0001193125-26-212205 | 10-Q | XBRL Viewer

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Note 6. Commitments and Contingencies

Facility Leases

On June 13, 2024, the Company entered into an office lease in Redwood City, California 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. 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. The amended lease commencement date was March 10, 2026 when the premises became available for occupancy and the related operating lease ROU assets and liabilities were recorded in the Company's condensed consolidated balance sheet as of March 31, 2026.

The Company's operating lease right-of-use (ROU) assets, current operating lease liabilities and long-term operating lease liabilities each appear as a separate line within the Company's condensed consolidated balance sheets. In September 2024, the Company recorded an increase to its ROU 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. In March 2026, the Company recorded an increase to its ROU assets by $1.8 million and an increase to its lease liability of $1.8 million as a result of the November 2025 office lease. As of March 31, 2026 and December 31, 2025, the Company's short-term lease liabilities were equal to $1.2 million and $0.7 million, respectively, and the long-term operating lease liabilities were equal to $3.2 million and $2.0 million, respectively.

The weighted average discount rate related to the Company's lease liabilities was 9.6% as of March 31, 2026 over a remaining term of 3.4 years, and 8.5% as of December 31, 2025 over a remaining term of 3.7 years. The discount rate was determined based on estimates of the Company’s incremental borrowing rate, as the discount rate implicit in the lease cannot be readily determined.

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


	Three Months Ended March 31,
	2026		2025
Operating lease cost:
Operating lease cost	$	216	$	258
Variable lease cost		-		4
Short-term lease cost		75		14
Total operating lease cost	$	291	$	276

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


	Three Months Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	201	$	103

The following is a schedule by year of future maturities of the Company's operating lease liabilities as of March 31, 2026 (in thousands):


2026 (remainder of the year)	$	810
2027		1,367
2028		1,777
2029		1,302
Total lease payments		5,256
Less interest		(850	)
Total	$	4,406

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 supplies, and vendors for preclinical studies as well as other services and products for operating purposes, which are generally cancelable upon written notice. As of March 31, 2026, the Company’s non-cancelable other commitments were $16.2 million in the aggregate.

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.

Stockholders' Equity - Additional Information (Detail) - USD ($)						1 Months Ended				3 Months Ended
	Nov. 12, 2025	May 09, 2024	Oct. 02, 2023	Sep. 26, 2023	Dec. 16, 2022	Jan. 31, 2026	Jul. 31, 2025	Oct. 31, 2023	Mar. 31, 2022	Mar. 31, 2026	Jan. 31, 2026	Mar. 31, 2025	Feb. 25, 2026	Dec. 31, 2025	Nov. 10, 2025	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										$ 4,000		$ 0
Number of Common Warrant Shares										251,599				251,599
Proceeds from issuance or sale of equity								$ 129,000,000
Public offering price per pre-funded warrant			$ 19.99
Offering costs								$ 8,200,000
Proceeds from warrant exercise										$ 0		$ 3,011,000
Expected dividend yield										0.00%		0.00%
Weighted average grant date fair value per option granted (in dollars per share)										$ 36.15		$ 43.23
Number of shares available for issuance under the plan on the first day of each year										51,718,149				52,286,881
Stock based compensation capitalized into inventory										$ 500,000
Consultant [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options granted												3,600
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					662,497					2,174,050
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Intrinsic value of stock options exercised										$ 300,000		$ 54,800,000
Income tax benefits recognized from stock-based compensation										$ 0		$ 0
Number of options granted										577,525		587,161
Future stock-based compensation for unvested employee options granted and outstanding										$ 103,600,000
Future stock-based compensation, requisite service period										3 years
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										1,124,456			2,091,475
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
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock based compensation expense										$ 40,400,000
Stock units granted										835,911		222,626
Fair value of restricted stock units vested										$ 2,700,000		$ 39,200,000
Weighted average grant-date fair value of all restricted stock units granted										$ 42.5		$ 49.17
Weighted average remaining vesting period										2 years 1 month 6 days
Restricted Stock Units [Member] \| 2014 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units granted										835,911
Weighted average grant-date fair value of all restricted stock units granted										$ 42.5
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				1,599
Weighted Average Exercise Price per Share										$ 4.5				$ 4.5
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
Shares issued from sale of common stock			1,825,000
Shares issued from sale of pre-funded warrants			1,175,000
Proceeds from sale of common stock and pre-funded warrants			$ 60,000,000
Number of common stock purchased upon issuance of warrants					22,598,870
Weighted Average Exercise Price per Share					$ 0.4425
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
Price per unit		$ 46	$ 20				$ 85
Underwriter discount and other offering expenses		$ 9,700,000					$ 14,300,000
Proceeds from offering after deducting underwriting discount and other estimated offering expenses		$ 158,700,000	$ 69,000,000				$ 230,000,000
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
March 2022 Public Offering of Common Stock [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
Number of common stock purchased upon issuance of warrants									1,333,333
Public offering price per pre-funded warrant									$ 3.60
Per share exercise price for pre-funded warrant									$ 0.15
Measurement term									5 years
Proceeds from offering after deducting underwriting discount and other estimated offering expenses									$ 13,800,000
Proceeds from warrant exercise										$ 0
Weighted Average Exercise Price per Share									$ 4.50
Warrants exercised										1,847,995
Public Offering of Common Stock [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										$ 9,700,000
Warrants exercised										2,150,406

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 201	$ 103

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 (in thousands):


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. Treasury securities	$	221,241	$	31	$	(879	)	$	220,393
Other government agency securities		23,226		-		(85	)		23,141
Corporate debt securities and commercial paper		153,314		7		(900	)		152,421
Total	$	397,781	$	38	$	(1,864	)	$	395,955

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 March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	132,632	$	132,632	$	—	$	—
Total cash equivalents	$	132,632	$	132,632	$	—	$	—

Marketable securities:
U.S. treasury securities	$	220,393	$	—	$	220,393	$	—
Other government agency securities		23,141		—		23,141		—
Corporate debt securities and commercial paper		152,421		—		152,421		—
Total marketable securities		395,955		—		395,955		—
Total assets	$	528,587	$	132,632	$	395,955	$	—

Liabilities
Essentialis purchase price contingency liability	$	13,846	$	—	$	—	$	13,846
Total liabilities	$	13,846	$	—	$	—	$	13,846


	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

Based on the terms of the Company’s completed merger with Essentialis on March 7, 2017, the Company was obligated to make cash earnout payments of up to a maximum of $20.9 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. The first commercial milestone of $100 million in cumulative revenue was met during the fourth quarter 2025, and earnout payments of approximately $4.0 million were paid during the three months ended March 31, 2026. The remainder of the first milestone payments of $2.9 million are in accounts payable as of March 31, 2026 awaiting settlement. We achieved the second and final commercial milestone of $200 million in cumulative revenue in the three months ended March 31, 2026.

The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers between levels 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 liabilities for the three months ended March 31, 2026 and 2025 (in thousands):


	Purchase Price
	Contingent Liability
Balance at January 1, 2026	$	20,327
Contingent consideration milestone payments		(4,044	)
Contingent consideration milestone liability in accounts payable		(2,921	)
Change in value of contingent liability		484
Balance at March 31, 2026	$	13,846

	Purchase Price
	Contingent Liability
Balance at January 1, 2025	$	14,791
Change in value of contingent liability		2,967
Balance at March 31, 2025	$	17,758

- Definition

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

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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
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	51,718,149	52,286,881
Common stock, shares outstanding	51,718,149	52,286,881

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Registrant Name	SOLENO THERAPEUTICS INC
Entity Central Index Key	0001484565
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		52,120,147
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
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	SLNO
Security Exchange Name	NASDAQ

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Dec. 31, 2025	Mar. 07, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Maximum potential cash earnout payments	$ 4,000
Milestones payment	100,000	$ 100,000	$ 200,000
Milestone payment achieved	200,000
Essentialis, Inc. [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Maximum potential cash earnout payments				$ 20,900
Purchase price contingent liability [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Remainder of first milestone payments	$ 2,921

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2026 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

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	Mar. 31, 2026
ASU 2023-09 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2025
ASU 2025-05 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2026

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Date accounting standards update was adopted, in YYYY-MM-DD format.

+ References

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+ Details

Net Income (Loss) per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income (Loss) per Share

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 October 2023, 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 Share. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares 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 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 three months ended March 31, 2025, the effect of issuing potential common stock is anti-dilutive due to the net loss in the period and therefore the number of shares used to compute basic and diluted net loss per share are the same in the period.

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


	Three months ended March 31,
	2026			2025
Numerator:
Net income (loss)	$	31,378		$	(43,773	)
Less: Undistributed earnings attributable to participating securities		(1	)		—
Net income (loss) attributable to common stockholders - basic and diluted		31,377			(43,773	)

Denominator:
Common stock		51,841,047			45,928,793
October 2023 pre-funded warrants		250,000			250,000
Weighted-average shares - basic		52,091,047			46,178,793

Effect of dilutive securities:
Stock options		824,022			—
Restricted stock units		151,902			—
Weighted-average shares - diluted		53,066,971			46,178,793

Net income (loss) per share - basic	$	0.60		$	(0.95	)
Net income (loss) per share - diluted	$	0.59		$	(0.95	)

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:


	Three months ended March 31,
	2026		2025
March 2022 common warrants		-		516,265
May 2023 Tranche B warrants		-		870,628
Options to purchase common stock		3,244,851		3,406,719
Outstanding restricted stock units		793,747		361,991
Total		4,038,598		5,155,603

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

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. Pursuant to the terms of the ASR Agreement, Jefferies delivered 662,497 additional shares of the Company's common stock to the Company in January 2026, bringing the aggregate number of shares repurchased under the ASR Agreement to 2,174,050 shares.

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.

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 pre-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 per share and aggregate proceeds of up to approximately $15.0 million, and 14,000,000 Tranche B Warrants with an exercise price of $2.50 per share 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 were 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 March 31, 2026, there were no remaining warrants outstanding under the Securities Purchase Agreement.

March 2022 Public Offering of Common Stock

On March 31, 2022, the Company sold 2,666,667 shares of its common stock at a public offering price of $3.75 per share, and for certain investors, in lieu of common stock, pre-funded warrants (the 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 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.

Through March 31, 2026, 2,150,406 of the March 2022 common warrants had been exercised for gross proceeds of $9.7 million and 1,847,995 warrants were exercised using the cashless exercise option with no proceeds to the Company. As of March 31, 2026, 1,599 of the March 2022 common warrants remained 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 March 31, 2026 and December 31, 2025, the following table summarizes the Company's outstanding common stock warrants:


	As of March 31, 2026				As of December 31, 2025
	Number of Common Warrant Shares		Weighted-Average Exercise Price per Share		Number of Common Warrant Shares		Weighted-Average Exercise Price per Share		Expiration Date
March 2022 Common warrants		1,599	$	4.50		1,599	$	4.50	March 2027
October 2023 Pre-funded warrants		250,000	$	0.01		250,000	$	0.01	N/A
Total		251,599				251,599

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.

On February 25, 2026, the Company filed a Registration Statement on Form S-8, which registered an additional 2,091,475 shares that automatically became available for issuance under the 2014 Plan as of January 1, 2026. As of March 31, 2026, a total of 1,124,456 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 March 31, 2026, a total of 23,068 shares were available for future grant under the Inducement Plan.

Stock-based Compensation Expense

The Company recognizes 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 award holder. No income tax benefits have been recognized in the condensed consolidated statements of operations and comprehensive income (loss) for stock-based compensation arrangements during any of the periods presented.

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


	Three Months Ended March 31,
	2026		2025
Research and development	$	4,187	$	4,314
Selling, general and administrative		11,869		10,365
Total	$	16,056	$	14,679

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 three months ended March 31, 2026, the Company capitalized into inventory $0.5 million.

Stock Options

The Company granted options to purchase 577,525 and 587,161 shares of the Company’s common stock to employees during the three months ended March 31, 2026 and 2025, respectively. The Company granted options to purchase 3,600 shares of the Company's stock to a consultant during the three months ended March 31, 2025. There were no performance-based options granted during the three months ended March 31, 2026 and 2025, respectively. 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:


	Three Months Ended March 31,
	2026	2025
Expected life (years)	6.0-6.1	5.9-6.1
Risk-free interest rate	3.6%-3.9%	4.1%-4.7%
Volatility	115%-117%	118%-120%
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:

•

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 following table summarizes stock option transactions for the three months ended March 31, 2026 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 January 1, 2026		4,032,109		$	38.56		8.26	$	47,415
Options granted		577,525			41.95
Options exercised		(8,944	)		5.81
Options canceled/forfeited		(87,890	)		51.00
Balance at March 31, 2026		4,512,800		$	38.82		8.18	$	27,249
Options exercisable at March 31, 2026		1,819,487		$	26.84		7.04	$	22,781
Options vested and expected to vest at March 31, 2026		4,512,800		$	38.82		8.18	$	27,249

The weighted-average grant date fair value of options granted was $36.15 and $43.23 per share for the three months ended March 31, 2026 and 2025, respectively. The intrinsic value of the stock options exercised was $0.3 million and $54.8 million for the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026, total unrecognized employee stock-based compensation for options that are expected to vest was $103.6 million, which is expected to be recognized over the weighted-average remaining vesting period of 3.0 years.

Restricted Stock Units

There were 835,911 and 222,626 restricted stock units granted to employees by the Company during the three months ended March 31, 2026 and 2025, respectively. 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 three months ended March 31, 2026 under the 2014 Plan:


	Number of Restricted Stock Units			Weighted- Average Grant-Date Fair Value per Share
Outstanding at January 1, 2026		443,291		$	56.47
Restricted stock units granted		835,911		$	42.50
Restricted stock units vested		(84,850	)	$	48.68
Restricted stock units canceled/forfeited		(35,798	)	$	52.68
Outstanding at March 31, 2026		1,158,554		$	47.08

The weighted-average grant-date fair value of all restricted stock units granted was $42.50 and $49.17 per share during the three months ended March 31, 2026 and 2025, respectively. The fair value of all restricted stock units vested during the three months ended March 31, 2026 and 2025 was $2.7 million and $39.2 million, respectively. At March 31, 2026, total unrecognized employee stock-based compensation related to restricted stock units was $40.4 million, which is expected to be recognized over the weighted-average remaining vesting period of 2.1 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 March 31, 2026 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 condensed 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 March 31, 2026, there were no purchases by employees under this plan.

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Components Disclosure [Abstract]

Balance Sheet Components

Note 5. Balance Sheet Components

Inventory consisted of the following (in thousands):


	March 31, 2026			December 31, 2025
Raw materials	$	4,771		$	6,449
Work in process		5,566			2,710
Finished goods		7,220			6,022
Less: Reserve for excess and obsolete inventory		(249	)		(157	)
Total inventory, net	$	17,308		$	15,024

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


	March 31, 2026		December 31, 2025
Product revenue reserve for rebates, returns, and other incentives	$	16,045	$	14,031
Accrued consulting and professional fees		3,905		1,902
Accrued research and development costs		916		679
Accrued income tax payable		2,770		-
Accrued clinical trial site costs		700		1,130
Accrued interest payable		395		403
Other		200		53
Total other current liabilities	$	24,931	$	18,198

Fair Value of Financial Instruments - Schedule of Marketable Securities Classified as Available-for-sale Securities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 397,781
Unrealized Gains	38
Unrealized Losses	(1,864)
Estimated Fair Value	395,955
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	221,241
Unrealized Gains	31
Unrealized Losses	(879)
Estimated Fair Value	220,393
Other Government Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	23,226
Unrealized Losses	(85)
Estimated Fair Value	23,141
Corporate Debt Securities and Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	153,314
Unrealized Gains	7
Unrealized Losses	(900)
Estimated Fair Value	$ 152,421

- Definition

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

+ References

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

+ Details

Long term Debt

3 Months Ended

Mar. 31, 2026

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 March 31, 2026, 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 loan accrues 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 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 March 31, 2026 is accrued over the term of loan as long-term accrued interest payable. $661 thousand and $525 thousand were accrued as part of other long-term liabilities on the condensed consolidated balance sheet as of March 31, 2026 and December 31, 2025, respectively. Loan issuance costs of $174 thousand were recorded as a reduction of the principal loan balance on the condensed consolidated balance sheet and are amortized as interest expense over the term of the loan.

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


	March 31, 2026			December 31, 2025
Long-term debt	$	50,000		$	50,000
Unamortized debt issuance costs		(129	)		(137	)
Total long-term debt, net	$	49,871		$	49,863

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


	Three Months Ended March 31,
	2026		2025
Interest expense based on contractual loan rate	$	1,147	$	1,228
Amortization of debt issuance costs and accretion of final interest payment		145		133
Total interest expense	$	1,292	$	1,361

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 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 Company’s 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 March 31, 2026.

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	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income (loss)	$ 31,378	$ (43,773)
Less: Undistributed earnings attributable to participating securities, basic	(1)	0
Less: Undistributed earnings attributable to participating securities, diluted	(1)	0
Net income (loss) attributable to common stockholders - basic	31,377	(43,773)
Net income (loss) attributable to common stockholders - diluted	$ 31,377	$ (43,773)
Denominator:
Weighted average shares - basic	52,091,047	46,178,793
Weighted average shares - diluted	53,066,971	46,178,793
Net income (loss) per share - basic	$ 0.6	$ (0.95)
Net income (loss) per share - diluted	$ 0.59	$ (0.95)
Stock Options [Member]
Denominator:
Effect of dilutive securities share based payment	824,022	0
Restricted Stock Units [Member]
Denominator:
Effect of dilutive securities share based payment	151,902	0
Common Stock [Member]
Denominator:
Weighted average shares - basic	51,841,047	45,928,793
October 2023 Pre-funded Warrants [Member]
Denominator:
Weighted average shares - basic	250,000	250,000

Commitments and Contingencies - Reconciliation of Undiscounted Future Minimum Lease Payments Remaining under Operating Lease (Detail) $ in Thousands	Mar. 31, 2026 USD ($)
Operating lease liabilities
2026 (remainder of the year)	$ 810
2027	1,367
2028	1,777
2029	1,302
Total lease payments	5,256
Less interest	(850)
Total	$ 4,406

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

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

Significant Accounting Policies

There have been no material changes to the significant accounting policies during the three months ended March 31, 2026 as compared to the significant accounting policies described in Note 3 of the “Notes to Consolidated Financial Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP,

the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2026. For further information, refer to the financial statements and footnotes included in the Company’s annual financial statements for the fiscal year ended December 31, 2025, which are included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 25, 2026.

Use of Estimates

The preparation of condensed 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 March 31, 2026, 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 March 31, 2026, 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 currently sells its product primarily 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 customers 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 condensed consolidated statements of operations and comprehensive income (loss). Otherwise, payments to a 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 condensed 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, 2025	$	13,685		$	723		$	347		$	14,755
Provisions		12,243			2,743			913			15,899
Credits/payments		(10,239	)		(2,257	)		(904	)		(13,400	)
Balance as of March 31, 2026	$	15,689		$	1,209		$	356		$	17,254

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.

Recent 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 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.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which introduces a practical expedient permitting all entities to assume that current conditions as of the balance sheet date will remain unchanged for the life of the asset when estimating expected credit losses under ASC 606. For entities other than public business entities, the ASU also allows an accounting policy election to consider cash collections received after the balance-sheet date in their estimates. An entity that makes this election must disclose the date through which subsequent collections are evaluated. The ASU is effective for annual reporting periods beginning after December 15, 2025,

including interim periods within those years, with early adoption permitted. The Company adopted this standard effective January 1, 2026 using a prospective approach, and it has no impact on its disclosures and does not impact the results of operations or financial condition.

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.

Stockholders' Equity - Schedule of Fair Value of Award Granted Using Black-Scholes Option Pricing Model (Detail)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend rate	0.00%	0.00%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (years)	6 years	5 years 10 months 24 days
Risk-free interest rate	3.60%	4.10%
Volatility	115.00%	118.00%
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (years)	6 years 1 month 6 days	6 years 1 month 6 days
Risk-free interest rate	3.90%	4.70%
Volatility	117.00%	120.00%

- Definition

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

+ References

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+ Details

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 3,535	$ 0
Effective income tax rate	9.85%	0.00%

- Definition

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

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-Section S99
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+ Details

Fair Value of Financial Instruments - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Total cash equivalents	$ 132,632	$ 63,613
Total marketable securities	395,955	435,982
Total assets	528,587	499,595
Liabilities
Essentialis purchase price contingency liability	13,846	20,327
Total liabilities	13,846	20,327
Money Market Funds [Member]
Assets
Total cash equivalents	132,632	63,613
US Treasury Securities [Member]
Assets
Total marketable securities	220,393	274,832
Other Government Agency Securities [Member]
Assets
Total marketable securities	23,141	23,216
Corporate Debt Securities and Commercial Paper [Member]
Assets
Total marketable securities	152,421	137,934
Level 1 [Member]
Assets
Total cash equivalents	132,632	63,613
Total assets	132,632	63,613
Level 1 [Member] \| Money Market Funds [Member]
Assets
Total cash equivalents	132,632	63,613
Level 2 [Member]
Assets
Total marketable securities	395,955	435,982
Total assets	395,955	435,982
Level 2 [Member] \| US Treasury Securities [Member]
Assets
Total marketable securities	220,393	274,832
Level 2 [Member] \| Other Government Agency Securities [Member]
Assets
Total marketable securities	23,141	23,216
Level 2 [Member] \| Corporate Debt Securities and Commercial Paper [Member]
Assets
Total marketable securities	152,421	137,934
Level 3 [Member]
Liabilities
Essentialis purchase price contingency liability	13,846	20,327
Total liabilities	$ 13,846	$ 20,327

Fair Value of Financial Instruments - Summary of Changes in Fair Value of Level 3 Financial Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent consideration milestone payments	$ 2,954	$ 0
Purchase price contingent liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of period	20,327	14,791
Contingent consideration milestone payments	(4,044)
Contingent consideration milestone liability in accounts payable	(2,921)
Change in value of liabilities	484	2,967
Balance at end of period	$ 13,846	$ 17,758

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule Of Outstanding Long-term Debt

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


	March 31, 2026			December 31, 2025
Long-term debt	$	50,000		$	50,000
Unamortized debt issuance costs		(129	)		(137	)
Total long-term debt, net	$	49,871		$	49,863

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):


	Three Months Ended March 31,
	2026		2025
Interest expense based on contractual loan rate	$	1,147	$	1,228
Amortization of debt issuance costs and accretion of final interest payment		145		133
Total interest expense	$	1,292	$	1,361

- Definition

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.

+ References

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-Section S99
-Paragraph 1
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+ Details

Long-term Debt - Schedule of outstanding long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Long-term debt	$ 50,000	$ 50,000
Unamortized debt issuance costs	(129)	(137)
Total long-term debt, net	$ 49,871	$ 49,863

- Definition

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

+ References + Details

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Components Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	March 31, 2026			December 31, 2025
Raw materials	$	4,771		$	6,449
Work in process		5,566			2,710
Finished goods		7,220			6,022
Less: Reserve for excess and obsolete inventory		(249	)		(157	)
Total inventory, net	$	17,308		$	15,024

Schedule of Other Current Liabilities

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


	March 31, 2026		December 31, 2025
Product revenue reserve for rebates, returns, and other incentives	$	16,045	$	14,031
Accrued consulting and professional fees		3,905		1,902
Accrued research and development costs		916		679
Accrued income tax payable		2,770		-
Accrued clinical trial site costs		700		1,130
Accrued interest payable		395		403
Other		200		53
Total other current liabilities	$	24,931	$	18,198

Balance Sheet Components - Schedule of Inventory (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Components Disclosure [Abstract]
Raw materials	$ 4,771	$ 6,449
Work in process	5,566	2,710
Finished goods	7,220	6,022
Less: Reserve for excess and obsolete inventory	(249)	(157)
Total inventory, net	$ 17,308	$ 15,024

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

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Accounts Receivable, net

Concentration of Major Customers and Off-Balance Sheet Risk

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, 2025	$	13,685		$	723		$	347		$	14,755
Provisions		12,243			2,743			913			15,899
Credits/payments		(10,239	)		(2,257	)		(904	)		(13,400	)
Balance as of March 31, 2026	$	15,689		$	1,209		$	356		$	17,254

Inventory

Cost of Goods Sold

Recent Accounting Pronouncements

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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- Definition

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

+ References

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

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 133,026	$ 70,106
Marketable securities	122,573	235,366
Accounts receivable, net	47,139	28,208
Inventory, net	17,308	15,024
Prepaid expenses and other current assets	6,330	7,110
Total current assets	326,376	355,814
Long-term assets
Property and equipment, net	202	185
Operating lease right-of-use assets	3,891	2,191
Intangible assets, net	4,374	4,861
Long-term marketable securities	273,382	200,616
Other long-term assets	163	163
Total assets	608,388	563,830
Current liabilities
Accounts payable	12,386	12,435
Accrued compensation	5,723	9,677
Operating lease liabilities	1,163	726
Contingent liability for Essentialis purchase price	13,846	20,327
Other current liabilities	24,931	18,198
Total current liabilities	58,049	61,363
Long-term liabilities
Long-term debt, net	49,871	49,863
Long-term lease liabilities	3,243	1,964
Other long-term liabilities	1,425	525
Total liabilities	112,588	113,715
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, 51,718,149 and 52,286,881 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	52	52
Additional paid-in-capital	897,578	881,018
Accumulated other comprehensive income (loss)	(1,838)	415
Accumulated deficit	(399,992)	(431,370)
Total stockholders’ equity	495,800	450,115
Total liabilities and stockholders’ equity	$ 608,388	$ 563,830

Net Income (Loss) per Share - Schedule of Potentially Dilutive Securities Outstanding Excluded from Computation of Diluted Net Income (Loss) per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net income (loss) per share	4,038,598	5,155,603
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	3,244,851	3,406,719
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	793,747	361,991
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	0	516,265
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	0	870,628

Liquidity

3 Months Ended

Mar. 31, 2026

Cash and Cash Equivalents [Abstract]

Liquidity

Note 2. Liquidity

The Company generated $26.0 million of net cash from its operating activities, had a net income of $31.4 million during the three months ended March 31, 2026 and had an accumulated deficit of $400.0 million at March 31, 2026, as a result of losses incurred prior to 2025. The Company had $133.0 million of cash and cash equivalents and $396.0 million of marketable securities as of March 31, 2026. 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 March 31, 2026, 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 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 loan accrues 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.

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.

Stockholders' Equity - Summary of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 16,056	$ 14,679
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	4,187	4,314
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 11,869	$ 10,365

Net Income (Loss) per Share (Tables)

3 Months Ended

Mar. 31, 2026

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:


	Three months ended March 31,
	2026			2025
Numerator:
Net income (loss)	$	31,378		$	(43,773	)
Less: Undistributed earnings attributable to participating securities		(1	)		—
Net income (loss) attributable to common stockholders - basic and diluted		31,377			(43,773	)

Denominator:
Common stock		51,841,047			45,928,793
October 2023 pre-funded warrants		250,000			250,000
Weighted-average shares - basic		52,091,047			46,178,793

Effect of dilutive securities:
Stock options		824,022			—
Restricted stock units		151,902			—
Weighted-average shares - diluted		53,066,971			46,178,793

Net income (loss) per share - basic	$	0.60		$	(0.95	)
Net income (loss) per share - diluted	$	0.59		$	(0.95	)

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


	Three months ended March 31,
	2026		2025
March 2022 common warrants		-		516,265
May 2023 Tranche B warrants		-		870,628
Options to purchase common stock		3,244,851		3,406,719
Outstanding restricted stock units		793,747		361,991
Total		4,038,598		5,155,603

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 (in thousands):


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. Treasury securities	$	221,241	$	31	$	(879	)	$	220,393
Other government agency securities		23,226		-		(85	)		23,141
Corporate debt securities and commercial paper		153,314		7		(900	)		152,421
Total	$	397,781	$	38	$	(1,864	)	$	395,955

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 March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	132,632	$	132,632	$	—	$	—
Total cash equivalents	$	132,632	$	132,632	$	—	$	—

Marketable securities:
U.S. treasury securities	$	220,393	$	—	$	220,393	$	—
Other government agency securities		23,141		—		23,141		—
Corporate debt securities and commercial paper		152,421		—		152,421		—
Total marketable securities		395,955		—		395,955		—
Total assets	$	528,587	$	132,632	$	395,955	$	—

Liabilities
Essentialis purchase price contingency liability	$	13,846	$	—	$	—	$	13,846
Total liabilities	$	13,846	$	—	$	—	$	13,846


	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

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 liabilities for the three months ended March 31, 2026 and 2025 (in thousands):


	Purchase Price
	Contingent Liability
Balance at January 1, 2026	$	20,327
Contingent consideration milestone payments		(4,044	)
Contingent consideration milestone liability in accounts payable		(2,921	)
Change in value of contingent liability		484
Balance at March 31, 2026	$	13,846

	Purchase Price
	Contingent Liability
Balance at January 1, 2025	$	14,791
Change in value of contingent liability		2,967
Balance at March 31, 2025	$	17,758

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Millions			1 Months Ended
	Apr. 05, 2026 d $ / shares	May 09, 2024 USD ($)	Jul. 31, 2025 USD ($)
Underwritten Public Offering [Member]
Subsequent Event [Line Items]
Underwriter discount and other offering expenses \| $		$ 9.7	$ 14.3
Subsequent Event [Member] \| Neurocrine Biosciences, Inc [Member]
Subsequent Event [Line Items]
Merger agreement date	Apr. 05, 2026
Common stock price per share \| $ / shares	$ 53
Number of business days \| d	20

Stockholders' Equity - Summary of Restricted Stock Unit Transactions (Detail) - Restricted Stock Units [Member] - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock units granted	835,911	222,626
Weighted-average grant date fair value
Restricted stock units granted (in dollars per share)	$ 42.5	$ 49.17
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	443,291
Restricted stock units granted	835,911
Restricted stock units vested	(84,850)
Restricted stock units canceled/forfeited	(35,798)
Ending balance	1,158,554
Weighted-average grant date fair value
Beginning balance (in dollars per share)	$ 56.47
Restricted stock units granted (in dollars per share)	42.5
Restricted stock units vested (in dollars per share)	48.68
Restricted stock units canceled/forfeited (in dollars per share)	52.68
Ending balance (in dollars per share)	$ 47.08

Stockholders' Equity - Summary of Outstanding Common Stock Warrants (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Class of Warrant or Right [Line Items]
Number of Common Shares	251,599	251,599
March 2022 Common Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares	1,599	1,599
Weighted Average Exercise Price per Share	$ 4.5	$ 4.5
Expiration Date	2027-03
October 2023 Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares	250,000	250,000
Weighted Average Exercise Price per Share	$ 0.01	$ 0.01

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ 31,378	$ (43,773)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	514	504
Accretion of premium/discount on marketable securities	(221)	(980)
Non-cash lease expense	149	195
Amortization of debt issuance costs	8	8
Stock-based compensation expense	16,056	14,679
Change in fair value of contingent consideration	484	2,967
Other non-cash reconciling items	(28)	4
Change in operating assets and liabilities:
Accounts receivable	(18,931)	0
Inventory	(1,831)	0
Prepaid expenses, other current assets and other assets	780	(3,416)
Accounts payable	(2,970)	(3,336)
Accrued compensation	(3,954)	(499)
Operating lease liabilities	(133)	(40)
Essentialis acquisition milestone payments	(2,954)	0
Other liabilities	7,633	935
Net cash provided by (used in) operating activities	25,980	(32,752)
Cash flows from investing activities:
Purchases of property and equipment	(40)	(5)
Purchases of marketable securities	(101,268)	(45,358)
Maturities of marketable securities	139,291	68,300
Net cash provided by investing activities	37,983	22,937
Cash flows from financing activities:
Payment for repurchase of common stock	(4)	0
Payment of debt issuance costs	0	(62)
Proceeds from exercise of common stock warrants	0	3,011
Proceeds from exercise of stock options	52	269
Tax withholding payments for net share-settled equity awards	(1)	0
Essentialis acquisition milestone payments	(1,090)	0
Net cash provided by (used in) financing activities	(1,043)	3,218
Net increase (decrease) in cash and cash equivalents	62,920	(6,597)
Cash and cash equivalents, beginning of period	70,106	87,928
Cash and cash equivalents, end of period	133,026	81,331
Supplemental disclosure of non-cash operating and financing information
Cash paid for interest	1,155	805
Operating lease right-of-use assets obtained in exchange for operating lease obligations	1,849	0
Purchases of property and equipment included in accounts payable	$ 4	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 31,378	$ (43,773)

- Definition

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

+ References

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+ Details

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Summary of Outstanding Common Stock Warrants

As of March 31, 2026 and December 31, 2025, the following table summarizes the Company's outstanding common stock warrants:


	As of March 31, 2026				As of December 31, 2025
	Number of Common Warrant Shares		Weighted-Average Exercise Price per Share		Number of Common Warrant Shares		Weighted-Average Exercise Price per Share		Expiration Date
March 2022 Common warrants		1,599	$	4.50		1,599	$	4.50	March 2027
October 2023 Pre-funded warrants		250,000	$	0.01		250,000	$	0.01	N/A
Total		251,599				251,599

Summary of Stock Based Compensation Expense

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


	Three Months Ended March 31,
	2026		2025
Research and development	$	4,187	$	4,314
Selling, general and administrative		11,869		10,365
Total	$	16,056	$	14,679

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:


	Three Months Ended March 31,
	2026	2025
Expected life (years)	6.0-6.1	5.9-6.1
Risk-free interest rate	3.6%-3.9%	4.1%-4.7%
Volatility	115%-117%	118%-120%
Dividend rate	— %	— %

Summary of Stock Option and Restricted Stock Unit Transactions

The following table summarizes stock option transactions for the three months ended March 31, 2026 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 January 1, 2026		4,032,109		$	38.56		8.26	$	47,415
Options granted		577,525			41.95
Options exercised		(8,944	)		5.81
Options canceled/forfeited		(87,890	)		51.00
Balance at March 31, 2026		4,512,800		$	38.82		8.18	$	27,249
Options exercisable at March 31, 2026		1,819,487		$	26.84		7.04	$	22,781
Options vested and expected to vest at March 31, 2026		4,512,800		$	38.82		8.18	$	27,249

Summary of Restricted Stock Unit Transactions

The following table summarizes restricted stock unit transactions for the three months ended March 31, 2026 under the 2014 Plan:


	Number of Restricted Stock Units			Weighted- Average Grant-Date Fair Value per Share
Outstanding at January 1, 2026		443,291		$	56.47
Restricted stock units granted		835,911		$	42.50
Restricted stock units vested		(84,850	)	$	48.68
Restricted stock units canceled/forfeited		(35,798	)	$	52.68
Outstanding at March 31, 2026		1,158,554		$	47.08

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b51 Arr Modified Flag	false
Non Rule 10b51 Arr Modified Flag	false

Overview

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Overview

Note 1. Overview

Soleno Therapeutics, Inc. (the Company or Soleno) is a biopharmaceutical company developing novel therapeutics for the treatment of rare diseases. The Company is incorporated in the State of Delaware and is headquartered in Redwood City, California.

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 U.S. Food and Drug Administration (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. On April 6, 2026, the Company announced that it had entered into an Agreement and Plan of Merger (the Merger Agreement) with Neurocrine Biosciences, Inc. (Neurocrine) and Sigma Merger Sub, Inc. (Merger Sub) on April 5, 2026, pursuant to which Neurocrine, through Merger Sub, agreed to commence a cash tender offer (the Offer) to purchase all of the issued and outstanding shares of the common stock of the Company at a price per share of $53.00 per share. The Offer commenced on April 20, 2026 and is expected to close during the three months ending June 30, 2026, pursuant to the terms of the Merger Agreement, with the result being the Company becoming a wholly-owned subsidiary of Neurocrine.

Condensed Consolidated Statements of Stockholders' Equity (unaudited) - 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, 2024	$ 245,113	$ 46	$ 696,966	$ 361	$ (452,260)
Balances at beginning (shares) at Dec. 31, 2024		45,703,811
Stock-based compensation	14,679		14,679
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units	13,366	$ 1	13,365
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units (shares)		943,980
Exercise of common stock warrants	3,011	$ 2	3,009
Exercise of common stock warrants (shares)		1,879,678
Net unrealized loss on marketable securities	(139)			(139)
Foreign currency translation adjustment	4			4
Net income (loss)	(43,773)				(43,773)
Balances at ending at Mar. 31, 2025	232,261	$ 49	728,019	226	(496,033)
Balances at end (shares) at Mar. 31, 2025		48,527,469
Balances at beginning at Dec. 31, 2025	450,115	$ 52	881,018	415	(431,370)
Balances at beginning (shares) at Dec. 31, 2025		52,286,881
Stock-based compensation	16,509		16,509
Repurchase of common stock		(662,497)
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units	52		52
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units (shares)		93,794
Tax withholding payments for net share-settled equity awards (shares)		(29)
Tax withholding payments for net share-settled equity awards	(1)		(1)
Net unrealized loss on marketable securities	(2,225)			(2,225)
Foreign currency translation adjustment	(28)			(28)
Net income (loss)	31,378				31,378
Balances at ending at Mar. 31, 2026	$ 495,800	$ 52	$ 897,578	$ (1,838)	$ (399,992)
Balances at end (shares) at Mar. 31, 2026		51,718,149

Long-term Debt - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) Tranche	Mar. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 17, 2024 USD ($)
Debt Instrument [Line Items]
Number Of Tranches \| Tranche	3
Interest expense	$ 1,292	$ 1,361
Principal amount of term loans	$ 50,000			$ 50,000
Loan And Security Agreement [Member] \| Oxford [Member]
Debt Instrument [Line Items]
Debt instrument, face amount					$ 200,000
Debt instrument interest period	60 months
Debt instrument term	72 months
Debt Instrument interest rate stated percentage	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 loan accrues 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 date of first required payment	Feb. 01, 2030
Debt instrument date of final required payment	Dec. 01, 2030
Debt instrument maturity date description	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
Final principal fee payment percentage				6.50%
Debt instrument final interest payment	$ 3,300
Amount borrowed	50,000
Long-term accrued interest payable	661			$ 525
Loan issuance costs	174
Principal amount of term loans	$ 50,000
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] \| Contingent upon certain commercial milestones [Member] \| Oxford [Member]
Debt Instrument [Line Items]
Debt instrument additional borrowing amount	100,000
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

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Note 9. Income Taxes

For the three months ended March 31, 2026 and 2025, the Company recorded an income tax provision of $3.5 million and zero, respectively. The Company's effective income tax rates were 9.85% and 0% for the three months ended March 31, 2026 and 2025, respectively. The increase in the effective tax rate for the three months ended March 31, 2026 is due to current taxes payable as a result of the Company being profitable for the three months ended March 31, 2026 and generating a loss for the three months ended March 31, 2025.

The Company evaluates the realizability of its deferred tax assets by assessing the valuation allowance and making adjustments to the allowance as necessary. The factors used in assessing the likelihood of realization include forecasts of future taxable income and available tax planning strategies that could be implemented. The Company's ability to achieve forecasted taxable income in the applicable taxing jurisdictions could affect the ultimate realization of its deferred tax assets. As of March 31, 2026 and December 31, 2025, the Company carried a full valuation allowance. Based on future operating results in certain jurisdictions, it is possible that the current valuation allowance positions of those jurisdictions could be adjusted during the next 12 months.

- Definition

The entire disclosure for income tax.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-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
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-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
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 231
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Expense

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


	Three Months Ended March 31,
	2026		2025
Operating lease cost:
Operating lease cost	$	216	$	258
Variable lease cost		-		4
Short-term lease cost		75		14
Total operating lease cost	$	291	$	276

Schedule Of Supplemental Cash Flow Information Related To Leases

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


	Three Months Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	201	$	103

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 March 31, 2026 (in thousands):


2026 (remainder of the year)	$	810
2027		1,367
2028		1,777
2029		1,302
Total lease payments		5,256
Less interest		(850	)
Total	$	4,406

Stockholders' Equity - Summary of Stock Option and Restricted Stock Unit Transactions (Detail) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options granted	577,525	587,161
2014 Plan and Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance	4,032,109
Options granted	577,525
Options exercised	(8,944)
Options canceled/forfeited	(87,890)
Ending balance	4,512,800		4,032,109
Options exercisable at end of period (shares)	1,819,487
Options vested and expected to vest at end of period (shares)	4,512,800
Weighted-Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 38.56
Options granted (in dollars per share)	41.95
Options exercised (in dollars per share)	5.81
Options canceled/forfeited (in dollars per share)	51.00
Ending balance (in dollars per share)	38.82		$ 38.56
Options exercisable at end of period (in dollars per share)	26.84
Options vested and expected to vest at end of period (in dollars per share)	$ 38.82
Weighted Average Remaining Contractual Term
Options outstanding at end of period	8 years 2 months 4 days		8 years 3 months 3 days
Options exercisable at end of period	7 years 14 days
Options vested and expected to vest at end of period	8 years 2 months 4 days
Aggregate Intrinsic Value
Options outstanding at beginning of period	$ 47,415
Options outstanding at end of period	27,249		$ 47,415
Options exercisable at end of period	22,781
Options vested and expected to vest at end of period	$ 27,249

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

Note 11. 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 condensed consolidated balance sheet.

The following table presents selected financial information with respect to the Company's single operating segment for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026			2025
Product revenue, net	$	94,603		$	-
Income (loss) before provision for income taxes		34,913			(43,773	)
Less total other income, net		3,635			1,970
Operating income (loss)		31,278			(45,743	)
Total operating expenses		63,325			45,743
Less non-cash expenses
Depreciation and amortization		(514	)		(504	)
Non-cash lease expense		(149	)		(195	)
Change in fair value of contingent consideration		(484	)		(2,967	)
Stock-based compensation		(16,056	)		(14,679	)
Cash operating expenses	$	46,122		$	27,398

- Definition

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

+ References

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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies - Schedule of Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 216	$ 258
Variable lease cost	0	4
Short-term lease cost	75	14
Total operating lease cost	$ 291	$ 276

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

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

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, 2025	$	13,685		$	723		$	347		$	14,755
Provisions		12,243			2,743			913			15,899
Credits/payments		(10,239	)		(2,257	)		(904	)		(13,400	)
Balance as of March 31, 2026	$	15,689		$	1,209		$	356		$	17,254

Commitments and Contingencies - Additional Information (Detail)				1 Months Ended
	Dec. 31, 2029 USD ($)	Nov. 25, 2025 USD ($) ft²	Jun. 13, 2024 USD ($) ft²	Mar. 31, 2026 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2025 USD ($)
Commitments And Contingencies [Line Items]
Increase in right of use assets				$ 1,800,000	$ 2,800,000
Operating lease, short-term liability				$ 1,163,000		$ 726,000
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				$ 3,243,000		$ 1,964,000
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]				Long-term operating lease liabilities		Long-term operating lease liabilities
Increase in lease liability				$ 1,800,000	$ 2,800,000
Operating lease, weighted average discount rate				9.60%		8.50%
Operating lease remaining term				3 years 4 months 24 days		8 months 12 days
Non-cancelable other commitments				$ 16,200,000
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

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Product Revenue Allowance and Reserve Categories (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Schedule Of Significant Accounting Policies [Line Items]
Balance as of December 31, 2025	$ 14,755
Provisions	15,899
Credits/payments	(13,400)
Balance as of March 31, 2026	17,254
Rebates [Member]
Schedule Of Significant Accounting Policies [Line Items]
Balance as of December 31, 2025	13,685
Provisions	12,243
Credits/payments	(10,239)
Balance as of March 31, 2026	15,689
Discounts and Chargebacks [Member]
Schedule Of Significant Accounting Policies [Line Items]
Balance as of December 31, 2025	723
Provisions	2,743
Credits/payments	(2,257)
Balance as of March 31, 2026	1,209
Copay Assistance and Returns [Member]
Schedule Of Significant Accounting Policies [Line Items]
Balance as of December 31, 2025	347
Provisions	913
Credits/payments	(904)
Balance as of March 31, 2026	$ 356

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

Note 12. Subsequent Events

Merger Agreement

On April 5, 2026, the Company entered into the Merger Agreement with Neurocrine and Merger Sub, pursuant to which Neurocrine, through Merger Sub, agreed to commence the Offer to purchase all of the issued outstanding shares of the common stock of the Company, at a price per share of $53.00 per share (the Offer Price) in cash. If successful, upon the terms and conditions set forth in the Merger Agreement, the Offer will be followed by a merger of Merger Sub with and into the Company, with the Company continuing as the surviving corporation and as a direct wholly owned subsidiary of Neurocrine (the Merger).

The Offer is not subject to any financing condition. Neurocrine and Merger Sub commenced the Offer on April 20, 2026 and must keep the Offer open for 20 business days following the commencement of the Offer (determined as set forth in Rule 14d-1(g)(3) and Rule 14e-1(a) under the Securities Exchange Act of 1934, as amended), subject to possible extension under the terms of the Merger Agreement.

The Merger Agreement has been approved by the board of directors of each of Neurocrine, Merger Sub and the Company.

The foregoing description of the Offer, the Merger and the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, which is filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed on April 6, 2026.

Withdrawal of Marketing Authorization Application in EU

On April 7, 2026, the Company reported that it has voluntarily withdrawn its marketing authorization application (MAA) for VIOKAT prolonged-release tablets (diazoxide choline), which is marketed in the United States as VYKAT XR. The Company had previously announced that the application has been under review by the European Medicines Agency (EMA), with a decision expected in mid-2026.

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

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

The following table presents selected financial information with respect to the Company's single operating segment for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026			2025
Product revenue, net	$	94,603		$	-
Income (loss) before provision for income taxes		34,913			(43,773	)
Less total other income, net		3,635			1,970
Operating income (loss)		31,278			(45,743	)
Total operating expenses		63,325			45,743
Less non-cash expenses
Depreciation and amortization		(514	)		(504	)
Non-cash lease expense		(149	)		(195	)
Change in fair value of contingent consideration		(484	)		(2,967	)
Stock-based compensation		(16,056	)		(14,679	)
Cash operating expenses	$	46,122		$	27,398

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue
Product revenue, net	$ 94,603
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Product [Member]	Product [Member]
Operating expenses
Cost of goods sold	$ 1,198
Research and development	11,274	$ 13,517
Selling, general and administrative	50,369	29,259
Change in fair value of contingent consideration	484	2,967
Total operating expenses	63,325	45,743
Operating income (loss)	31,278	(45,743)
Other income (expense), net
Interest income, net	4,927	3,331
Interest expense	(1,292)	(1,361)
Total other income (expense), net	3,635	1,970
Income (loss) before provision for income taxes	34,913	(43,773)
Provision for income taxes	3,535	0
Net income (loss)	31,378	(43,773)
Other comprehensive income (loss)
Net unrealized gain (loss) on marketable securities	(2,225)	(139)
Foreign currency translation adjustment	(28)	4
Total comprehensive income (loss)	29,125	(43,908)
Less: Undistributed earnings attributable to participating securities, basic	(1)	0
Less: Undistributed earnings attributable to participating securities, diluted	(1)	0
Net income (loss) attributable to common stockholders - basic	31,377	(43,773)
Net income (loss) attributable to common stockholders - diluted	$ 31,377	$ (43,773)
Net income (loss) per share - basic	$ 0.6	$ (0.95)
Net income (loss) per share - diluted	$ 0.59	$ (0.95)
Weighted-average common shares outstanding - basic	52,091,047	46,178,793
Weighted-average common shares outstanding - diluted	53,066,971	46,178,793

Long-term Debt - Schedule Of Interest Expense Related to the Long-term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Disclosure [Abstract]
Interest expense based on contractual loan rate	$ 1,147	$ 1,228
Amortization of debt issuance costs and accretion of final interest payment	145	133
Total interest expense	$ 1,292	$ 1,361

Overview (Additional Information) (Details) - Neurocrine Biosciences, Inc [Member] - $ / shares		3 Months Ended
	Apr. 05, 2026	Mar. 31, 2026
Subsequent Event [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Merger agreement date	Apr. 05, 2026
Business Combination, Price Per Share	$ 53
Merger Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business combination agreement entered date		Apr. 06, 2026

Balance Sheet Components - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Components Disclosure [Abstract]
Product revenue reserve for rebates, returns, and other incentives	$ 16,045	$ 14,031
Accrued consulting and professional fees	3,905	1,902
Accrued research and development costs	916	679
Accrued income tax payable	2,770
Accrued clinical trial site costs	700	1,130
Accrued interest payable	395	403
Other	200	53
Total other current liabilities	$ 24,931	$ 18,198

Liquidity - Additional Information (Detail)			1 Months Ended	3 Months Ended		9 Months Ended
Liquidity - Additional Information (Detail)	May 09, 2024 USD ($) $ / shares shares	Oct. 02, 2023 USD ($) $ / shares shares	Jul. 31, 2025 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) Tranche	Mar. 31, 2025 USD ($)	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Jul. 19, 2024 USD ($)
Cash And Cash Equivalents [Line Items]
Net income (loss)				$ 31,378,000	$ (43,773,000)
Accumulated deficit				(399,992,000)			$ (431,370,000)
Cash and cash equivalents				133,026,000			70,106,000
Marketable securities				396,000,000
Principal amount of term loans				$ 50,000,000			$ 50,000,000
Number of tranches \| Tranche				3
Net cash used in operating activities				$ 25,980,000	$ (32,752,000)
Jefferies LLC [Member] \| Maximum [Member]
Cash And Cash Equivalents [Line Items]
Aggregrate Offering Price								$ 150,000,000
Loan And Security Agreement [Member] \| Oxford [Member]
Cash And Cash Equivalents [Line Items]
Principal amount of term loans				$ 50,000,000
Debt instrument term				72 months
Debt instrument interest period				60 months
Debt Instrument interest rate stated percentage				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						$ 50,000,000
Debt instrument date of final borrowings						Sep. 30, 2025
Loan And Security Agreement [Member] \| Oxford [Member] \| Contingent upon certain commercial milestones [Member]
Cash And Cash Equivalents [Line Items]
Debt instrument additional borrowing amount				$ 100,000,000
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				$ 100,000,000
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
Proceeds from offering after deducting underwriting discount and other estimated offering expenses	$ 158,700,000	$ 69,000,000	$ 230,000,000
Underwriter discount and other offering expenses	$ 9,700,000		$ 14,300,000
Price per unit \| $ / shares	$ 46	$ 20	$ 85

Segment Reporting - Schedule of Cash Operating Expenses Reconciled to Net Income (Loss) on Consolidated Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Product revenue, net	$ 94,603
Income (loss) before provision for income taxes	34,913	$ (43,773)
Less total other income, net	3,635	1,970
Operating income (loss)	31,278	(45,743)
Total operating expenses	63,325	45,743
Depreciation and amortization	(514)	(504)
Non-cash lease expense	(149)	(195)
Change in fair value of contingent consideration	(484)	(2,967)
Stock-based compensation	(16,056)	(14,679)
Cash operating expenses	$ 46,122	$ 27,398