Document and Entity Information - USD ($) $ in Billions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Feb. 18, 2026 |
Jun. 30, 2025 |
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| Cover [Abstract] | |||
| Document Type | 10-K | ||
| Amendment Flag | false | ||
| Document Period End Date | Dec. 31, 2025 | ||
| Document Fiscal Year Focus | 2025 | ||
| Document Fiscal Period Focus | FY | ||
| Trading Symbol | ACAD | ||
| Entity Registrant Name | ACADIA PHARMACEUTICALS INC | ||
| Entity Central Index Key | 0001070494 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Current Reporting Status | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Interactive Data Current | Yes | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Shell Company | false | ||
| Entity Small Business | false | ||
| Entity Emerging Growth Company | false | ||
| Entity Common Stock, Shares Outstanding | 170,494,613 | ||
| Entity Public Float | $ 2.3 | ||
| Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
| Entity File Number | 000-50768 | ||
| Security Exchange Name | NASDAQ | ||
| Entity Incorporation, State or Country Code | DE | ||
| Entity Tax Identification Number | 06-1376651 | ||
| Entity Address, Address Line One | 12830 El Camino Real | ||
| Entity Address, Address Line Two | Suite 400 | ||
| Entity Address, City or Town | San Diego | ||
| Entity Address, State or Province | CA | ||
| Entity Address, Postal Zip Code | 92130 | ||
| City Area Code | 858 | ||
| Local Phone Number | 558-2871 | ||
| Document Transition Report | false | ||
| Document Annual Report | true | ||
| Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement to be filed with the Securities and Exchange Commission by April 30, 2026 are incorporated by reference into Part III of this report. |
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| ICFR Auditor Attestation Flag | true | ||
| Document Financial Statement Error Correction [Flag] | false | ||
| Auditor Name | Ernst & Young LLP | ||
| Auditor Location | California | ||
| Auditor Firm ID | 42 | ||
| Auditor Opinion | Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Acadia Pharmaceuticals Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), cash flows and stockholders' equity for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)2 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 25, 2026 expressed an unqualified opinion thereon. |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Preferred stock, par value | $ 0.0001 | $ 0.0001 |
| Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock, par value | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized | 225,000,000 | 225,000,000 |
| Common stock, shares issued | 170,309,376 | 166,708,856 |
| Common stock, shares outstanding | 170,309,376 | 166,708,856 |
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Revenues | |||
| Type of Revenue [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
| Total revenues | $ 1,071,505 | $ 957,797 | $ 726,437 |
| Operating expenses | |||
| Type of Cost, Good or Service [Extensible List] | us-gaap:ProductMember | us-gaap:ProductMember | us-gaap:ProductMember |
| Cost of product sales | $ 88,998 | $ 81,841 | $ 41,638 |
| Research and development | 328,802 | 303,249 | 351,619 |
| Selling, general and administrative | 548,894 | 488,428 | 406,559 |
| Gain on sale of non-financial asset | 0 | (146,515) | 0 |
| Total operating expenses | 966,694 | 727,003 | 799,816 |
| Income (loss) from operations | 104,811 | 230,794 | (73,379) |
| Interest income, net | 31,722 | 25,458 | 17,234 |
| Other income | 2,371 | 1,823 | 5,109 |
| Income (loss) before income taxes | 138,904 | 258,075 | (51,036) |
| Income tax (benefit) expense | (252,096) | 31,624 | 10,250 |
| Consolidated net income | $ 391,000 | $ 226,451 | $ (61,286) |
| Earnings (net loss) per share, Basic | $ 2.32 | $ 1.37 | $ (0.37) |
| Earnings (net loss) per share, diluted | $ 2.3 | $ 1.36 | $ (0.37) |
| Weighted average common shares outstanding, basic | 168,356 | 165,717 | 163,819 |
| Weighted average common shares outstanding, diluted | 169,919 | 166,362 | 163,819 |
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Statement of Comprehensive Income [Abstract] | |||
| Net Income (Loss) | $ 391,000 | $ 226,451 | $ (61,286) |
| Other comprehensive income (loss): | |||
| Unrealized gain on investment securities | 1,127 | 362 | 1,017 |
| Foreign currency translation adjustments | 26 | (94) | (18) |
| Comprehensive income (loss) | $ 392,153 | $ 226,719 | $ (60,287) |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ 391,000 | $ 226,451 | $ (61,286) |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
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Dec. 31, 2025
shares
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| Trading Arrangements, by Individual | |
| Material Terms of Trading Arrangement | Insider Trading Arrangements During the Company’s last fiscal quarter, the following officer (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) adopted or terminated a “Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K, as follows: •
On December 9, 2025, James Kihara, Senior Vice President, Finance, adopted a Rule 10b5-1 trading arrangement providing for the sale of up to 41,421 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is from March 9, 2026 until March 9, 2027, or earlier if and when all transactions under the trading arrangement are completed. |
| James Kihara [Member] | |
| Trading Arrangements, by Individual | |
| Name | James Kihara |
| Title | Senior Vice President, Finance |
| Rule 10b5-1 Arrangement Adopted | true |
| Adoption Date | December 9, 2025 |
| Arrangement Duration | 365 days |
| Aggregate Available | 41,421 |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management, Strategy, and Governance |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Item 1C. Cybersecurity. Risk management and strategy We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and data related to our clinical trials and products (Information Systems and Data). Our information security function, led by our Chief Information and Data Officer (CIDO), with our legal and compliance teams, help identify, assess and manage the Company’s cybersecurity threats and risks. This group works to identify and assess risks from cybersecurity threats by monitoring and evaluating our threat environment and the Company’s risk profile using various methods in certain contexts, including, for example, manual tools, automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threat actors, conducting scans of certain environments, evaluating our industry’s risk profile, evaluating certain threats reported to us, coordinating with law enforcement concerning threats, internal and/or external audits, conducting threat and vulnerability assessments, using external intelligence feeds, using third parties to conduct tabletop incident response exercises and other tests, and participating in the Health Information Sharing and Analytics Center (H-ISAC). Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: incident detection and response policies, disaster recovery/business continuity policies, a vulnerability management policy, artificial intelligence policy, digital policy, a vendor risk management program, risk assessments, implementation of security standards/certifications, encryption of certain data, network security controls and data segregation for certain systems, access controls, physical security, asset management, tracking, and disposal, systems monitoring, employee training, penetration testing, cybersecurity insurance, and dedicated cybersecurity staff. Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, (1) cybersecurity risk is addressed as a component of the Company’s enterprise risk management program; (2) the information security department works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact to our business; and (3) our senior management evaluates material risks from cybersecurity threats against our overall business objectives and reports to the audit committee of the board of directors, which evaluates our overall enterprise risk. We use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example, outside legal counsel, threat intelligence service providers, cybersecurity consultants, cybersecurity software providers, penetration testing firms, managed cybersecurity service providers, darkweb monitoring services, and forensic investigators. We use third-party service providers to perform a variety of functions throughout our business, such as application providers, hosting companies, contract research organizations, contract manufacturing organizations, distributors, and supply chain resources. We have vendor management processes designed to help manage cybersecurity risks associated with our use of certain of these providers. For certain vendors, these processes include vendor risk assessments, security questionnaires, review of vendors’ written security program, vulnerability scans related to the vendor, security assessment calls with the vendor’s security personnel, and imposition of contractual obligations on certain vendors. For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, see our risk factors under Part 1. Item 1A. Risk Factors, including: “We and the third parties with whom we work are subject to stringent and evolving U.S. and foreign laws, regulations and rules, contractual obligations, industry standards, policies and other obligations related to data privacy and security. Our (or the third parties with whom we work) actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse business consequences.”; and “If our information technology systems or data, or those of third parties with whom we work, are or were compromised, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions, interruptions to operations or clinical trials, reputational harm, litigation, fines and penalties, disruptions of our business operations, and a loss of customers or sales.” Governance Our board of directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The audit committee of the board of directors is responsible for overseeing the Company’s cybersecurity risk management processes, including oversight of mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our CIDO, who joined the Company in August 2025, and Senior Director of Information Security, who has led cybersecurity functions at the Company for over a decade, managed the Security Operations Center for a Fortune 500 company, and led cybersecurity efforts as the Director of IT at another organization. The CIDO, along with management, is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Management is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our incident response policy is designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our CIDO, Chief Legal Officer, Senior Vice President of Finance, Chief Compliance Officer, Senior Vice President of People and Performance, and Senior Director of Information Security. This team works with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response policy includes reporting to the audit committee of the board of directors for certain cybersecurity incidents. The audit committee receives periodic reports from senior management concerning the Company’s significant cybersecurity threats and risks and the processes the Company has implemented to address them. |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, (1) cybersecurity risk is addressed as a component of the Company’s enterprise risk management program; (2) the information security department works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact to our business; and (3) our senior management evaluates material risks from cybersecurity threats against our overall business objectives and reports to the audit committee of the board of directors, which evaluates our overall enterprise risk. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Governance Our board of directors addresses the Company’s cybersecurity risk management as part of its general oversight function. The audit committee of the board of directors is responsible for overseeing the Company’s cybersecurity risk management processes, including oversight of mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our CIDO, who joined the Company in August 2025, and Senior Director of Information Security, who has led cybersecurity functions at the Company for over a decade, managed the Security Operations Center for a Fortune 500 company, and led cybersecurity efforts as the Director of IT at another organization. The CIDO, along with management, is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Management is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our incident response policy is designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our CIDO, Chief Legal Officer, Senior Vice President of Finance, Chief Compliance Officer, Senior Vice President of People and Performance, and Senior Director of Information Security. This team works with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response policy includes reporting to the audit committee of the board of directors for certain cybersecurity incidents. The audit committee receives periodic reports from senior management concerning the Company’s significant cybersecurity threats and risks and the processes the Company has implemented to address them. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The audit committee of the board of directors is responsible for overseeing the Company’s cybersecurity risk management processes, including oversight of mitigation of risks from cybersecurity threats. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The audit committee receives periodic reports from senior management concerning the Company’s significant cybersecurity threats and risks and the processes the Company has implemented to address them. |
| Cybersecurity Risk Role of Management [Text Block] | Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our CIDO, who joined the Company in August 2025, and Senior Director of Information Security, who has led cybersecurity functions at the Company for over a decade, managed the Security Operations Center for a Fortune 500 company, and led cybersecurity efforts as the Director of IT at another organization. The CIDO, along with management, is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Management is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our incident response policy is designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our CIDO, Chief Legal Officer, Senior Vice President of Finance, Chief Compliance Officer, Senior Vice President of People and Performance, and Senior Director of Information Security. This team works with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response policy includes reporting to the audit committee of the board of directors for certain cybersecurity incidents. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | he CIDO, along with management, is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | who has led cybersecurity functions at the Company for over a decade, managed the Security Operations Center for a Fortune 500 company, and led cybersecurity efforts as the Director of IT at another organization. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Management is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Organization and Business |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Accounting Policies [Abstract] | |
| Organization and Business | 1. Organization and Business Acadia Pharmaceuticals Inc. (the Company), based in San Diego, California, is a biopharmaceutical company focused on turning scientific promise into meaningful innovation that makes the difference for underserved neurological and rare disease communities around the world. In April 2016, the FDA approved the Company’s first drug, NUPLAZID® (pimavanserin), for the treatment of hallucinations and delusions associated with PDP. NUPLAZID became available for prescription in the United States in May 2016. In March 2023, the FDA approved the Company’s second drug, DAYBUE® (trofinetide), for the treatment of Rett syndrome. DAYBUE became available for prescription in the United States in April 2023. In October 2024, Health Canada granted marketing authorization of DAYBUE® (trofinetide) for the treatment of Rett syndrome in adult and pediatric patients 2 years of age and older. In December 2025, the FDA approved DAYBUE® STIX (trofinetide), a dye- and preservative-free powder formulation, for the treatment of Rett syndrome in adult and pediatric patients 2 years and older. DAYBUE STIX will be available on a limited basis starting in the first quarter of 2026, with a broader launch planned for the second quarter of 2026. In December 2025, the Ministry of Health in Israel approved DAYBUE® (trofinetide) for the treatment of Rett syndrome in adults and pediatric patients 2 years of age and older and weighing at least 9 kg. |
Summary of Significant Accounting Policies |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Significant accounting policies followed in the preparation of these financial statements are as follows: Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity date at the date of purchase of three months or less to be cash equivalents. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows (in thousands):
Investment Securities Currently, all of the Company’s investment securities are debt securities. The Company has classified all of its investment securities as available-for-sale as the sale of such securities may be required prior to maturity to implement management strategies, and accordingly, carries these investments at fair value. Unrealized gains and losses, if any, are reported as a separate component of stockholders’ equity. The cost of investment securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. Realized gains and losses, if any, are also included in interest income. The cost of securities sold is based on the specific identification method. Fair Value of Financial Instruments The carrying values of the Company’s financial instruments, consisting of cash and cash equivalents, trade receivables, interest and other receivables, restricted cash, and accounts payable and accrued liabilities, approximate fair value due to the relative short-term nature of these instruments. As disclosed in Note 4, the Company classifies its cash equivalents and available-for-sale investment securities within the fair value hierarchy as defined by authoritative guidance:
Accounts Receivable Accounts receivable are recorded net of customer allowances for distribution fees, prompt payment discounts, chargebacks, and credit losses. Allowances for distribution fees, prompt payment discounts and chargebacks are based on contractual terms. The Company estimated the current expected credit losses of its accounts receivable by assessing the risk of loss and available relevant information about the collectability, including historical credit losses, existing contractual payment terms, actual payment patterns of its customers, individual customer circumstances, and reasonable and supportable forecast of economic conditions expected to exist throughout the contractual life of the receivable. Based on its assessment, as of December 31, 2025 and 2024, the Company has determined that an allowance for credit loss was not required. Inventory Inventory is stated at the lower of cost or net realizable value under the first-in, first-out method (FIFO). The Company uses a combination of standard and actual costing methodologies to determine the cost basis for its inventories which approximates actual costs. Inventory consists of raw material, work in process, and finished goods, including third-party manufacturing costs, freight, and indirect overhead costs. The Company capitalizes inventory costs associated with its products upon regulatory approval when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed. Prior to FDA approval of NUPLAZID in April 2016 and DAYBUE in March 2023, all costs related to the manufacturing of NUPLAZID and DAYBUE were charged to research and development expense in the period incurred. The Company periodically reviews inventory and reduces the carrying value of items to net realizable value for potentially excess, dated or obsolete inventory based on an analysis of forecasted demand compared to quantities on hand and any firm purchase orders, as well as product shelf life. During the years ended December 31, 2025, 2024 and 2023, the Company recorded charges of $2.3 million, $0.5 million and $0.9 million, respectively, to reduce certain finished goods and work in process inventory to its net realizable value. Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the lease by use of the straight-line method. Construction-in-process reflects amounts incurred for property, equipment or improvements that have not been placed in service. Maintenance and repair costs are expensed as incurred. When assets are retired or sold, the assets and accumulated depreciation are removed from the respective accounts and any gain or loss is recognized. Estimated useful lives by major asset category are as follows:
Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Through December 31, 2025, no such impairment losses have been recorded by the Company. License Fees and Royalties The Company expenses amounts paid to acquire licenses associated with products under development when the ultimate recoverability of the amounts paid is uncertain and the technology has no alternative future use when acquired. Acquisitions of technology licenses are charged to expense or capitalized based upon management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. The Company has determined that technological feasibility for its product candidates is reached when the requisite regulatory approvals are obtained to make the product available for sale.
Pursuant to the license agreement with Neuren, the Company has capitalized a total of $138.8 million as intangible assets following the FDA approval and sale of DAYBUE and sale of PRV, as disclosed in Note 9. The intangible assets are amortized on a straight-line basis over the estimated useful life of the licensed patents through early 2036. The Company recorded total amortization expense related to these intangible assets of $10.9 million and $15.0 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, estimated future amortization expense related to the Company’s intangible assets was $10.9 million for each subsequent year. Royalties incurred in connection with the Company’s license agreement with Neuren, as disclosed in Note 9, are expensed to cost of product sales as revenue from product sales is recognized. Intangible Assets Finite-lived intangible assets are recorded at cost, net of accumulated amortization, and, if applicable, impairment charges. Amortization of finite-lived intangible assets is recorded over the assets’ estimated useful lives on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. We review our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such intangible assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of intangible the assets exceeds the estimated fair value of the intangible assets. No impairment loss was recorded on intangible assets during the years ended December 31, 2025 or 2024. Acquisitions The Company accounts for acquisitions of an asset or group of similar identifiable assets that do not meet the definition of a business as asset acquisition using the cost accumulation method, whereby the cost of the acquisition, including certain transaction costs, is allocated to the assets acquired on the basis of their relative fair values. No goodwill is recognized in an asset acquisition. Intangible assets acquired in an asset acquisition for use in research and development activities which have no alternative future use are expensed as in-process research and development on the acquisition date. Intangible assets acquired for use in research and development activities which have an alternative future use are capitalized as in-process research and development. Future costs to develop these assets are recorded to research and development expense as they are incurred. Contingent milestone payments associated with asset acquisitions are recognized when probable and estimable. These amounts are expensed to research and development if there is no alternative future use associated with the asset, or capitalized as an intangible asset if alternative future use of the asset exists. Advertising Expense Advertising costs are expensed when services are performed or goods are delivered. The Company incurred $31.9 million, $21.1 million and $9.4 million in advertising costs during the years ended December 31, 2025, 2024 and 2023, respectively and $0.9 million and $1.3 million of advertising costs were capitalized as prepaid expenses at December 31, 2025 and 2024. No advertising costs were capitalized as prepaid expenses at December 31, 2023. Revenue Recognition The Company operates in one business segment. Results of its operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues consist of net product sales to customers, substantially all of which are sales in the U.S. Revenues by product are as follows (in thousands):
Product Sales, Net The Company accounts for contracts with its customers in accordance with Revenue from Contracts with Customers (Topic 606). The Company recognizes revenue when its customer obtains control of promised goods or services which is generally upon delivery. Revenues reflect the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Payment terms differ by customer, but typically range from 31 to 35 days from the date of shipment. Revenue for the Company’s product sales has not been adjusted for the effects of a financing component as the Company expects, at contract inception, that the period between when the Company transfers control of the product and when the Company receives payment will be one year or less. The Company’s product sales, net consist of U.S. sales of NUPLAZID and DAYBUE. NUPLAZID was approved by the FDA in April 2016 and the Company commenced shipments of NUPLAZID to SPs and SDs in late May 2016. SPs dispense product to a patient based on the fulfillment of a prescription and SDs sell product to government facilities, long-term care pharmacies, or in-patient hospital pharmacies. DAYBUE was approved by the FDA in March 2023 and the Company commenced shipments of DAYBUE to a single wholesale distributor in April 2023 in the U.S. The Company also sells DAYBUE outside of the U.S. commercially as well as under managed access programs through third party distributors. Product shipping and handling costs are included in cost of product sales. The Company recognizes revenue from product sales at the net sales price (the “transaction price”) which includes estimates of variable consideration for which reserves for sales discounts and allowance are established and reflects each of these as either a reduction to the related account receivable or as an accrued liability, depending on how the amount payable is settled. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which the Company is entitled based on the terms of the contract. The amount of variable consideration that is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from estimates, the Company may need to adjust its estimates, which would affect net revenue in the period of adjustment. The following are the Company’s significant categories of sales discounts and allowances: Distribution Fees: Distribution fees include distribution service fees paid to the SPs, SDs and wholesale distributors based on a contractually fixed percentage of the wholesale acquisition cost (WAC), fees for data, and prompt payment discounts. Distribution fees are recorded as an offset to revenue based on contractual terms at the time revenue from the sale is recognized. Rebates: Allowances for rebates include mandated discounts under the Medicaid Drug Rebate Program and the Medicare Part D prescription drug benefit. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements with, or statutory requirements pertaining to, Medicaid and Medicare benefit providers. The allowance for rebates is based on statutory discount rates, estimated payor mix, and expected utilization. The Company’s estimates for expected utilization of rebates are based on historical data received from the SPs, SDs and single wholesale distributor since product launch. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for prior quarters’ unpaid rebates still estimated to be incurred. Allowances for rebates also include amounts due under the Inflation Reduction act of 2022 for Medicare Part D unit sales with applicable period AMP increases that outpace inflation over the benchmark period. The applicable period will be twelve months on October 1 of each year, with the initial applicable period beginning on October 1, 2022. The benchmark period AMP price is January 1, 2021 through September 30, 2021 for NUPLAZID and January 1, 2024 through December 31, 2024 for DAYBUE. The Company’s estimates are based Medicare Part D sales as a percentage of gross sales and the rate AMP for the current period will be in excess the benchmark period. In December 2025, the Company received its first invoices for Medicare inflation cap rebates from CMS for the applicable periods beginning on October 1, 2022 through September 30, 2024, which were higher than expected. The Company increased its Medicare rebate accruals to reflect actual invoices received and updated expectations. This unfavorable change in estimate of approximately $11.8 million related to the sales from October 1, 2022 to December 31, 2024, which increased its gross-to-net adjustments and reduced its net product sales of NUPLAZID. Chargebacks: Chargebacks are discounts and fees that relate to contracts with government and other entities purchasing from the SDs at a discounted price. The SDs charge back to the Company the difference between the price initially paid by the SDs and the discounted price paid to the SDs by these entities. The Company also incurs group purchasing organization fees for transactions through certain purchasing organizations. The Company estimates sales with these entities and accrues for anticipated chargebacks and organization fees, based on the applicable contractual terms. Co-Payment Assistance: The Company offers co-payment assistance to commercially insured patients meeting certain eligibility requirements. Co-payment assistance is accrued for based on actual program participation and estimates of program redemption using data provided by third-party administrators. Product Returns: Consistent with industry practice, the Company offers the SPs and SDs limited product return rights for damages, shipment errors, and expiring product; provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution agreement. The Company does not allow product returns for product that has been dispensed to a patient. As the Company receives inventory reports from the SPs and SDs and has the ability to control the amount of product that is sold to the SPs and SDs, it is able to make a reasonable estimate of future potential product returns based on this on-hand channel inventory data and sell-through data obtained from the SPs and SDs. In arriving at its estimate for product returns, the Company also considers historical product returns, the underlying product demand, and industry data specific to the specialty pharmaceutical distribution industry. Research and Development Expenses Research and development expenses are charged to operations as incurred. Research and development expenses include costs associated with services provided by contract organizations for preclinical development, pre-commercialization manufacturing expenses, and clinical trials, salaries and related personnel expenses including stock-based compensation expense, and facilities and equipment expenses. The upfront consideration and transaction costs associated with acquired in-process research and development are also included in the research and development expenses. The Company accrues for costs incurred as the services are being provided by monitoring the status of the trial or services provided and the invoices received from its external service providers. When the Company makes payments in advance of services being provided, it records those amounts as prepaid expenses on its consolidated balance sheets and expense them as the services are rendered. In the case of clinical trials, a portion of the estimated cost normally relates to the projected cost to treat a patient in the trials, and this cost is recognized based on the number of patients enrolled in the trial. Other indirect costs are generally recognized on a straight-line basis over the estimated period of the study. As actual costs become known, the Company adjusts its accruals accordingly. Concentration Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, principally consist of cash, cash equivalents, investment securities, accounts receivable, and restricted cash. The Company invests its excess cash primarily in money market funds, U.S. treasury notes, and high quality, marketable debt instruments of corporations and government sponsored enterprises in accordance with the Company’s investment policy. The Company’s investment policy defines allowable investments and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. All investment securities have a credit rating of at least Aa3/AA- or better, or P-1/A-1 or better, as determined by Moody’s Investors Service or Standard & Poor’s. Further, the Company specifies credit quality standards for its customers that are designed to limit the Company’s credit exposure to any single party. The Company does not currently have any of its own manufacturing facilities, and therefore it depends on an outsourced manufacturing strategy for the production of NUPLAZID and DAYBUE for commercial use and for the production of its product candidates for clinical trials. For the production of NUPLAZID, the Company has contracts in place with two third-party manufacturers of commercial drug product and one third-party manufacturer of drug substance that is approved for the production of NUPLAZID API. For the production of DAYBUE, the Company has contracts in place with two third-party manufacturers of commercial drug product and two third-party manufacturers of drug substance that is approved for the production of DAYBUE API. Although there are potential sources of supply other than the Company’s existing suppliers, any new supplier would be required to qualify under applicable regulatory requirements. The Company has entered into agreements for the distribution of NUPLAZID with a limited number of SPs and SDs, and all of the Company’s product sales of NUPLAZID are to these customers. The Company has also entered into agreements for the distribution of DAYBUE with third party distributors, and all of the Company’s product sales of DAYBUE and accounts receivable balance at December 31, 2025 are related to these customers. The following table summarizes customers that represent 10% or greater of our consolidated total gross revenues:
__________________________________________ * Represents less than 10% and/or not a customer in the applicable year The following table summarizes customers with amounts due that represent 10% or greater of our consolidated accounts receivable balance:
__________________________________________ * Represents less than 10% and/or not a customer in the applicable year Stock-Based Compensation We measure stock-based compensation expense for equity-classified awards, principally related to stock options, restricted stock units (RSUs), PSUs and stock purchase rights under our employee stock purchase plan (ESPP) based on the estimated fair value of the award on the date of grant. The fair value of each employee stock option and each employee stock purchase right granted is estimated on the grant date under the fair value method using the Black-Scholes valuation model. The estimated fair value of each stock option and purchase right is then expensed on a straight-line basis over the requisite service period, which is generally the vesting period. The following weighted-average assumptions were used during these periods:
Expected Volatility. The Company considers its historical volatility and implied volatility when determining the expected volatility. Risk-Free Interest Rate. The Company determines its risk-free interest rate assumption based on the U.S. Treasury yield for obligations with contractual terms similar to the expected term of the stock option or purchase right being valued. Expected Dividend Yield. The Company has never paid any dividends and currently has no plans to do so. Expected Life. In determining the expected life for stock options, the Company considers, among other factors, its historical exercise experience to date as well as the mean time remaining to full vesting of all outstanding options and the mean time remaining to the end of the contractual term of all outstanding options. The estimated life for the Company’s employee stock purchase rights is based upon the terms of each offering period. Forfeitures. The Company recognizes forfeitures as they occur. The fair value of RSUs is estimated based on the closing market price of the Company’s common stock on the date of grant. RSUs generally vest over a four-year period. Certain RSUs also have an accelerated vesting clause based on specified market condition target and continued employment through a minimum vesting period. The fair value of RSUs expected to vest are recognized and amortized on a straight-line basis over the requisite service period, which is generally the vesting period. For those RSUs requiring satisfaction of both market and service conditions, the requisite service period is the longest of the explicit, implicit and derived service periods. Through 2023, the Company granted PSUs that vest upon the achievement of certain pre-defined company-specific performance-based criteria. Expense related to these PSUs is recognized ratably over the expected performance period once the pre-defined performance-based criteria for vesting becomes probable and can vest up to 200 percent of the target number of shares granted. The fair value of these PSUs is estimated based on the closing market price of the Company’s common stock on the date of grant. Beginning in 2024, the structure of the PSU design was revised with a rTSR approach such that awards are earned for the Company’s rTSR performance over three-year measurement periods relative to a peer group of companies and the actual numbers of PSUs that will vest at the end of the performance period may be anywhere from zero to 150 percent of the target number of shares granted. The fair value of these PSUs is estimated 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.
In connection with the departure of the former CEO, in September 2024 the Company incurred approximately $10.7 million in stock-based compensation expense as a result of accelerated equity award vesting and stock modifications under the former CEO’s severance plan. The table below summarizes the total stock-based compensation expense included in the Company’s consolidated statements of operations for the periods presented (in thousands):
Segment Reporting The Company uses “the management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s Chief Operating Decision Maker (CODM) for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Company determines and presents operating segments based on the information that is internally provided to the CEO who is considered the Company’s CODM, in accordance with ASC 280, Segment Reporting. The Company has determined that it operates as a business segment, which is the development and commercialization of innovative medicines. Refer to Note 11 – Segment Reporting for further information related to the segment. Income Taxes Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is computed for the expected future impact of differences between the financial reporting and income tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax credits and loss carryforwards. Deferred income tax expense or benefit represents the net change during the year in the deferred income tax asset or liability. 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. The Company recognizes the impact of a tax position in the financial statements only if that position is more likely than not to be sustained upon examination by taxing authorities, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions will be reflected in income tax expense. Earning (Net Loss) Per Share Basic earnings (net loss) per share is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of common shares and common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of diluted earnings (net loss) per share calculation, equity awards and employee stock purchase plan rights are considered to be common stock equivalents.
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | 3. Investments The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):
The Company has classified all of its available-for-sale investment securities, including those with maturities beyond one year, as current assets on its consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. The following table summarizes the contract maturity of the available-for-sale securities:
At December 31, 2025 and 2024, the Company had 18 and 17 securities, respectively, in an unrealized loss position. The following table presents gross unrealized losses and fair value for those available-for-sale investments that were in an unrealized loss position as of December 31, 2025 and 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position (in thousands):
At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic conditions. As of December 31, 2025, the Company did not have the intention to sell the investments in unrealized loss positions and it is unlikely that the Company will be required to sell the investment before the recovery of its amortized cost basis. The Company has not historically experienced significant losses on its investments. Based on its evaluation, the Company determined its year-to-date credit losses related to its available-for-sale securities were immaterial at December 31, 2025. |
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Fair Value Measurements |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | 4. Fair Value Measurements The Company’s investments include cash equivalents, available-for-sale investment securities consisting of money market funds, U.S. treasury notes, and marketable debt instruments of corporations and government sponsored enterprises in accordance with the Company’s investment policy, and equity investments. The Company’s investment policy defines allowable investment securities and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. All investment securities have a credit rating of at least Aa3/AA- or better, or P-1/A-1 or better, as determined by Moody’s Investors Service or Standard & Poor’s. The Company’s cash equivalents, available-for-sale investment securities, and equity securities are classified within the fair value hierarchy as defined by authoritative guidance. The Company’s investment securities and equity securities classified as Level 1 are valued using quoted market prices. The Company obtains the fair value of its Level 2 financial instruments from third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. The Company validates the prices provided by the third-party pricing services by reviewing their pricing methods and matrices and obtaining market values from other pricing sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by these pricing services as of December 31, 2025 and 2024. The Company has not transferred any investment securities between the classification levels. The recurring fair value measurements of the Company’s cash equivalents, available-for-sale investment securities, and equity securities at December 31, 2025 and 2024 consisted of the following (in thousands):
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Balance Sheet Details |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance Sheet Details | 5. Balance Sheet Details Inventory consisted of the following (in thousands):
Amount reported as long-term inventory primarily consists of raw materials as of December 31, 2025 and 2024. Property and equipment, net, consisted of the following (in thousands):
Depreciation of property and equipment was $0.9 million, $0.9 million, and $1.5 million for the years ended December 31, 2025, 2024, and 2023, respectively. For the years ended December 31, 2025, 2024 and 2023, the Company did not retire any fully depreciated property and equipment. Accrued liabilities consisted of the following (in thousands):
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Stockholders' Equity |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | 6. Stockholders’ Equity Stock Plans 2024 Equity Incentive Plan The Company’s 2024 Equity Incentive Plan (the 2024 Plan) became effective upon approval of the stockholders in May 2024 and is a successor and continuation of the 2010 Equity Incentive Plan (the 2010 Plan). The 2024 Plan permits the grant of awards to employees, non-employee directors and consultants. In addition, the 2024 Plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, and other awards. The 2024 Plan provides that, with limited exceptions, no award will vest until at least 12 months following the date of grant of the award; provided, however, that up to 5% of the aggregate number of shares that may be issued under the 2024 Plan may be subject to awards which do not meet such vesting requirements. The maximum term of any stock option or stock appreciation right awards under 2024 Plan is ten years. All shares that remained eligible for grant under the Company’s 2010 Equity Incentive Plan and 2023 Inducement Plan at the time of approval of the 2024 Plan were transferred to the 2024 Plan. At December 31, 2025, there were 13,675,497 shares of common stock available for new grants under the 2024 Plan. 2024 Inducement Plan The Board adopted the Company’s 2024 Inducement Plan (Inducement Plan) in September 2024. The Inducement Plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other stock-related awards. Stock awards granted under the Inducement Plan may only be made to individuals who did not previously serve as employees or non-employee directors of the Company or an affiliate of the Company. In addition, stock awards must be approved by either a majority of the Company’s independent directors or the Compensation Committee. The terms of the Inducement Plan are otherwise substantially similar to the 2024 Plan. The maximum number of shares of Company common stock that may be issued under the Inducement Plan is 2,400,000 shares. At December 31, 2025, there were 234,670 shares available for new grants under the Inducement Plans. 2023 Inducement Plan
The Board adopted the Company’s 2023 Inducement Plan (2023 Inducement Plan) on February 1, 2023. The 2023 Inducement Plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards and other stock-related awards. Stock awards granted under the 2023 Inducement Plan may only be made to individuals who did not previously serve as employees or non-employee directors of the Company or an affiliate of the Company. In addition, stock awards must be approved by either a majority of the Company’s independent directors or the Compensation Committee. The terms of the 2023 Inducement Plan are otherwise substantially similar to the 2010 Plan. All shares that remained eligible for grant under the 2023 Inducement Plan at the time of approval of the 2024 Plan were transferred to the 2024 Plan. 2010 Equity Incentive Plan The 2010 Plan, as amended to date, permits the grant of options to employees, directors and consultants. In addition, the 2010 Plan permits the grant of stock bonuses, rights to purchase restricted stock, and other stock awards. The exercise price of options granted under the 2010 Plan cannot be less than 100 percent of the fair market value of the common stock on the date of grant and the maximum term of any option is 10 years. Options granted under the 2010 Plan generally vest over a four-year period. All shares that remained eligible for grant under the Company’s 2004 Equity Incentive Plan (the 2004 Plan) at the time of approval of the 2010 Plan were transferred to the 2010 Plan. In June 2015, June 2016, June 2017, June 2018, June 2019 and June 2022, the Company’s stockholders approved amendments to its 2010 Plan to, among other things, increase the aggregate number of shares of common stock authorized for issuance under the plan by 5,000,000 shares, 3,000,000 shares, 5,500,000 shares, 6,700,000 shares, 8,300,000 shares and 6,000,000 shares, respectively. All shares that remained eligible for grant under the 2010 Plan at the time of approval of the 2024 Plan were transferred to the 2024 Plan. Employee Stock Purchase Plan The Company’s 2004 Employee Stock Purchase Plan (the Purchase Plan) became effective upon the closing of the Company’s initial public offering in June 2004. In June 2016, June 2019 and June 2020, the Company’s stockholders approved an amendment to the Purchase Plan to, among other things, increase the aggregate number of shares of common stock authorized for issuance under the Purchase Plan by 400,000 shares, 600,000 shares and 3,000,000 shares, respectively. At December 31, 2025, a total of 5,525,000 shares of common stock had been reserved for issuance under the Purchase Plan. At December 31, 2025, 1,293,866 shares of common stock remained available for issuance pursuant to the Purchase Plan. Eligible employees who elect to participate in an offering under the Purchase Plan may have up to 15 percent of their earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the Purchase Plan. The price of common stock purchased under the Purchase Plan is equal to 85 percent of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant purchase date. Stock Option Activity The equity plans provided for the grant of options to employees, directors and consultants. The exercise price of options granted under the equity plans were at 100 percent of the fair market value of the common stock on the date of grant and the maximum term of any option was 10 years. Options granted under the equity plans generally vested over a four-year period. The following table summarizes the Company’s stock option activity under all equity plans during the year ended December 31, 2025:
The aggregate intrinsic value of options exercisable as of December 31, 2025 is calculated as the difference between the exercise price of the underlying options and the closing market price of the Company’s common stock on that date, which was $26.71 per share. The aggregate intrinsic value of options exercised during the years ended December 31, 2025, 2024, and 2023 was approximately $7.2 million, $0.3 million, and $7.9 million, respectively, determined as of the date of exercise. The Company received approximately $44.5 million, $1.6 million and $20.3 million in cash from options exercised during the years ended December 31, 2025, 2024 and 2023, respectively. The weighted average per share fair value of options granted during the years ended December 31, 2025, 2024, and 2023 was approximately $10.68, $10.42, and $13.25, respectively. As of December 31, 2025, total unrecognized compensation cost related to stock options was approximately $59.2 million and the weighted average period over which this cost is expected to be recognized is approximately 2.8 years. Restricted Stock Unit Activity The following table summarizes the Company’s RSUs during the year ended December 31, 2025:
The total fair value of RSUs that vested during the years ended December 31 2025, 2024 and 2023 was $15.8 million, $17.3 million and $12.6 million, respectively. As of December 31, 2025, total unrecognized compensation cost related to RSUs was approximately $48.1 million and the weighted average period over which this cost is expected to be recognized is approximately 2.6 years. Performance Stock Unit Activity The following table summarizes the Company’s PSUs during the year ended December 31, 2025:
__________________________________________ (1) The unvested balance consisted of 158,876 PSUs that vest upon achievement of certain pre-defined company-specific performance-based targets and 641,743 that vest based on the Company’s rTSR performance over a three-year measurement period. The total fair value of PSUs that vested during the years ended December 31 2025, 2024 and 2023 was $3.1 million and $10.2 million, and $13.3 million, respectively. As of December 31, 2025, total unrecognized compensation cost related to PSUs was approximately $5.9 million and the weighted average remaining contractual term was 2.0 years. Contingent Cash Awards
In November 2021, the Company established a plan whereby substantially all full-time employees excluding executive management are eligible to receive a series of cash bonuses over certain periods based on continued employment and the Company’s stock price reaching a pre-specified target. The maximum potential payout of the cash awards at the grant date was $15.1 million. The Company has determined that the cash awards were classified as liabilities pursuant to ASC Topic 718, Compensation – Stock Compensation. The Company estimates the fair value of the awards at each reporting period using the Monte Carlo simulation, which is recognized as compensation cost over the derived service period. Total fair value of the awards at the grant date was $4.4 million. The awards were forfeited in November 2024 as the Company’s stock price did not reach the pre-specified target and the Company recorded a reversal of $4.5 million of compensation expense related to the awards during the year ended December 31, 2024. During the year ended December 31, 2023, the awards had a total fair value of $5.2 million and the Company recorded a total of $3.6 million of compensation cost related to the awards. |
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401(k) Plan |
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Dec. 31, 2025 | |
| Retirement Benefits [Abstract] | |
| 401(k) Plan | 7. 401(k) Plan Effective January 1997, the Company established a deferred compensation plan (the 401(k) Plan) pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended (the Code), whereby substantially all employees are eligible to contribute up to 60 percent of their pretax earnings, not to exceed amounts allowed under the Code. The Company makes discretionary contributions to the 401(k) Plan equal to 100 percent of each employee’s pretax contributions up to 5 percent of his or her eligible compensation, subject to limitations under the Code. The Company’s total contributions to the 401(k) Plan were $7.9 million, $6.9 million, and $6.1 million for the years ended December 31, 2025, 2024, and 2023, respectively. |
Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | 8. Income Taxes Domestic and foreign pre-tax income (loss) is as follows (in thousands):
The income tax provision consists of the following (in thousands):
At December 31, 2025, the Company had federal, state, and foreign net operating losses (NOL) carryforwards of approximately $111.4 million, $453.0 million, and $271.0 million, respectively. Utilization of the domestic NOL and research and development (R&D) credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that have occurred or that could occur in the future, as required by Section 382 of the Code, as well as similar state and foreign provisions. These ownership changes may limit the amount of NOL and R&D credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change” as defined by Section 382 of the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain stockholders or public groups. The Company previously completed a study to assess whether an ownership change, as defined by Section 382 of the Code, had occurred from the Company’s formation through December 31, 2013. Based upon this study, the Company determined that several ownership changes had occurred. Accordingly, the Company reduced its deferred tax assets related to the federal NOL carryforwards and the federal R&D credit carryforwards that are anticipated to expire unused as a result of these ownership changes. These tax attributes were excluded from deferred tax assets with a corresponding reduction of the valuation allowance with no net effect on income tax expense or the effective tax rate. The Company completed a study through December 31, 2024 and concluded no additional ownership changes occurred. Future ownership changes may further limit the Company’s ability to utilize its remaining tax attributes. The Company has federal and state NOL carryforwards of $2.4 million and $453.0 million that will begin to expire in 2037 and 2026, respectively, unless utilized. The remaining federal and state NOL carryforwards of $109.0 million and $1.6 million, respectively, will carry forward indefinitely. At December 31, 2025, the Company had federal and state charitable contribution carryforwards of $141.0 million which will begin to expire in 2026. At December 31, 2025, the Company had $64.0 million of federal R&D credit carryforwards, of which $1.0 million will expire in 2026 unless utilized, and the remaining federal R&D credit carryforwards will begin to expire beginning in 2027. At December 31, 2025, the Company had state R&D credit carryforwards of approximately $1.9 million that will begin to expire in 2026 and $22.8 million that have no expiration date. At December 31, 2025, the Company had Switzerland NOL carryforwards of $253.9 million, of which, $108.0 million will expire in 2026 unless utilized. At December 31, 2025, the Company had other foreign NOL carryforwards of $17.1 million which do not expire. The Company continues to record the deferred tax assets related to these attributes, subject to valuation allowance, until expiration occurs. The components of the deferred tax assets are as follows (in thousands):
The Company recognized a valuation allowance of $114.6 million and $455.0 million as of December 31, 2025 and 2024, respectively, against the net deferred tax assets as realization of such assets is uncertain. Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of its deferred tax assets. As of December 31, 2024, management determined none of their deferred tax assets were realizable. As of December 31, 2025, in part because in the current year the Company achieved three years of cumulative pretax income, management determined that there is sufficient positive evidence to conclude that it is more likely than not that deferred taxes of $249.9 million are realizable. Accordingly, the valuation allowance was reduced by $340.4 million. The amount of the deferred tax asset considered realizable could be further adjusted if estimates of the future taxable income during the carryforward period are increased, or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as the Company’s projections for future growth. An accounting policy may be selected to either (i) treat taxes due on future U.S. inclusions in taxable income related to global intangible low-taxed income (GILTI) as a current-period expense when incurred or (ii) factor such amounts into a company’s measurement of its deferred taxes. The Company has elected to account for GILTI as a period cost. The Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures on a prospective basis. As a result, the rate reconciliation for 2025 is presented in accordance with the new disclosure requirements, while the reconciliation for 2024 and 2023 continues to be presented under disclosure requirements in effect for those periods. A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate to the net loss is summarized as follows (in thousands):
__________________________________________ (1) During the year ended December 31, 2025, state taxes in Tennessee and Kentucky comprised greater than 50% of the tax effect in this category. Below is a rate reconciliation of income taxes to the amount computed by applying the statutory federal income tax rate to the pretax income (loss) is summarized as follows (in thousands):
The tax years 2003 – 2025 remain open to examination by the major taxing jurisdictions to which the Company is subject. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination. The Company recorded an uncertain tax position reserve of $3.2 million, $1.3 million and $18.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. Due to the partial valuation allowance recorded against the Company’s deferred tax assets, approximately $39.4 million and $8.7 million of the total unrecognized tax benefits as of December 31, 2025 and 2024, respectively, would reduce the annual effective tax rate if recognized. The Company’s practice is to recognize interest and/or penalties related to uncertain income tax positions in income tax expense. The Company had immaterial interest and/or penalties accrued on the Company’s consolidated balance sheets at December 31, 2025 or 2024, respectively. Further, the Company recognized an insignificant amount of interest and/or penalties in the statement of operations for the years ended December 31, 2025, 2024 and 2023, respectively, related to uncertain tax positions. The following table provides a reconciliation of changes in unrecognized tax benefits (in thousands):
The Company asserts that any foreign earnings will be indefinitely reinvested, and accordingly, the Company has not recorded a liability for taxes associated with these undistributed earnings. If the Company determines that all or a portion of such foreign earnings are no longer indefinitely reinvested, the Company may be subject to additional foreign withholding taxes and U.S. state income taxes.
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Commitments and Contingencies |
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Dec. 31, 2025 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | 9. Commitments and Contingencies License and Merger Agreements The Company has entered into various collaboration, licensing and merger agreements which provide the Company with rights to certain know-how, technology and patent rights. The agreements generally include upfront license fees, development and commercial milestone payments upon achievement of certain clinical and commercial development and annual net sales milestones, as well as royalties calculated as a percentage of product revenues, with rates that vary by agreement. The Company incurred $12.0 million, $34.5 million and $102.5 million in upfront and license payments in the years ended December 31, 2025, 2024 and 2023, respectively. These upfront and license payments were included in the research and development expenses in the consolidated statements of operations as there was no alternative future use associated with the payments. As of December 31, 2025, the Company may be required to make milestone payments up to $3.5 billion in the aggregate for candidates in its pipeline. In May 2018, the Company signed an Exclusivity Deed (the Deed) with Neuren that provided for exclusive negotiations for a period of three months from the date of the Deed. Under the terms of the Deed, the Company invested $3.1 million to subscribe for 1,330,000 shares of Neuren and paid $0.9 million for the exclusive right to negotiate a deal with Neuren, which was recorded in selling, general and administrative expenses in the consolidated statements of operations in the second quarter of 2018. In 2023, the Company sold the 1,330,000 shares of Neuren for total proceeds of $12.3 million. Net gain on the strategic investments recognized in other income in the consolidated statements of operations for the year ended December 31, 2023 was $5.1 million. No gains were recorded for the years ended December 31, 2025 and 2024. In August 2018, the Company entered into a license agreement with Neuren and obtained exclusive North American rights to develop and commercialize trofinetide for Rett syndrome and other indications. Under the terms of the agreement, the Company paid Neuren an upfront license fee of $10.0 million and it may be required to pay up to an additional $455.0 million in milestone payments based on the achievement of certain development and annual net sales milestones. In addition, the Company will be required to pay Neuren tiered, escalating, double-digit percentage royalties based on net sales. The license agreement was accounted for as an asset acquisition and the upfront cash payment of $10.0 million was expensed to research and development in the third quarter of 2018 as there is no alternative use for the asset. In connection with the FDA approval of DAYBUE, the Company paid a milestone payment of $40.0 million to Neuren following the first commercial sale of DAYBUE pursuant to the license agreement. The Company capitalized the $40.0 million milestone payment as an intangible asset as it was deemed probable of occurring as of March 31, 2023. In addition, the Company was granted a Rare Pediatric Disease PRV following the FDA approval of DAYBUE. Pursuant to the license agreement, the Company is required to pay Neuren one third of the value of the PRV at the time of sale or use of the PRV. The Company capitalized the $29.6 million for the estimated PRV value owed to Neuren as an intangible asset in 2023. During the year ended December 31, 2024, the Company sold the PRV to a third party for aggregate net proceeds of $146.5 million. Upon sale of the PRV, the Company capitalized an additional $19.2 million for the one third PRV value owed to Neuren as an intangible asset. In July 2023, the Company expanded its licensing agreement for trofinetide with Neuren to acquire rights to the drug outside of North America as well as global rights in Rett syndrome and Fragile X syndrome to Neuren’s development candidate NNZ-2591. Under the terms of the expanded agreement, Neuren received an upfront payment of $100.0 million and is eligible to receive up to an additional $426.3 million in milestone payments based on the achievement of certain commercial and sales milestones for trofinetide outside of North America and up to $831.3 million in milestone payments based on the achievement of certain development and sales milestones for NNZ-2591. In addition, the Company will be required to pay Neuren tiered royalties from the mid-teens to low-twenties percent of trofinetide net sales outside of North America. Percentage royalties related to NNZ-2591 net sales are identical to the trofinetide in each of North America and outside North America. The expanded license agreement was accounted for as an asset acquisition and the upfront cash payment of $100.0 million was expensed to research and development in the third quarter of 2023 as there is no alternative use for the asset. In January 2022, the Company entered into a license and collaboration agreement with Stoke Therapeutics, Inc. (Stoke) to discover, develop and commercialize novel RNA-based medicines for the potential treatment of severe and rare genetic neurodevelopmental diseases of the CNS. The collaboration included SYNGAP1 syndrome, Rett syndrome (MECP2), and an undisclosed neurodevelopmental target. For the SYNGAP1 program, the two companies will jointly share global research, development and commercialization responsibilities and share 50/50 in all worldwide costs and future profits. In addition, Stoke is eligible to receive potential development, regulatory, first commercial sales and sales milestones. The MECP2 program and the undisclosed neurodevelopmental program were ended by the Company. Under the terms of the agreement, the Company paid Stoke a $60.0 million upfront payment which was accounted for as an asset acquisition and was expensed to research and development in the first quarter of 2022 as there is no alternative use for the asset. The Company may be required to pay up to an additional $245.0 million in milestones as well as royalties on future sales. In November 2024, the Company entered into a license agreement with Saniona, for the development and commercialization of ACP-711, a highly selective GABAA-α3 positive allosteric modulator. The first indication the Company plans to pursue is development of ACP-711 for essential tremor, a neurological condition that includes shaking or trembling movements in one or more parts of the body. The Company will lead further clinical development, regulatory submissions, and global commercialization efforts for ACP-711 while also providing financial support for Saniona’s ongoing Phase 1 study and preparations for Phase 2. Under the terms of the license agreement, the Company paid Saniona an upfront fee of $28.0 million and it may be required to pay up to $582.0 million in milestone payments based on the achievement of certain development and annual net sales milestones. In addition, the Company will be required to pay Saniona tiered royalties of mid-single digits to low double digits on net sales of commercial products that may result from development of ACP-711. The license agreement was accounted for as an asset acquisition and the upfront cash payment of $28.0 million was expensed to research and development in the fourth quarter of 2024 as there is no alternative use for the asset. The potential milestone payments to Saniona consist of up to $147.0 million subject to achievement of development and commercial milestones related to potential first and second indications, and up to $435.0 million subject to achievement of thresholds of annual net sales of ACP-711 worldwide. Corporate Credit Card Program In connection with the Company’s credit card programs, the Company established letters of credit for a total of $3.0 million, which have automatic annual extensions and are fully secured by restricted cash. Fleet Program In connection with the Company’s fleet program, the Company established a letter of credit for $0.4 million, which has automatic annual extensions and is fully secured by restricted cash. Legal Proceedings Patent Infringement On July 24, 2020, the Company filed complaints against (i) Aurobindo Pharma Limited and its affiliate Aurobindo Pharma USA, Inc. and (ii) Teva Pharmaceuticals USA, Inc. and its affiliate Teva Pharmaceutical Industries Ltd., and on July 30, 2020, the Company filed complaints against (i) Hetero Labs Limited and its affiliates Hetero Labs Limited Unit-V and Hetero USA Inc., (ii) MSN Laboratories Private Ltd. and its affiliate MSN Pharmaceuticals, Inc., and (iii) Zydus Pharmaceuticals (USA) Inc. and its affiliate Cadila Healthcare Limited. These complaints, which were filed in the United States District Court for the District of Delaware, allege infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID (Pimavanserin I Cases). The Company entered into an agreement effective April 22, 2021 with Hetero settling all claims and counterclaims in the litigation. The agreement allows Hetero to launch its generic pimavanserin product on February 27, 2038, subject to certain triggers for earlier launch. The Hetero case was dismissed by joint agreement on May 3, 2021. On September 30, 2022, the Company filed a stipulation and proposed order to stay the claims currently asserted against Teva and for Teva to be bound by the result of the litigation rendered against the remaining defendants Aurobindo and MSN, which was ordered by the Court on October 4, 2022. On October 21, 2022, the Company filed additional complaints against Aurobindo, MSN and Zydus in the United States District Court for the District of Delaware alleging infringement of an additional Orange Book-listed patent covering NUPLAZID (Pimavanserin II Cases). The Company entered into an agreement, effective March 31, 2023, with Zydus settling all claims and counterclaims in the Pimavanserin I Cases and Pimavanserin II Cases. The agreement allows Zydus to launch its generic pimavanserin 10 mg tablet products on September 23, 2036 and 34 mg capsule products on February 27, 2038, subject to certain triggers for earlier launch. The Zydus case was dismissed by joint agreement on April 5, 2023. As a result of the above, only MSN remained as an active defendant in the Pimavanserin I Cases. On January 11, 2024, following summary judgment motions, the District Court entered final judgment in the Company’s favor that MSN’s submission of ANDA No. 214925 was an act of infringement in the Pimavanserin I Case and the ’740 patent was not invalid. On January 18, 2024, MSN filed a Notice of Appeal to the United States Court of Appeals for the Federal Circuit from the final judgment entered on January 11, 2024. On June 9, 2025, the Federal Circuit issued a decision affirming the final judgement of the District Court in the Company’s favor. In connection with the Pimavanserin II cases, MSN and Aurobindo are the remaining defendants. A bench trial was conducted from December 3, 2024 to December 6, 2024 in the matter. Post-trial briefing was completed on February 12, 2025. On June 9, 2025, the District Court issued a final judgement the Company’s favor that Aurobindo’s ANDA infringes the asserted NUPLAZID patent and that the defendants failed to demonstrate such patent is invalid. On June 16, 2025, MSN and Aurobindo filed a Notice of Appeal to the United States Court of Appeals for the Federal Circuit from the final judgment entered on June 9, 2025. Briefing was completed on December 19, 2025. An oral argument has not been scheduled as yet. On February 14, 2025, the Company filed a complaint against Zydus Lifesciences Limited, Zydus Worldwide DMCC, and Zydus Pharmaceuticals (USA) Inc. (collectively “Zydus”) in the United States District Court for the District of Delaware, alleging infringement of certain of the Company’s Orange Book-listed patents covering NUPLAZID (Pimavanserin) by Zydus’ proposed 34 mg pimavanserin tablet product. The case is scheduled for trial commencing November 2, 2026. Securities Class Action On April 19, 2021, a purported stockholder of the Company filed a putative securities class action complaint (captioned City of Birmingham Relief Retirement Systems v. Acadia Pharmaceuticals, Inc., Case No. 21-cv-0762) in the U.S. District Court for the Southern District of California against the Company and certain of the Company’s then-current executive officers. On September 29, 2021, the Court issued an order designating lead plaintiff and lead counsel. On December 10, 2021, lead plaintiff filed an amended complaint. The amended complaint generally alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, by failing to disclose that the materials submitted in support of its sNDA seeking approval of pimavanserin for the treatment of hallucinations and delusions associated with dementia-related psychosis contained statistical and design deficiencies and that the FDA was unlikely to approve the sNDA in its current form. The amended complaint seeks unspecified monetary damages and other relief. On March 11, 2024, the Court granted plaintiffs’ motion for class certification and appointment of class representatives and class counsel. The parties concluded discovery on September 24, 2025. The parties submitted pretrial motions on November 12, 2025 and briefing for these motions will be complete on February 25, 2026. The Court has scheduled a pretrial motions hearing for April 10, 2026. Remaining pretrial deadlines will be determined pending the Court’s rulings on the parties’ pretrial motions. Opt-Out Litigation On March 7, 2024, a purported stockholder of the Company filed a complaint (captioned Alger Dynamic Opportunities Fund v. Acadia Pharmaceuticals, Inc., Case No. 24-cv-00451) in the U.S. District Court for the Southern District of California against the Company and one executive officer. The complaint is based on the same underlying allegations as the Securities Class Action described above, and alleged claims under federal and state securities laws, and for common law fraud and negligent misrepresentations. On May 24, 2024, Defendants moved to dismiss the complaint. On October 31, 2024, the Court granted in part and denied in part Defendants’ motion to dismiss. The Court dismissed with leave to amend the purported stockholder’s state and common law claims, as well as the claim brought under Section 18(a) of the Securities Exchange Act of 1934, as amended. Defendants filed their answer to the Sections 10(b) and 20(a) claims on December 16, 2024. On January 13, 2025, the Court stayed this suit pending the outcome of the Securities Class Action. Derivative Suit On December 15, 2023, a purported stockholder of the Company filed a derivative action (captioned Kanner et al v. Biggar et al., Case No. 23-cv-2293) in the U.S. District Court for the Southern District of California against certain of the Company’s current directors. The Company is named as a nominal defendant. The complaint is based on the same alleged misconduct as the Securities Class Action, and asserts state law claims, on behalf of the Company, against the individual defendants for breach of fiduciary duty, unjust enrichment, abuse of control, waste of corporate assets, and insider trading. The complaint also asserts federal claims under sections 10(b), 21D, and 14(a) of the Securities Exchange Act of 1934, as amended. On December 27, 2023, the action was reassigned to District Judge William Q. Hayes and Magistrate Judge Michael S. Berg due to its relation to the Securities Class Action. On January 30, 2024, the parties jointly requested a stay of the action. The Court granted that request and the action was stayed on February 20, 2024, pending the outcome of our Demand Review Committee’s investigation into the underlying claims. The stay was briefly lifted on September 5, 2025 but reinstated on October 17, 2025 and remains in place. On January 15, 2026, the parties informed the Court that they had reached a settlement in principle regarding the derivative claims. Pursuant to the proposed settlement, which is still subject to Court approval, defendants agreed to certain governance reforms and agreed to an award of $1.5 million in attorneys’ fees to be paid by the Company’s insurance carrier. Given the unpredictability inherent in litigation, the Company cannot predict the outcome of these matters. The Company is unable to estimate possible losses or ranges of losses that may result from these matters, and therefore it has not accrued any amounts in connection with these matters other than attorneys’ fees incurred to date. |
Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | 10. Leases The Company leases facilities, vehicles and certain equipment under noncancelable operating leases with remaining lease terms of 0.1 year to 5.4 years, some of which include options to extend the lease for up to two five-year terms. These optional periods were not considered in the determination of the right-of-use asset or the lease liability as the Company did not consider it reasonably certain that it would exercise such options. The operating lease costs were as follows (in thousands):
Supplemental cash flow information related to the Company’s leases were as follows (in thousands):
The balance sheet classification of the Company’s lease liabilities was as follows (in thousands):
Maturities of lease liabilities were as follows (in thousands):
Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. As of December 31, 2025 and 2024, the weighted average remaining lease term was 5.2 years and 6.1 years, respectively, and the weighted average discount rate used to determine the operating lease liability was 4.8% and 4.5%, respectively. In the fourth quarter of 2018, the Company entered into an agreement to lease the 4th and 5th floors of corporate office space in San Diego, California with total minimum lease payments of $50.4 million over an initial term of 10 years and 9 months. In February 2020, the Company entered into the first amendment to the lease agreement to lease the 2nd floor of corporate office space in San Diego, California with total minimum lease payments of $25.3 million over an initial term of approximately 10 years and 7 months. In March 2020, the Company entered into the second amendment to the lease agreement which increased the total minimum lease payments of the original corporate office space to $51.4 million. In the third quarter of 2020, the lease for the 4th and 5th floors of corporate office space commenced and the Company capitalized a right of use asset and related lease liability of $40.3 million. In the first quarter of 2021, the lease for the 2nd floor of corporate office space commenced and the Company capitalized a right of use asset and related lease liability of $19.2 million. In connection with this lease and the amendment, the Company established a letter of credit for $3.1 million, which has automatic annual extensions and is fully secured by restricted cash. In May 2023, the Company entered into an agreement to sublease its 2nd floor of corporate office space in San Diego to a sublessee with a total minimum sublease income of $18.4 million over a term of approximately 7 years and 6 months. The Company delivered the full possession of its 2nd floor of corporate office space to the sublessee in August 2023. Pursuant to the sublease agreement, the Company received the first sublease payment in December 2023. In May 2025, the Company entered into an agreement to lease the 2nd and a portion of the 3rd floors of corporate office space in Princeton, New Jersey (the New Princeton Lease) with total minimum lease payments of $24.5 million over an initial term of 12 years and 2 months. As of December 31, 2025, the New Princeton Lease had not yet commenced. This operating lease is expected to commence in the second quarter of 2026, but may commence earlier if the lessor makes the space available for use earlier than anticipated. In connection with this New Princeton Lease agreement, the Company established a letter of credit for $0.6 million, which has automatic annual extensions and is fully secured by restricted cash. The current Princeton office lease will terminate five days after the commencement of the New Princeton Lease. |
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Segment Reporting |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | 11. Segment Reporting In accordance with FASB ASC Topic 280, Segment Reporting, management has determined that the Company operates in one business segment which is the development and commercialization of innovative medicines. Substantially all revenues for the years ended December 31, 2025, 2024, and 2023 were generated from customers in North America. The Company’s CODM is the CEO who uses the consolidated statement of operations to make decisions about allocating resources and assessing performance for the entire Company. Managing and allocating resources on a consolidated basis enables the CODM to assess the overall level of resources available and how to best deploy these resources across functions and research and development programs that are in line with the Company’s long-term company-wide strategic goals. The key areas of focus by CODM for allocation of resources are revenues from each product, as well as operating expenses (cost of goods sold, license fees and royalties, research and development expense, selling, general and administrative expense, and other income or loss). While the CODM analyzes these categories, the area of focus is period over period fluxes and budget-to-actual variances to determine the right allocation of resources is attributed to the segment in order to ensure profitability is maximized. The following table illustrates reported segment revenue, segment profit and significant segment expenses (in thousands):
(1) Includes personnel expenses and costs allocated to multiple research and development programs, including benefits, information technology, facilities and inventory. |
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SCHEDULE II - Valuation and Qualifying Accounts |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE II - Valuation and Qualifying Accounts | SCHEDULE II – Valuation and Qualifying Accounts (in thousands)
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Summary of Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
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| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
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| Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity date at the date of purchase of three months or less to be cash equivalents. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows (in thousands):
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| Investment Securities | Investment Securities Currently, all of the Company’s investment securities are debt securities. The Company has classified all of its investment securities as available-for-sale as the sale of such securities may be required prior to maturity to implement management strategies, and accordingly, carries these investments at fair value. Unrealized gains and losses, if any, are reported as a separate component of stockholders’ equity. The cost of investment securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. Realized gains and losses, if any, are also included in interest income. The cost of securities sold is based on the specific identification method. |
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| Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying values of the Company’s financial instruments, consisting of cash and cash equivalents, trade receivables, interest and other receivables, restricted cash, and accounts payable and accrued liabilities, approximate fair value due to the relative short-term nature of these instruments. As disclosed in Note 4, the Company classifies its cash equivalents and available-for-sale investment securities within the fair value hierarchy as defined by authoritative guidance:
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| Accounts Receivable | Accounts Receivable Accounts receivable are recorded net of customer allowances for distribution fees, prompt payment discounts, chargebacks, and credit losses. Allowances for distribution fees, prompt payment discounts and chargebacks are based on contractual terms. The Company estimated the current expected credit losses of its accounts receivable by assessing the risk of loss and available relevant information about the collectability, including historical credit losses, existing contractual payment terms, actual payment patterns of its customers, individual customer circumstances, and reasonable and supportable forecast of economic conditions expected to exist throughout the contractual life of the receivable. Based on its assessment, as of December 31, 2025 and 2024, the Company has determined that an allowance for credit loss was not required. |
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| Inventory | Inventory Inventory is stated at the lower of cost or net realizable value under the first-in, first-out method (FIFO). The Company uses a combination of standard and actual costing methodologies to determine the cost basis for its inventories which approximates actual costs. Inventory consists of raw material, work in process, and finished goods, including third-party manufacturing costs, freight, and indirect overhead costs. The Company capitalizes inventory costs associated with its products upon regulatory approval when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed. Prior to FDA approval of NUPLAZID in April 2016 and DAYBUE in March 2023, all costs related to the manufacturing of NUPLAZID and DAYBUE were charged to research and development expense in the period incurred. The Company periodically reviews inventory and reduces the carrying value of items to net realizable value for potentially excess, dated or obsolete inventory based on an analysis of forecasted demand compared to quantities on hand and any firm purchase orders, as well as product shelf life. During the years ended December 31, 2025, 2024 and 2023, the Company recorded charges of $2.3 million, $0.5 million and $0.9 million, respectively, to reduce certain finished goods and work in process inventory to its net realizable value. |
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| Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the lease by use of the straight-line method. Construction-in-process reflects amounts incurred for property, equipment or improvements that have not been placed in service. Maintenance and repair costs are expensed as incurred. When assets are retired or sold, the assets and accumulated depreciation are removed from the respective accounts and any gain or loss is recognized. Estimated useful lives by major asset category are as follows:
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| Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Through December 31, 2025, no such impairment losses have been recorded by the Company. |
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| License Fees and Royalties | License Fees and Royalties The Company expenses amounts paid to acquire licenses associated with products under development when the ultimate recoverability of the amounts paid is uncertain and the technology has no alternative future use when acquired. Acquisitions of technology licenses are charged to expense or capitalized based upon management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use. The Company has determined that technological feasibility for its product candidates is reached when the requisite regulatory approvals are obtained to make the product available for sale.
Pursuant to the license agreement with Neuren, the Company has capitalized a total of $138.8 million as intangible assets following the FDA approval and sale of DAYBUE and sale of PRV, as disclosed in Note 9. The intangible assets are amortized on a straight-line basis over the estimated useful life of the licensed patents through early 2036. The Company recorded total amortization expense related to these intangible assets of $10.9 million and $15.0 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, estimated future amortization expense related to the Company’s intangible assets was $10.9 million for each subsequent year. Royalties incurred in connection with the Company’s license agreement with Neuren, as disclosed in Note 9, are expensed to cost of product sales as revenue from product sales is recognized. |
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| Intangible Assets | Intangible Assets Finite-lived intangible assets are recorded at cost, net of accumulated amortization, and, if applicable, impairment charges. Amortization of finite-lived intangible assets is recorded over the assets’ estimated useful lives on a straight-line basis or based on the pattern in which economic benefits are consumed, if reliably determinable. We review our finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such intangible assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of intangible the assets exceeds the estimated fair value of the intangible assets. No impairment loss was recorded on intangible assets during the years ended December 31, 2025 or 2024. |
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| Acquisitions | Acquisitions The Company accounts for acquisitions of an asset or group of similar identifiable assets that do not meet the definition of a business as asset acquisition using the cost accumulation method, whereby the cost of the acquisition, including certain transaction costs, is allocated to the assets acquired on the basis of their relative fair values. No goodwill is recognized in an asset acquisition. Intangible assets acquired in an asset acquisition for use in research and development activities which have no alternative future use are expensed as in-process research and development on the acquisition date. Intangible assets acquired for use in research and development activities which have an alternative future use are capitalized as in-process research and development. Future costs to develop these assets are recorded to research and development expense as they are incurred. Contingent milestone payments associated with asset acquisitions are recognized when probable and estimable. These amounts are expensed to research and development if there is no alternative future use associated with the asset, or capitalized as an intangible asset if alternative future use of the asset exists. |
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| Advertising Expense | Advertising Expense Advertising costs are expensed when services are performed or goods are delivered. The Company incurred $31.9 million, $21.1 million and $9.4 million in advertising costs during the years ended December 31, 2025, 2024 and 2023, respectively and $0.9 million and $1.3 million of advertising costs were capitalized as prepaid expenses at December 31, 2025 and 2024. No advertising costs were capitalized as prepaid expenses at December 31, 2023. |
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| Revenue Recognition | Revenue Recognition The Company operates in one business segment. Results of its operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues consist of net product sales to customers, substantially all of which are sales in the U.S. Revenues by product are as follows (in thousands):
Product Sales, Net The Company accounts for contracts with its customers in accordance with Revenue from Contracts with Customers (Topic 606). The Company recognizes revenue when its customer obtains control of promised goods or services which is generally upon delivery. Revenues reflect the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Payment terms differ by customer, but typically range from 31 to 35 days from the date of shipment. Revenue for the Company’s product sales has not been adjusted for the effects of a financing component as the Company expects, at contract inception, that the period between when the Company transfers control of the product and when the Company receives payment will be one year or less. The Company’s product sales, net consist of U.S. sales of NUPLAZID and DAYBUE. NUPLAZID was approved by the FDA in April 2016 and the Company commenced shipments of NUPLAZID to SPs and SDs in late May 2016. SPs dispense product to a patient based on the fulfillment of a prescription and SDs sell product to government facilities, long-term care pharmacies, or in-patient hospital pharmacies. DAYBUE was approved by the FDA in March 2023 and the Company commenced shipments of DAYBUE to a single wholesale distributor in April 2023 in the U.S. The Company also sells DAYBUE outside of the U.S. commercially as well as under managed access programs through third party distributors. Product shipping and handling costs are included in cost of product sales. The Company recognizes revenue from product sales at the net sales price (the “transaction price”) which includes estimates of variable consideration for which reserves for sales discounts and allowance are established and reflects each of these as either a reduction to the related account receivable or as an accrued liability, depending on how the amount payable is settled. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which the Company is entitled based on the terms of the contract. The amount of variable consideration that is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from estimates, the Company may need to adjust its estimates, which would affect net revenue in the period of adjustment. The following are the Company’s significant categories of sales discounts and allowances: Distribution Fees: Distribution fees include distribution service fees paid to the SPs, SDs and wholesale distributors based on a contractually fixed percentage of the wholesale acquisition cost (WAC), fees for data, and prompt payment discounts. Distribution fees are recorded as an offset to revenue based on contractual terms at the time revenue from the sale is recognized. Rebates: Allowances for rebates include mandated discounts under the Medicaid Drug Rebate Program and the Medicare Part D prescription drug benefit. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements with, or statutory requirements pertaining to, Medicaid and Medicare benefit providers. The allowance for rebates is based on statutory discount rates, estimated payor mix, and expected utilization. The Company’s estimates for expected utilization of rebates are based on historical data received from the SPs, SDs and single wholesale distributor since product launch. Rebates are generally invoiced and paid in arrears so that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for prior quarters’ unpaid rebates still estimated to be incurred. Allowances for rebates also include amounts due under the Inflation Reduction act of 2022 for Medicare Part D unit sales with applicable period AMP increases that outpace inflation over the benchmark period. The applicable period will be twelve months on October 1 of each year, with the initial applicable period beginning on October 1, 2022. The benchmark period AMP price is January 1, 2021 through September 30, 2021 for NUPLAZID and January 1, 2024 through December 31, 2024 for DAYBUE. The Company’s estimates are based Medicare Part D sales as a percentage of gross sales and the rate AMP for the current period will be in excess the benchmark period. In December 2025, the Company received its first invoices for Medicare inflation cap rebates from CMS for the applicable periods beginning on October 1, 2022 through September 30, 2024, which were higher than expected. The Company increased its Medicare rebate accruals to reflect actual invoices received and updated expectations. This unfavorable change in estimate of approximately $11.8 million related to the sales from October 1, 2022 to December 31, 2024, which increased its gross-to-net adjustments and reduced its net product sales of NUPLAZID. Chargebacks: Chargebacks are discounts and fees that relate to contracts with government and other entities purchasing from the SDs at a discounted price. The SDs charge back to the Company the difference between the price initially paid by the SDs and the discounted price paid to the SDs by these entities. The Company also incurs group purchasing organization fees for transactions through certain purchasing organizations. The Company estimates sales with these entities and accrues for anticipated chargebacks and organization fees, based on the applicable contractual terms. Co-Payment Assistance: The Company offers co-payment assistance to commercially insured patients meeting certain eligibility requirements. Co-payment assistance is accrued for based on actual program participation and estimates of program redemption using data provided by third-party administrators. Product Returns: Consistent with industry practice, the Company offers the SPs and SDs limited product return rights for damages, shipment errors, and expiring product; provided that the return is within a specified period around the product expiration date as set forth in the applicable individual distribution agreement. The Company does not allow product returns for product that has been dispensed to a patient. As the Company receives inventory reports from the SPs and SDs and has the ability to control the amount of product that is sold to the SPs and SDs, it is able to make a reasonable estimate of future potential product returns based on this on-hand channel inventory data and sell-through data obtained from the SPs and SDs. In arriving at its estimate for product returns, the Company also considers historical product returns, the underlying product demand, and industry data specific to the specialty pharmaceutical distribution industry. |
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| Research and Development Expenses | Research and Development Expenses Research and development expenses are charged to operations as incurred. Research and development expenses include costs associated with services provided by contract organizations for preclinical development, pre-commercialization manufacturing expenses, and clinical trials, salaries and related personnel expenses including stock-based compensation expense, and facilities and equipment expenses. The upfront consideration and transaction costs associated with acquired in-process research and development are also included in the research and development expenses. The Company accrues for costs incurred as the services are being provided by monitoring the status of the trial or services provided and the invoices received from its external service providers. When the Company makes payments in advance of services being provided, it records those amounts as prepaid expenses on its consolidated balance sheets and expense them as the services are rendered. In the case of clinical trials, a portion of the estimated cost normally relates to the projected cost to treat a patient in the trials, and this cost is recognized based on the number of patients enrolled in the trial. Other indirect costs are generally recognized on a straight-line basis over the estimated period of the study. As actual costs become known, the Company adjusts its accruals accordingly. |
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| Concentration Risk | Concentration Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, principally consist of cash, cash equivalents, investment securities, accounts receivable, and restricted cash. The Company invests its excess cash primarily in money market funds, U.S. treasury notes, and high quality, marketable debt instruments of corporations and government sponsored enterprises in accordance with the Company’s investment policy. The Company’s investment policy defines allowable investments and establishes guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. All investment securities have a credit rating of at least Aa3/AA- or better, or P-1/A-1 or better, as determined by Moody’s Investors Service or Standard & Poor’s. Further, the Company specifies credit quality standards for its customers that are designed to limit the Company’s credit exposure to any single party. The Company does not currently have any of its own manufacturing facilities, and therefore it depends on an outsourced manufacturing strategy for the production of NUPLAZID and DAYBUE for commercial use and for the production of its product candidates for clinical trials. For the production of NUPLAZID, the Company has contracts in place with two third-party manufacturers of commercial drug product and one third-party manufacturer of drug substance that is approved for the production of NUPLAZID API. For the production of DAYBUE, the Company has contracts in place with two third-party manufacturers of commercial drug product and two third-party manufacturers of drug substance that is approved for the production of DAYBUE API. Although there are potential sources of supply other than the Company’s existing suppliers, any new supplier would be required to qualify under applicable regulatory requirements. The Company has entered into agreements for the distribution of NUPLAZID with a limited number of SPs and SDs, and all of the Company’s product sales of NUPLAZID are to these customers. The Company has also entered into agreements for the distribution of DAYBUE with third party distributors, and all of the Company’s product sales of DAYBUE and accounts receivable balance at December 31, 2025 are related to these customers. The following table summarizes customers that represent 10% or greater of our consolidated total gross revenues:
__________________________________________ * Represents less than 10% and/or not a customer in the applicable year The following table summarizes customers with amounts due that represent 10% or greater of our consolidated accounts receivable balance:
__________________________________________ * Represents less than 10% and/or not a customer in the applicable year |
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| Stock-Based Compensation | Stock-Based Compensation We measure stock-based compensation expense for equity-classified awards, principally related to stock options, restricted stock units (RSUs), PSUs and stock purchase rights under our employee stock purchase plan (ESPP) based on the estimated fair value of the award on the date of grant. The fair value of each employee stock option and each employee stock purchase right granted is estimated on the grant date under the fair value method using the Black-Scholes valuation model. The estimated fair value of each stock option and purchase right is then expensed on a straight-line basis over the requisite service period, which is generally the vesting period. The following weighted-average assumptions were used during these periods:
Expected Volatility. The Company considers its historical volatility and implied volatility when determining the expected volatility. Risk-Free Interest Rate. The Company determines its risk-free interest rate assumption based on the U.S. Treasury yield for obligations with contractual terms similar to the expected term of the stock option or purchase right being valued. Expected Dividend Yield. The Company has never paid any dividends and currently has no plans to do so. Expected Life. In determining the expected life for stock options, the Company considers, among other factors, its historical exercise experience to date as well as the mean time remaining to full vesting of all outstanding options and the mean time remaining to the end of the contractual term of all outstanding options. The estimated life for the Company’s employee stock purchase rights is based upon the terms of each offering period. Forfeitures. The Company recognizes forfeitures as they occur. The fair value of RSUs is estimated based on the closing market price of the Company’s common stock on the date of grant. RSUs generally vest over a four-year period. Certain RSUs also have an accelerated vesting clause based on specified market condition target and continued employment through a minimum vesting period. The fair value of RSUs expected to vest are recognized and amortized on a straight-line basis over the requisite service period, which is generally the vesting period. For those RSUs requiring satisfaction of both market and service conditions, the requisite service period is the longest of the explicit, implicit and derived service periods. Through 2023, the Company granted PSUs that vest upon the achievement of certain pre-defined company-specific performance-based criteria. Expense related to these PSUs is recognized ratably over the expected performance period once the pre-defined performance-based criteria for vesting becomes probable and can vest up to 200 percent of the target number of shares granted. The fair value of these PSUs is estimated based on the closing market price of the Company’s common stock on the date of grant. Beginning in 2024, the structure of the PSU design was revised with a rTSR approach such that awards are earned for the Company’s rTSR performance over three-year measurement periods relative to a peer group of companies and the actual numbers of PSUs that will vest at the end of the performance period may be anywhere from zero to 150 percent of the target number of shares granted. The fair value of these PSUs is estimated 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.
In connection with the departure of the former CEO, in September 2024 the Company incurred approximately $10.7 million in stock-based compensation expense as a result of accelerated equity award vesting and stock modifications under the former CEO’s severance plan. The table below summarizes the total stock-based compensation expense included in the Company’s consolidated statements of operations for the periods presented (in thousands):
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| Segment Reporting | Segment Reporting The Company uses “the management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s Chief Operating Decision Maker (CODM) for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Company determines and presents operating segments based on the information that is internally provided to the CEO who is considered the Company’s CODM, in accordance with ASC 280, Segment Reporting. The Company has determined that it operates as a business segment, which is the development and commercialization of innovative medicines. Refer to Note 11 – Segment Reporting for further information related to the segment. |
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| Income Taxes | Income Taxes Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. A deferred income tax asset or liability is computed for the expected future impact of differences between the financial reporting and income tax bases of assets and liabilities and for the expected future tax benefit to be derived from tax credits and loss carryforwards. Deferred income tax expense or benefit represents the net change during the year in the deferred income tax asset or liability. 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. The Company recognizes the impact of a tax position in the financial statements only if that position is more likely than not to be sustained upon examination by taxing authorities, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions will be reflected in income tax expense. |
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| Earning (Net Loss) Per Share | Earning (Net Loss) Per Share Basic earnings (net loss) per share is calculated by dividing the net income (loss) by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of common shares and common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of diluted earnings (net loss) per share calculation, equity awards and employee stock purchase plan rights are considered to be common stock equivalents.
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Summary of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows (in thousands):
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| Schedule of Estimated Useful Lives by Major Asset Category | Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Leasehold improvements are amortized over the shorter of their estimated useful lives or the term of the lease by use of the straight-line method. Construction-in-process reflects amounts incurred for property, equipment or improvements that have not been placed in service. Maintenance and repair costs are expensed as incurred. When assets are retired or sold, the assets and accumulated depreciation are removed from the respective accounts and any gain or loss is recognized. Estimated useful lives by major asset category are as follows:
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| Schedule of Revenue Consist of Product Sales to Customers | The Company operates in one business segment. Results of its operations are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting. Revenues consist of net product sales to customers, substantially all of which are sales in the U.S. Revenues by product are as follows (in thousands):
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| Schedule Of Revenue Concentration Risk | The following table summarizes customers that represent 10% or greater of our consolidated total gross revenues:
__________________________________________ * Represents less than 10% and/or not a customer in the applicable year |
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| Schedule Of Accounts Receivable Concentration Risk | The following table summarizes customers with amounts due that represent 10% or greater of our consolidated accounts receivable balance:
__________________________________________ * Represents less than 10% and/or not a customer in the applicable year |
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| Weighted-Average Assumptions Used to Estimate Fair Value of Employee Stock Options | The estimated fair value of each stock option and purchase right is then expensed on a straight-line basis over the requisite service period, which is generally the vesting period. The following weighted-average assumptions were used during these periods:
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| Weighted-Average Assumptions Used to Estimate Fair Value of Employee Stock Purchase Plan Rights |
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| Summary of Stock-based Compensation Expense Included in Statements of Operations | The table below summarizes the total stock-based compensation expense included in the Company’s consolidated statements of operations for the periods presented (in thousands):
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| Schedule of Earnings Per Share, Basic and Diluted | For purposes of diluted earnings (net loss) per share calculation, equity awards and employee stock purchase plan rights are considered to be common stock equivalents.
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Investments (Tables) |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying Value and Amortized Cost of Company Investments Summarized by Major Security Type | The carrying value and amortized cost of the Company’s investments, summarized by major security type, consisted of the following (in thousands):
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| Summary of Contract Maturity of The Available-For-Sale Securities | The following table summarizes the contract maturity of the available-for-sale securities:
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| Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position | The following table presents gross unrealized losses and fair value for those available-for-sale investments that were in an unrealized loss position as of December 31, 2025 and 2024, aggregated by investment category and length of time that individual securities have been in a continuous loss position (in thousands):
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities | The recurring fair value measurements of the Company’s cash equivalents, available-for-sale investment securities, and equity securities at December 31, 2025 and 2024 consisted of the following (in thousands):
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Balance Sheet Details (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventory | Inventory consisted of the following (in thousands):
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| Property and Equipment, Net | Property and equipment, net, consisted of the following (in thousands):
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| Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands):
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Company's Stock Option Activity | The following table summarizes the Company’s stock option activity under all equity plans during the year ended December 31, 2025:
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| Summary of Company's RSU Activity | The following table summarizes the Company’s RSUs during the year ended December 31, 2025:
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| Summary of Company's PSU Activity | The following table summarizes the Company’s PSUs during the year ended December 31, 2025:
__________________________________________ (1) The unvested balance consisted of 158,876 PSUs that vest upon achievement of certain pre-defined company-specific performance-based targets and 641,743 that vest based on the Company’s rTSR performance over a three-year measurement period. |
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Domestic and Foreign Pre-tax Loss | Domestic and foreign pre-tax income (loss) is as follows (in thousands):
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| Schedule of income tax provision | The income tax provision consists of the following (in thousands):
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| Components of Deferred Tax Assets | The components of the deferred tax assets are as follows (in thousands):
The Company recognized a valuation allowance of $114.6 million and $455.0 million as of December 31, 2025 and 2024, respectively, against the net deferred tax assets as realization of such assets is uncertain. |
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| Reconciliation of Income Taxes to Amount Computed by Applying Statutory Federal Income Tax Rate to Pretax Loss |
__________________________________________ (1) During the year ended December 31, 2025, state taxes in Tennessee and Kentucky comprised greater than 50% of the tax effect in this category. Below is a rate reconciliation of income taxes to the amount computed by applying the statutory federal income tax rate to the pretax income (loss) is summarized as follows (in thousands):
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| Schedule of Income Taxes Paid (Net of Refunds Received) |
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| Unrecognized Tax Benefits | The following table provides a reconciliation of changes in unrecognized tax benefits (in thousands):
The Company asserts that any foreign earnings will be indefinitely reinvested, and accordingly, the Company has not recorded a liability for taxes associated with these undistributed earnings. If the Company determines that all or a portion of such foreign earnings are no longer indefinitely reinvested, the Company may be subject to additional foreign withholding taxes and U.S. state income taxes.
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Operating Lease Costs | The operating lease costs were as follows (in thousands):
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| Supplemental Cash Flow Information Related to the Company's Leases | Supplemental cash flow information related to the Company’s leases were as follows (in thousands):
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| Summary of Balance Sheet Classification of Lease Liabilities | The balance sheet classification of the Company’s lease liabilities was as follows (in thousands):
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| Summary of Maturities of Lease Liabilities | Maturities of lease liabilities were as follows (in thousands):
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Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Revenue, Segment Profit and Segment Expenses | The following table illustrates reported segment revenue, segment profit and significant segment expenses (in thousands):
(1)
Includes personnel expenses and costs allocated to multiple research and development programs, including benefits, information technology, facilities and inventory. |
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Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|---|
| Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Including Discontinued Operation [Abstract] | ||||
| Cash and cash equivalents | $ 177,695 | $ 319,589 | $ 188,657 | |
| Restricted cash | 7,845 | 8,770 | 5,770 | |
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ 185,540 | $ 328,359 | $ 194,427 | $ 120,616 |
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives by Major Asset Category (Detail) |
Dec. 31, 2025 |
|---|---|
| Machinery and Equipment | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Property and equipment, estimated useful lives | 5 years |
| Machinery and Equipment | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Property and equipment, estimated useful lives | 7 years |
| Computers and Software | |
| Property, Plant and Equipment [Line Items] | |
| Property and equipment, estimated useful lives | 3 years |
| Furniture and Fixtures | |
| Property, Plant and Equipment [Line Items] | |
| Property and equipment, estimated useful lives | 10 years |
Summary of Significant Accounting Policies - Schedule of Revenues consist of product sales to customers (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Disaggregation of Revenue [Line Items] | |||
| Product sales, net | $ 1,071,505 | $ 957,797 | $ 726,437 |
| NUPLAZID | |||
| Disaggregation of Revenue [Line Items] | |||
| Product sales, net | 680,086 | 609,385 | 549,248 |
| DAYBUE | |||
| Disaggregation of Revenue [Line Items] | |||
| Product sales, net | $ 391,419 | $ 348,412 | $ 177,189 |
Summary of Significant Accounting Policies - Schedule Of Revenue Concentration Risk (Details) - Revenue Concentration Risk [Member] - Revenue [Member] |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Customer A | |||
| Product Information [Line Items] | |||
| Concentration risk, percentage | 34.00% | 34.00% | 23.00% |
| Customer B | |||
| Product Information [Line Items] | |||
| Concentration risk, percentage | 13.00% | 13.00% | 15.00% |
| Customer C | |||
| Product Information [Line Items] | |||
| Concentration risk, percentage | 12.00% | 14.00% | 17.00% |
| Customer D | |||
| Product Information [Line Items] | |||
| Concentration risk, percentage | 12.00% | 12.00% | 14.00% |
| Customer E | |||
| Product Information [Line Items] | |||
| Concentration risk, percentage | 11.00% | 10.00% | 10.00% |
Summary of Significant Accounting Policies - Schedule Of Revenue Concentration Risk (Parenthetical) (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Customer A | Revenue [Member] | Revenue Concentration Risk [Member] | |||
| Product Information [Line Items] | |||
| Concentration risk, percentage | 34.00% | 34.00% | 23.00% |
Summary of Significant Accounting Policies - Schedule Of Accounts Receivable Concentration Risk (Details) - Accounts Receivable Concentration Risk [Member] - Accounts Receivable [Member] |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Customer A | ||
| Product Information [Line Items] | ||
| Concentration risk, percentage | 36.00% | 42.00% |
| Customer B | ||
| Product Information [Line Items] | ||
| Concentration risk, percentage | 11.00% | 14.00% |
| Customer C | ||
| Product Information [Line Items] | ||
| Concentration risk, percentage | 10.00% | 13.00% |
| Customer D | ||
| Product Information [Line Items] | ||
| Concentration risk, percentage | 14.00% | 12.00% |
| Customer E | ||
| Product Information [Line Items] | ||
| Concentration risk, percentage | 10.00% | 10.00% |
Summary of Significant Accounting Policies - Schedule Of Accounts Receivable Concentration Risk (Parenthetical) (Details) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Customer E | Accounts Receivable [Member] | Accounts Receivable Concentration Risk [Member] | ||
| Product Information [Line Items] | ||
| Concentration risk, percentage | 10.00% | 10.00% |
Summary of Significant Accounting Policies - Weighted-Average Assumptions Used to Estimate Fair Value of Employee Stock Options (Detail) - Employee Stock Option |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Assumptions Used To Determine Fair Value Options [Line Items] | |||
| Expected volatility | 61.00% | 62.00% | 66.00% |
| Risk-free interest rate | 4.10% | 4.10% | 3.90% |
| Expected dividend yield | 0.00% | 0.00% | 0.00% |
| Expected life of options in years | 5 years 7 months 6 days | 5 years 6 months | 5 years 4 months 24 days |
Summary of Significant Accounting Policies - Weighted-Average Assumptions Used to Estimate Fair Value of Employee Stock Purchase Plan Rights (Detail) - Employee Stock Purchase Plan |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Employee Stock Purchase Plan [Line Items] | |||
| Expected volatility, minimum | 37.00% | 46.00% | 40.00% |
| Expected volatility, maximum | 58.00% | 63.00% | 67.00% |
| Risk-free interest rate, minimum | 3.60% | 4.30% | 4.00% |
| Risk-free interest rate, maximum | 4.30% | 5.30% | 5.30% |
| Expected dividend yield | 0.00% | 0.00% | 0.00% |
| Minimum | |||
| Employee Stock Purchase Plan [Line Items] | |||
| Expected life in years | 6 months | 6 months | 6 months |
| Maximum | |||
| Employee Stock Purchase Plan [Line Items] | |||
| Expected life in years | 2 years | 2 years | 2 years |
Summary of Significant Accounting Policies - Summary of Stock-based Compensation Expense Included in Statements of Operations (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
| Stock-based compensation expense | $ 52,135 | $ 67,049 | $ 66,421 |
| Cost of product sales | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
| Stock-based compensation expense | 858 | 1,319 | 1,007 |
| Research and development | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
| Stock-based compensation expense | 16,436 | 14,100 | 17,408 |
| Sales, general and administrative | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
| Stock-based compensation expense | $ 34,841 | $ 51,630 | $ 48,006 |
Investments - Carrying Value and Amortized Cost of Company's Investments Summarized by Major Security Type (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Schedule of Available-for-sale Securities [Line Items] | ||
| Debt securities, Amortized Cost | $ 640,499 | $ 436,036 |
| Debt securities, Unrealized Gains | 1,549 | 476 |
| Debt securities, Unrealized Losses | (57) | (108) |
| Debt securities, Estimated Fair Value | 641,991 | 436,404 |
| US Treasury Securities | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Debt securities, Amortized Cost | 429,260 | 245,584 |
| Debt securities, Unrealized Gains | 1,291 | 319 |
| Debt securities, Unrealized Losses | 0 | 0 |
| Debt securities, Estimated Fair Value | 430,551 | 245,903 |
| US Government Sponsored Enterprises Debt Securities | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Debt securities, Amortized Cost | 211,239 | 190,452 |
| Debt securities, Unrealized Gains | 258 | 157 |
| Debt securities, Unrealized Losses | (57) | (108) |
| Debt securities, Estimated Fair Value | $ 211,440 | $ 190,501 |
Investments - Summary of Contract Maturity of The Available-For-Sale Securities (Details) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Securities, Available-for-Sale [Line Items] | ||
| One year or less | 51.00% | 79.00% |
| After one year but within two years | 49.00% | 21.00% |
| Total | 100.00% | 100.00% |
Investments - Additional Information (Detail) - Security |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Investments, Debt and Equity Securities [Abstract] | ||
| Number of available-for-sale investment securities in unrealized loss position | 18 | 17 |
Investments - Summary of Gross Unrealized Losses and Fair Value of Available-For-Sale Investment Securities in Unrealized Loss Position (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Schedule of Available-for-sale Securities [Line Items] | ||
| Less Than 12 Months, Estimated Fair Value | $ 91,799 | $ 84,390 |
| Less Than 12 Months, Unrealized Losses | (57) | (108) |
| Total, Estimated Fair Value | 91,799 | 84,390 |
| Total, Unrealized Losses | (57) | (108) |
| US Government Sponsored Enterprises Debt Securities | ||
| Schedule of Available-for-sale Securities [Line Items] | ||
| Less Than 12 Months, Estimated Fair Value | 91,799 | 84,390 |
| Less Than 12 Months, Unrealized Losses | (57) | (108) |
| Total, Estimated Fair Value | 91,799 | 84,390 |
| Total, Unrealized Losses | $ (57) | $ (108) |
Balance Sheet Details - Schedule of Inventory (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Finished goods | $ 25,952 | $ 20,461 |
| Work in process | 2,638 | 1,488 |
| Raw material | 82,784 | 69,741 |
| Total | 111,374 | 91,690 |
| Short term inventory | 34,670 | 21,949 |
| Long-term inventory | $ 76,704 | $ 69,741 |
Balance Sheet Details - Property and Equipment, Net (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | $ 16,995 | $ 14,432 |
| Accumulated depreciation | (9,484) | (10,217) |
| Property and equipment, net | 7,511 | 4,215 |
| Computers and Software | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | 4,306 | 5,614 |
| Leasehold Improvements | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | 4,644 | 3,746 |
| Furniture and Fixtures | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | 4,783 | 4,549 |
| Construction-in-process | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, gross | $ 3,262 | $ 523 |
Balance Sheet Details - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Depreciation of property and equipment | $ 871 | $ 920 | $ 1,459 |
| Removal of fully depreciated property, machinery and equipment | $ 0 | $ 0 | $ 0 |
Balance Sheet Details - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Payables and Accruals [Abstract] | ||
| Accrued sales allowances | $ 140,862 | $ 148,280 |
| Accrued compensation and benefits | 45,579 | 36,551 |
| Accrued consulting and professional fees | 29,843 | 27,435 |
| Accrued research and development services | 19,094 | 27,181 |
| Accrued Royalties | 13,314 | 11,608 |
| Current portion of lease liabilities | 11,633 | 9,958 |
| Accrued Taxes | 304 | 12,016 |
| Accrued contingent Payments | 0 | 102,262 |
| Other | 5,582 | 3,387 |
| Accrued liabilities | $ 266,211 | $ 378,678 |
Stockholders' Equity - Summary of Company's Stock Option Activity (Detail) - Employee Stock Option $ / shares in Units, $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
$ / shares
shares
| |
| Number of Shares | |
| Options Outstanding, Beginning Balance | shares | 17,518,854 |
| Granted | shares | 4,157,447 |
| Exercised | shares | (2,131,414) |
| Cancelled/forfeited | shares | (4,833,434) |
| Options Outstanding, Ending Balance | shares | 14,711,453 |
| Weighted Average Exercise Prices | |
| Weighted Average Exercise Prices, Beginning Balance | $ / shares | $ 26.9 |
| Weighted Average Exercise Prices, granted | $ / shares | 18.38 |
| Weighted Average Exercise Prices, exercised | $ / shares | 20.87 |
| Weighted Average Exercise Prices, Cancelled/forfeited | $ / shares | 31.32 |
| Weighted Average Exercise Prices, Ending Balance | $ / shares | 23.91 |
| Weighted Average Exercise Prices, Vested | $ / shares | $ 27.74 |
| Exercisable at December 31, 2025 | shares | 8,559,252 |
| Weighted average remaining contractual term, Outstanding | 6 years 2 months 12 days |
| Weighted average remaining contractual term, Vested | 4 years 4 months 24 days |
| Aggregate Intrinsic Value, Outstanding | $ | $ 79,282 |
| Aggregate Intrinsic Value, Vested | $ | $ 29,158 |
Stockholders' Equity - Summary of Company's RSU Activity (Detail) - Restricted Stock Units $ / shares in Units, $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
$ / shares
shares
| |
| Number of Shares | |
| Outstanding, Begining Balance | shares | 2,713,500 |
| Granted | shares | 2,211,137 |
| Vested | shares | (891,003) |
| Cancelled/forfeited | shares | (564,760) |
| Outstanding, Ending Balance | shares | 3,468,874 |
| Weighted Average Grant Date Fair Value | |
| Weighted Average Grant Date Fair Value , Begining Balance | $ / shares | $ 20.65 |
| Weighted Average Grant Date Fair Value, Granted | $ / shares | 18.17 |
| Weighted Average Grant Date Fair Value, Vested | $ / shares | 22.54 |
| Weighted Average Grant Date Fair Value, Cancelled/forfeited | $ / shares | 19.17 |
| Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 18.82 |
| Aggregate Intrinsic Value | |
| Aggregate Intrinsic Value, Outstanding | $ | $ 92,654 |
Stockholders Equity - Summary of Company's PSU Activity (Details) - Performance Stock Unit $ / shares in Units, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2025
USD ($)
$ / shares
shares
| ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||
| Outstanding, Begining Balance | shares | 1,220,790 | |||
| Granted | shares | 382,458 | |||
| Vested | shares | (158,471) | |||
| Cancelled/forfeited | shares | (644,158) | |||
| Outstanding, Ending Balance | shares | 800,619 | [1] | ||
| Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Weighted Average Grant Date Fair Value Roll Forward | ||||
| Weighted Average Grant Date Fair Value , Begining Balance | $ / shares | $ 25.02 | |||
| Weighted Average Grant Date Fair Value, Granted | $ / shares | 21.83 | |||
| Weighted Average Grant Date Fair Value, Vested | $ / shares | 22.5 | |||
| Weighted Average Grant Date Fair Value, Cancelled/forfeited | $ / shares | 26.25 | |||
| Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 23 | [1] | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | ||||
| Aggregate Intrinsic Value, Outstanding | $ | $ 21,385 | [1] | ||
| ||||
Stockholders Equity - Summary of Company's PSU Activity (Parenthetical) (Details) |
Dec. 31, 2025
shares
|
|---|---|
| Performance Stock Unit | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
| Unvested | 641,743 |
| Restricted Stock Units | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
| Unvested | 158,876 |
401 (k) Plan - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Retirement Benefits [Abstract] | |||
| Maximum contribution by employee, percentage of pretax earnings | 60.00% | ||
| Percentage of company's matching contribution with respect to each participant's contribution | 100.00% | ||
| Company matching contributions to maximum employees eligible compensation | 5.00% | ||
| Company contributions to 401 (k) plan | $ 7.9 | $ 6.9 | $ 6.1 |
Income Taxes - Summary of Domestic and Foreign Pre-tax Loss (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
| Domestic pre-tax income (loss) | $ 72,159 | $ 95,845 | $ (100,215) |
| Foreign pre-tax income (loss) | 66,745 | 162,230 | 49,179 |
| Income (Loss) from Equity Method Investments, Total | $ 138,904 | $ 258,075 | $ (51,036) |
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Current provision: | |||
| Federal | $ (4,804) | $ 19,542 | $ 5,440 |
| State | 2,819 | 12,064 | 4,805 |
| Foreign | 213 | 18 | 5 |
| Total current provision | (1,772) | 31,624 | 10,250 |
| Deferred provision: | |||
| Federal | (212,448) | 0 | 0 |
| State | (26,663) | 0 | 0 |
| Foreign | (11,213) | 0 | 0 |
| Total deferred provision | (250,324) | 0 | 0 |
| Income tax expense | $ (252,096) | $ 31,624 | $ 10,250 |
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax [Line Items] | |||
| Valuation allowance | $ 114,603 | $ 454,966 | |
| Long-term deferred tax assets | 249,879 | 0 | |
| Increase Decrease in Valuation allowance | 340,400 | ||
| Charitable contribution carryforwards | 33,765 | 40,008 | |
| Federal R&D credit carryforwards | 64,000 | ||
| State Research and Development Credit Carryforwards | 1,900 | ||
| Unrecognized tax reserves recorded during period | 3,200 | 1,300 | $ 18,000 |
| Deferred tax assets | 39,400 | 8,700 | |
| Operating Loss Carryforwards Expiring 2026 | |||
| Income Tax [Line Items] | |||
| Federal R&D credit carryforwards | 1,000 | ||
| Federal | |||
| Income Tax [Line Items] | |||
| Operating loss carryforwards | $ 111,400 | ||
| Remaining net operating loss carryforward, expiration year | 2037 | ||
| Federal | Operating Loss Carryforwards Expiring 2037 | |||
| Income Tax [Line Items] | |||
| Operating loss carryforwards | $ 2,400 | 109,000 | |
| State | |||
| Income Tax [Line Items] | |||
| Operating loss carryforwards | $ 453,000 | ||
| Remaining net operating loss carryforward, expiration year | 2026 | ||
| Charitable contribution carryforwards | $ 141,000 | ||
| Research and development credit carryforwards with no expiration date | 22,800 | ||
| State | Operating Loss Carryforwards Expiring 2026 | |||
| Income Tax [Line Items] | |||
| Operating loss carryforwards | 453,000 | ||
| State | Operating Loss Carryforwards Expiring 2037 | |||
| Income Tax [Line Items] | |||
| Operating loss carryforwards | $ 1,600 | ||
| Foreign | |||
| Income Tax [Line Items] | |||
| Operating loss carryforwards | 271,000 | ||
| Net operating loss carryforwards with no expiration date | 17,100 | ||
| SWITZERLAND | Operating Loss Carryforwards Expiring 2026 | |||
| Income Tax [Line Items] | |||
| Operating loss carryforwards | 253,900 | ||
| Federal R&D credit carryforwards | $ 108,000 | ||
Income Taxes - Schedule of rate reconciliation pursuant to the disclosure requirements (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
||||
| Effective Income Tax Rate Reconciliation, Amount | ||||||
| U.S. federal statutory tax rate | $ 29,308 | $ 54,196 | $ (10,718) | |||
| State and local income taxes, net of federal income tax effect | (24,819) | [1] | 3,050 | (977) | ||
| Foreign tax effects | ||||||
| Foreign rate differential | (13,715) | (5,076) | ||||
| Effects of cross-border tax laws | ||||||
| GILTI | 1,904 | 8,215 | 7,665 | |||
| R&D credits | (10,600) | (18,406) | (5,827) | |||
| Change in valuation allowance | (247,298) | (27,013) | 1,100 | |||
| Non-deductible items | ||||||
| Stock compensation | 17,185 | |||||
| IP R&D write-off | 1,892 | |||||
| BPD fees | 1,862 | |||||
| Other | 1,916 | |||||
| Changes in unrecognized tax benefits | 1,450 | |||||
| Other adjustments | ||||||
| Other | 154 | (150) | (3,051) | |||
| Income tax expense (benefit) | $ (252,096) | $ 31,624 | $ 10,250 | |||
| Effective Income Tax Rate Reconciliation, Percent | ||||||
| U.S. federal statutory tax rate, Percent | 21.10% | |||||
| State and local income taxes, net of federal income tax effect, Percent | [1] | (17.87%) | ||||
| Effects of cross-border tax laws | ||||||
| GILTI | 1.37% | |||||
| Federal R&D tax credits | (7.63%) | |||||
| Change in valuation allowance, Percent | (178.03%) | |||||
| Non-deductible items | ||||||
| Stock compensation, Percent | 12.37% | |||||
| IP R&D write-off, Percent | 1.36% | |||||
| BPD fees,Percent | 1.34% | |||||
| Other, Percent | 1.38% | |||||
| Changes in unrecognized tax benefits, Percent | 1.04% | |||||
| Other adjustments | ||||||
| Other, Percent | 0.11% | |||||
| Income tax expense (benefit), Percent | (181.48%) | |||||
| Other Foreign Jurisdictions [Member] | ||||||
| Foreign tax effects | ||||||
| Other | $ 749 | |||||
| Foreign tax effects | ||||||
| Other, Percent | 0.55% | |||||
| Switzerland | ||||||
| Foreign tax effects | ||||||
| Foreign rate differential | $ (9,579) | |||||
| Other | 196 | |||||
| Effects of cross-border tax laws | ||||||
| Change in valuation allowance | $ (16,416) | |||||
| Foreign tax effects | ||||||
| Foreign rate differential, Percent | 6.90% | |||||
| Other, Percent | 0.14% | |||||
| Effects of cross-border tax laws | ||||||
| Change in valuation allowance, Percent | (11.82%) | |||||
| ||||||
Income Taxes - Schedule of rate reconciliation pursuant to the disclosure requirements (Parenthetical) (Details) |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2025 | ||||
| Effective Income Tax Rate Reconciliation [Line Items] | ||||
| State and Local Income Taxes, Percent | (17.87%) | [1] | ||
| State | Minimum | ||||
| Effective Income Tax Rate Reconciliation [Line Items] | ||||
| State and Local Income Taxes, Percent | 50.00% | |||
| ||||
Income Taxes - Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred tax assets | ||
| NOL carryforwards | $ 77,118 | $ 117,052 |
| R&D credit carryforwards | 52,481 | 27,543 |
| Capitalized R&D | 92,957 | 110,848 |
| Stock-based compensation | 37,994 | 51,438 |
| Charitable contributions | 33,765 | 40,008 |
| Lease liabilities | 12,334 | 12,753 |
| Intangibles | 47,320 | 50,431 |
| Accrued rebates | 0 | 35,186 |
| Other | 21,675 | 21,130 |
| Total deferred tax assets | 375,644 | 466,389 |
| Valuation allowance | (114,603) | (454,966) |
| Deferred tax liabilities | ||
| Right-of-use assets | (11,162) | (11,423) |
| Total deferred tax liabilities | (11,162) | (11,423) |
| Total net deferred tax assets | $ 249,879 | $ 0 |
Income Taxes - Reconciliation of Income Taxes to Amount Computed by Applying Statutory Federal Income Tax Rate to Pretax Loss (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
||||
| Income Tax Disclosure [Abstract] | ||||||
| Amounts computed at statutory federal rate | $ 29,308 | $ 54,196 | $ (10,718) | |||
| Stock-based compensation and other permanent differences | 9,986 | 7,865 | ||||
| Branded pharmaceutical drug fee | 2,122 | 1,848 | ||||
| Write-off of IP R&D | 1,260 | 0 | ||||
| Other permanent differences | 1,008 | 593 | ||||
| R&D credits | (10,600) | (18,406) | (5,827) | |||
| Change in valuation allowance | (247,298) | (27,013) | 1,100 | |||
| State taxes | (24,819) | [1] | 3,050 | (977) | ||
| Contingencies | 5,960 | (2,071) | ||||
| Foreign rate differential | (13,715) | (5,076) | ||||
| Deferred adjustments for limits on executive compensation | 2,375 | 2,112 | ||||
| Deferred rate adjustment | (528) | (438) | ||||
| Expiration of attributes | 3,264 | 17,225 | ||||
| GILTI | 1,904 | 8,215 | 7,665 | |||
| Other | 154 | (150) | (3,051) | |||
| Income tax expense | $ (252,096) | $ 31,624 | $ 10,250 | |||
| ||||||
Income Taxes - Schedule of Income Taxes Paid (Net of Refunds Received) (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
USD ($)
| |
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |
| Total Income Taxes Paid (net of refunds) | $ 24,039 |
| US Federal | |
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |
| US Federal | 12,700 |
| Kentucky | |
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |
| US State and Local | 2,100 |
| Tennessee | |
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |
| US State and Local | 7,472 |
| Other | |
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |
| US State and Local | 1,767 |
| Foreign | |
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |
| Foreign | $ 0 |
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| Balance at beginning of period | $ 38,375 | $ 37,112 | $ 19,064 |
| Additions related to current period tax positions | 3,102 | 6,337 | 5,304 |
| Additions related to prior period tax positions | 2,149 | 0 | 12,956 |
| Reductions related to prior period tax positions | (2,048) | (5,074) | (212) |
| Balance at end of period | $ 41,578 | $ 38,375 | $ 37,112 |
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 15, 2026 |
Nov. 30, 2024 |
Jul. 31, 2023 |
Jan. 31, 2022 |
Aug. 31, 2018 |
May 31, 2018 |
Dec. 31, 2024 |
Mar. 31, 2023 |
Sep. 30, 2018 |
Sep. 30, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Other Commitments [Line Items] | |||||||||||||
| Gain (loss) on strategic investment | $ 0 | $ 0 | $ 5,109 | ||||||||||
| Restricted cash | $ 8,770 | 7,845 | 8,770 | 5,770 | |||||||||
| Subsequent Event [Member] | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Attorneys fees to be paid by the company insurance carrier | $ 1,500 | ||||||||||||
| Corporate Credit Card Program | Letter of Credit | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Restricted cash | 3,000 | ||||||||||||
| Fleet Program | Letter of Credit | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Restricted cash | 400 | ||||||||||||
| Other expense | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Gain (loss) on strategic investment | 0 | 0 | 5,100 | ||||||||||
| Stoke Therapeutics, Inc. | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Milestone payments payable | $ 245,000 | ||||||||||||
| Stoke Therapeutics, Inc. | Research and development | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Upfront consideration and transaction costs | $ 60,000 | ||||||||||||
| Cost splits description | For the SYNGAP1 program, the two companies will jointly share global research, development and commercialization responsibilities and share 50/50 in all worldwide costs and future profits. | ||||||||||||
| License Agreements | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Upfront payment | 12,000 | 34,500 | 102,500 | ||||||||||
| License Agreements | North America | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Milestone payments payable | $ 40,000 | ||||||||||||
| License Agreements | Neuren | North America | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Upfront payment | $ 100,000 | ||||||||||||
| Milestone payment as intangible asset | $ 40,000 | ||||||||||||
| PRV liability | 19,200 | 29,600 | |||||||||||
| Proceeds from Sale of Intangible Assets | $ 146,500 | ||||||||||||
| Upfront license fee | $ 10,000 | ||||||||||||
| License Agreements | Neuren | Research and development | North America | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Upfront payment | $ 10,000 | $ 100,000 | |||||||||||
| License Agreements | NNZ-2591 | Development Commercialization and Sales Milestones | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Milestone payments payable | 831,300 | ||||||||||||
| License Agreements | Saniona | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Upfront payment | $ 28,000 | ||||||||||||
| License Agreements | Saniona | Research and development | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Upfront payment | $ 28,000 | ||||||||||||
| Exclusivity Deed | Neuren | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Aggregate carrying amount of strategic equity investment | $ 3,100 | ||||||||||||
| Proceeds from sale of shares | $ 12,300 | ||||||||||||
| Shares subscribed | 1,330,000 | ||||||||||||
| Shares sold of Neuren | 1,330,000 | ||||||||||||
| Exclusivity Deed | Neuren | Sales, general and administrative | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Payments for exclusive right | $ 900 | ||||||||||||
| Maximum | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Milestone payments payable | $ 3,500,000 | ||||||||||||
| Maximum | License Agreements | Neuren | North America | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Milestone payments payable | $ 426,300 | $ 455,000 | |||||||||||
| Maximum | License Agreements | Saniona | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Milestone payments payable | 582,000 | ||||||||||||
| Maximum | License Agreements | Saniona | Sales | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Milestone payments payable | 435,000 | ||||||||||||
| Maximum | License Agreements | Saniona | Development Commercialization and Sales Milestones | |||||||||||||
| Other Commitments [Line Items] | |||||||||||||
| Milestone payments payable | $ 147,000 | ||||||||||||
Leases - Additional Information (Detail) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2026
USD ($)
|
Mar. 31, 2021
USD ($)
|
Dec. 31, 2025
USD ($)
Term
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
May 31, 2025
USD ($)
|
Sep. 30, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
|
Feb. 29, 2020
USD ($)
|
Dec. 31, 2018
USD ($)
|
|
| Lessee Lease Description [Line Items] | ||||||||||
| Operating lease, description | The Company leases facilities, vehicles and certain equipment under noncancelable operating leases with remaining lease terms of 0.1 year to 5.4 years, some of which include options to extend the lease for up to two five-year terms. | |||||||||
| Operating lease, options to extend | some of which include options to extend the lease for up to two five-year terms. | |||||||||
| Weighted average remaining lease term | 5 years 2 months 12 days | 6 years 1 month 6 days | ||||||||
| Weighted average discount rate | 4.80% | 4.50% | ||||||||
| Capitalization of lease liability | $ 19,200 | $ 40,300 | ||||||||
| Restricted cash | $ 7,845 | $ 8,770 | $ 5,770 | |||||||
| Sublease Income | $ 2,371 | $ 1,824 | $ 93 | |||||||
| Corporate Office Space Lease Agreement | ||||||||||
| Lessee Lease Description [Line Items] | ||||||||||
| Operating leases arrangement term | 10 years 9 months | |||||||||
| Corporate Office Space Lease Agreement | Letter of Credit | ||||||||||
| Lessee Lease Description [Line Items] | ||||||||||
| Restricted cash | $ 3,100 | |||||||||
| California | Corporate Office Space Lease Agreement | ||||||||||
| Lessee Lease Description [Line Items] | ||||||||||
| Operating leases arrangement term | 10 years 7 months | |||||||||
| Minimum lease payment amount | $ 51,400 | $ 25,300 | $ 50,400 | |||||||
| Lease commencement period | first quarter of 2021 | |||||||||
| San Diego [Member] | ||||||||||
| Lessee Lease Description [Line Items] | ||||||||||
| Sublease Agreement Term | 7 years 6 months | |||||||||
| NEW JERSEY | Corporate Office Space Lease Agreement | ||||||||||
| Lessee Lease Description [Line Items] | ||||||||||
| Operating leases arrangement term | 12 years 2 months | |||||||||
| Minimum lease payment amount | $ 24,500 | |||||||||
| Subsequent Event | NEW JERSEY | Corporate Office Space Lease Agreement | ||||||||||
| Lessee Lease Description [Line Items] | ||||||||||
| Lease commencement period | second quarter of 2026 | |||||||||
| Subsequent Event | NEW JERSEY | Corporate Office Space Lease Agreement | Letter of Credit | ||||||||||
| Lessee Lease Description [Line Items] | ||||||||||
| Restricted cash | $ 600 | |||||||||
| Minimum | ||||||||||
| Lessee Lease Description [Line Items] | ||||||||||
| Operating lease remaining lease term | 1 month 6 days | |||||||||
| Minimum | San Diego [Member] | ||||||||||
| Lessee Lease Description [Line Items] | ||||||||||
| Sublease Income | $ 18,400 | |||||||||
| Maximum | ||||||||||
| Lessee Lease Description [Line Items] | ||||||||||
| Operating lease remaining lease term | 5 years 4 months 24 days | |||||||||
| Operating lease, renewal term | 5 years | |||||||||
| Number of renewal option terms | Term | 2 | |||||||||
Leases - Summary of Operating Lease Costs (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Lease, Cost [Abstract] | |||
| Operating lease cost | $ 14,980 | $ 11,836 | $ 10,343 |
| Operating sublease income | (2,371) | (1,824) | (93) |
| Net operating lease costs | $ 12,609 | $ 10,012 | $ 10,250 |
Leases - Supplemental Cash Flow Information Related to the Company's Leases (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Lease, Cost [Abstract] | ||
| Operating cash flows from operating leases | $ 12,114 | $ 10,327 |
| Right-of-use assets obtained in exchange for operating lease obligations: | $ 9,450 | $ 2,218 |
Leases - Summary of Balance Sheet Classification of Lease Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Leases [Abstract] | ||
| Current portion of lease liabilities | $ 11,633 | $ 9,958 |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued liabilities | Accrued liabilities |
| Operating lease liabilities | $ 40,554 | $ 42,037 |
| Total operating lease liabilities | $ 52,187 | $ 51,995 |
Leases - Summary of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Operating Lease Liabilities [Abstract] | ||
| 2026 | $ 11,966 | |
| 2027 | 11,938 | |
| 2028 | 11,466 | |
| 2029 | 10,612 | |
| 2030 | 8,902 | |
| Thereafter | 3,656 | |
| Total lease payments | 58,540 | |
| Less: | ||
| Imputed interest | (6,353) | |
| Total operating lease liabilities | $ 52,187 | $ 51,995 |
Selected Quarterly Financial Data (Unaudited) - Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Quarterly Financial Information Disclosure [Abstract] | |||
| Net income (loss) | $ 391,000 | $ 226,451 | $ (61,286) |
| Basic net income (loss) per share | $ 2.32 | $ 1.37 | $ (0.37) |
| Earnings (net loss) per share_Diluted | $ 2.3 | $ 1.36 | $ (0.37) |
Segment Reporting (Additional Information) (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
Segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segements | 1 |
Segment Reporting - Schedule of Segment Revenue, Segment Profit and Segment Expenses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|||
| Segment Reporting Information [Line Items] | |||||
| Total revenues | $ 1,071,505 | $ 957,797 | $ 726,437 | ||
| Cost of goods sold | 88,998 | 81,841 | 41,638 | ||
| Total research and development expense | 328,802 | 303,249 | 351,619 | ||
| Selling, general and administrative | 548,894 | 488,428 | 406,559 | ||
| Gain on sale of non-financial asset | 0 | (146,515) | 0 | ||
| Interest income, net | (31,722) | (25,458) | (17,234) | ||
| Other income | (2,371) | (1,823) | (5,109) | ||
| Income tax expense | (252,096) | 31,624 | 10,250 | ||
| Consolidated net income | 391,000 | 226,451 | (61,286) | ||
| Reportable Segment [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Total revenues | 1,071,505 | 957,797 | 726,437 | ||
| Cost of goods sold | 35,840 | 30,068 | 19,826 | ||
| License fees and royalties | 53,158 | 51,773 | 21,812 | ||
| Total research and development expense | 328,802 | 303,249 | 351,619 | ||
| Selling, general and administrative | 548,894 | 488,428 | 406,559 | ||
| Gain on sale of non-financial asset | 0 | (146,515) | 0 | ||
| Interest income, net | (31,722) | (25,458) | (17,234) | ||
| Other income | (2,371) | (1,823) | (5,109) | ||
| Income tax expense | (252,096) | 31,624 | 10,250 | ||
| Consolidated net income | 391,000 | 226,451 | (61,286) | ||
| Reportable Segment [Member] | External research and development | |||||
| Segment Reporting Information [Line Items] | |||||
| Total research and development expense | 220,071 | 194,539 | 170,036 | ||
| Reportable Segment [Member] | Internal costs | |||||
| Segment Reporting Information [Line Items] | |||||
| Total research and development expense | [1] | 96,731 | 74,210 | 79,083 | |
| Reportable Segment [Member] | Upfront and Milestone Payments | |||||
| Segment Reporting Information [Line Items] | |||||
| Total research and development expense | 12,000 | 34,500 | 102,500 | ||
| NUPLAZID | Reportable Segment [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Total revenues | 680,086 | 609,385 | 549,248 | ||
| DAYBUE | Reportable Segment [Member] | |||||
| Segment Reporting Information [Line Items] | |||||
| Total revenues | $ 391,419 | $ 348,412 | $ 177,189 | ||
| |||||
SCHEDULE II - Valuation and Qualifying Accounts (Detail) - Allowance for Distribution Fees, Discounts and Chargebacks - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Valuation And Qualifying Accounts Disclosure [Line Items] | |||
| Balance at Beginning of Period | $ 11,883 | $ 12,156 | $ 10,923 |
| Additions, Provision Related to Current Period Sales | 145,584 | 122,083 | 97,797 |
| Deductions, Actual Distribution Fees, Discounts and Chargebacks Related to Current Period Sales | (129,127) | (110,200) | (85,641) |
| Deductions, Actual Distribution Fees, Discounts and Chargebacks Related to Prior Period Sales | (11,883) | (12,156) | (10,923) |
| Balance at End of Period | $ 16,457 | $ 11,883 | $ 12,156 |