0001193125-26-071808 | 10-K | XBRL Viewer

Basis of Presentation and Summary of Significant Accounting Policies

Note 3. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP), and the applicable rules and regulations of the Securities and Exchange Commission (SEC).

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of expenses in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant estimates made by management include valuation of marketable securities, stock-based compensation, valuation of contingent liabilities for the purchase price of assets obtained through acquisition, provisions for sales rebates, returns and other incentives, valuation of financial instruments, and income taxes.

Accounts Receivable, net

Accounts receivable, net consists of amounts due from customers, net of customer allowances for cash discounts and any estimated expected credit losses. The Company's measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. To date, the Company has not experienced any credit losses. The Company's contract with its customer has customary payment terms that require payment within 45 days. The Company analyzes amounts that are past due for collectability, and periodically evaluates the creditworthiness of its customer. Based on its assessment, as of December 31, 2025, the Company determined that an allowance for credit loss was not required.

Concentration of Major Customers and Off-Balance Sheet Risk

The Company contracts with one customer, its specialty pharmacy, to market and distribute VYKAT XR to patients in the United States. As of December 31, 2025, its accounts receivable, net are solely from sales of VYKAT XR, and are from this sole customer.

The Company's dependency on one customer exposes it to several risks, including the potential for disruptions in its distribution network, changes in this customer's business strategies, or financial difficulties faced by this customer. Any significant disruption or change in the Company's relationship with this customer could materially and adversely affect its ability to effectively reach other potential end users and maintain its market position.

While the Company believes its relationship with this customer is strong and mutually beneficial, there can be no assurance that it will be able to maintain this relationship or that it will be able to replace this specialty pharmacy with alternative specialty pharmacies, if necessary.

The Company relies on sole source suppliers and third-party manufacturers to supply raw materials and manufacture its product. The inability of these suppliers or manufacturers to fulfill supply requirements of the Company could materially impact future operating results. A change in the relationship with these suppliers or manufacturers, or an adverse change in their business, could materially impact future operating results.

Revenue Recognition

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, or ASC 606. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services.

Product Revenue, net

The Company sells its product to one customer, a specialty pharmacy. The product is distributed through a third-party logistics distribution agent (3PL) that does not take title to the product. In the Company's agreement with the 3PL, the Company acts as principal because it retains control of the product. Once the product is delivered to the Company’s specialty pharmacy, the specialty pharmacy takes title to the product. The specialty pharmacy then distributes the product to patients. The Company offers returns of product sold to the customer on a limited basis; however, no material returns have been recognized to date.

Revenue from product sales is recognized when the customer obtains control of the Company's product, which occurs at the point in time that there is a transfer of title to the customer. The Company has no other performance obligations besides the sale of product, and because the Company's payment terms are 45 days or less, the Company concluded there is not a significant financing component. The Company classifies payments to its customer or other parties in the distribution channel for services that are distinct and priced at fair value as selling, general and administrative expenses in its consolidated statements of operations and comprehensive income (loss). Otherwise, payments to customer or other parties in the distribution channel that do not meet those criteria are classified as a reduction of revenue, as discussed further below. The Company expenses incremental costs of obtaining a contract as and when incurred since the expected amortization period of the asset that the Company would have recognized is one year or less.

Reserves for Variable Consideration

Revenues from product sales are recorded at the net sales price, or the transaction price, which includes estimates of variable consideration for which reserves are established and which result from rebates, discounts, returns, and co-pay assistance that are offered within the contract between the Company and its customer relating to the sale of VYKAT XR. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the customer) or a current liability (if the amount is payable to a party other than the customer). Where appropriate, these estimates take into consideration a range of possible outcomes that are weighted for relevant factors such as the Company's historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company's best estimates of the amount of consideration to which it 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 considered 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 the Company's estimates, it will adjust these estimates, which would affect net product revenue and earnings in the period such variances become known.

The following are the components of variable consideration related to product revenue:

Government rebates: The Company is subject to discount obligations under several government programs, including Medicaid programs, Medicare and TRICARE in the United States. The Company estimates these rebates based upon a range of possible outcomes that are weighted for the estimated payer mix. These reserves are recorded in the same period that the related revenue is recognized, resulting in a reduction

of product revenue and the establishment of a liability that is included in other current liabilities on the Company's consolidated balance sheets. On a quarterly basis, the Company updates its estimates and records any adjustments in the period that it identifies the adjustments.

Trade discounts and allowances: The Company provides discounts on VYKAT XR sales to its customer for prompt payment. This discount is recorded as a reduction of revenue in the period the related product revenue is recognized. In addition, the Company receives and pays for various distribution services from its customer in the distribution channel.

Product returns: The Company's customer has limited return rights related to unexpected instances in which the product is found to be damaged or defective. The Company estimates the amount of product sales that may be returned and records the estimate as a reduction of revenue and a refund liability in the period in which the related product revenue is recognized. Based on the distribution model for VYKAT XR, the Company believes there will be minimal returns as such returns have not been material to date.

Other incentives: Other incentives include co-payment assistance the Company provides to patients with commercial insurance that have coverage and reside in states that allow co-payment assistance. The calculation of the accrual for co-pay assistance is based on an estimate of claims and the cost per claim that the Company expects to receive associated with product that has been recognized as revenue. The estimate is recorded as a reduction of revenue in the same period the related revenue is recognized.

Provisions for trade discounts and allowances are recorded as reductions to accounts receivable, and returns, government rebates, and other incentives are recorded as a component of accrued expenses.

The table below summarizes balances and activity in each of the product revenue allowance and reserve categories as follows (in thousands):



	Rebates			Discounts and Chargebacks			Copay Assistance and Returns			Total
Balance as of December 31, 2024	$	-		$	-		$	-		$	-
Provisions		21,396			5,397			981			27,774
Credits/payments		(7,711	)		(4,674	)		(634	)		(13,019	)
Balance as of December 31, 2025	$	13,685		$	723		$	347		$	14,755

Inventory

The Company capitalizes inventory costs associated with products when future economic benefit is expected to be realized. These costs consist of raw materials, manufacturing-related costs, personnel costs including stock-based compensation, facility costs, and other indirect overhead costs. Prior to receiving FDA approval for VYKAT XR in March 2025, the Company expensed costs related to inventory for clinical and pre-commercial purposes directly to research and development expense. Following the FDA’s approval of VYKAT XR, the Company began capitalizing inventory related to commercialized products held for sale, in-process of production for sale, and raw materials to be used in the manufacturing of inventory.

The Company values inventory at the lower of cost or estimated net realizable value. The Company determines the cost of inventory, which includes amounts related to materials and manufacturing overhead, on a first-in, first-out basis. Raw materials and work in process includes all inventory costs prior to packaging and labeling, including raw materials, active pharmaceutical ingredient, and drug product. Finished goods include packaged and labeled products. Raw materials and work in process that may be used for either research and development or commercial sale are classified as inventory until the material is consumed or otherwise allocated for research and development. If the material is intended to be used for research and development, it is expensed as research and development once that determination is made. On a quarterly basis, the Company

analyzes its inventory levels for excess quantities and obsolescence (expiration), taking into account factors such as historical and anticipated future sales compared to quantities on hand and the remaining shelf life.

Cost of Goods Sold

Cost of goods sold consists of manufacturing costs, transportation and freight, amortization of capitalized intangibles, royalty payments and indirect overhead costs associated with the manufacturing and distribution of VYKAT XR. Cost of goods sold may also include periodic costs related to certain manufacturing services and inventory adjustment charges. Finally, cost of goods sold may also include costs related to excess or obsolete inventory adjustment charges, abnormal costs, unabsorbed manufacturing and overhead costs, and manufacturing variances.

Segments

The Company operates in one segment. Management uses one measurement of profitability and does not segregate its business for internal reporting, making operating decisions, and assessing financial performance.

Cash and Cash Equivalents

The Company considers all highly liquid investments, including its money market funds, purchased with an original maturity of three months or less to be cash equivalents. The Company’s cash and cash equivalents are held primarily in institutions in the U.S. and include deposits in money market funds which were unrestricted as to withdrawal or use.

Marketable Securities

The Company classifies its marketable securities as available-for-sale and records such assets at estimated fair value in the balance sheets, with unrealized gains and non-credit related losses that are determined to be temporary, if any, reported as a component of other comprehensive income (loss) within the statements of operations and comprehensive income (loss) and as a separate component of stockholders’ equity. The Company classifies marketable securities with remaining maturities greater than three months but less than one year as marketable securities, and those with remaining maturities greater than one year are classified as long-term marketable securities. Realized gains and losses are calculated using the specific identification method and recorded as interest income. To the extent the amortized cost basis of the available-for-sale debt securities exceeds the fair value, management assesses the debt securities for credit loss; however, management considers the risk of credit loss to be minimized by the Company's policy of investing in financial instruments issued by highly-rated financial institutions. When assessing the risk of credit loss, management considers factors such as the severity and the reason of the decline in value (i.e., any changes to the rating of the security by a rating agency or other adverse conditions specifically related to the security) and management's intended holding period and time horizon for selling. During the years ended December 31, 2025 and 2024, the Company did not recognize any credit losses related to its available-for-sale debt securities. Further, as of December 31, 2025 and 2024, the Company did not record an allowance for credit losses related to its available-for-sale debt securities. During 2023, the Company did not hold any marketable securities.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of payments primarily related to clinical trials, insurance and short-term deposits. Prepaid expenses are initially recorded upon payment and are expensed as goods or services are received.

Property and Equipment, Net

Property and equipment are stated at cost net of accumulated depreciation and amortization calculated using the straight-line method over the estimated useful lives of the assets, generally between three and five years. Leasehold improvements are amortized on a straight-line basis over the lesser of their useful life or the remaining term of the lease. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in operations in the period realized.

Leases

The Company determines whether an arrangement is a lease at inception. Specifically, it considers whether it controls the underlying asset and has the right to obtain substantially all the economic benefits or outputs from the asset. If the contractual arrangement contains a lease, the Company then determines whether it is an operating or finance lease. Right-of-Use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Finance lease classification results in a front-loaded expense recognition pattern over the lease term as it recognizes interest expense and amortization expense as separate components of lease expense.

The Company does not separate lease components from non-lease components for all classes of underlying assets, and instead accounts for the lease and non-lease components as a single component. Variable lease payments are recognized as they are incurred and primarily include common area maintenance, utilities, real estate taxes, insurance and other operating costs that are passed on from the lessor in proportion to the space leased by the Company. The Company does not recognize lease assets and lease liabilities for leases with an original lease term of less than one year.

Long-Lived Assets

The Company reviews its long-lived assets for impairment annually and whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company evaluates assets for potential impairment by comparing estimated future undiscounted net cash flows to the carrying amount of the asset. If the carrying amount of the assets exceeds the estimated future undiscounted cash flows, impairment is measured based on the difference between the carrying amount and the fair value of the assets.

Intangible Assets

In March 2017, the Company completed the acquisition of Essentialis in accordance with the merger agreement by and between the Company and Essentialis dated December 22, 2016 (the Merger Agreement). The merger transaction was accounted for as an asset acquisition under the acquisition method of accounting and accordingly, the value of $22.0 million was assigned to the identifiable intangible asset relating to the patent for DCCR, which patent is currently set to expire in June 2028.

Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives, which for the patent is 11 years. The useful life of the intangible asset is evaluated each reporting period to determine whether events and circumstances warrant a revision to the remaining useful life.

Debt

Debt is recognized at its principal amounts upon issuance, net of any issuance costs. The Company categorizes its debt into current and long-term liabilities based on the maturity date. Interest expense on debt is recorded in the period in which it is incurred. Debt issuance costs are accreted into interest expense using the straight-line method over the contractual term of the debt. The Company regularly reviews its debt agreements for compliance with covenants and assesses its ability to meet future obligations.

Research and Development

Research and development costs are charged to operations as incurred. Research and development costs consist primarily of salaries, benefits, bonus, stock-based compensation, consultant fees, certain facility costs and other costs associated with clinical trials and the manufacture of our drug product. Clinical trial costs are a significant component of research and development expenses and include costs associated with CROs and other vendors. Invoicing CROs and CMOs for services performed can often occur several months later. The Company accrues the costs incurred for clinical trial activities as measured by patient progression and the timing of various aspects of the trial. For other services the Company accrues the costs in connection with third-party contractor activities based on its estimate of fees and costs associated with the contract that were rendered during the period and they are expensed as incurred.

Costs to acquire technologies to be used in research and development that have not reached technological feasibility and have no alternative future use are expensed to research and development costs when incurred.

Change in fair value of contingent consideration

The Company recorded the value of contingent future consideration to be paid for the acquisition of Essentialis as a liability in March 2017 at the date of the acquisition. The changes in value of the liability for the contingent consideration since the acquisition date are recorded as operating expense in the consolidated statements of operations and comprehensive income (loss).

Income Taxes

The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are recorded based on the estimated future tax effects of differences between the amounts at which assets and liabilities are recorded for financial reporting purposes and the amounts recorded for income tax purposes. A valuation allowance is provided against the Company’s deferred income tax assets when their realization is not reasonably assured.

The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and measurement of tax benefits requires significant judgment. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available.

Common Stock Purchase Warrants and Other Derivative Financial Instruments

The Company classifies common stock purchase warrants and other free standing derivative financial instruments as equity if the contracts (i) require physical settlement or net-share settlement or (ii) give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies any contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement), or (iii) contain reset provisions as either an asset or a liability. The Company assesses classification of its freestanding derivatives at each reporting date to determine whether a change in classification between equity and liabilities is required.

The Company determined that certain freestanding derivatives, which principally consist of 2018 PIPE Warrants, do not satisfy the criteria for classification as equity instruments due to the existence of certain cash settlement features that are not within the sole control of the Company or variable settlement provision that cause them to not be indexed to the Company’s own stock.

The Company classified the 2018 PIPE Warrants at their fair value and re-measured them at each balance sheet date until they were exercised or expired. Any changes in the fair value were recognized as Other income (expense), net in the consolidated statements of operations. The 2018 PIPE Warrants expired in December 2023.

Stock-Based Compensation

Stock-based compensation costs related to stock options and restricted stock units granted to employees, directors and consultants are measured at the date of grant based on the estimated fair value of the award. For restricted stock units this fair value is based on the Company’s common stock price on the grant date. The Company estimates the grant date fair value of stock options, and the resulting stock-based compensation expense, using the Black-Scholes option-pricing model. The grant date fair value of stock-based awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period for service-based awards. For performance-based awards the requisite service period is the longest explicit,

implicit or derived service period based on management’s estimate of the probability of the performance criteria being satisfied, adjusted at each balance sheet date.

The Black-Scholes option-pricing model requires the use of highly subjective assumptions to estimate the fair value of stock-based awards. If the Company had made different assumptions, its stock-based compensation expense, net loss and net loss per share of common stock could have been significantly different. These assumptions include:

•

Expected life: The expected life of stock options represents the period of time that the options are expected to be outstanding. Due to the lack of historical exercise history, the expected life of the Company’s service-based stock options has been determined utilizing the “simplified method”, based on the average of the contractual term of the options and the weighted-average vesting period. The expected life for the performance-based options was determined based on consideration of the contractual term of the stock options, an estimate of the date the performance criteria would be met and expectations of employee behavior.

•

Risk-free interest rate: The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected life of the stock options.

•

Volatility: The estimated volatility rate is based on the volatilities of the Company’s common stock for a historical period equal to the expected life of the stock options.

•

Dividend rate: The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero.

The Company accounts for forfeitures as they occur.

Recent Adopted Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by the Company as of the specified effective date.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures to be disclosed in interim periods. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 on October 1, 2024 for the fiscal year ended December 31, 2024.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-09 prospectively to all annual periods beginning after December 15, 2024. The Company adopted this standard effective January 1, 2025 using a retrospective approach.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense, which requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The guidance also requires disclosure of the total amount of selling expenses and the Company’s definition of selling expenses. The guidance is effective for the Company for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after

December 15, 2027. The Company is currently assessing the impacts of the new guidance on its financial statement disclosures.

Other accounting standards that have been issued or proposed by FASB or other standards-setting bodies that do not require adoption until a future date are not currently expected to have a material impact on the Company’s financial statements upon adoption.

Income Taxes - Significant Components of Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Federal and state net operating loss carryforwards	$ 45,942	$ 44,319	$ 51,481
Research and other credits	20,758	14,127	6,352
Capitalized research and development	1,037	17,200	6,778
Reserves and accruals	1,435	555	655
Fixed assets	139	23	29
Capital loss carryforward			432
Stock based compensation	11,640	8,628	2,013
Lease liability	701	636	85
Other deferred tax assets	91	57	54
Gross deferred tax assets	81,743	85,545	67,879
Deferred tax liabilities:
Intangible assets	(1,267)	(1,445)	(1,837)
Right-of-use assets	(571)	(594)	(86)
Total deferred tax liabilities	(1,838)	(2,039)	(1,923)
Total deferred tax assets	79,905	83,506	65,956
Valuation allowance	(79,905)	(83,506)	(65,956)	$ (57,017)
Net deferred tax assets	$ 0	$ 0	$ 0

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 12. Segment Reporting

The Company has one operating and reporting segment focused on the development and commercialization of its sole therapeutic product, VYKAT XR. The Company’s chief operating decision maker (CODM) is the chief executive officer who reviews product revenue, net and cash operating expenses on a consolidated basis to make decisions about allocating resources and assessing performance for the entire Company. The CODM does not review assets at a level or category different than the amounts disclosed in the consolidated balance sheet.

The following table presents selected financial information with respect to the Company's single operating segment for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Years Ended December 31,
	2025			2024			2023
Product revenue, net	$	190,405		$	-		$	-
Net income (loss)		20,890			(175,850	)		(38,988	)
Less total other income, net		11,476			11,821			2,396
Operating income (loss)		9,414			(187,671	)		(41,384	)
Total operating expenses		180,991			187,671			41,384
Less non-cash expenses
Depreciation and amortization		(2,017	)		(1,987	)		(1,958	)
Non-cash lease expense		(607	)		(444	)		(321	)
Change in fair value of contingent consideration		(5,536	)		(3,242	)		(2,714	)
Stock-based compensation		(45,846	)		(99,958	)		(5,945	)
Cash operating expenses	$	126,985		$	82,040		$	30,446

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Net Income (Loss) per Share - Schedule of Weighted-Average Common Shares Outstanding used to Calculate Basic and Diluted Net Income (Loss) per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net Income (Loss)	$ 20,890	$ (175,850)	$ (38,988)
Less: Earnings attributable to participating securities, basic	(415)	0	0
Less: Earnings attributable to participating securities, diluted	(415)	0	0
Net income (loss) attributable to common stockholders - basic	20,475	(175,850)	(38,988)
Net income (loss) attributable to common stockholders - diluted	$ 20,475	$ (175,850)	$ (38,988)
Denominator:
Weighted average shares - basic	50,817,586	40,175,926	16,492,132
Weighted average shares - diluted	52,384,886	40,175,926	16,492,132
Net income (loss) per share - basic	$ 0.4	$ (4.38)	$ (2.36)
Net income (loss) per share - diluted	$ 0.39	$ (4.38)	$ (2.36)
Stock Options [Member]
Denominator:
Effect of dilutive securities share based payment	1,228,032	0	0
Restricted Stock Units [Member]
Denominator:
Effect of dilutive securities share based payment	339,268	0	0
Common Stock [Member]
Denominator:
Weighted average shares - basic	50,567,586	37,689,804	15,040,036
March 2022 Pre-funded Warrants [Member]
Denominator:
Weighted average shares - basic	0	0	290,665
May 2023 Tranche A Pre-funded Warrants [Member]
Denominator:
Weighted average shares - basic	0	1,685,181	778,904
May 2023 Tranche B Pre-funded Warrants [Member]
Denominator:
Weighted average shares - basic	0	373,892	92,801
October 2023 Pre-funded Warrants [Member]
Denominator:
Weighted average shares - basic	250,000	427,049	289,726

Fair Value of Financial Instruments - Summary of Changes in Fair Value of Level 3 Financial Instruments (Detail) - Purchase price contingent liability [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of period	$ 14,791	$ 11,549
Change in value of liabilities	5,536	3,242
Balance at end of period	$ 20,327	$ 14,791

Balance Sheet Components - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Components Disclosure [Abstract]
Product revenue reserve for rebates, returns, and other incentives	$ 14,031
Accrued consulting and professional fees	1,902	$ 1,259
Accrued research and development costs	679	1,478
Accrued clinical trial site costs	1,130	1,826
Accrued interest payable	403
Other	53
Total other current liabilities	$ 18,198	$ 4,563

Stockholders' Equity - Additional Information (Detail) - USD ($)						1 Months Ended				12 Months Ended
	Nov. 10, 2025	May 09, 2024	Oct. 02, 2023	Sep. 26, 2023	Dec. 16, 2022	Jul. 31, 2025	May 31, 2024	Oct. 31, 2023	Mar. 31, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 19, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred stock, shares authorized										10,000,000	10,000,000
Payments to repurchase common stock										$ 100,146,000	$ 0	$ 0
Number of Common Warrant Shares										251,599	3,570,651	13,071,883
Public offering price per pre-funded warrant			$ 19.99
Proceeds from issuance or sale of equity								$ 129,000,000
Offering costs								$ 8,200,000
Net proceeds from sale of common stock										$ 215,721,000	$ 148,955,000	$ 0
Stock-based compensation expense										45,846,000	$ 99,958,000	$ 5,945,000
Stock based compensation capitalized into inventory										$ 1,000,000
Expected dividend yield										0.00%	0.00%	0.00%
Weighted average grant date fair value per option granted (in dollars per share)										$ 47.81	$ 40.13	$ 5.04
Number of shares available for issuance under the plan on the first day of each year										52,286,881	45,703,811
Tranche A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Common Warrant Shares					8,598,870
Warrants and rights immediately exercisable term					30 days
Sale and issuance of warrants to purchase common stock				$ 15,000,000
Weighted Average Exercise Price per Share					$ 1.75
Exercisable warrants maximum aggregate exercise price					$ 15,000,000
Tranche B [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Common Warrant Shares					14,000,000
Proceeds from warrant exercise				$ 35,000,000
Weighted Average Exercise Price per Share					$ 2.5
Exercisable warrants maximum aggregate exercise price					$ 35,000,000
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ownership interest of voting rights of all classes of stock (percent)										10.00%
2020 Inducement Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant										23,068
November 2025 Accelerated Share Repurchase Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Repurchase an Aggregate Amount	$ 100,000,000
Payments to repurchase common stock	$ 100,000,000
Stock repurchased during period, shares	1,511,553
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Intrinsic value of stock options exercised										$ 60,100,000	$ 6,700,000	$ 2,200,000
Income tax benefits recognized from stock-based compensation										$ 6,900,000	$ 5,700,000	$ 1,900,000
Number of options granted										1,404,516	1,819,324	1,821,784
Expected dividend yield										0.00%
Future stock-based compensation for unvested employee options granted and outstanding										$ 95,600,000
Future stock-based compensation, requisite service period										3 years 1 month 6 days
Stock Options [Member] \| 2014 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant										358,527
Stock Options [Member] \| 2014 Equity Incentive Plan [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of fair market value										110.00%
Stock Options [Member] \| 2014 Equity Incentive Plan [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Contractual term of option										10 years
ISOs [Member] \| 2014 Equity Incentive Plan [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Contractual term of option										5 years
Performance-Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units granted											1,249,375
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock based compensation expense										$ 14,700,000
Stock units granted										409,984	763,270
Fair value of restricted stock units vested										$ 44,100,000	$ 50,900,000	$ 12,000,000
Weighted average grant-date fair value of all restricted stock units granted										$ 57.68	$ 46.47	$ 5.49
Weighted average remaining vesting period										2 years 6 months
Restricted Stock Units [Member] \| 2014 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units vested										887,124
Stock units granted										409,984
Weighted average grant-date fair value of all restricted stock units granted										$ 57.68
Restricted Stock Units [Member] \| 2014 Equity Incentive Plan [Member] \| Director [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units granted										6,500
Granted fair value shares recognized as stock-based compensation expense										$ 300,000
March 2022 Common Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Common Warrant Shares										1,599	1,255,346	1,929,066
Weighted Average Exercise Price per Share										$ 4.5	$ 4.5	$ 4.5
Expiration period										2027-03
Jefferies LLC [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregrate Offering Price													$ 150,000,000
Sales Agreement [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of aggregate gross proceeds to pay commission													3.00%
Securities Purchase Agreement [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Common Warrant Shares										0
Sale and issuance of warrants to purchase common stock										$ 10,000,000
Number of common stock purchased upon issuance of warrants					22,598,870
Weighted Average Exercise Price per Share					$ 0.4425
Proceeds from sale of common stock and pre-funded warrants			$ 60,000,000
Shares issued from sale of common stock			1,825,000
Shares issued from sale of pre-funded warrants			1,175,000
Public Offering [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Price per unit			$ 20
Underwritten Public Offering [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock (shares)		3,450,000	3,450,000			2,705,882	3,450,000
Price per unit		$ 46	$ 20			$ 85	$ 46
Underwriter discount and other offering expenses		$ 9,700,000				$ 14,300,000	$ 9,700,000
Proceeds from offering after deducting underwriting discount and other estimated offering expenses		$ 158,700,000	$ 69,000,000			$ 230,000,000	$ 158,700,000
March 2022 Underwritten Public Offering [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock (shares)									2,666,667
Price per unit									$ 3.75
Proceeds from warrant exercise											$ 0
Warrants exercised										1,248,414	419,056
Number of common stock purchased upon issuance of warrants									1,333,333
Public offering price per pre-funded warrant									$ 3.6
Per share exercise price for pre-funded warrant									$ 0.15
Measurement term									5 years
Weighted Average Exercise Price per Share									$ 4.5
Proceeds from offering after deducting underwriting discount and other estimated offering expenses									$ 13,800,000
March 2022 Underwritten Public Offering [Member] \| March 2022 Common Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Common Warrant Shares												1,599
Proceeds from warrant exercise										$ 24,000	$ 1,100,000
Warrants exercised										5,333	254,664
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant										1,864
Percentage of outstanding stock maximum										1.00%
Number of shares available for issuance under the plan on the first day of each year										3,729
Number of shares purchases by employees										0

Overview

12 Months Ended

Dec. 31, 2025

Overview

Note 1. Overview

Soleno Therapeutics, Inc. (the Company or Soleno) is a biopharmaceutical company developing novel therapeutics for the treatment of rare diseases. On March 26, 2025, the Company announced that its lead product candidate, VYKATTM XR (diazoxide choline) extended-release tablets, formerly known as DCCR, had been approved by the FDA. VYKAT XR is indicated to treat hyperphagia in adults and pediatric patients four years of age and older with Prader-Willi syndrome (PWS). On April 14, 2025, the Company announced that prescriptions of VYKAT XR had been delivered to the first individuals living with PWS who had been prescribed the medication and began recognizing revenue from the sales of VYKAT XR during the three months ended June 30, 2025.

The Company incorporated in the State of Delaware on August 25, 1999, and is located in Redwood City, California. It initially established its operations as Capnia, Inc., a diversified healthcare company that developed and commercialized innovative diagnostics, devices and therapeutics addressing unmet medical needs. During 2017, the Company merged with Essentialis, Inc. (Essentialis) and subsequently received stockholder approval to amend its Amended and Restated Certificate of Incorporation to change its name from “Capnia, Inc.” to “Soleno Therapeutics, Inc.”. Essentialis was a privately held clinical-stage company focused on the development of breakthrough medicines for the treatment of rare diseases where there is increased mortality and risk of cardiovascular and endocrine complications. After the merger, the Company’s primary focus has been the development and commercialization of novel therapeutics for the treatment of rare diseases and the Company divested all prior business efforts.

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023
Schedule Of Significant Accounting Policies [Line Items]
Number of operating segments \| Segment	1
Estimated useful life	11 years
Credit losses related to available-for-sale debt securities	$ 0	$ 0
Allowance for credit losses related to available-for-sale debt securities	$ 0	$ 0
Expected dividend yield	0.00%	0.00%	0.00%
Stock Options [Member]
Schedule Of Significant Accounting Policies [Line Items]
Expected dividend yield	0.00%
Essentialis, Inc. [Member]
Schedule Of Significant Accounting Policies [Line Items]
Net intangible assets acquired	$ 22,000,000
Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of property and equipment	3 years
Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of property and equipment	5 years
ASU No. 2023-07 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Oct. 01, 2024
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
ASU No. 2023-09 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2025
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true

Balance Sheet Components - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 308	$ 256
Less accumulated depreciation and amortization	(123)	(70)
Total	185	186
Computer Hardware [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	42	24
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	93	52
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 173	$ 180

Liquidity - Additional Information (Detail) $ / shares in Units, $ in Thousands			1 Months Ended		9 Months Ended	12 Months Ended
	May 09, 2024 USD ($) $ / shares shares	Oct. 02, 2023 USD ($) $ / shares shares	Jul. 31, 2025 USD ($) $ / shares shares	May 31, 2024 USD ($) $ / shares shares	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) Tranche	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 19, 2024 USD ($)
Cash And Cash Equivalents [Line Items]
Net Income (Loss)						$ 20,890	$ (175,850)	$ (38,988)
Accumulated deficit						(431,370)	(452,260)
Cash and cash equivalents						70,106	87,928
Marketable securities						$ 436,000
Number of tranches \| Tranche						3
Principal amount of term loans						$ 50,000	50,000
Net cash used in operating activities						46,798	$ (69,096)	$ (24,940)
Jefferies LLC [Member] \| Maximum [Member]
Cash And Cash Equivalents [Line Items]
Aggregrate Offering Price									$ 150,000
Loan and Security Agreement [Member] \| Oxford [Member]
Cash And Cash Equivalents [Line Items]
Principal amount of term loans						$ 50,000
Debt instrument interest period						60 months
Debt instrument term						72 months
Debt Instrument interest rate stated percentage						5.50%	5.50%
Loan and Security Agreement [Member] \| Oxford [Member] \| FDA Approval OF VYKATXR Tranche one [Member]
Cash And Cash Equivalents [Line Items]
Debt instrument additional borrowing amount					$ 50,000
Debt instrument date of final borrowings					Sep. 30, 2025
Loan and Security Agreement [Member] \| Oxford [Member] \| Mutual Consent of Soleno and Oxford [Member]
Cash And Cash Equivalents [Line Items]
Debt instrument additional borrowing amount						$ 100,000
Underwritten Public Offering [Member]
Cash And Cash Equivalents [Line Items]
Issuance of common stock (shares) \| shares	3,450,000	3,450,000	2,705,882	3,450,000
Price per unit \| $ / shares	$ 46	$ 20	$ 85	$ 46
Proceeds from offering after deducting underwriting discount and other estimated offering expenses	$ 158,700	$ 69,000	$ 230,000	$ 158,700
Underwriter discount and other offering expenses	$ 9,700		$ 14,300	$ 9,700

Stockholders' Equity - Schedule of Fair Value of Award Granted Using Black-Scholes Option Pricing Model (Detail)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend rate	0.00%	0.00%	0.00%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (years)	5 years 10 months 24 days	5 years 9 months 18 days	5 years 3 months 18 days
Risk-free interest rate	3.70%	3.70%	3.50%
Volatility	115.00%	121.00%	98.00%
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (years)	6 years 3 months 18 days	6 years 1 month 6 days	6 years 1 month 6 days
Risk-free interest rate	4.70%	4.60%	4.50%
Volatility	120.00%	124.00%	122.00%

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Schedule of Income (Loss) before Provision for Income Taxes

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 20,890	$ (175,850)	$ (38,988)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	2,017	1,987	1,958
Accretion of premium/discount on marketable securities	(3,517)	(4,895)	0
Non-cash lease expense	607	444	321
Amortization of debt issuance costs	35	0	0
Stock-based compensation expense	45,846	99,958	5,945
Change in fair value of stock warrants	0	0	182
Change in fair value of contingent consideration	5,536	3,242	2,714
Other non-cash reconciling items	17	0	0
Change in operating assets and liabilities:
Accounts receivable	(28,208)	0	0
Inventory	(14,031)	0	0
Prepaid expenses, other current assets and other assets	(4,738)	(750)	(837)
Accounts payable	3,612	5,672	1,372
Accrued compensation	4,901	1,641	1,460
Operating lease liabilities	(308)	(183)	(309)
Other liabilities	14,139	(362)	1,242
Net cash provided by (used in) operating activities	46,798	(69,096)	(24,940)
Cash flows from investing activities:
Purchases of property and equipment	(73)	(218)	0
Purchases of marketable securities	(455,776)	(356,464)	0
Maturities of marketable securities	254,068	131,000	0
Net cash used in investing activities	(201,781)	(225,682)	0
Cash flows from financing activities:
Proceeds from issuance of debt, net of issuance costs	0	49,888	0
Payment of debt issuance costs	(62)	0	0
Proceeds from the sale of common stock, net of issuance costs	215,721	148,955	0
Proceeds from the sale of common stock, common stock warrants and pre-funded stock warrants, net of issuance costs	0	0	137,857
Payment for repurchase of common stock	100,146	0	0
Proceeds from exercise of common stock and pre-funded stock warrants	5,187	12,866	41,815
Proceeds from exercise of stock options	17,202	1,316	347
Tax withholding payments for net share-settled equity awards	(741)	0	0
Net cash provided by financing activities	137,161	213,025	180,019
Net increase (decrease) in cash and cash equivalents	(17,822)	(81,753)	155,079
Cash and cash equivalents, beginning of period	87,928	169,681	14,602
Cash and cash equivalents, end of period	70,106	87,928	169,681
Supplemental disclosure of non-cash operating and financing information
Operating lease right-of-use assets obtained in exchange for operating lease obligations	0	2,835	597
Cash paid for interest	4,534	209	0
Common stock repurchase costs included in accounts payable	4	0	0
Non-cash exercise of 2018 PIPE Warrants	0	0	183
Purchases of property and equipment included in accounts payable	0	1	0
Debt issuance costs included in accounts payable	$ 0	$ 62	$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

For financial reporting purposes, income (loss) before provision for income taxes, includes the following components (in thousands):


	Years Ended December 31,
	2025		2024			2023
United States	$	20,253	$	(175,921	)	$	(39,180	)
Foreign		637		71			192
Income (loss) before income taxes	$	20,890	$	(175,850	)	$	(38,988	)

Summary of Income Taxes Paid, Net of Refunds Received

Income Taxes Paid

Income taxes paid, net of refunds received consists of the following (in thousands):


	Years Ended December 31,
	2025		2024		2023
U.S. Federal	$	-	$	-	$	-
U.S. State and Local
California		2		2		2
New Jersey		2		2		2
Massachusetts		-		8		1
Other		1		-		-
Total U.S. State and Local		5		12		5
Foreign
United Kingdom		1		27		-
Ireland		8		-		-
Total Foreign		9		27		-
Total income taxes paid	$	14	$	39	$	5

Income Tax Provision (Benefit) Computed by Applying Statutory Income Tax Rate to Pretax Income (Loss)

Income tax provision (benefit) differs from the amounts computed by applying the statutory income tax rate of 21% to pretax income (loss) as follows (in thousands):


	Years Ended December 31,
	2025						2024						2023
	Amount			Percent			Amount			Percent			Amount			Percent
Tax at U.S. statutory rate on income before income taxes	$	4,387			21.0	%	$	(36,928	)		21.0	%	$	(8,187	)		20.5	%
State income taxes, net of federal effect (1)		(435	)		-2.1	%		(458	)		0.3	%		(273	)		0.7	%
Change in valuation allowance		(7,026	)		-33.6	%		16,880			-9.6	%		8,701			-21.8	%
Nontaxable or nondeductible items:
Stock-based compensation		(1,625	)		-7.8	%		9,652			-5.5	%		(600	)		1.5	%
Contingent consideration remeasurement		1,163			5.6	%		681			-0.4	%		570			-1.4	%
Section 162(m) limitation		8,127			38.9	%		(958	)		0.5	%		589			-1.5	%
Net operating loss expiration		804			3.9	%		734			-0.4	%		464			-1.2	%
Section 382 limitation		-			0.0	%		16,531			-9.4	%		-			0.0	%
Other nontaxable or nondeductible items		72			0.3	%		25			0.0	%		48			-0.1	%
Change in tax laws or rates		-			0.0	%		-			0.0	%		-			0.0	%
Tax credits:
Federal research and development credits		87			0.4	%		2,429			-1.4	%		(2,362	)		5.9	%
Orphan Drug Credit		(8,414	)		-40.3	%		(12,404	)		7.1	%		-			0.0	%
Cross-border tax laws		61			0.3	%		(74	)		0.0	%		74			-0.2	%
Worldwide changes in UTB		2,933			14.0	%		3,428			-1.9	%		1,003			-2.5	%
Other		-			0.0	%		477			-0.3	%		13			0.0	%
Foreign tax effects
Foreign jurisdictions		(134	)		-0.6	%		(15	)		0.0	%		(40	)		0.1	%
Provision for income taxes	$	-			0.0	%	$	-			0.0	%	$	-			0.0	%

(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include Mississippi, New Jersey, and California for 2025, Massachusetts, New Jersey, and California for 2024, and New Jersey and California for 2023.

Significant Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets for federal and state income taxes are as follows (in thousands):


	December 31,
	2025			2024			2023
Deferred tax assets:
Federal and state net operating loss carryforwards	$	45,942		$	44,319		$	51,481
Research and other credits		20,758			14,127			6,352
Capitalized research and development		1,037			17,200			6,778
Reserves and accruals		1,435			555			655
Fixed assets		139			23			29
Capital loss carryforward		-			-			432
Stock-based compensation		11,640			8,628			2,013
Lease liability		701			636			85
Other deferred tax assets		91			57			54
Gross deferred tax assets		81,743			85,545			67,879
Deferred tax liabilities:
Intangible assets		(1,267	)		(1,445	)		(1,837	)
Right-of-use assets		(571	)		(594	)		(86	)
Total deferred tax liabilities		(1,838	)		(2,039	)		(1,923	)
Total deferred tax assets		79,905			83,506			65,956
Valuation allowance		(79,905	)		(83,506	)		(65,956	)
Net deferred tax assets	$	-		$	-		$	-

Summary of Change in the Valuation Allowance

The following table presents a reconciliation of the total change in the valuation allowance (in thousands):


	Years Ended December 31,
	2025			2024			2023
Beginning balance	$	83,506		$	65,956		$	57,017
Change charged to income tax expense		(3,591	)		17,627			8,939
Change charged to other comprehensive income		(10	)		(77	)		-
Ending balance	$	79,905		$	83,506		$	65,956

Summary of Gross Unrecognized Tax Benefits

The following tables summarize the activities of gross unrecognized tax benefits (in thousands):


	Years Ended December 31,
	2025			2024			2023
Beginning balance	$	6,367		$	2,938		$	1,936
Increase related to current year tax positions		2,921			2,884			1,002
Increase related to prior year tax positions		68			1,332			-
Decrease related to prior year tax positions		(56	)		(787	)		-
Ending balance	$	9,300		$	6,367		$	2,938

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Product Revenue Allowance and Reserve Categories (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Schedule Of Significant Accounting Policies [Line Items]
Balance as of December 31, 2024	$ 0
Provisions	27,774
Credits/payments	(13,019)
Balance as of December 31, 2025	14,755
Rebates [Member]
Schedule Of Significant Accounting Policies [Line Items]
Balance as of December 31, 2024	0
Provisions	21,396
Credits/payments	(7,711)
Balance as of December 31, 2025	13,685
Discounts and Chargebacks [Member]
Schedule Of Significant Accounting Policies [Line Items]
Balance as of December 31, 2024	0
Provisions	5,397
Credits/payments	(4,674)
Balance as of December 31, 2025	723
Copay Assistance and Returns [Member]
Schedule Of Significant Accounting Policies [Line Items]
Balance as of December 31, 2024	0
Provisions	981
Credits/payments	(634)
Balance as of December 31, 2025	$ 347

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]
Balances at beginning at Dec. 31, 2022	$ 10,348	$ 8	$ 247,762		$ (237,422)
Balances at beginning (shares) at Dec. 31, 2022		8,159,382
Stock-based compensation	5,809		5,809
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units	483	$ 1	482
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units (shares)		510,241
Tax withholding payments for net share-settled equity awards (shares)		(128)
Sale of common stock and issuance of common stock warrants and pre-funded common stock warrants, net of issuance costs	137,857	$ 6	137,851
Sale of common stock and issuance of common stock warrants and pre-funded common stock warrants, net of issuance costs (shares)		7,047,397
Exercise of common stock warrants	41,998	$ 17	41,981
Exercise of common stock warrants (shares)		15,961,267
Net Income (Loss)	(38,988)				(38,988)
Balances at ending at Dec. 31, 2023	157,507	$ 32	433,885		(276,410)
Balances at end (shares) at Dec. 31, 2023		31,678,159
Stock-based compensation	99,958		99,958
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units	1,316	$ 1	1,315
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units (shares)		1,125,054
Sale of common stock, net of issuance costs	148,955	$ 4	148,951
Sale of common stock, net of issuance costs (shares)		3,450,000
Exercise of common stock warrants and pre-funded common stock warrants	12,866	$ 9	12,857
Exercise of common stock warrants and pre-funded common stock warrants (shares)		9,450,598
Net unrealized gain on marketable securities	361			$ 361
Net Income (Loss)	(175,850)				(175,850)
Balances at ending at Dec. 31, 2024	245,113	$ 46	696,966	361	(452,260)
Balances at end (shares) at Dec. 31, 2024		45,703,811
Stock-based compensation	46,839		46,839
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units	17,202	$ 2	17,200
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units (shares)		2,166,501
Tax withholding payments for net share-settled equity awards	(741)		(741)
Tax withholding payments for net share-settled equity awards (shares)		(14,608)
Sale of common stock, net of issuance costs	215,721	$ 3	215,718
Sale of common stock, net of issuance costs (shares)		2,705,882
Repurchase of common stock (shares)		(1,511,553)
Repurchase of common stock	(100,150)	$ (2)	(100,148)
Exercise of common stock warrants	5,187	$ 3	5,184
Exercise of common stock warrants (shares)		3,236,848
Net unrealized gain on marketable securities	37			37
Foreign currency translation adjustment	17			17
Net Income (Loss)	20,890				20,890
Balances at ending at Dec. 31, 2025	$ 450,115	$ 52	$ 881,018	$ 415	$ (431,370)
Balances at end (shares) at Dec. 31, 2025		52,286,881

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Summary of Outstanding Common Stock Warrants

As of December 31, 2025, 2024 and 2023, the following table summarizes the Company's outstanding common stock warrants:


	As of December 31, 2025				As of December 31, 2024				As of December 31, 2023
	Number of Common Warrant Shares		Weighted Average Exercise Price per Share		Number of Common Warrant Shares		Weighted Average Exercise Price per Share		Number of Common Warrant Shares		Weighted Average Exercise Price per Share		Expiration Date
Common stock warrants		—	$	—		—	$	—		7,904	$	388.94	November 2024
March 2022 Common warrants		1,599	$	4.50		1,255,346	$	4.50		1,929,066	$	4.50	March 2027
May 2023 Tranche A Pre-funded warrants		—	$	—		—	$	—		2,758,281	$	0.01	November 2026
May 2023 Tranche B warrants		—	$	—		2,065,305	$	2.50		6,750,000	$	2.50	November 2026
May 2023 Tranche B Pre-funded warrants		—	$	—		—	$	—		451,632	$	0.01	November 2026
October 2023 Pre-funded warrants		250,000	$	0.01		250,000	$	0.01		1,175,000	$	0.01	N/A
Total		251,599				3,570,651				13,071,883

Summary of Stock Based Compensation Expense

Stock-based compensation expense was recognized in the consolidated statements of operations and comprehensive income (loss) as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Research and development	$	11,722	$	33,743	$	2,434
Selling, general and administrative		34,124		66,215		3,511
Total	$	45,846	$	99,958	$	5,945

Schedule of Fair Value of Award Granted Using Black-Scholes Option Pricing Model

The fair value of each award granted was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


	Years Ended December 31,
	2025	2024	2023
Expected life (years)	5.9-6.3	5.8-6.1	5.3-6.1
Risk-free interest rate	3.7%-4.7%	3.7%-4.6%	3.5%-4.5%
Volatility	115%-120%	121%-124%	98%-122%
Dividend rate	— %	— %	— %

Summary of Stock Option and Restricted Stock Unit Transactions

The following table summarizes stock option transactions for the year ended December 31, 2025 under the 2014 Plan and the Inducement Plan:


	Number of Options			Weighted- Average Exercise Price per		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
	Outstanding			Share		(in years)		(in thousands)
Balance at December 31, 2024		3,971,798		$	26.75		8.48
Options granted		1,404,516			54.88
Options exercised		(1,141,597	)		15.07
Options canceled/forfeited		(202,608	)		52.49
Balance at December 31, 2025		4,032,109		$	38.56		8.26	$	47,415
Options exercisable at December 31, 2025		1,529,334		$	26.45		7.27	$	32,501
Options vested and expected to vest at December 31, 2025		4,032,109		$	38.56		8.26	$	47,415

Summary of Restricted Stock Unit Transactions

The following table summarizes restricted stock unit transactions for the year ended December 31, 2025 under the 2014 Plan:


	Number of Restricted Stock Units			Weighted- Average Grant-Date Fair Value per Share
Outstanding at December 31, 2024		939,865		$	48.55
Restricted stock units granted		409,984			57.68
Restricted stock units vested		(887,124	)		48.59
Restricted stock units cancelled/forfeited		(19,434	)		58.75
Outstanding at December 31, 2025		443,291		$	56.47

Long-term Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-term Debt

Note 7. Long-term Debt

On December 17, 2024, the Company entered into a loan and security agreement for up to $200 million with Oxford. The loan is collateralized by substantially all of the Company's assets, including its intellectual property, subject to certain limitations.

As of December 31, 2025, the Company had $50.0 million outstanding under the loan and security agreement with Oxford. Under the terms of the loan agreement with Oxford, following FDA approval of VYKAT XR, an additional $50 million became available through September 30, 2025, but was not drawn down. Following the amendment of the loan and security agreement in November 2025, the final three tranches of an aggregate of $100 million may be made available upon mutual consent with Oxford. As a result of a milestone achieved in 2025, the loan carries an interest-only period of 60 months and a total term of 72 months. The term loans accrue interest, payable monthly, at a floating rate equal to, subject to certain conditions, (a) 1-month term SOFR plus (b) 5.50%. As a result of a milestone achieved in 2025, the term loan will begin to amortize in equal monthly installments beginning on February 1, 2030, through the maturity date of December 1, 2030. As a result of a milestone achieved in 2025, the final principal payment at maturity will include a fee of 6.5% of the total principal borrowed. The $3.3 million final interest payment related to the $50 million borrowed as of December 31, 2025 is accrued over the term of loan as long-term accrued interest payable. $525 thousand and $21 thousand were accrued as part of other long-term liabilities on the consolidated balance sheet as of December 31, 2025 and 2024, respectively. Loan issuance costs of $174 thousand are recorded as a reduction of the principal loan balance on the consolidated balance sheet and are amortized as interest expense over the term of the loan. For the year ended December 31, 2025, the Company recorded $5.5 million in interest expense and $4.5 million of interest was paid. For the year ended December 31, 2024, the Company recorded $231 thousand in interest expense and $209 thousand of interest was paid.

The outstanding long-term debt consisted of the following (in thousands):


	December 31, 2025			December 31, 2024
Long-term debt	$	50,000		$	50,000
Unamortized debt issuance costs		(137	)		(172	)
Total long-term debt, net	$	49,863		$	49,828

The following table provides the components of interest expense related to the long-term debt (in thousands):


	Years Ended December 31,
	2025		2024		2023
Interest expense based on contractual loan rate	$	4,937	$	209	$	-
Amortization of debt issuance costs and accretion of final interest payment		539		22		-
Total interest expense	$	5,476	$	231	$	-

The loan and security agreement provides for both affirmative and negative covenants. including covenants limiting the ability of the Company and their subsidiaries to, among other things, dispose of assets, incur debt, grant liens, pay dividends and distributions on their capital stock, make investments and acquisitions, and enter into transactions with affiliates, in each case subject to customary exceptions for a loan facility of this size and type. In addition, the loan and security agreement contains a minimum revenue covenant commencing on the earlier of the date that the more than $50 million principal amount of term loans have been funded under the loan and security agreement and June 30, 2026; provided that such minimum revenue covenant shall not be tested during periods when the Company’s market capitalization or unrestricted cash meet certain minimum thresholds. The occurrence of an event of default could result in the acceleration of the Borrowers’ obligations under the loan and security agreement, the termination of the lenders’ commitments, a 5.0% increase in the applicable rate of interest and the exercise by the Lender of other rights and remedies provided for under the loan and security agreement. The Company was in compliance with all applicable debt covenants as of December 31, 2025.

Net Income (Loss) per Share - Schedule of Potentially Dilutive Securities Outstanding Excluded from Computation of Diluted Net Income (Loss) per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net income (loss) per share	1,877,456	8,232,314	11,072,169
Warrants Issued to 2010/2012 Convertible Note Holders to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net income (loss) per share			6,804
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net income (loss) per share	1,869,149	3,971,798	2,369,665
Outstanding Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net income (loss) per share	8,307	939,865	15,534
Warrants Issued to Underwriter to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net income (loss) per share			1,100
March 2022 Common Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net income (loss) per share		1,255,346	1,929,066
May 2023 Tranche B Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net income (loss) per share		2,065,305	6,750,000

Commitments and Contingencies - Schedule of Components of Lease Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 853	$ 548	$ 312
Variable lease cost	6	16
Short-term lease cost	87	157	44
Total operating lease cost	$ 946	$ 721	$ 356

Commitments and Contingencies - Additional Information (Details)				1 Months Ended
	Dec. 31, 2029 USD ($)	Nov. 25, 2025 USD ($) ft²	Jun. 13, 2024 USD ($) ft²	Sep. 30, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Commitments And Contingencies [Line Items]
Increase in right of use assets				$ 2,800,000
Operating lease, short-term liability					$ 726,000	$ 526,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]					Operating lease, short-term liability	Operating lease, short-term liability
Long-term operating lease liabilities					$ 1,964,000	$ 2,472,000
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]					Long-term operating lease liabilities	Long-term operating lease liabilities
Increase in lease liability				$ 2,800,000
Operating lease, weighted average discount rate					8.50%	8.50%
Operating lease remaining term					3 months 21 days	4 months 21 days
Non-cancelable other commitments					$ 15,300,000
Redwood City, California [Member]
Commitments And Contingencies [Line Items]
Operating lease, term of contract			5 years
Area of operating lease \| ft²		17,779	18,026
Rent payments		$ 32,747	$ 57,400
Rent payments annual increase percentage			3.00%
Redwood City, California [Member] \| Scenario Forecast [Member]
Commitments And Contingencies [Line Items]
Rent payments	$ 79,650

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	52,286,881	45,703,811
Common stock, shares outstanding	52,286,881	45,703,811

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Note 8. Stockholders’ Equity

Preferred Stock

The Company is authorized to issue 10,000,000 shares of Preferred Stock.

November 2025 Accelerated Share Repurchase Agreement

On November 10, 2025, the Company entered into an accelerated share repurchase agreement (the ASR Agreement) with Jefferies LLC (Jefferies) to repurchase an aggregate amount of $100.0 million of its common stock. Under the ASR agreement, the Company made an aggregate upfront payment of $100.0 million to Jefferies and received an initial delivery of 1,511,553 shares of its common stock on November 12, 2025, based on the closing price of the Company's common stock on November 10, 2025.

The final number of shares that the Company will ultimately repurchase pursuant to the ASR Agreement will be based on the average of the daily volume-weighted average price per share of the Company's common stock during the repurchase period less a discount, subject to adjustments pursuant to the terms and conditions of the ASR Agreement. The accelerated share repurchase was completed in the first quarter of 2026. Refer to Note 13. Subsequent Events for additional information.

Shares of common stock repurchased under the ASR Agreement are immediately retired upon receipt and returned to authorized and unissued status. Repurchased common stock is reflected as a reduction of stockholders' equity. Any excess of cost over par value is charged to additional paid-in capital to the extent that

a balance is present. If additional paid-in capital is fully depleted, any remaining excess of cost over par value is charged to accumulated deficit.

July 2025 Public Offering of Common Stock

In July 2025, the Company closed an underwritten public offering of 2,705,882 shares of its common stock at a public offering price of $85.00 per share, which included the exercise in full by the underwriters of their option to purchase additional shares. The gross proceeds of the public offering were $230.0 million, before deducting the underwriter discount and other offering expenses, totaling approximately $14.3 million.

May 2024 Public Offering of Common Stock

On May 9, 2024, the Company closed an underwritten public offering of 3,450,000 shares of its common stock at a public offering price of $46.00 per share, which included the exercise in full by the underwriters of their option to purchase additional shares. The gross proceeds of the public offering were $158.7 million, before deducting the underwriter discount and other offering expenses, totaling approximately $9.7 million.

October 2023 Public Offering of Common Stock and Concurrent Private Placement of Common Stock and Pre-Funded Warrants

On October 2, 2023, the Company closed an underwritten public offering of 3,450,000 shares of its common stock at a public offering of $20.00 per share, which included the exercise in full by the underwriters of their option to purchase additional shares. The gross proceeds of the public offering were $69.0 million, before deducting the underwriting discount and other offering expenses. Concurrently, the Company also completed the closing of approximately $60.0 million for 1,825,000 shares of its common stock and 1,175,000 pre-funded warrants in a private offering pursuant to a securities purchase agreement with certain investors, including entities affiliated with existing stockholders, at a price per share of common stock equal to the public offering price of $20.00 and a price per per-funded warrant of $19.99. In aggregate, the Company received $129.0 million of gross proceeds less offering costs of $8.2 million. The Company is not required under any circumstance to settle any of the pre-funded warrants for cash, and therefore classified the pre-funded warrants as permanent equity.

December 2022 Securities Purchase Agreement

On December 16, 2022, the Company entered into a Securities Purchase Agreement for a private placement (Private Placement) with certain entities and members of management (collectively, Purchasers). Pursuant to the Securities Purchase Agreement, the Company agreed to sell to the Purchasers warrants to purchase up to an aggregate of 22,598,870 shares of the Company’s common stock, at a purchase price of $0.4425 per warrant. The closing of the Private Placement occurred on May 8, 2023 (the Issue Date), following the satisfaction of certain closing conditions, including the completion of enrollment in the randomized withdrawal period of Study C602. The Company received gross proceeds of $10.0 million for the sale and issuance of warrants to purchase common stock.

The warrants were separated into two tranches with 8,598,870 Tranche A warrants with an exercise price of $1.75 and aggregate proceeds of up to approximately $15.0 million, and 14,000,000 Tranche B warrants with an exercise price of $2.50 and aggregate proceeds of up to $35.0 million. The Tranche A warrants were immediately exercisable and were required to be exercised within 30 days of announcement of positive top-line data from the randomized withdrawal period of Study C602. On September 26, 2023, the Company announced positive top-line data and subsequently received $15.0 million from the exercise of the Tranche A warrants. The Tranche B warrants are also immediately exercisable and following the FDA's approval of VYKAT XR, the remainder of these warrants were exercised. The Company received an aggregate of $35.0 million from the exercise of the Tranche B warrants. As of December 31, 2025, there were no remaining warrants outstanding under the Securities Purchase Agreement.

March 2022 Underwritten Public Offering

On March 31, 2022, the Company sold 2,666,667 shares of its common stock at a public offering price of $3.75, and for certain investors, in lieu of common stock, pre-funded warrants (the March 2022 pre-funded warrants) to purchase 1,333,333 shares of its common stock at a public offering price $3.60 per pre-funded warrant, which represents the per share public offering price for the common stock less the $0.15 per share exercise price for each March 2022 pre-funded warrant. The March 2022 pre-funded warrants are immediately exercisable and may be exercised at any time until all of the March 2022 pre-funded warrants are exercised in full. Each share of common stock or March 2022 pre-funded warrant was sold together with one, immediately exercisable, common warrant (the 2022 common warrants) with a five-year term to purchase one share of common stock at an exercise price of $4.50 per share. The net proceeds of the offering were $13.8 million, after deducting the underwriting discount and other offering expenses. The Company is not required under any circumstance to settle any of the 2022 pre-funded warrants or the 2022 common warrants for cash, and therefore classified both types of warrants as permanent equity.

In 2025, 5,333 of the March 2022 common warrants were exercised for gross proceeds of $24 thousand and 1,248,414 warrants were exercised using the cashless exercise option with no proceeds to the Company. In 2024, 254,664 March 2022 warrants were exercised for gross proceeds of $1.1 million and 419,056 warrants were exercised using the cashless exercise option with no proceeds received by the Company. As of December 31, 2025, 1,599 of the March 2022 common warrants remain outstanding.

At the Market Offering

In July 2024, the Company entered into the Sales Agreement with Jefferies, pursuant to which the Company may offer and sell up to $150.0 million of shares of its common stock, from time to time, through Jefferies.

The Company will pay Jefferies a commission of 3.0% of the aggregate gross proceeds from the sale of shares and has agreed to provide Jefferies with customary indemnification and contribution rights. The Company has also agreed to reimburse Jefferies for certain specified expenses. The Company is not obligated to sell any shares under the Sales Agreement. The offering of the shares pursuant to the Sales Agreement will terminate upon the termination of the Sales Agreement by Jefferies or the Company, as permitted therein.

Common Stock Warrants

As of December 31, 2025, 2024 and 2023, the following table summarizes the Company's outstanding common stock warrants:


	As of December 31, 2025				As of December 31, 2024				As of December 31, 2023
	Number of Common Warrant Shares		Weighted Average Exercise Price per Share		Number of Common Warrant Shares		Weighted Average Exercise Price per Share		Number of Common Warrant Shares		Weighted Average Exercise Price per Share		Expiration Date
Common stock warrants		—	$	—		—	$	—		7,904	$	388.94	November 2024
March 2022 Common warrants		1,599	$	4.50		1,255,346	$	4.50		1,929,066	$	4.50	March 2027
May 2023 Tranche A Pre-funded warrants		—	$	—		—	$	—		2,758,281	$	0.01	November 2026
May 2023 Tranche B warrants		—	$	—		2,065,305	$	2.50		6,750,000	$	2.50	November 2026
May 2023 Tranche B Pre-funded warrants		—	$	—		—	$	—		451,632	$	0.01	November 2026
October 2023 Pre-funded warrants		250,000	$	0.01		250,000	$	0.01		1,175,000	$	0.01	N/A
Total		251,599				3,570,651				13,071,883

Equity Incentive Plans

2014 Plan

The Company maintains the Amended and Restated 2014 Equity Incentive Plan (the 2014 Plan). Under the 2014 Plan the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance units or performance shares to employees, directors, advisors, and consultants. Options granted under the 2014 Plan may be incentive stock options (ISOs) or nonqualified stock options (NSOs). ISOs may be granted only to Company employees, including officers and directors.

The Board has the authority to determine to whom stock options will be granted, the number of options, the term, and the exercise price. Options are to be granted at an exercise price not less than fair value. For individuals holding more than 10% of the voting rights of all classes of stock, the exercise price of an option will not be less than 110% of fair value. Performance-based grants have vesting contingent upon the achievement of certain performance criteria related to the Company’s commercialization of its therapeutics. The contractual term of an option is no longer than five years for ISOs for which the grantee owns greater than 10% of the voting power of all classes of stock and no longer than ten years for all other options. The terms and conditions governing restricted stock units is at the sole discretion of the Board.

As of December 31, 2025, a total of 358,527 shares were available for future grant under the 2014 Plan.

Inducement Plan

The Company maintains the 2020 Inducement Equity Incentive Plan (the Inducement Plan). The Inducement Plan provides for the grant of equity-based awards, including non-statutory stock options, restricted stock units, restricted stock, stock appreciation rights, performance shares and performance units, and its terms are substantially similar to the 2014 Plan.

In accordance with Rule 5635(c)(4) and Rule 5635(c)(3) of the Nasdaq Listing Rules, awards under the Inducement Plan may only be made to individuals not previously employees or non-employee directors of the Company (or following such individuals’ bona fide period of non-employment with the Company), as an inducement material to the individuals’ entry into employment with the Company, or, to the extent permitted by Rule 5635(c)(3) of the Nasdaq Listing Rules, in connection with a merger or acquisition.

As of December 31, 2025, a total of 23,068 shares were available for future grant under the Inducement Plan.

Stock-based Compensation Expense

The Company recognized stock-based compensation expense related to options and restricted stock units granted to employees, directors and consultants. The compensation expense is allocated on a departmental basis, based on the classification of the stock award holder. For the years ended December 31, 2025, 2024 and 2023, the total income tax benefit related to stock-based compensation was $6.9 million, $5.7 million and $1.9 million, respectively, however, due to net operating income (loss) and a full valuation allowance, no tax benefit was recognized in the financial statements.

Stock-based compensation expense was recognized in the consolidated statements of operations and comprehensive income (loss) as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Research and development	$	11,722	$	33,743	$	2,434
Selling, general and administrative		34,124		66,215		3,511
Total	$	45,846	$	99,958	$	5,945

After the FDA approval of VYKAT XR in March 2025, the Company began capitalizing stock-based compensation associated with the allocation of labor costs related to work performed to manufacture VYKAT XR. For the year ended December 31, 2025, the Company capitalized into inventory $1.0 million.

Stock Options

The Company granted options to purchase 1,404,516 of the Company's common stock to employees and a consultant during year ended December 31, 2025, and 1,819,324 and 1,821,784 to employees during year ended December 31, 2024 and 2023, respectively. There were no performance-based options granted in 2025, 2024 and 2023. The fair value of each award granted was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


	Years Ended December 31,
	2025	2024	2023
Expected life (years)	5.9-6.3	5.8-6.1	5.3-6.1
Risk-free interest rate	3.7%-4.7%	3.7%-4.6%	3.5%-4.5%
Volatility	115%-120%	121%-124%	98%-122%
Dividend rate	— %	— %	— %

The Black-Scholes option-pricing model requires the use of highly subjective assumptions to estimate the fair value of stock-based awards. These assumptions include the following estimates:

•

Risk-free interest rate: The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected life of the stock options.

•

Volatility: The estimated volatility rate is based on the volatilities of the Company’s common stock for a historical period equal to the expected life of the stock options.

•

The following table summarizes stock option transactions for the year ended December 31, 2025 under the 2014 Plan and the Inducement Plan:


	Number of Options			Weighted- Average Exercise Price per		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
	Outstanding			Share		(in years)		(in thousands)
Balance at December 31, 2024		3,971,798		$	26.75		8.48
Options granted		1,404,516			54.88
Options exercised		(1,141,597	)		15.07
Options canceled/forfeited		(202,608	)		52.49
Balance at December 31, 2025		4,032,109		$	38.56		8.26	$	47,415
Options exercisable at December 31, 2025		1,529,334		$	26.45		7.27	$	32,501
Options vested and expected to vest at December 31, 2025		4,032,109		$	38.56		8.26	$	47,415

The weighted-average grant date fair value of employee options granted was $47.81, $40.13 and $5.04 per share for the years ended December 31, 2025, 2024 and 2023, respectively. The intrinsic value of the stock

options exercised was $60.1 million, $6.7 million and $2.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. At December 31, 2025, total unrecognized employee stock-based compensation for options that are expected to vest was $95.6 million, which is expected to be recognized over the weighted-average remaining vesting period of 3.1 years.

Restricted Stock Units

There were 409,984 restricted stock units granted to employees by the Company during the year ended December 31, 2025. During the year ended December 31, 2024, the Company granted 1,249,375 performance-based restricted stock units and 763,270 restricted stock units were granted to employees and directors. The shares were valued based on the Company’s common stock price on the grant date.

The following table summarizes restricted stock unit transactions for the year ended December 31, 2025 under the 2014 Plan:


	Number of Restricted Stock Units			Weighted- Average Grant-Date Fair Value per Share
Outstanding at December 31, 2024		939,865		$	48.55
Restricted stock units granted		409,984			57.68
Restricted stock units vested		(887,124	)		48.59
Restricted stock units cancelled/forfeited		(19,434	)		58.75
Outstanding at December 31, 2025		443,291		$	56.47

The weighted-average grant-date fair value of all restricted stock units granted was $57.68, $46.47, and $5.49 per share during the year ended December 31, 2025, 2024 and 2023, respectively. The fair value of all restricted stock units vested during the year ended December 31, 2025, 2024 and 2023, was $44.1 million, $50.9 million and $12.0 million, respectively. At December 31, 2025, total unrecognized employee stock-based compensation related to restricted stock units was $14.7 million, which is expected to be recognized over the weighted-average remaining vesting period of 2.5 years.

Certain directors have elected to delay the issuance of their vested restricted stock units granted under the 2014 Plan. A portion of these RSUs have vested as of December 31, 2025 based on the applicable service periods, but the issuance of common stock has been deferred until a future date when the directors' service to the Company terminates, or there is a change in control of the Company. The grant-date fair value of these 6,500 shares is $0.3 million, which has been recognized as stock-based compensation expense over the requisite service period in the consolidated statements of operations and comprehensive income (loss).

2014 Employee Stock Purchase Plan

The Company’s board of directors and stockholders have adopted the 2014 Employee Stock Purchase Plan (the ESPP). The ESPP has become effective, and the board of directors will implement commencement of offers thereunder in its discretion. A total of 1,864 shares of the Company’s common stock has been made available for sale under the ESPP. In addition, the ESPP provides for annual increases in the number of shares available for issuance under the plan on the first day of each year beginning in the year following the initial date that the board of directors authorizes commencement, equal to the least of:

•

1.0% of the outstanding shares of the Company’s common stock on the first day of such year;

•

3,729 shares; or

•

such amount as determined by the board of directors.

As of December 31, 2025, there were no purchases by employees under this plan.

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Components Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	December 31, 2025			December 31, 2024
Raw materials	$	6,449		$	-
Work in process		2,710			-
Finished goods		6,022			-
Less: Reserve for excess and obsolete inventory		(157	)		-
Total inventory, net	$	15,024		$	-

Schedule of Property and Equipment

Property and equipment consisted of the following (in thousands):


	December 31, 2025			December 31, 2024
Computer hardware	$	42		$	24
Leasehold improvements		93			52
Furniture and fixtures		173			180
		308			256
Less accumulated depreciation and amortization		(123	)		(70	)
Total	$	185		$	186

Schedule of Intangible Assets

Intangible assets consisted of the following (in thousands):


	December 31, 2025							December 31, 2024
	Amount		Accumulated Amortization			Net Amount		Amount		Accumulated Amortization			Net Amount
Patents and merger costs	$	22,003	$	(17,142	)	$	4,861	$	22,003	$	(15,198	)	$	6,805

Schedule of Future Amortization Expense

Future amortization expense for intangible assets over their remaining useful lives is as follows (in thousands):


Year ending December 31	Patents and trademarks
2026	$	1,944
2027		1,944
2028		973
Total	$	4,861

Schedule of Other Current Liabilities

Other current liabilities consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Product revenue reserve for rebates, returns, and other incentives	$	14,031	$	-
Accrued consulting and professional fees		1,902		1,259
Accrued research and development costs		679		1,478
Accrued clinical trial site costs		1,130		1,826
Accrued interest payable		403		-
Other		53		-
Total other current liabilities	$	18,198	$	4,563

Liquidity

12 Months Ended

Dec. 31, 2025

Cash and Cash Equivalents [Abstract]

Liquidity

Note 2. Liquidity

The Company received $46.8 million of net cash provided by its operating activities, had a net income of $20.9 million during 2025 and had an accumulated deficit of $431.4 million at December 31, 2025 resulting from losses incurred prior to 2025. The Company had $70.1 million of cash and cash equivalents and $436.0 million of marketable securities on December 31, 2025. With FDA approval of VYKAT XR and first prescriptions being delivered in April 2025, the Company began recognizing revenue and became profitable during 2025. The Company's ability to sustain operating profitability is dependent upon continued successful commercialization of VYKAT XR.

As of December 31, 2025, the Company had $50.0 million outstanding under the loan and security agreement with Oxford Financing LLC and its affiliates (collectively, Oxford) entered into in December 2024. Under the terms of the loan agreement with Oxford, following FDA approval of VYKAT XR, an additional $50 million became available through September 30, 2025, but was not drawn down. Following the amendment of the Company's loan and security agreement in November 2025, the final three tranches of an aggregate of $100 million may be made available upon mutual consent with Oxford. As a result of a milestone achieved in 2025, the loan carries an interest-only period of 60 months and a total term of 72 months. The term loans accrue interest at a floating rate equal to, subject to certain conditions, (a) 1-month term SOFR plus (b) 5.50%.

In addition to the Oxford loan and security agreement, the Company has historically financed its operations through issuance of equity securities. In July 2025, the Company closed an underwritten public offering of 2,705,882 shares of its common stock at an offering price of $85.00 per share, which included the exercise in full by the underwriters of their option to purchase additional shares. The gross proceeds of the public offering were $230.0 million, before deducting the underwriter discount and other offering expenses, totaling approximately $14.3 million.

On July 19, 2024, the Company entered into an Open Market Sale AgreementSM (the Sales Agreement) with Jefferies LLC, as sales agent (Jefferies), pursuant to which the Company may offer and sell, from time to

time, through Jefferies shares of its common stock having an aggregate offering price of up to $150 million.

In May 2024, the Company closed an underwritten public offering of 3,450,000 shares of its common stock at a public offering price of $46.00 per share, which included the exercise in full by the underwriters of their option to purchase additional shares. The gross proceeds of the public offering were $158.7 million, before deducting the underwriter discount and other offering expenses, totaling approximately $9.7 million.

The Company expects that its current cash, cash equivalents and marketable securities balances and cash flows from operations will be sufficient to enable the Company to meet its obligations for at least the next twelve months from the date of this filing.

Defined Contribution Plan

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Defined Contribution Plan

Note 11. Defined Contribution Plan

The Company sponsors a 401(k) Plan, which stipulates that eligible employees can elect to contribute to the 401(k) Plan, subject to certain limitations of eligible compensation. The Company may match employee contributions in amounts to be determined at the Company’s sole discretion. The Company made matching contributions of $0.6 million and $0.2 million in 2025 and 2024, respectively, and no matching contributions in 2023.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Balance Sheet Components Disclosure [Abstract]

Stockholders' Equity - Summary of Stock Based Compensation Expense (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	$ 45,846	$ 99,958	$ 5,945
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	11,722	33,743	2,434
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 34,124	$ 66,215	$ 3,511

Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Balance Sheet Components

Note 5. Balance Sheet Components

Inventory, Net

Inventory consisted of the following (in thousands):


	December 31, 2025			December 31, 2024
Raw materials	$	6,449		$	-
Work in process		2,710			-
Finished goods		6,022			-
Less: Reserve for excess and obsolete inventory		(157	)		-
Total inventory, net	$	15,024		$	-

Property and Equipment, Net

Property and equipment consisted of the following (in thousands):


	December 31, 2025			December 31, 2024
Computer hardware	$	42		$	24
Leasehold improvements		93			52
Furniture and fixtures		173			180
		308			256
Less accumulated depreciation and amortization		(123	)		(70	)
Total	$	185		$	186

Depreciation expense was approximately $73 thousand, $43 thousand, and $14 thousand for the years ended December 31, 2025, 2024, and 2023, respectively.

Intangible Assets, Net

Intangible assets consisted of the following (in thousands):


	December 31, 2025							December 31, 2024
	Amount		Accumulated Amortization			Net Amount		Amount		Accumulated Amortization			Net Amount
Patents and merger costs	$	22,003	$	(17,142	)	$	4,861	$	22,003	$	(15,198	)	$	6,805

Future amortization expense for intangible assets over their remaining useful lives is as follows (in thousands):


Year ending December 31	Patents and trademarks
2026	$	1,944
2027		1,944
2028		973
Total	$	4,861

Amortization expense was $1.9 million for the years ended December 31, 2025, 2024 and 2023.

Other Current Liabilities

Other current liabilities consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Product revenue reserve for rebates, returns, and other incentives	$	14,031	$	-
Accrued consulting and professional fees		1,902		1,259
Accrued research and development costs		679		1,478
Accrued clinical trial site costs		1,130		1,826
Accrued interest payable		403		-
Other		53		-
Total other current liabilities	$	18,198	$	4,563

Segment Reporting - Schedule of Cash Operating Expenses Reconciled to Net Income (Loss) on Consolidated Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Product revenue, net	$ 190,405
Net Income (Loss)	20,890	$ (175,850)	$ (38,988)
Less total other income, net	11,476	11,821	2,396
Operating income (loss)	9,414	(187,671)	(41,384)
Total operating expenses	180,991	187,671	41,384
Depreciation and amortization	(2,017)	(1,987)	(1,958)
Non-cash lease expense	(607)	(444)	(321)
Change in fair value of contingent consideration	(5,536)	(3,242)	(2,714)
Stock-based compensation	(45,846)	(99,958)	(5,945)
Cash operating expenses	$ 126,985	$ 82,040	$ 30,446

Long-term Debt - Schedule Of Interest Expense Related to the Long-term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Interest expense based on contractual loan rate	$ 4,937	$ 209
Amortization of debt issuance costs and accretion of final interest payment	539	22
Total interest expense	$ 5,476	$ 231

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 6. Commitments and Contingencies

Facility Leases

On June 13, 2024, the Company entered into a new office lease in Redwood City, California for office space for its headquarters facility. The lease provides office space of approximately 18,026 square feet and for base monthly rent payments beginning at $57,400 that increase annually by approximately 3.0% over the term of five years from the date of occupancy. In addition to base rent, the Company has agreed to reimburse the landlord for certain operating expenses under the terms of the lease. The lease commencement date was September 1, 2024 when the premises became available for occupancy and the related operating lease ROU assets and liabilities were recorded in the Company's consolidated balance sheet as of December 31, 2025. The Company's operating lease for its predecessor headquarters facility office space in Redwood City, California began on June 1, 2023 and expired in May 2025.

On November 25, 2025, the Company executed an amendment to its office lease in Redwood City, California for additional office space for its headquarters facility. The amendment provides additional office

space of approximately 17,779 square feet and for base monthly rent payments beginning at $32,747 that increase annually to $79,650 in the final year of the lease in 2029. In addition to base rent, the Company has agreed to reimburse the landlord for certain operating expenses under the terms of the lease. As of the date of this filing, the premises is not available for occupancy and therefore as the office lease has not commenced, the related operating lease ROU assets and liabilities are not recorded in the Company's consolidated balance sheet as of December 31, 2025.

The Company's operating lease ROU assets, current operating lease liabilities and long-term operating lease liabilities each appear as a separate line within the Company's consolidated balance sheets. In September 2024, the Company recorded an increase to its right-of-use assets by $2.8 million and an increase to its lease liability of $2.8 million as a result of the June 2024 office lease. As of December 31, 2025 and December 31, 2024, the Company's short-term liabilities were equal to $0.7 million and $0.5 million, respectively, and the long-term operating lease liabilities were equal to $2.0 million and $2.5 million, respectively.

The weighted average discount rate related to the Company’s lease liabilities was 8.5% as of December 31, 2025 over a remaining term of 3.7 years, and 8.5% as of December 31, 2024 over the remaining term of 4.7 years. The discount rates were determined based on estimates of the Company's incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined.

The components of lease expense were as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Operating lease cost:
Operating lease cost	$	853	$	548	$	312
Variable lease cost		6		16		-
Short-term lease cost		87		157		44
Total operating lease cost	$	946	$	721	$	356

Supplemental cash flow information related to leases was as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	552	$	344	$	341

The following is a schedule by year of future maturities of the Company’s operating lease liabilities as of December 31, 2025 (in thousands):


2026	$	692
2027		861
2028		942
2029		665
Total lease payments		3,160
Less interest		(470	)
Total	$	2,690

Other Commitments

The Company enters into agreements in the normal course of business, including with contract research organizations for clinical trials, contract manufacturing organizations for certain manufacturing services, and vendors for preclinical studies as well as other services and products for operating purposes, which are generally cancelable upon written notice. As of December 31, 2025, the Company's non-cancelable other commitments aggregated $15.3 million.

Contingencies

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated.

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Components Disclosure [Abstract]
Depreciation expense	$ 73	$ 43	$ 14
Amortization	$ 1,900	$ 1,900	$ 1,900

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 9. Income Taxes

For financial reporting purposes, income (loss) before provision for income taxes, includes the following components (in thousands):


	Years Ended December 31,
	2025		2024			2023
United States	$	20,253	$	(175,921	)	$	(39,180	)
Foreign		637		71			192
Income (loss) before income taxes	$	20,890	$	(175,850	)	$	(38,988	)

Income Taxes Paid

Income taxes paid, net of refunds received consists of the following (in thousands):


	Years Ended December 31,
	2025		2024		2023
U.S. Federal	$	-	$	-	$	-
U.S. State and Local
California		2		2		2
New Jersey		2		2		2
Massachusetts		-		8		1
Other		1		-		-
Total U.S. State and Local		5		12		5
Foreign
United Kingdom		1		27		-
Ireland		8		-		-
Total Foreign		9		27		-
Total income taxes paid	$	14	$	39	$	5

Provision (Benefit) for Income Taxes

The Company recorded no provision for income taxes for the years ended December 31, 2025, 2024 and 2023.

Income tax provision (benefit) differs from the amounts computed by applying the statutory income tax rate of 21% to pretax income (loss) as follows (in thousands):


	Years Ended December 31,
	2025						2024						2023
	Amount			Percent			Amount			Percent			Amount			Percent
Tax at U.S. statutory rate on income before income taxes	$	4,387			21.0	%	$	(36,928	)		21.0	%	$	(8,187	)		20.5	%
State income taxes, net of federal effect (1)		(435	)		-2.1	%		(458	)		0.3	%		(273	)		0.7	%
Change in valuation allowance		(7,026	)		-33.6	%		16,880			-9.6	%		8,701			-21.8	%
Nontaxable or nondeductible items:
Stock-based compensation		(1,625	)		-7.8	%		9,652			-5.5	%		(600	)		1.5	%
Contingent consideration remeasurement		1,163			5.6	%		681			-0.4	%		570			-1.4	%
Section 162(m) limitation		8,127			38.9	%		(958	)		0.5	%		589			-1.5	%
Net operating loss expiration		804			3.9	%		734			-0.4	%		464			-1.2	%
Section 382 limitation		-			0.0	%		16,531			-9.4	%		-			0.0	%
Other nontaxable or nondeductible items		72			0.3	%		25			0.0	%		48			-0.1	%
Change in tax laws or rates		-			0.0	%		-			0.0	%		-			0.0	%
Tax credits:
Federal research and development credits		87			0.4	%		2,429			-1.4	%		(2,362	)		5.9	%
Orphan Drug Credit		(8,414	)		-40.3	%		(12,404	)		7.1	%		-			0.0	%
Cross-border tax laws		61			0.3	%		(74	)		0.0	%		74			-0.2	%
Worldwide changes in UTB		2,933			14.0	%		3,428			-1.9	%		1,003			-2.5	%
Other		-			0.0	%		477			-0.3	%		13			0.0	%
Foreign tax effects
Foreign jurisdictions		(134	)		-0.6	%		(15	)		0.0	%		(40	)		0.1	%
Provision for income taxes	$	-			0.0	%	$	-			0.0	%	$	-			0.0	%

Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets for federal and state income taxes are as follows (in thousands):


	December 31,
	2025			2024			2023
Deferred tax assets:
Federal and state net operating loss carryforwards	$	45,942		$	44,319		$	51,481
Research and other credits		20,758			14,127			6,352
Capitalized research and development		1,037			17,200			6,778
Reserves and accruals		1,435			555			655
Fixed assets		139			23			29
Capital loss carryforward		-			-			432
Stock-based compensation		11,640			8,628			2,013
Lease liability		701			636			85
Other deferred tax assets		91			57			54
Gross deferred tax assets		81,743			85,545			67,879
Deferred tax liabilities:
Intangible assets		(1,267	)		(1,445	)		(1,837	)
Right-of-use assets		(571	)		(594	)		(86	)
Total deferred tax liabilities		(1,838	)		(2,039	)		(1,923	)
Total deferred tax assets		79,905			83,506			65,956
Valuation allowance		(79,905	)		(83,506	)		(65,956	)
Net deferred tax assets	$	-		$	-		$	-

The Company has recorded a full valuation allowance against its net deferred tax assets due to the uncertainty as to whether such assets will be realized. The valuation allowance decreased by $3.6 million from December 31, 2024 to December 31, 2025 primarily due to expensing of unamortized basis of capitalized research and development expenses.

As required under ASU 2023-09, the Company has included only the portion of the valuation allowance related to federal deferred tax assets in the "change in valuation allowance" line of the rate reconciliation. The following table presents a reconciliation of the total change in the valuation allowance (in thousands):


	Years Ended December 31,
	2025			2024			2023
Beginning balance	$	83,506		$	65,956		$	57,017
Change charged to income tax expense		(3,591	)		17,627			8,939
Change charged to other comprehensive income		(10	)		(77	)		-
Ending balance	$	79,905		$	83,506		$	65,956

As of December 31, 2025, the Company had $179.7 million of federal and $122.1 million of state net operating losses available to offset future taxable income. The Federal net operating loss carryforwards arising from years prior to 2018 began to expire in 2022, however post 2017 federal net operating loss carryforwards of $162.5 million may be carried forward indefinitely. The state net operating loss carryforwards will begin to expire in 2028. As of December 31, 2025, the Company also had $24.6 million of federal orphan drug and research and development credits and $6.4 million of state research and development credit carryforwards. The federal research and development credit carryforward begin to expire in 2025 and the state research and development credit can be carried forward indefinitely.

Utilization of net operating loss and tax credit carryforwards may be subject to certain limitations under Section 382 of the Internal Revenue Code of 1986, as amended, in the event of a change in the Company’s ownership, as defined. The annual limitation may result in the expiration of the net operating loss and tax credit before utilization. The Company has completed a Section 382 analysis from January 1, 2017 through June 30, 2025 and determined that a change in ownership has occurred on March 7, 2017, December 21, 2018, June 30, 2020, September 26, 2023, and June 30, 2024. As a result, the net operating loss carryforwards and tax credit carryforwards may be subject to annual limitations before being applied to reduce future income tax liabilities. For years ended after December 31, 2025, the utilization of net operating losses and tax credit carryforwards may be subject to further limitation in the event an additional ownership change were to occur for tax purposes.

U.S. taxes and foreign withholding taxes have not been provided on undistributed earnings for certain non-U.S. subsidiaries as of December 31, 2025, as the earnings, if any, are intended to be indefinitely reinvested.

The following tables summarize the activities of gross unrecognized tax benefits (in thousands):


	Years Ended December 31,
	2025			2024			2023
Beginning balance	$	6,367		$	2,938		$	1,936
Increase related to current year tax positions		2,921			2,884			1,002
Increase related to prior year tax positions		68			1,332			-
Decrease related to prior year tax positions		(56	)		(787	)		-
Ending balance	$	9,300		$	6,367		$	2,938

The Company uses the “more likely than not” criterion for recognizing the tax benefit of uncertain tax positions and to establish measurement criteria for income tax benefits. The Company has determined it has $9.3 million of unrecognized assets and liabilities related to uncertain tax positions as of December 31, 2025. In the event the Company should need to recognize interest and penalties related to unrecognized tax liabilities, this amount will be recorded as a component of other expense.

There were no unrecognized tax benefits that would impact the effective tax rate as of December 31, 2025 and December 31, 2024. As of December 31, 2025, unrecognized tax benefits of $9.3 million would be offset by a change in valuation allowance.

The Company files income tax returns in the U.S. federal jurisdiction, certain state jurisdictions, United Kingdom and Ireland. In the normal course of business, the Company is subject to examination by federal, state, local and foreign jurisdictions, where applicable. In the U.S federal jurisdiction, tax years 2006 forward remain open to examination, in the state tax jurisdiction, years 2008 forward remain open to examination and in the foreign jurisdiction, years 2015 forward remain open to examination. The Company is currently not under audit by any federal, state, local or foreign jurisdiction.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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

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

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

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

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

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

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Concentration of Major Customers and Off-Balance Sheet Risk

Basis of Presentation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

Accounts Receivable, net

Revenue Recognition

Product Revenue, net

Reserves for Variable Consideration

The following are the components of variable consideration related to product revenue:

Provisions for trade discounts and allowances are recorded as reductions to accounts receivable, and returns, government rebates, and other incentives are recorded as a component of accrued expenses.

The table below summarizes balances and activity in each of the product revenue allowance and reserve categories as follows (in thousands):



	Rebates			Discounts and Chargebacks			Copay Assistance and Returns			Total
Balance as of December 31, 2024	$	-		$	-		$	-		$	-
Provisions		21,396			5,397			981			27,774
Credits/payments		(7,711	)		(4,674	)		(634	)		(13,019	)
Balance as of December 31, 2025	$	13,685		$	723		$	347		$	14,755

Inventory

Cost of Goods Sold

Segments

Cash and Cash Equivalents

Marketable Securities

Prepaid Expenses and Other Current Assets

Property and Equipment, Net

Research and Development

Change in Fair Value of Contingent Consideration

Change in fair value of contingent consideration

Income Taxes

Common Stock Purchase Warrants and Other Derivative Financial Instruments

Stock-Based Compensation

implicit or derived service period based on management’s estimate of the probability of the performance criteria being satisfied, adjusted at each balance sheet date.

•

Risk-free interest rate: The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected life of the stock options.

•

Volatility: The estimated volatility rate is based on the volatilities of the Company’s common stock for a historical period equal to the expected life of the stock options.

•

The Company accounts for forfeitures as they occur.

Recent Adopted Accounting Pronouncements

December 15, 2027. The Company is currently assessing the impacts of the new guidance on its financial statement disclosures.

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Marketable Securities Classified as Available-for-sale Securities

Marketable securities, all of which are classified as available-for-sale securities, consisted of the following at December 31, 2025 (in thousands):


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	274,524	$	388	$	(80	)	$	274,832
Other government agency securities		23,202		14		-			23,216
Corporate debt securities and commercial paper		137,859		133		(58	)		137,934
Total	$	435,585	$	535	$	(138	)	$	435,982

Summary of Financial Instruments Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	Fair Value Measurements at December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	63,613	$	63,613	$	-	$	-
Total cash equivalents	$	63,613	$	63,613	$	-	$	-

Marketable securities:
U.S. treasury securities	$	274,832	$	-	$	274,832	$	-
Other government agency securities		23,216		-		23,216		-
Corporate debt securities and commercial paper		137,934		-		137,934		-
Total marketable securities		435,982		-		435,982		-
Total assets	$	499,595	$	63,613	$	435,982	$	-

Liabilities
Essentialis purchase price contingency liability	$	20,327	$	-	$	-	$	20,327
Total liabilities	$	20,327	$	-	$	-	$	20,327


	Fair Value Measurements at December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	59,885	$	59,885	$	-	$	-
Total cash equivalents	$	59,885	$	59,885	$	-	$	-

Marketable securities:
U.S. treasury securities	$	198,065	$	-	$	198,065	$	-
Corporate debt securities and commercial paper		32,655		-		32,655		-
Total marketable securities		230,720		-		230,720		-
Total assets	$	290,605	$	59,885	$	230,720	$	-

Liabilities
Essentialis purchase price contingency liability	$	14,791	$	-	$	-	$	14,791
Total liabilities	$	14,791	$	-	$	-	$	14,791

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 assets and liabilities for the years ended December 31, 2025 and 2024 (in thousands):


	Purchase Price
	Contingent
	Liability
Balance at January 1, 2025	$	14,791
Change in value of contingent liability		5,536
Balance at December 31, 2025	$	20,327

	Purchase Price
	Contingent
	Liability
Balance at January 1, 2024	$	11,549
Change in value of contingent liability		3,242
Balance at December 31, 2024	$	14,791

Commitments and Contingencies - Reconciliation of Undiscounted Future Minimum Lease Payments Remaining under Operating Lease (Detail) $ in Thousands	Dec. 31, 2025 USD ($)
Operating lease liabilities
2026	$ 692
2027	861
2028	942
2029	665
Total lease payments	3,160
Less interest	(470)
Total	$ 2,690

Income Taxes - Summary of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 6,367	$ 2,938	$ 1,936
Increase related to current year tax positions	2,921	2,884	1,002
Increase related to prior year tax positions	68	1,332
Decrease related to prior year tax positions	(56)	(787)
Ending balance	$ 9,300	$ 6,367	$ 2,938

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Increase (decrease) in valuation allowance	$ (3,600,000)
Provision for income taxes	$ 0	$ 0	$ 0
Tax at statutory rate on income before income taxes	21.00%	21.00%	20.50%
Unrecognized assets and liabilities related to uncertain tax positions	$ 9,300,000
Unrecognized tax benefits that would impact effective tax rate	0	$ 0
Unrecognized tax benefit offset by change in valuation allowance	9,300,000
U.S. Federal Jurisdiction [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	179,700,000
Operating loss carryforwards, carried forward indefinitely	162,500,000
U.S. Federal Jurisdiction [Member] \| Research Tax Credit Carryforward [Member]
Income Tax Contingency [Line Items]
Tax credit carryforwards	24,600,000
State Tax Jurisdiction [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	122,100,000
State Tax Jurisdiction [Member] \| Research Tax Credit Carryforward [Member]
Income Tax Contingency [Line Items]
Tax credit carryforwards	$ 6,400,000

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2025 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company’s chief operating decision maker (CODM) is the chief executive officer who reviews product revenue, net and cash operating expenses on a consolidated basis to make decisions about allocating resources and assessing performance for the entire Company.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Stockholders' Equity - Summary of Restricted Stock Unit Transactions (Detail) - Restricted Stock Units [Member] - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock units granted	409,984	763,270
Weighted-average grant date fair value
Restricted stock units granted (in dollars per share)	$ 57.68	$ 46.47	$ 5.49
2014 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance	939,865
Restricted stock units granted	409,984
Restricted stock units vested	(887,124)
Restricted stock units cancelled/forfeited	(19,434)
Ending balance	443,291	939,865
Weighted-average grant date fair value
Beginning balance (in dollars per share)	$ 48.55
Restricted stock units granted (in dollars per share)	57.68
Restricted stock units vested (in dollars per share)	48.59
Restricted stock units cancelled/forfeited (in dollars per share)	58.75
Ending balance (in dollars per share)	$ 56.47	$ 48.55

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Mar. 07, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Milestones payment	$ 100.0	$ 200.0
Percentage of probability of achieving milestone		88.00%	88.00%
Percentage of probability of achieving remaining milestone	100.00%
Essentialis, Inc. [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Maximum potential cash earnout payments				$ 21.2

Income Taxes - Summary of Change in the Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Beginning balance	$ 83,506	$ 65,956	$ 57,017
Change Charged to Income Tax Expense	(3,591)	17,627	8,939
Change Charged to Other Comprehensive Income	(10)	(77)
Ending balance	$ 79,905	$ 83,506	$ 65,956

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 70,106	$ 87,928
Marketable securities	235,366	203,509
Accounts receivable, net	28,208
Inventory, net	15,024
Prepaid expenses and other current assets	7,110	2,452
Total current assets	355,814	293,889
Long-term assets
Property and equipment, net	185	186
Operating lease right-of-use assets	2,191	2,798
Intangible assets, net	4,861	6,805
Long-term marketable securities	200,616	27,211
Other long-term assets	163	83
Total assets	563,830	330,972
Current liabilities
Accounts payable	12,435	8,882
Accrued compensation	9,677	4,776
Operating lease liabilities	726	526
Contingent liability for Essentialis purchase price	20,327
Other current liabilities	18,198	4,563
Total current liabilities	61,363	18,747
Long-term liabilities
Contingent liability for Essentialis purchase price		14,791
Long-term debt, net	49,863	49,828
Long-term lease liabilities	1,964	2,472
Other long-term liabilities	525	21
Total liabilities	113,715	85,859
Commitments and contingencies (Note 6)
Stockholders’ equity
Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.001 par value, 100,000,000 shares authorized, 52,286,881 and 45,703,811 shares issued and outstanding at December 31, 2025 and 2024, respectively	52	46
Additional paid-in-capital	881,018	696,966
Accumulated other comprehensive income	415	361
Accumulated deficit	(431,370)	(452,260)
Total stockholders' equity	450,115	245,113
Total liabilities and stockholders'equity	$ 563,830	$ 330,972

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule Of Outstanding Long-term Debt

The outstanding long-term debt consisted of the following (in thousands):


	December 31, 2025			December 31, 2024
Long-term debt	$	50,000		$	50,000
Unamortized debt issuance costs		(137	)		(172	)
Total long-term debt, net	$	49,863		$	49,828

Schedule of Interest Expense Related to the Long-term Debt

The following table provides the components of interest expense related to the long-term debt (in thousands):


	Years Ended December 31,
	2025		2024		2023
Interest expense based on contractual loan rate	$	4,937	$	209	$	-
Amortization of debt issuance costs and accretion of final interest payment		539		22		-
Total interest expense	$	5,476	$	231	$	-

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Net Income (Loss) per Share

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Securities Trading Plans of Directors and Executive Officers During the three months ended December 31, 2025, the Company did not adopt, modify or terminate a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, each as defined in Regulation S-K Item 408. On November 24, 2025, James Mackaness, our Chief Financial Officer, terminated the Rule 10b5-1 trading plan announced in the Company's Quarterly Report on Form 10-Q for the three months ended September 30, 2025, prior to any trades being made thereunder.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b51 Arr Modified Flag	false
Non Rule 10b51 Arr Modified Flag	false
James Mackaness
Trading Arrangements, by Individual
Name	James Mackaness
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	November 24, 2025

Net Income (Loss) per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Note 10. Net Income (Loss) per Share

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common stock outstanding during the period. Shares of common stock that are potentially issuable for little or no cash consideration at issuance, such as the Company's pre-funded warrants issued in March 2022 and October 2023 and in connection with the exercise of certain May 2023 Tranche A and Tranche B warrants, are considered outstanding common stock and are included in the calculation of basic and diluted net loss per share in connection with ASC 260 Earnings Per Shares. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of common stock outstanding and dilutive potential common stock that would be issued upon the exercise or vesting of common stock awards and exercise of common stock warrants that are not pre-funded using the treasury stock method which would result in the issuance of incremental shares of common stock. The Company applies the two-class method to calculate basic and diluted earnings per share as its warrants issued in March 2022 and May 2023 are

participating securities. However, the two-class method does not impact the net loss per share of common stock as the March 2022 and May 2023 common warrants issued do not participate in losses. For the years ended December 31, 2024 and 2023, the effect of issuing the respective potential common stock is anti-dilutive due to the net losses in those periods and therefore the number of shares used to compute basic and diluted net loss per share are the same in each of those periods.

The following securities are included in the weighted-average common shares outstanding used to calculate basic and diluted net income (loss) per common share:


	Years Ended December 31,
	2025			2024			2023
Numerator:
Net income (loss)	$	20,890		$	(175,850	)	$	(38,988	)
Less: Earnings attributable to participating securities		(415	)		—			—
Net income (loss) attributable to common stockholders - basic and diluted	$	20,475		$	(175,850	)	$	(38,988	)

Denominator:
Common stock		50,567,586			37,689,804			15,040,036
March 2022 pre-funded warrants		—			—			290,665
May 2023 Tranche A pre-funded warrants		—			1,685,181			778,904
May 2023 Tranche B pre-funded warrants		—			373,892			92,801
October 2023 pre-funded warrants		250,000			427,049			289,726
Weighted-average shares - basic		50,817,586			40,175,926			16,492,132

Effect of dilutive securities:
Stock options		1,228,032			—			—
Restricted stock units		339,268			—			—
Weighted-average shares - diluted		52,384,886			40,175,926			16,492,132

Net income (loss) per share - basic	$	0.40		$	(4.38	)	$	(2.36	)
Net income (loss) per share - diluted	$	0.39		$	(4.38	)	$	(2.36	)

The following potentially dilutive securities outstanding have been excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods presented:


	Years Ended December 31,
	2025		2024		2023
Warrants issued to 2010/2012 convertible note holders to purchase common stock		-		-		6,804
Warrants issued to underwriter to purchase common stock		-		-		1,100
March 2022 common warrants		-		1,255,346		1,929,066
May 2023 Tranche B warrants		-		2,065,305		6,750,000
Options to purchase common stock		1,869,149		3,971,798		2,369,665
Outstanding restricted stock units		8,307		939,865		15,534
Total		1,877,456		8,232,314		11,072,169

Fair Value of Financial Instruments - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Liabilities
Essentialis purchase price contingency liability		$ 14,791
Fair Value, Measurements, Recurring [Member]
Assets
Total cash equivalents	$ 63,613	59,885
Total marketable securities	435,982	230,720
Total assets	499,595	290,605
Liabilities
Essentialis purchase price contingency liability	20,327	14,791
Total liabilities	20,327	14,791
Fair Value, Measurements, Recurring [Member] \| Money Market Funds [Member]
Assets
Total cash equivalents	63,613	59,885
Fair Value, Measurements, Recurring [Member] \| US Treasury Securities [Member]
Assets
Total marketable securities	274,832	198,065
Fair Value, Measurements, Recurring [Member] \| Other Government Agency Securities [Member]
Assets
Total marketable securities	23,216
Fair Value, Measurements, Recurring [Member] \| Corporate Debt Securities and Commercial Paper [Member]
Assets
Total marketable securities	137,934	32,655
Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Assets
Total cash equivalents	63,613	59,885
Total assets	63,613	59,885
Level 1 [Member] \| Fair Value, Measurements, Recurring [Member] \| Money Market Funds [Member]
Assets
Total cash equivalents	63,613	59,885
Level 2 [Member] \| Fair Value, Measurements, Recurring [Member]
Assets
Total marketable securities	435,982	230,720
Total assets	435,982	230,720
Level 2 [Member] \| Fair Value, Measurements, Recurring [Member] \| US Treasury Securities [Member]
Assets
Total marketable securities	274,832	198,065
Level 2 [Member] \| Fair Value, Measurements, Recurring [Member] \| Other Government Agency Securities [Member]
Assets
Total marketable securities	23,216
Level 2 [Member] \| Fair Value, Measurements, Recurring [Member] \| Corporate Debt Securities and Commercial Paper [Member]
Assets
Total marketable securities	137,934	32,655
Level 3 [Member] \| Fair Value, Measurements, Recurring [Member]
Liabilities
Essentialis purchase price contingency liability	20,327	14,791
Total liabilities	$ 20,327	$ 14,791

Long-term Debt - Schedule of outstanding long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-term debt	$ 50,000	$ 50,000
Unamortized debt issuance costs	(137)	(172)
Total long-term debt, net	$ 49,863	$ 49,828

Schedule of Cash Operating Expenses Reconciled to Net Income (Loss) on Consolidated Basis

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

The following table presents selected financial information with respect to the Company's single operating segment for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Years Ended December 31,
	2025			2024			2023
Product revenue, net	$	190,405		$	-		$	-
Net income (loss)		20,890			(175,850	)		(38,988	)
Less total other income, net		11,476			11,821			2,396
Operating income (loss)		9,414			(187,671	)		(41,384	)
Total operating expenses		180,991			187,671			41,384
Less non-cash expenses
Depreciation and amortization		(2,017	)		(1,987	)		(1,958	)
Non-cash lease expense		(607	)		(444	)		(321	)
Change in fair value of contingent consideration		(5,536	)		(3,242	)		(2,714	)
Stock-based compensation		(45,846	)		(99,958	)		(5,945	)
Cash operating expenses	$	126,985		$	82,040		$	30,446

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 4. Fair Value of Financial Instruments

The carrying value of the Company’s cash, cash equivalents, accounts receivable and accounts payable, approximate fair value due to the short-term nature of these items.

Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The fair value hierarchy defines a three-level valuation hierarchy for disclosure of fair value measurements as follows:

•

Level I — Unadjusted quoted prices in active markets for identical assets or liabilities;

•

Level II — Inputs other than quoted prices included within Level I that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

•

Level III — Unobservable inputs that are supported by little or no market activity for the related assets or liabilities.

The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The fair value of marketable securities, which are Level 2 financial instruments, is based upon market prices quoted on the last day of the fiscal period or other observable market inputs. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, bids and/or offers. Marketable securities, all of which are classified as available-for-sale securities, consisted of the following at December 31, 2025 (in thousands):


	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	274,524	$	388	$	(80	)	$	274,832
Other government agency securities		23,202		14		-			23,216
Corporate debt securities and commercial paper		137,859		133		(58	)		137,934
Total	$	435,585	$	535	$	(138	)	$	435,982

The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	Fair Value Measurements at December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	63,613	$	63,613	$	-	$	-
Total cash equivalents	$	63,613	$	63,613	$	-	$	-

Marketable securities:
U.S. treasury securities	$	274,832	$	-	$	274,832	$	-
Other government agency securities		23,216		-		23,216		-
Corporate debt securities and commercial paper		137,934		-		137,934		-
Total marketable securities		435,982		-		435,982		-
Total assets	$	499,595	$	63,613	$	435,982	$	-

Liabilities
Essentialis purchase price contingency liability	$	20,327	$	-	$	-	$	20,327
Total liabilities	$	20,327	$	-	$	-	$	20,327


	Fair Value Measurements at December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	59,885	$	59,885	$	-	$	-
Total cash equivalents	$	59,885	$	59,885	$	-	$	-

Marketable securities:
U.S. treasury securities	$	198,065	$	-	$	198,065	$	-
Corporate debt securities and commercial paper		32,655		-		32,655		-
Total marketable securities		230,720		-		230,720		-
Total assets	$	290,605	$	59,885	$	230,720	$	-

Liabilities
Essentialis purchase price contingency liability	$	14,791	$	-	$	-	$	14,791
Total liabilities	$	14,791	$	-	$	-	$	14,791

Based on the terms of the completed merger with Essentialis on March 7, 2017, the Company is obligated to make cash earnout payments of up to a maximum of $21.2 million to the former Essentialis stockholders. The fair value of the Essentialis purchase price contingent liability is estimated using scenario-based methods based upon the Company’s analysis of the likelihood of obtaining specified approvals from the U.S. Food and Drug Administration (FDA) as well as achieving two commercial sales milestones of $100 million and $200 million in cumulative revenue. The Level 3 estimates are based, in part, on subjective assumptions. As of December 31, 2025, following the receipt of FDA approval for VYKAT XR, the Company no longer considers FDA approval as a variable and determined a 100% probability of achieving the remaining two milestones. Prior to receiving FDA approval, management relied on published research relating to clinical development success rates to determine the likelihood of FDA approval occurring. Based on this assessment, an 88% probability of achieving all three milestones was determined to be reasonable as of both December 31, 2024 and December 31, 2023. During the periods presented, other than as discussed above regarding the

receipt of FDA approval for VYKAT XR, the Company has not changed the manner in which it values its Essentialis purchase price contingent liability.

The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the periods presented.

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 assets and liabilities for the years ended December 31, 2025 and 2024 (in thousands):


	Purchase Price
	Contingent
	Liability
Balance at January 1, 2025	$	14,791
Change in value of contingent liability		5,536
Balance at December 31, 2025	$	20,327

	Purchase Price
	Contingent
	Liability
Balance at January 1, 2024	$	11,549
Change in value of contingent liability		3,242
Balance at December 31, 2024	$	14,791

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Income Taxes - Schedule of Income (Loss) before Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ 20,253	$ (175,921)	$ (39,180)
Foreign	637	71	192
Loss before income taxes	$ 20,890	$ (175,850)	$ (38,988)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Balance Sheet Components - Future Amortization Expense (Details) - Patents And Trademark [Member] $ in Thousands	Dec. 31, 2025 USD ($)
Finite Lived Intangible Assets [Line Items]
2026	$ 1,944
2027	1,944
2028	973
Net Amount	$ 4,861

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 24: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 26: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 27: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2026	Jan. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Payments to repurchase common stock			$ 100,146	$ 0	$ 0
Subsequent Event [Member] \| November 2025 Accelerated Share Repurchase Agreement
Subsequent Event [Line Items]
Repurchase of common stock	662,497	2,174,050
Payments to repurchase common stock	$ 100,000

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

+ References + Details

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues [Abstract]
Product revenue, net	$ 190,405
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Product [Member]	Product [Member]	Product [Member]
Operating expenses
Cost of goods sold	$ 2,700
Research and development	40,627	$ 78,568	$ 25,189
Selling, general and administrative	132,128	105,861	13,481
Change in fair value of contingent consideration	5,536	3,242	2,714
Total operating expenses	180,991	187,671	41,384
Operating income (loss)	9,414	(187,671)	(41,384)
Other income (expense), net
Change in fair value of warrant liability	0	0	(182)
Interest income, net	16,952	12,052	2,578
Interest expense	(5,476)	(231)
Total other income (expense), net	11,476	11,821	2,396
Net Income (Loss)	20,890	(175,850)	(38,988)
Other comprehensive income (loss)
Net unrealized gain on marketable securities	37	361
Foreign currency translation adjustment	17
Total comprehensive income (loss)	20,944	(175,489)	(38,988)
Less: Undistributed earnings attributable to participating securities, basic	(415)	0	0
Less: Undistributed earnings attributable to participating securities, diluted	(415)	0	0
Net income (loss) attributable to common stockholders - basic	20,475	(175,850)	(38,988)
Net income (loss) attributable to common stockholders - diluted	$ 20,475	$ (175,850)	$ (38,988)
Net income (loss) per share - basic	$ 0.4	$ (4.38)	$ (2.36)
Net income (loss) per share - diluted	$ 0.39	$ (4.38)	$ (2.36)
Weighted-average common shares outstanding - basic	50,817,586	40,175,926	16,492,132
Weighted-average common shares outstanding - diluted	52,384,886	40,175,926	16,492,132

Income Taxes - Summary of Income Taxes Paid, Net of Refunds Received (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
U.S. Federal	$ 0	$ 0	$ 0
Total U.S. State and Local	5	12	5
Total Foreign	9	27
Total income taxes paid	14	39	5
California
Income Tax Contingency [Line Items]
Total U.S. State and Local	2	2	2
New Jersey
Income Tax Contingency [Line Items]
Total U.S. State and Local	2	2	2
Massachusetts
Income Tax Contingency [Line Items]
Total U.S. State and Local		8	$ 1
Other
Income Tax Contingency [Line Items]
Total U.S. State and Local	1
United Kingdom
Income Tax Contingency [Line Items]
Total Foreign	1	$ 27
Ireland
Income Tax Contingency [Line Items]
Total Foreign	$ 8

Balance Sheet Components - Intangible Assets (Details) - Patents and Merger Costs [Member] - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite Lived Intangible Assets [Line Items]
Amount	$ 22,003	$ 22,003
Accumulated Amortization	(17,142)	(15,198)
Net Amount	$ 4,861	$ 6,805

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

Balance Sheet Components - Schedule of Inventory (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Balance Sheet Components Disclosure [Abstract]
Raw materials	$ 6,449
Work in process	2,710
Finished goods	6,022
Less: Reserve for excess and obsolete inventory	(157)
Total inventory, net	$ 15,024

Long-term Debt - Additional Information (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) Tranche	Dec. 31, 2024 USD ($)	Dec. 17, 2024 USD ($)
Debt Instrument [Line Items]
Principal amount of term loans		$ 50,000	$ 50,000
Number of tranches \| Tranche		3
Interest expense		$ 5,476	$ 231
Loan and Security Agreement [Member] \| Oxford [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				$ 200,000
Principal amount of term loans		$ 50,000
Debt instrument interest period		60 months
Debt instrument term		72 months
Debt Instrument interest rate stated percentage		5.50%	5.50%
Debt instrument payment terms		the loan carries an interest-only period of 60 months and a total term of 72 months. The term loans accrue interest, payable monthly, at a floating rate equal to, subject to certain conditions, (a) 1-month term SOFR plus (b) 5.50%. As a result of a milestone achieved in 2025, the term loan will begin to amortize in equal monthly installments beginning on February 1, 2030, through the maturity date of December 1, 2030.
Debt instrument maturity date		Dec. 01, 2030
Debt instrument date of first required payment		Feb. 01, 2030
Final principal fee payment percentage		6.50%
Debt instrument final interest payment		$ 3,300
Amount borrowed		50,000
Long-term accrued interest payable		525	$ 21
Loan issuance costs		174
Interest expense		5,500	231
Interest paid		$ 4,500	$ 209
Percentage of increase in applicable rate of interest under termination of the lenders' commitments		5.00%
Loan and Security Agreement [Member] \| Oxford [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Principal amount of term loans		$ 50,000
Loan and Security Agreement [Member] \| FDA Approval OF VYKATXR Tranche one [Member] \| Oxford [Member]
Debt Instrument [Line Items]
Debt instrument additional borrowing amount	$ 50,000
Debt instrument date of final borrowings	Sep. 30, 2025
Loan and Security Agreement [Member] \| Mutual Consent of Soleno and Oxford [Member] \| Oxford [Member]
Debt Instrument [Line Items]
Debt instrument additional borrowing amount		$ 100,000

Fair Value of Financial Instruments - Schedule of Marketable Securities Classified as Available-for-sale Securities (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 435,585
Unrealized Gains	535
Unrealized Losses	(138)
Estimated Fair Value	435,982
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	274,524
Unrealized Gains	388
Unrealized Losses	(80)
Estimated Fair Value	274,832
Other Government Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	23,202
Unrealized Gains	14
Estimated Fair Value	23,216
Corporate Debt Securities and Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	137,859
Unrealized Gains	133
Unrealized Losses	(58)
Estimated Fair Value	$ 137,934

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of Lease Expense

The components of lease expense were as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Operating lease cost:
Operating lease cost	$	853	$	548	$	312
Variable lease cost		6		16		-
Short-term lease cost		87		157		44
Total operating lease cost	$	946	$	721	$	356

Schedule Of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information related to leases was as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	552	$	344	$	341

Reconciliation of Undiscounted Future Minimum Lease Payments Remaining under Operating Lease

The following is a schedule by year of future maturities of the Company’s operating lease liabilities as of December 31, 2025 (in thousands):


2026	$	692
2027		861
2028		942
2029		665
Total lease payments		3,160
Less interest		(470	)
Total	$	2,690

Income Taxes - Income Tax Provision (Benefit) Computed by Applying Statutory Income Tax Rate to Pretax Income (Loss) (Detail) - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]

Tax at statutory rate on income before income taxes

$ 4,387,000

$ (36,928,000)

$ (8,187,000)

State income taxes, net of federal effect

^[1]

(435,000)

(458,000)

(273,000)

Change in valuation allowance

(7,026,000)

16,880,000

8,701,000

Stock-based compensation

(1,625,000)

9,652,000

(600,000)

Contingent consideration remeasurement

1,163,000

681,000

570,000

Section 162(m) limitation

8,127,000

(958,000)

589,000

Other nontaxable or nondeductible items

72,000

25,000

48,000

Change in tax laws or rates

Federal research and development credits

87,000

2,429,000

(2,362,000)

Orphan Drug Credit

(8,414,000)

(12,404,000)

Cross-border tax laws

61,000

(74,000)

74,000

Worldwide changes in UTB

2,933,000

3,428,000

1,003,000

Net operating loss expiration

804,000

734,000

464,000

Section 382 limitation

16,531,000

Other

477,000

13,000

Foreign jurisdictions

(134,000)

(15,000)

(40,000)

Provision (benefit) for income taxes

$ 0

Effective Income Tax Rate Reconciliation, Percent [Abstract]

Tax at statutory rate on income before income taxes

21.00%

20.50%

State income taxes, net of federal effect

^[1]

(2.10%)

0.30%

0.70%

Change in valuation allowance

(33.60%)

(9.60%)

(21.80%)

Stock-based compensation

(7.80%)

(5.50%)

1.50%

Contingent consideration remeasurement

5.60%

(0.40%)

(1.40%)

Section 162(m) limitation

38.90%

0.50%

(1.50%)

Other nontaxable or nondeductible items

0.30%

0.00%

(0.10%)

Change in tax laws or rates

0.00%

Federal research and development credits

0.40%

(1.40%)

5.90%

Orphan Drug Credit

(40.30%)

7.10%

0.00%

Cross-border tax laws

0.30%

0.00%

(0.20%)

Worldwide changes in UTB

14.00%

(1.90%)

(2.50%)

Net operating loss expiration

3.90%

(0.40%)

(1.20%)

Section 382 limitation

0.00%

(9.40%)

0.00%

Other

0.00%

(0.30%)

0.00%

Foreign jurisdictions

(0.60%)

0.00%

0.10%

Provision for income taxes

0.00%

[1]	The states that contribute to the majority (greater than 50%) of the tax effect in this category include Mississippi, New Jersey, and California for 2025, Massachusetts, New Jersey, and California for 2024, and New Jersey and California for 2023.

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Product Revenue Allowance and Reserve Categories

The table below summarizes balances and activity in each of the product revenue allowance and reserve categories as follows (in thousands):



	Rebates			Discounts and Chargebacks			Copay Assistance and Returns			Total
Balance as of December 31, 2024	$	-		$	-		$	-		$	-
Provisions		21,396			5,397			981			27,774
Credits/payments		(7,711	)		(4,674	)		(634	)		(13,019	)
Balance as of December 31, 2025	$	13,685		$	723		$	347		$	14,755

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Less transaction costs	$ 14,300	$ 9,746
Less transaction costs			$ 8,449

Stockholders' Equity - Summary of Outstanding Common Stock Warrants (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Number of Common Shares	251,599	3,570,651	13,071,883
Common Stock Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares			7,904
Weighted Average Exercise Price per Share			$ 388.94
Expiration Date	2024-11
March 2022 Common Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares	1,599	1,255,346	1,929,066
Weighted Average Exercise Price per Share	$ 4.5	$ 4.5	$ 4.5
Expiration Date	2027-03
May 2023 Tranche A Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares			2,758,281
Weighted Average Exercise Price per Share			$ 0.01
Expiration Date	2026-11
May 2023 Tranche B Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares		2,065,305	6,750,000
Weighted Average Exercise Price per Share		$ 2.5	$ 2.5
Expiration Date	2026-11
May 2023 Tranche B Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares			451,632
Weighted Average Exercise Price per Share			$ 0.01
Expiration Date	2026-11
October 2023 Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares	250,000	250,000	1,175,000
Weighted Average Exercise Price per Share	$ 0.01	$ 0.01	$ 0.01

Net Income (Loss) per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Weighted-Average Common Shares Outstanding used to Calculate Basic and Diluted Net Income (Loss) per Common Share

The following securities are included in the weighted-average common shares outstanding used to calculate basic and diluted net income (loss) per common share:


	Years Ended December 31,
	2025			2024			2023
Numerator:
Net income (loss)	$	20,890		$	(175,850	)	$	(38,988	)
Less: Earnings attributable to participating securities		(415	)		—			—
Net income (loss) attributable to common stockholders - basic and diluted	$	20,475		$	(175,850	)	$	(38,988	)

Denominator:
Common stock		50,567,586			37,689,804			15,040,036
March 2022 pre-funded warrants		—			—			290,665
May 2023 Tranche A pre-funded warrants		—			1,685,181			778,904
May 2023 Tranche B pre-funded warrants		—			373,892			92,801
October 2023 pre-funded warrants		250,000			427,049			289,726
Weighted-average shares - basic		50,817,586			40,175,926			16,492,132

Effect of dilutive securities:
Stock options		1,228,032			—			—
Restricted stock units		339,268			—			—
Weighted-average shares - diluted		52,384,886			40,175,926			16,492,132

Net income (loss) per share - basic	$	0.40		$	(4.38	)	$	(2.36	)
Net income (loss) per share - diluted	$	0.39		$	(4.38	)	$	(2.36	)

Schedule of Potentially Dilutive Securities Outstanding Excluded from Computation of Diluted Net Income (Loss) per Share


	Years Ended December 31,
	2025		2024		2023
Warrants issued to 2010/2012 convertible note holders to purchase common stock		-		-		6,804
Warrants issued to underwriter to purchase common stock		-		-		1,100
March 2022 common warrants		-		1,255,346		1,929,066
May 2023 Tranche B warrants		-		2,065,305		6,750,000
Options to purchase common stock		1,869,149		3,971,798		2,369,665
Outstanding restricted stock units		8,307		939,865		15,534
Total		1,877,456		8,232,314		11,072,169

Stockholders' Equity - Summary of Stock Option and Restricted Stock Unit Transactions (Detail) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options granted	1,404,516	1,819,324	1,821,784
2014 Plan and Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance	3,971,798
Options granted	1,404,516
Options exercised	(1,141,597)
Options canceled/forfeited	(202,608)
Ending balance	4,032,109	3,971,798
Options exercisable at end of period (shares)	1,529,334
Options vested and expected to vest at end of period (shares)	4,032,109
Weighted-Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 26.75
Options granted (in dollars per share)	54.88
Options exercised (in dollars per share)	15.07
Options canceled/forfeited (in dollars per share)	52.49
Ending balance (in dollars per share)	38.56	$ 26.75
Options exercisable at end of period (in dollars per share)	26.45
Options vested and expected to vest at end of period (in dollars per share)	$ 38.56
Weighted Average Remaining Contractual Term
Options outstanding at end of period	8 years 3 months 3 days	8 years 5 months 23 days
Options exercisable at end of period	7 years 3 months 7 days
Options vested and expected to vest at end of period	8 years 3 months 3 days
Options outstanding at end of period	$ 47,415
Options exercisable at end of period	32,501
Options vested and expected to vest at end of period	$ 47,415

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Feb. 19, 2026	Jun. 30, 2025
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
Entity Registrant Name	SOLENO THERAPEUTICS INC
Entity Central Index Key	0001484565
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 Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-36593
Entity Tax Identification Number	77-0523891
Entity Address, Address Line One	100 Marine Parkway
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	213-8444
Entity Incorporation, State or Country Code	DE
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Common Stock, Shares Outstanding		51,624,384
Entity Public Float			$ 4.1
Auditor Name	CBIZ CPAs P.C.
Auditor Location	San Francisco, CA
Auditor Firm ID	199
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Soleno Therapeutics, Inc. (the “Company”) as of December 31, 2025, the related consolidated statements of operations and comprehensive income (loss), stockholders’ equity and cash flows for the year ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. 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 the criteria established in internal control - integrated framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 2013 and our report dated February 25, 2026, expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	SLNO
Security Exchange Name	NASDAQ
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Definitive Proxy Statement to be filed with the Commission pursuant to Regulation 14A in connection with the registrant’s 2026 Annual Meeting of Stockholders, to be filed subsequent to the date hereof, are incorporated by reference into Part III of this Report. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission not later than 120 days after the conclusion of the registrant’s fiscal year ended December 31, 2025. Except with respect to information specifically incorporated by reference in this Form 10-K, the Proxy Statement is not deemed to be filed as part of this Form 10-K.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 20,890	$ (175,850)	$ (38,988)

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1