 months

Segments - Schedule of Segment Revenue and Significant Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 51,718	$ 50,041
Cost of goods sold excluding amortization	3,159	3,521
Research and development	28,435	35,712
Selling, general and administrative	68,361	50,084
Intangible asset amortization	1,987	1,752
Other income, net	(1,800)	(3,660)
Provision (benefit) for income taxes	143	(7,874)
Net loss	(48,567)	(29,494)
Product Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	51,718	50,041
Cost of goods sold excluding amortization	3,159	3,521
Research and development	28,435	35,712
Selling, general and administrative	68,361	50,084
Intangible asset amortization	1,987	1,752
Other income, net	(1,800)	(3,660)
Provision (benefit) for income taxes	143	(7,874)
Net loss	$ (48,567)	$ (29,494)

Legal Matters	3 Months Ended
Legal Matters	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	Legal Matters HETLIOZ®. In December 2022, the Company filed patent infringement lawsuits, including Hatch-Waxman Act claims, against each of Teva Pharmaceuticals USA, Inc. (Teva) and Apotex Inc. and Apotex Corp. (Apotex) in the U.S. District Court for the District of New Jersey (NJ District Court) asserting that U.S. Patent No. 11,285,129 (‘129 Patent), will be infringed by Teva’s and Apotex’ generic versions of HETLIOZ®, each of which was approved by the FDA. The Company asked the NJ District Court to, among other things, order that the effective date of the FDA’s approval of Teva’s and Apotex’ generic versions of HETLIOZ® be a date that is no earlier than the expiration of the ‘129 Patent, or such later date that the NJ District Court may determine, and enjoin each of Teva and Apotex from the commercial manufacture, use, import, offer for sale and/or sale of their generic versions of HETLIOZ® until the expiration of the ‘129 Patent, or such later date that the NJ District Court may determine. In February 2023, the case was transferred to the U.S. District Court for the District of Delaware (Delaware District Court). In April 2023, Teva and Apotex moved for judgment on the pleadings. In June 2024, the Delaware District Court denied those motions, allowing the Company’s lawsuit to proceed. In March 2025, the Delaware District Court held a claim construction hearing, which resolved two claim term disputes in the Company’s favor and deferred ruling on a third dispute between the parties. In May 2025, the Delaware District Court consolidated this action with the Company’s action relating to the ‘556 Patent (as defined below). In March 2026, the Delaware District Court held a hearing on the Company’s and Teva’s and Apotex’s summary judgment and Daubert motion. The Company’s lawsuit remains pending, and a trial that was scheduled to begin on August 3, 2026 has been rescheduled to begin on October 29, 2026. In January 2023, the Company filed a lawsuit in the NJ District Court against Teva challenging Teva’s advertising and marketing practices related to its at risk launch of its generic version of HETLIOZ® for the single indication of Non-24. The Company believes that Teva’s advertising and marketing practices related to its generic version of HETLIOZ® promote its product for uses beyond the limited labeling that Teva sought, and the FDA approved. The Company seeks to, among other things, enjoin Teva from engaging in false and misleading advertising and recover monetary damages. In December 2023, the case was transferred to the Delaware District Court following Teva’s motion to transfer and dismiss the case earlier that year. In February 2025, the Delaware District Court denied Teva’s motion to dismiss, allowing the Company’s lawsuit to proceed. In March 2025, Teva filed its answer and asserted counterclaims against the Company for alleged violations of the Lanham Act, antitrust and state trade laws. In the same month, the Delaware District Court declined to consolidate this action with the Company’s cases alleging infringement of the ‘129 Patent and the ‘556 Patent (as defined below). In January 2026, the parties filed a stipulation to dismiss the case. In January 2023, the Company filed a lawsuit in the U.S. District Court for the District of Columbia (DC District Court) against the FDA challenging the FDA’s approval of Teva’s Abbreviated New Drug Application (ANDA) for its generic version of HETLIOZ® capsules under the Administrative Procedure Act (APA), the Food, Drug, and Cosmetic Act (FDCA), and FDA regulations. Under the FDCA, every ANDA must contain information to show that the labeling proposed for the generic drug is the same as the labeling approved for the listed drug. The labeling and packaging for HETLIOZ® includes Braille, but Teva’s generic version does not. On this basis, the Company believes that Teva’s approved labeling does not comply with applicable requirements. The Company has asked the DC District Court to, among other things, vacate the FDA’s approval of Teva’s ANDA, declare that the approval of the ANDA was unlawful, arbitrary, and capricious and compel the FDA to order Teva to recall its generic HETLIOZ® product. In February 2023, Teva intervened in the lawsuit as a defendant. In September 2023, the Company amended its lawsuit to request that the DC District Court set aside the FDA’s July 2023 denial of the Company’s citizen petition, originally filed with the FDA in January 2023. In April 2024, the Company filed a motion for summary judgment. In February 2025, the DC District Court denied the Company’s motion and granted the FDA and Teva’s cross motions for summary judgment. In February 2025, the Company appealed to the U.S. Court of Appeals for the District of Columbia Circuit (DC Circuit). In October 2025, the DC Circuit granted the FDA’s motion for a stay of the briefing schedule that it filed in October 2025 due to the government shutdown, and the stay was lifted in November 2025. An oral argument was held on March 12, 2026. In September 2023, the Company filed a lawsuit in the DC District Court against the FDA challenging the FDA’s approval of an ANDA filed by MSN Pharmaceuticals Inc. and MSN Laboratories Private Limited (MSN) for its generic version of HETLIOZ® capsules under the APA, the FDCA, FDA regulations and the Appointments Clause of the U.S. Constitution. The Company believes that MSN’s underlying approval data, particularly its bioequivalence studies, are faulty. On this basis, the Company asked the DC District Court to, among other things, vacate the FDA’s approval of MSN’s ANDA, declare that the approval of the ANDA was unlawful, arbitrary, and capricious, is unconstitutional under the Appointments Clause, and compel the FDA to order MSN to recall its generic HETLIOZ® product. In December 2023, the Company filed a motion for summary judgment. In January 2024, the FDA opposed the Company’s motion and moved to waive the administrative record, following which the court held an oral argument on the cross-motions. The DC District Court issued an order compelling the FDA to serve the administrative record and set deadlines for further proceedings. In April 2024, the Company filed a motion for summary judgment. In July 2024, the DC District Court held an oral argument on the motion to dismiss that the FDA filed in January 2024, which the Company opposed in February 2024. In September 2024, the DC District Court granted in part the FDA’s motion to dismiss as to the Company’s APA claims and denied the FDA’s motion to dismiss as to the Company’s claims under the Appointments Clause. In August 2025, the Company filed a motion for summary judgment based on its Appointments Clause claims, to which the FDA filed an opposition and cross-motion for summary judgment in September 2025. In January 2026, the DC District Court denied the cross-motions for summary judgment without prejudice and stayed the case pending resolution of an agency appeal. The Company’s lawsuit remains pending. In April 2024, the Company filed a lawsuit in the Delaware District Court against MSN and its commercial partner Amneal Pharmaceuticals, Inc. (Amneal), and Impax Laboratories LLC (Impax) alleging claims for false advertising in violation of the Lanham Act and unfair competition under several state laws as well as claims for breach of express representation and fraudulent inducement of a license agreement. In July 2024, the defendants filed a motion to dismiss and in September 2024, the Company opposed the motion, to which the defendants replied in October 2024. In July 2025, the Delaware District Court issued its report and recommendation to deny the defendants’ motion to dismiss as to standing but granted their motion to dismiss the Lanham Act claims, to which the Company objected in August 2025. In September 2025, the Delaware District Court overruled the Company’s objections. In October 2025, the Company appealed the Delaware District Court’s decision. The Company’s lawsuit remains pending. In December 2024, the Company filed a lawsuit in the Delaware District Court against each of Teva and Apotex asserting U.S. Patent No. 11,918,556 (‘556 Patent), a method of administration patent that was not litigated in the prior Delaware District Court cases, will be infringed by Teva’s and Apotex’s generic versions of HETLIOZ®, each of which was approved by the FDA. The Company has asked the Delaware District Court to, among other things, order that the effective date of the FDA’s approval of Teva’s and Apotex’ generic versions of HETLIOZ® be a date that is no earlier than the expiration of the ‘556 Patent, or such later date that the Delaware District Court may determine, and enjoin each of Teva and Apotex from the commercial manufacture, use, import, offer for sale and/or sale of their generic versions of HETLIOZ® until the expiration of the ‘556 Patent, or such later date that the Delaware District Court may determine. In March 2025, Teva filed its answer and asserted counterclaims against the Company, including, among other things, for alleged violation of the antitrust laws and inequitable conduct, which the Company opposed in May 2025. The Delaware District Court declined to consolidate this action with the Company’s case alleging Lanham Act violations against Teva but consolidated this action with the Company’s action relating to the ‘129 Patent. In March 2026, the Delaware District Court held a hearing on the Company’s and Teva’s and Apotex’s summary judgment and Daubert motion. The Company’s lawsuit remains pending, and a trial that was scheduled to begin on August 3, 2026 has been rescheduled to begin on October 29, 2026. HETLIOZ LQ®. In July 2024, the Company filed a Hatch-Waxman lawsuit against MSN in the Delaware District Court asserting that U.S. Patent Nos. 10,179,119, 11,266,622, 11,285,129, 11,850,229, 10,610,510, 10,980,770, and 11,759,446 will be infringed by MSN’s generic version of HETLIOZ LQ® for which MSN is seeking FDA approval. In June 2025, the Company filed an amended complaint against MSN, further alleging that U.S. Patent Nos. 10,071,977, 11,566,011 and 11,918,556 (all asserted HETLIOZ LQ® patents together, the Asserted Patents) will also be infringed by MSN’s generic version of HETLIOZ LQ®. The Company has asked the Delaware District Court to, among other things, enter judgment that MSN has infringed at least one claim of each of the Asserted Patents by submitting or causing to be submitted its ANDA to obtain FDA approval for the commercial manufacture, use, import, offer for sale and/or sale in the U.S. of its generic version of HETLIOZ LQ® before the expiration of each of the Asserted Patents, enter judgment that the use of MSN’s generic version of HETLIOZ LQ® in the U.S. before the expiration of each of the Asserted Patents will directly infringe at least one claim of each of the Asserted Patents, order that the effective date of any approval by the FDA of MSN’s generic version of HETLIOZ LQ® be a date that is no earlier than the expiration of the last expiring Asserted Patent(s), or such later date as the Court may determine, enjoin MSN from the commercial manufacture, use, import, offer for sale and/or sale of its generic version of HETLIOZ LQ® until the expiration of each of the Asserted Patents or such later date as the Court may determine, and award monetary damages, to the extent applicable. The Company’s lawsuit remains pending, and a trial that was scheduled to begin on September 14, 2026 has been rescheduled to begin on June 1, 2027. Other Matters. From April 2022 to July 2024, the Company filed eighteen lawsuits in the DC District Court against the FDA to compel the FDA to produce records under the Freedom of Information Act (FOIA) regarding, among other matters: the FDA’s denial of the Company’s supplemental New Drug Application (sNDA) for HETLIOZ® in the treatment of jet lag disorder; cases in which the FDA waived its putative requirement of a 9-month non-rodent toxicity study before drugs can be tested on human patients for extended durations; communications external to and within the FDA relating to NEREUSTM, HETLIOZ® and Fanapt®; a warning letter that the FDA sent to the Company concerning its webpages for HETLIOZ® and Fanapt®; the FDA’s removal of a clinical trials design presentation from its website; discipline reviews relating to the FDA’s evaluations of the Company’s sNDA for HETLIOZ® and a third-party sNDA for jet lag; internal standard operating procedures or guidance relating to the FDA’s processing of incoming FOIA requests; and bioequivalence and other study reports submitted relating to the FDA’s consideration of tasimelteon ANDAs. Nine of these lawsuits have since been resolved in the Company’s favor and the other nine remain outstanding. The FDA has failed to respond and provide the requested documents within the statutory timeframe with respect to each of these nine outstanding cases. The Company has asked the DC District Court to, among other things, compel the FDA to comply with its obligations and declare that its lack of compliance violates FOIA. In September 2022, the Company filed a lawsuit in the DC District Court against the FDA to compel the FDA to comply with two separate non-discretionary obligations under the FDCA and its implementing regulations: an obligation to publish a notice of an opportunity for a hearing on the Company’s sNDA for HETLIOZ® in the treatment of jet lag disorder in the Federal Register within 180 days of the filing of the sNDA, and a separate obligation to publish the same notice within 60 days of the request for a hearing. The FDA published the notice of an opportunity for a hearing on October 11, 2022. The Company has asked the DC District Court to, among other things, compel the FDA to comply with its obligations and declare that its lack of compliance violates the FDCA and the FDA regulations. In January 2024, the DC District Court held an oral argument on dispositive cross-motions, following which the DC District Court granted in part the Company’s motion for summary judgment. The DC District Court ruled that the FDA violated the statute and ordered the FDA to either finally resolve the Company’s application or commence a hearing on or before March 5, 2024. In March 2024, the Company and the FDA filed a consent motion for entry of final judgment in the Company’s favor on its APA claim for the FDA’s unreasonable delay in resolving the hearing request, following which the FDA refused to hold a hearing or approve the Company’s sNDA for HETLIOZ® in the treatment of jet lag disorder. The Company subsequently filed a petition for review in the DC Circuit. Under the FDCA, the FDA has an obligation to either approve an sNDA or to hold a hearing on the application’s approvability. The Company’s petition asks the DC Circuit to set aside the FDA’s order refusing to hold a hearing and refusing approval. In January 2025, the DC Circuit held an oral argument. In August 2025, the DC Circuit issued a decision in favor of the Company against the FDA, setting aside the FDA’s refusal to hold a hearing on the Company’s sNDA for HETLIOZ® in the treatment of jet lag disorder and remanding the case back to the FDA. In October 2025, the Company announced that it had entered into a collaborative framework with the FDA for the resolution of certain of its disputes regarding HETLIOZ® and NEREUSTM (the FDA Agreement), pursuant to which, the FDA agreed to conduct an expedited re-review of the sNDA and the Company sought a temporary abeyance in these proceedings. In January 2026, the FDA notified the Company that, following its re-review of the sNDA, it has determined that the sNDA cannot be approved in its current form. In January 2026, the Company requested that the FDA Commissioner resume hearing proceedings. In March 2026, the Office of the Commissioner granted the Company’s hearing request. The proceedings remain pending. In May 2023, the Company filed a lawsuit in the U.S. Court of Federal Claims (Federal Claims Court) against the federal government for the uncompensated taking and misuse of the Company’s trade secrets and confidential information. The Company believes that the FDA violated the Fifth Amendment’s due process clause by improperly providing confidential details from the Company’s drug master files for HETLIOZ® and Fanapt® to generic drug manufacturers during the FDA’s review of the manufacturers’ ANDAs. The Company has asked the Federal Claims Court to, among other things, declare that the FDA’s disclosure of the Company’s confidential commercial information constitutes a taking for purposes of the Fifth Amendment and award just compensation. The federal government filed a motion to dismiss the complaint, which the Company opposed. In January 2024, the Federal Claims Court held an oral argument on the motion to dismiss, following which the Federal Claims Court issued a decision denying in part the government’s motion, allowing the Company’s takings claim to proceed. In April 2024, the government filed a judgment on the pleadings, to which the Company opposed in July 2024 and the government replied in August 2024. In December 2024, the Federal Claims Court held an oral argument on the motion for judgment on the pleadings and in January 2025, the Federal Claims Court ruled against the Company. In February 2025, the Company appealed the ruling to the U.S. Court of Appeals for the Federal Circuit. The Company’s appeal remains pending. In February 2024, the Company filed a lawsuit in the DC District Court against the FDA to compel the FDA to comply with its statutory obligations under the FDCA and its implementing regulations, and to challenge the FDA’s complete response letter and 60-day filing regulations, which the Company believes do not absolve the FDA of its statutory responsibilities. Under the FDCA, the FDA has an obligation to either approve the Company’s sNDA for HETLIOZ® in the treatment of insomnia characterized by difficulties with sleep initiation within 180 days of the filing of the sNDA or give the Company a notice of an opportunity for a hearing. The Company submitted the sNDA on May 4, 2023. The Company has asked the DC District Court to, among other things, compel the FDA to comply with its obligations, declare that its lack of compliance violates the FDCA and the FDA regulations and declare the FDA’s complete response letter and 60-day filing regulations unlawful. In June 2024, the Company filed a motion for summary judgment and the FDA published a notice of opportunity for a hearing. In July 2024, the FDA opposed the Company’s motion for summary judgment. In September 2024, the DC District Court held an oral argument on the dispositive cross motions. In March and April 2025, the parties provided supplemental briefing. In May 2025, the DC District Court held a further hearing on the supplemental briefings. In September 2025, the Company filed a motion to stay proceedings in the case until January 2026 pursuant to the FDA Agreement. In January 2026, the Company and the FDA asked the DC District Court to lift the abeyance. The Company’s lawsuit remains pending. In August 2024, the Company filed a lawsuit against the FDA in the DC District Court challenging FDA decisionmakers’ authority under the Appointments Clause of the U.S. Constitution to render a decision on the Company’s new drug application for NEREUSTM to treat symptoms of gastroparesis. In September 2024, the Company filed a motion for a preliminary injunction to enjoin the FDA from subjecting the Company’s NDA for NEREUSTM for the treatment of symptoms of gastroparesis to a final decision prior to the PDUFA target date of September 18, 2024. In September 2024, the DC District Court denied the motion. The Company filed a motion for summary judgment in December 2024, and in January 2025, the FDA opposed the motion and cross-moved to dismiss and for summary judgment. In February 2025, the Company filed its reply and opposition, to which the FDA replied in March 2025. The Company’s lawsuit remains pending. In February 2025, the Company filed a lawsuit in the DC District Court against the FDA to compel the FDA to comply with its statutory obligations under the FDCA and its implementing regulations and to challenge the FDA’s reliance on PDUFA deadlines and its complete response letter and 60-day filing regulations, which the Company believes do not absolve the FDA of its statutory responsibilities. Under the FDCA, the FDA has an obligation to either approve the Company’s NDA for NEREUSTM to prevent vomiting induced by motion within 180 days of the filing of the NDA or give the Company a notice of an opportunity for a hearing. The Company submitted the NDA on December 30, 2024. The Company has asked the DC District Court to, among other things, compel the FDA to comply with its obligations, declare that its lack of compliance violates the FDCA and the FDA regulations and declare the FDA’s complete response letter and 60-day filing regulations and adherence to PDUFA deadlines unlawful. Separately, under the FDCA, the FDA has an obligation to commence a hearing on the Company’s NDA for NEREUSTM in gastroparesis within 120 days of a timely accepted notice of opportunity for a hearing, which the FDA issued on January 7, 2025. In April 2025, the Company filed a motion for summary judgment regarding its motion sickness NDA and requested to file summary judgment regarding its gastroparesis NDA. In May 2025, the DC District Court held a hearing on the motion regarding the motion sickness NDA, and the FDA approved the motion sickness NDA in December 2025. The Center for Drug Evaluation and Research issued a proposed order denying a hearing on the gastroparesis NDA in July 2025. In September 2025, the Company filed a motion to stay proceedings in the DC District Court regarding the gastroparesis NDA until January 2026 pursuant to the FDA Agreement. In January 2026, the Company and the FDA asked the DC District Court to lift the abeyance. The Company’s lawsuit remains pending. In April 2025, the Company filed a petition for review in the U.S. Court of Appeals for the DC Circuit seeking review of the FDA’s final order refusing to hold a hearing or to approve the Company’s sNDA for HETLIOZ® in the treatment of insomnia associated with difficulties with sleep initiation. Under the FDCA, the FDA has an obligation to either approve an sNDA or to hold a hearing on the application’s approvability. The Company’s petition asks the DC Circuit to set aside the FDA’s order refusing to hold a hearing and refusing approval. The Company’s petition for review remains pending. In March 2026, the Company filed a petition for review in the U.S. Court of Appeals for the DC Circuit seeking review of the FDA’s final order refusing to hold a hearing or to approve the Company’s NDA for NEREUSTM in gastroparesis. Under the FDCA, the FDA has an obligation to either approve an sNDA or to hold a hearing on the application’s approvability. The Company’s petition asks the DC Circuit to set aside the FDA’s order refusing to hold a hearing and refusing approval. The Company’s petition for review remains pending.