0001628280-25-023498 | 10-Q | XBRL Viewer | Esperion Therapeutics INC

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Fair Value Measurements (Details) - USD ($)	3 Months Ended
Fair Value Measurements (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Fair value measurements
Transfer of assets between levels	$ 0	$ 0
Recurring fair value measurement
Fair value measurements
Total assets at fair value	88,461,000		$ 107,297,000
Recurring fair value measurement \| Money market funds
Fair value measurements
Total assets at fair value	88,058,000		106,894,000
Recurring fair value measurement \| Certificates of deposit
Fair value measurements
Total assets at fair value	403,000		403,000
Recurring fair value measurement \| Level 1
Fair value measurements
Total assets at fair value	88,461,000		107,297,000
Recurring fair value measurement \| Level 1 \| Money market funds
Fair value measurements
Total assets at fair value	88,058,000		106,894,000
Recurring fair value measurement \| Level 1 \| Certificates of deposit
Fair value measurements
Total assets at fair value	403,000		403,000
Recurring fair value measurement \| Level 2
Fair value measurements
Total assets at fair value	0		0
Recurring fair value measurement \| Level 2 \| Money market funds
Fair value measurements
Total assets at fair value	0		0
Recurring fair value measurement \| Level 2 \| Certificates of deposit
Fair value measurements
Total assets at fair value	0		0
Recurring fair value measurement \| Level 3
Fair value measurements
Total assets at fair value	0		0
Recurring fair value measurement \| Level 3 \| Money market funds
Fair value measurements
Total assets at fair value	0		0
Recurring fair value measurement \| Level 3 \| Certificates of deposit
Fair value measurements
Total assets at fair value	$ 0		$ 0

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThere was no provision for income taxes for the three months ended March 31, 2025 and 2024, because the Company has incurred annual operating losses since inception. At March 31, 2025, the Company continues to conclude that it is not more likely than not that the Company will realize the benefit of its deferred tax assets due to its history of losses. Accordingly, a full valuation allowance has been applied against the net deferred tax assets.

- Definition

The entire disclosure for income tax.

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+ Details

Sale of Future Royalties

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Sale of Future Royalties

On June 27, 2024, the Company entered into the Purchase Agreement with OCM IP Healthcare Portfolio LP ("the Purchaser") ("OMERS"). Pursuant to the Purchase Agreement, the Company sold to the Purchaser, and the Purchaser purchased for $304.7 million, a portion of the royalties payable on net sales of Bempedoic Acid (as defined in the License and Collaboration Agreement) and any other Licensed Products (as defined in the License and Collaboration Agreement) in the DSE Territory (as defined in the License and Collaboration Agreement) pursuant to the License and Collaboration Agreement dated January 2, 2019, between Daiichi Sankyo Europe GMBH and the Company, as amended (the “License and Collaboration Agreement” and such royalties being the “Royalty Interests”). In connection with the Purchase Agreement, the Company incurred $9.6 million in issuance costs.

The Purchaser acquired 100% of the Royalty Interests until such time as the Purchaser has received an aggregate amount equal to 1.7x of the Purchase Price (equivalent to $517.9 million). Following receipt of such amount, 100% of all Royalty Interests will revert to the Company. The Purchase Agreement contains other customary terms and conditions, including representations and warranties, covenants and indemnification obligations in favor of each party.

The Company evaluated the arrangement and determined that the proceeds from the sale of future royalties should be treated as a debt instrument according to ASC 470 Debt. The Company imputes interest expense associated with the liability using the effective interest rate method. The effective interest rate is calculated based on the rate that would enable the liability to be repaid in full over the anticipated life of the arrangement. The interest rate on the liability may vary during the term of the agreement depending on a number of factors, including the level of forecasted royalty sales. The Company evaluates the interest rate quarterly based on its expectations of forecasted royalty sales from its license partner, historical experience and current market conditions utilizing the prospective method. A significant increase or decrease in future royalty sales will materially impact the royalty sale liability, interest expense and the time period for repayment. The repayment of the royalty sale liability to the Purchaser does not have a fixed repayment schedule. Rather, it will be completely repaid and extinguished when the Company has repaid an aggregate amount equal to 1.7x of the Purchase Price. The $9.6 million in issuance costs will be amortized through interest expense over the life of the agreement. Royalties are remitted to the Purchaser in the subsequent quarter from when it's earned. The Company recognizes those royalties in accounts receivable, net and accounts payable on the condensed balance sheets until the royalties are remitted to the Purchaser from DSE.

As of March 31, 2025, the Company has recorded a liability, referred to as the “Royalty sale liability” on the condensed balance sheets, of $296.2 million, net of $8.4 million of capitalized issuance costs in connection with the royalty sale liability, which will be amortized to interest expense over the estimated term, $2.0 million of which will be amortized over the next 12 months and $6.4 million thereafter. The Company currently expects to repay $57.2 million in the next twelve months.

The Company recorded $13.1 million in interest expense related to this arrangement for the three months ended March 31, 2025, which included $0.4 million of amortized issuance costs.

The effective annual imputed interest rate is 1.4% as of March 31, 2025.

The following table summarizes the royalty sale liability activity during the three months ended March 31, 2025 (in thousands):


	(in thousands)
Total royalty sale liability at December 31, 2024	$	293,610

Royalties recognized and settled to Purchaser	(10,481)

Interest expense recognized	13,090
Total royalty sale liability at March 31, 2025	$	296,219

Segment Reporting	3 Months Ended
Segment Reporting	Mar. 31, 2025
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company has one reportable segment. The majority of the Company's business consists of researching, developing and commercializing therapies for the treatment of patients with elevated LDL-C. The segment derives net product sales through sale of its NEXLETOL and NEXLIZET tablets to customers in the United States and through collaboration agreements with other third party companies to develop, manufacture and commercialize its products outside the United States. Net product sales were $34.9 million and $24.8 million for the three months ended March 31, 2025 and 2024, respectively. Collaboration revenue, which includes milestone payments, royalty revenues and sales of the Company's tablets to its collaboration partners, were $30.1 million and $113.0 million for the three months ended March 31, 2025 and 2024, respectively. During the three months ended March 31, 2025, collaboration revenue was primarily derived in Europe from the Company's partner DSE. During the year ended December 31, 2024, collaboration revenue was primarily derived in Europe and Japan from the Company's partners DSE and Otsuka. The Company manages the business activities on a consolidated basis. The accounting policies of the segment are the same as those described in Note 2 “Summary of Significant Accounting Policies." The Company's chief operating decision maker is the Chief Executive Officer, or CODM. The CODM assesses the performance of the Company and decides how to allocate resources based on revenues and net (loss) income, which is reported on the statements of operations. The chief operating decision maker also assesses performance by reviewing net cash (used in) provided by operating expenses, which is reported on the statements of cash flows. The measure of segment assets is reported on the balance sheets as total assets. The chief operating decision maker also reviews cash and cash equivalents. A significant component of the CODM's decision-making process is to ensure a balanced investment in research and development, as well as commercial activities to drive near-term success and sustain for the long term.

- 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.

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+ Details

Stock Compensation - Summary of Total Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Stock compensation
Total stock compensation expense	$ 2,465	$ 3,235
Research and development
Stock compensation
Total stock compensation expense	369	904
Selling, general and administrative
Stock compensation
Total stock compensation expense	$ 2,096	$ 2,331

- Definition

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

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-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

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

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

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

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

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

+ Details

Stockholders' Deficit (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Summary of Warrants and Pre-funded Warrants Outstanding

The following table summarizes the warrants outstanding for the Company as of March 31, 2025 and December 31, 2024:


	March 31, 2025	December 31, 2024	Weighted average exercise price
Warrants outstanding from Warrant Amendment Agreements, expiring September 22, 2026	6,071,429	6,071,429	$	1.55
Warrants outstanding from 2023 Purchase Agreement, expiring September 22, 2026	20,000,000	20,000,000	$	1.55
Total warrants outstanding	26,071,429	26,071,429

Liability Related to the Revenue Interest Purchase Agreement - Narrative (Details) - USD ($) $ in Thousands						1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 27, 2024	Nov. 23, 2022	May 16, 2021	Apr. 26, 2021	Jun. 26, 2019	Mar. 31, 2020	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Sep. 30, 2021
Investments
One time partial call		$ 50,000
Loss on debt extinguishment									$ 53,200
Interest expense recognized							$ 19,431	$ 14,024
Revenue Interest Purchase Agreement (RIPA)
Investments
Repurchase consideration	$ 343,800
Interest expense recognized							$ 0	$ 10,900
Revenue Interest Purchase Agreement (RIPA) \| Oberland
Investments
Gross proceeds from revenue interest liability					$ 125,000
Total amount of subsequent installment, subject to RIPA terms and conditions					75,000
Amount of subsequent installment, subject to regulatory approval					25,000
Amount of subsequent installment, subject to achievement of sales threshold					50,000
Milestone amount for worldwide sales to receive the third payment					$ 100,000
Proceeds from Revenue Interest Purchase Agreement				$ 50,000		$ 25,000
Revenue interest rate which will take effect if annual net sales equals or exceeds the sales threshold by December 31, 2024					2.50%
Initial revenue interest rate					7.50%
Percentage of invested capital received by December 31, 2024, to qualify for second reduced revenue interest rate					100.00%
Revenue interest rate if annual net sales equal or exceed the Sales Threshold and if the Purchasers receive 100% of their invested capital by December 31, 2024					0.40%
Percentage of increase in royalty rate upon drawdown of third payment					33.33%
Minimum amount of annual net sales to qualify for reduced revenue interest rate by December 31, 2021					$ 350,000
Percentage of revenue interests payment on which agreement terminates					195.00%
Trailing number of months sales must be at or above milestone amount				6 months
Cumulative purchaser payment adjustment		$ 177,800
RIPA Amendment To The Security Agreement And Waiver \| Oberland
Investments
Specified net revenue			$ 15,000
Restricted cash										$ 50,000

Inventories, net (Tables)

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories, net consist of the following (in thousands):


	March 31, 2025		December 31, 2024
Raw materials	$	91,835	$	84,584
Work in process	2,073		3,711
Finished goods	5,414		6,196

	$	99,322	$	94,491

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies ANDA Litigation Starting in March 2024, the Company received notices from nine pharmaceutical companies, six of which filed exclusively with respect to NEXLETOL and four of which filed with respect to NEXLETOL and NEXLIZET (each, an “ANDA Filer”), notifying the Company that each company had filed an Abbreviated New Drug Application ("ANDA") with the FDA seeking approval of a generic version of NEXLETOL and/or NEXLIZET in the United States, as applicable. The ANDAs each contained Paragraph IV certifications alleging that certain of the Company’s Orange Book listed patents covering NEXLETOL or NEXLIZET, as applicable, are invalid and/or will not be infringed by each ANDA Filer’s manufacture, use or sale of the medicine for which the ANDA was submitted. Under the Hatch-Waxman Act to the Federal Food, Drug, and Cosmetic Act ("FDCA"), the Company had 45 days from receipt of the notice letters to commence patent infringement lawsuits against these generic drug manufacturers in a federal district court to trigger a stay precluding the FDA’s approval of any ANDA from being effective any earlier than 7.5 years from the date of approval of the NEXLETOL or NEXLIZET, as applicable, new drug application or entry of judgment holding the patents invalid, unenforceable, or not infringed, whichever occurs first. Beginning in May 2024, the Company filed patent infringement lawsuits under the Hatch-Waxman Act in the United States District Court, District of New Jersey, against each ANDA Filer: Accord Healthcare Inc.; Alkem Laboratories Ltd.; Aurobindo Pharma Limited (along with an affiliate); Dr. Reddy’s Laboratories Inc. (along with an affiliate); Hetero USA Inc. (along with affiliates); Micro Labs USA Inc. (along with an affiliate); MSN Pharmaceuticals Inc. (along with an affiliate); Renata Limited; and Sandoz Inc. The Company’s complaints allege that by filing the applicable ANDA, such ANDA Filer has infringed NEXLETOL’s and/or NEXLIZET’s Orange Book patents, as applicable, included in its Paragraph IV certifications, and seek an injunction preventing the FDA from granting final approval of the ANDA before the expiration of the asserted patents, and a permanent injunction to prevent the ANDA Filer from commercializing a generic version of NEXLETOL and/or NEXLIZET, as applicable, until the expiration of the asserted patents. The trial is anticipated to begin no earlier than January 2027, but no trial date has been set.

Sale of Future Royalties - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 27, 2024 USD ($) Rate
Debt Instrument [Line Items]
Amount of long-term capitalized issuance costs to be amortized	$ 6,400
Royalty sale liability	57,237	$ 47,586
Sale of Future Royalties
Debt Instrument [Line Items]
Consideration received			$ 304,700
Payment of royalty sale liability issuance costs		9,600
Percent acquired			100.00%
Threshold ratio of purchase price \| Rate			1.7
Aggregate principal amount			$ 517,900
Interests reverted to company			100.00%
Royalty sale liability	296,219	$ 293,610
Capitalized issuance costs	8,400
Capitalized Issuance costs amortized over next 12 months	$ 2,000
Effective annual imputed interest rate	1.40%
Amortization of debt issuance costs and discounts	$ 400

Net (Loss) Income Per Common Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the calculation of basic and diluted net (loss) income per share:


	March 31,
(in thousands, except share and per share data)	2025		2024
Net (loss) income - basic	$	(40,455)	$	61,022
Adjustments for dilutive earnings per share:
Interest expense for convertible notes, less amortization of debt issuance costs	—		2,650
Net (loss) income - diluted	$	(40,455)	$	63,672

Weighted average shares - basic	196,127,948		169,258,564
Effect of dilutive common stock equivalents:
Warrants	—		11,713,131
Shares issuable upon conversion of convertible notes	—		8,007,010
Common shares under option	—		54,217
Common shares under PBSOs	—		55,678
Unvested RSUs	—		478,229
Unvested PBRSUs	—		74,422
Dilutive common stock equivalents	—		20,382,687
Weighted average shares - diluted	196,127,948		189,641,251

Net (loss) income per common share – basic	$	(0.21)	$	0.36
Net (loss) income per common share – diluted	$	(0.21)	$	0.34

Schedule of Shares Excluded From Calculation of Diluted Net (Loss) Income Per Share

The shares outstanding at the end of the respective periods presented below were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	March 31
	2025	2024
Common shares under option	6,889,915	5,228,191
Common shares under PBSOs	632,950	433,950
Unvested RSUs	9,066,649	2,204,617

Shares issuable related to the ESPP	129,624	—
Shares issuable upon conversion of convertible notes	34,338,912	—
Warrants	26,071,429	—
Total potential dilutive shares	77,129,479	7,866,758

Other Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Schedule of Other Accrued Liabilities

Other accrued liabilities consist of the following (in thousands):


	March 31, 2025		December 31, 2024
Accrued legal fees	$	2,164	$	698
Accrued compensation	6,418		12,739
Accrued professional fees	4,285		3,557
Accrued interest on convertible notes	2,485		1,229
Accrued other	1,273		1,370
Total other accrued liabilities	$	16,625	$	19,593

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	May 01, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-35986
Entity Registrant Name	Esperion Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1870780
Entity Address, Address Line One	3891 Ranchero Drive, Suite 150
Entity Address, City or Town	Ann Arbor
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48108
City Area Code	734
Local Phone Number	887-3903
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ESPR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		198,199,462
Entity Central Index Key	0001434868
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

Collaborations with Third Parties (Details) - USD ($) $ in Thousands				1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 02, 2024	Apr. 17, 2020	Jan. 02, 2019	Apr. 30, 2021	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2020
Collaborations with Third Parties
First milestone payment	$ 100,000
Time required to pay cash portion	15 days
Second milestone payment	$ 25,000
Total Revenues					$ 64,995	$ 137,735
Royalty Revenue From DSE And Sale Of Bulk Tablets And Milestones Received
Collaborations with Third Parties
Total Revenues					29,400	113,000
Collaboration revenue
Collaborations with Third Parties
Total Revenues					30,082	112,979
Minimum
Collaborations with Third Parties
Aggregate payment agreement	125,000
Daiichi Sankyo Europe GmbH ("DSE")
Collaborations with Third Parties
Cash payment	$ 300,000
Daiichi Sankyo Europe GmbH ("DSE") \| Minimum \| Commitment Offering
Collaborations with Third Parties
Royalties	15.00%
Daiichi Sankyo Europe GmbH ("DSE") \| Maximum \| Commitment Offering
Collaborations with Third Parties
Royalties	25.00%
Daiichi Sankyo Europe GmbH ("DSE") \| License and Collaboration Agreement
Collaborations with Third Parties
Upfront cash payment received (paid)			$ 150,000
Cash payment to the Company upon first commercial sales in the DSE Territory							$ 150,000
Daiichi Sankyo Europe GmbH ("DSE") \| License and Collaboration Agreement \| Minimum
Collaborations with Third Parties
Percentage of royalties to be received on the net sales			15.00%
Daiichi Sankyo Europe GmbH ("DSE") \| License and Collaboration Agreement \| Maximum
Collaborations with Third Parties
Percentage of royalties to be received on the net sales			25.00%
Otsuka Pharmaceutical Co, Ltd. \| Collaboration revenue
Collaborations with Third Parties
Total Revenues					0	0
Otsuka Pharmaceutical Co, Ltd. \| Exclusive Developmental Activities
Collaborations with Third Parties
Upfront cash payment received (paid)		$ 60,000
Potential additional future payments		450,000
Proceeds from milestone upon submission of a Japanese New Drug Application (JNDA) in the Otsuka Territory		$ 10,000
Otsuka Pharmaceutical Co, Ltd. \| Exclusive Developmental Activities \| Minimum
Collaborations with Third Parties
Percentage of royalties to be received on the net sales		15.00%
Otsuka Pharmaceutical Co, Ltd. \| Exclusive Developmental Activities \| Maximum
Collaborations with Third Parties
Percentage of royalties to be received on the net sales		30.00%
Milestone payment upon JNDA Approval in the Otsuka Territory		$ 10,000
Milestone payment, first national health insurance price listing		70,000
Milestone payment, achievement of the primary MACE in the CLEAR Outcomes study and CV risk reduction rate on the U.S. label		50,000
Milestone payments related to total net sales achievements		$ 310,000
Daiichi Sankyo Co. Ltd \| Collaboration revenue
Collaborations with Third Parties
Total Revenues					400	$ 0
Daiichi Sankyo Co. Ltd \| License and Collaboration Agreement
Collaborations with Third Parties
Consideration cash payment				$ 30,000
Payment to be received upon milestone				$ 175,000
Daiichi Sankyo Co. Ltd \| License and Collaboration Agreement \| Minimum
Collaborations with Third Parties
Percentage of royalties to be received on the net sales				5.00%
Daiichi Sankyo Co. Ltd \| License and Collaboration Agreement \| Maximum
Collaborations with Third Parties
Percentage of royalties to be received on the net sales				20.00%
Neopharm \| License and Collaboration Agreement
Collaborations with Third Parties
Total Revenues					$ 300

Collaborations with Third Parties	3 Months Ended
Collaborations with Third Parties	Mar. 31, 2025
Collaborations with Third Parties
Collaborations with Third Parties	Collaborations with Third Parties DSE Agreement Terms On January 2, 2019, the Company entered into a license and collaboration agreement with DSE, which was further amended on June 18, 2020, and January 2, 2024 (as amended, the “DSE Agreement”). Pursuant to the DSE Agreement, the Company granted DSE exclusive commercialization rights to bempedoic acid and the bempedoic acid / ezetimibe combination tablet in the European Economic Area, United Kingdom, Turkey, and Switzerland (collectively, the “DSE Territory”). DSE is responsible for commercialization in the DSE Territory. DSE's designated affiliate in Turkey will be solely responsible, at its sole cost and expense, for all regulatory matters relating to such products in Turkey, including obtaining regulatory approval for such products in Turkey. The Company remains responsible for clinical development, regulatory and manufacturing activities for the licensed products globally, including in the DSE Territory outside of Turkey. Pursuant to the DSE Agreement, the Company received upfront cash of $150.0 million in 2019 and a $150.0 million cash milestone payment in 2020 following the completion of the NUSTENDI Marketing Authorisation Applications ("MAA"). The Company is responsible for supplying DSE with certain manufacturing supply of the API or bulk tablets. In addition, the Company is eligible to receive additional sales milestone payments related to total net sales achievements for DSE in the DSE Territory. Finally, the Company is entitled to receive tiered fifteen percent (15%) to twenty-five percent (25%) royalties on net DSE Territory sales. The DSE Agreement calls for both parties to participate in a Joint Collaboration Committee (the “DSE JCC”). The DSE JCC is comprised of executive management from each company and the Company will lead in all aspects related to development and DSE will lead in all aspects related to commercialization in the DSE Territory. On January 2, 2024, the Company entered into a settlement agreement (the "Settlement Agreement") with DSE to amicably resolve and dismiss their commercial dispute in the Southern District of New York. Under the Settlement Agreement, DSE has agreed to pay the Company an aggregate of $125.0 million, including (1) a $100.0-million payment within 15 business days of the effective date of the Settlement Agreement and (2) a $25.0-million payment in the calendar quarter immediately following the calendar quarter in which the EMA renders a decision on the application that was filed with the EMA for a Type II(a) variation for the Company’s oral non-statin products marketed as NILEMDO (bempedoic acid) tablets and NUSTENDI (bempedoic acid and ezetimibe) tablets in Europe. Pursuant to the Settlement Agreement, also on January 2, 2024, the Company entered into a 3rd Amendment (the “DSE Amendment”) to the License and Collaboration Agreement dated January 2, 2019 with DSE. The DSE Amendment grants DSE the exclusive rights for clinical development, regulatory activities, manufacture and commercialization of a bempedoic acid/ezetimibe/statin triple combination pill in the DSE Territory. Further, after a transition period, DSE will assume sole responsibility for the manufacture of NILEMDO and NUSTENDI for the DSE Territory. As of January 2, 2024, DSE has sole authority and control of regulatory communications with the EMA regarding the pending marketing authorization applications for NILEMDO and NUSTENDI. Pursuant to the DSE Amendment, the Company is entitled to receive one-time cash payments of up to $300 million upon the achievement of certain commercial milestones related to total net sales achievements in the DSE Territory. The Company is also entitled to receive tiered 15% to 25% royalties on net DSE Territory sales. Collaboration Revenue In the three months ended March 31, 2025, the Company recognized collaboration revenue of $29.4 million related to royalty revenue from DSE from the sales of NILEMDO and NUSTENDI as well as the sales of bulk tablets to DSE pursuant to the supply agreement that was executed with DSE. In the three months ended March 31, 2024, the Company considered the guidance under ASC 606 and concluded that the Settlement Agreement was in the scope of ASC 606. The Company determined that significantly all the upfront payment of $100.0 million from the transaction price received under the Settlement Agreement qualified for revenue recognition as it related to settlement of performance obligations completed under the DSE Agreement, including: 1) the settlement of the disputed milestone, which relates to variable consideration for full satisfied performance obligations, and 2) the developmental rights for the triple combination pill. In the three months ended March 31, 2024, the Company recognized collaboration revenue of $113.0 million made up of milestone from the Settlement Agreement, royalty revenue from DSE and sales of bulk tablets to DSE pursuant to the supply agreement that was executed with DSE. All remaining future potential milestone amounts were not included in the transaction price, as they were all determined to be fully constrained following the concepts of ASC 606 due to the fact that such amounts hinge on sales-based milestones. Additionally, the Company expects that any consideration related to sales-based milestones will be recognized when the subsequent sales occur. Otsuka Agreement Terms On April 17, 2020, the Company entered into a license and collaboration agreement (the "Otsuka Agreement") with Otsuka. Pursuant to the Otsuka Agreement, the Company granted Otsuka exclusive development and commercialization rights to NEXLETOL and NEXLIZET in Japan (the "Otsuka Territory"). Otsuka will be responsible for all development, regulatory, and commercialization activities in Japan. In addition, Otsuka will fund all clinical development costs associated with the program in Japan. Pursuant to the Otsuka Agreement, the consideration consists of a $60.0 million upfront cash payment and the Company will be eligible to receive additional payments of up to $450.0 million if certain regulatory and commercial milestones are achieved by Otsuka. The Company received $10.0 million in the year ended December 31, 2024 related to a milestone payment upon first Japanese New Drug Application ("JNDA") submissions in the Otsuka Territory. The potential future milestone payments include up to $10.0 million upon first JNDA approval in the Otsuka Territory, up to $70.0 million upon the first NHI Price Listing for NEXLETOL in the Otsuka Territory, up to $50.0 million upon the achievement of the primary major adverse cardiovascular events (“MACE”) in the CLEAR Outcomes study and inclusion of the CV risk reduction indication in the U.S. label, depending on the range of relative risk reduction in the CLEAR Outcomes study, payable upon approval and pricing in Japan. In addition, the Company is eligible to receive additional sales milestone payments up to $310.0 million related to total net sales achievements for Otsuka in Japan. Finally, the Company is entitled to receive tiered fifteen percent (15%) to thirty percent (30%) royalties on net sales in Japan. Collaboration Revenue The Company considered the guidance under ASC 606 and concluded that the agreement was in the scope of ASC 606. In the three months ended March 31, 2025 and 2024, the Company did not have any collaboration revenue related to the Otsuka Agreement. All future potential milestone amounts were not included in the transaction price, as they were all determined to be fully constrained following the concepts of ASC 606 due to the fact that such amounts hinge on development activities, regulatory approvals and sales-based milestones. Additionally, the Company expects that any consideration related to royalties and sales-based milestones will be recognized when the subsequent sales occur. DS Agreement Terms In April 2021, the Company entered into a license and collaboration agreement with Daiichi Sankyo Co. Ltd (the "DS Agreement"). Pursuant to the DS Agreement, the Company granted DS exclusive rights to develop and commercialize bempedoic acid and the bempedoic acid / ezetimibe combination tablet in South Korea, Taiwan, Hong Kong, Thailand, Vietnam, Brazil, Macao, Cambodia and Myanmar (collectively, the "DS Territory"). The DS Agreement allows for potential expansion across geographies including Saudi Arabia, Kuwait, Oman, UAE, Qatar, Bahrain, Yemen, Colombia and other Latin American countries. Except for certain development activities in South Korea and Taiwan, DS will be responsible for development and commercialization in these territories. In addition, DS will fund all development costs associated with the program in the DS Territory. Pursuant to the DS Agreement, the consideration consists of a $30.0 million upfront cash payment that is non-refundable, non-reimbursable and non-creditable. The Company is also eligible to receive additional one-time payments of up to $175.0 million if certain commercial milestones are achieved by DS. Also, the Company is entitled to receive tiered royalties of five percent (5%) to twenty percent (20%) of net sales in the DS Territory. Pursuant to the Settlement Agreement, on January 2, 2024, the Company entered into the 1st Amendment (the “DS Amendment”) to the License and Collaboration Agreement with DS. The DS Amendment grants DS exclusive rights for clinical development, regulatory activities, manufacture and commercialization of a bempedoic acid/ezetimibe/statin triple combination pill in the DS Territory. Further, after a transition period, DS will assume sole responsibility for the manufacture of NILEMDO and NUSTENDI for the DS Territory. Collaboration Revenue The Company recognized $0.4 million of collaboration revenue in the three months ended March 31, 2025 related to royalty revenue from DS and sales of bulk tablets per the agreement with DS. The Company did not have any collaboration revenue in three months ended March 31, 2024 aside from that discussed in the "DSE Agreement Terms" section above. All future potential milestone amounts were not included in the transaction price, as they were all determined to be fully constrained following the concepts of ASC 606 due to the fact that such amounts hinge on development activities, regulatory approvals and sales-based milestones. Additionally, the Company expects that any consideration related to royalties and sales-based milestones will be recognized when the subsequent sales occur. Other Agreements On February 26, 2025, the Company entered into a license and distribution agreement with Seqirus Pty Ltd ("CSL Seqirus") for the rights to commercialize NEXLETOL and NEXLIZET in Australia and New Zealand. Under the terms of the agreement, the Company will receive upfront and near-term milestone payments and will be responsible for supplying finished product to CSL Seqirus. CSL Seqirus will be responsible for commercialization, including regulatory approval, reimbursement and marketing. During the three months ended March 31, 2025, the Company recognized approximately $0.3 million of collaboration revenue related to the upfront milestone payment. On May 7, 2025, the Company entered into a license and distribution agreement with HLS Therapeutics (“HLS”) for the exclusive rights to commercialize NEXLETOL and NEXLIZET in Canada. Under the terms of the agreement, the Company will receive upfront and near-term milestone payments and tiered royalties on product sales. The Company will be responsible for supplying finished product to HLS. HLS will be responsible for commercialization, including reimbursement and marketing.

Sale of Future Royalties - Schedule of Activity Within Royalty Sale Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Sale of Future Royalties [Roll Forward]
Interest expense recognized	$ 19,431	$ 14,024
Sale of Future Royalties
Sale of Future Royalties [Roll Forward]
Total royalty sale liability at December 31, 2024	293,610
Royalties recognized and settled to Purchaser	(10,481)
Interest expense recognized	13,090
Total royalty sale liability at March 31, 2025	$ 296,219

Net (Loss) Income Per Common Share - Calculation of Basic and Diluted (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Net (Loss) Income Per Common Share
Net (loss) income - basic	$ (40,455)	$ 61,022
Adjustments for dilutive earnings per share:
Interest expense for convertible notes, less amortization of debt issuance costs	0	2,650
Net (loss) income - diluted	$ (40,455)	$ 63,672
Weighted-average shares outstanding - basic (in shares)	196,127,948	169,258,564
Effect of dilutive common stock equivalents:
Warrants for common stock (in shares)	0	11,713,131
Shares issuable upon conversion of convertible notes (in shares)	0	8,007,010
Dilutive common stock equivalents (in shares)	0	20,382,687
Weighted average shares - diluted (in shares)	196,127,948	189,641,251
Net income (loss) per common share - basic (in dollars per share)	$ (0.21)	$ 0.36
Net income (loss) per common share - diluted (in dollars per share)	$ (0.21)	$ 0.34
Common shares under option
Effect of dilutive common stock equivalents:
Effect of dilutive common stock equivalents (in shares)	0	54,217
Common shares under PBSOs
Effect of dilutive common stock equivalents:
Effect of dilutive common stock equivalents (in shares)	0	55,678
Unvested RSUs
Effect of dilutive common stock equivalents:
Effect of dilutive common stock equivalents (in shares)	0	478,229
Unvested PBRSUs
Effect of dilutive common stock equivalents:
Effect of dilutive common stock equivalents (in shares)	0	74,422

Sale of Future Royalties (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Activity Within Royalty Sale Liability

The following table summarizes the royalty sale liability activity during the three months ended March 31, 2025 (in thousands):


	(in thousands)
Total royalty sale liability at December 31, 2024	$	293,610

Royalties recognized and settled to Purchaser	(10,481)

Interest expense recognized	13,090
Total royalty sale liability at March 31, 2025	$	296,219

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025 USD ($) segment customer revenue_source	Mar. 31, 2024 USD ($)	Dec. 31, 2024 customer
Summary of Significant Accounting Policies
Number of operating segments \| segment	1
Number of revenue sources \| revenue_source	2
Total Revenues	$ 64,995	$ 137,735
Product sales, net
Summary of Significant Accounting Policies
Total Revenues	$ 34,913	$ 24,756
Trade Receivables \| Customer Concentration Risk
Summary of Significant Accounting Policies
Number of customers \| customer	10		10
Revenue Benchmark \| Accounts Receivable Risks \| Three Largest Customers
Summary of Significant Accounting Policies
Concentration risk	99.00%		99.00%
Revenue Benchmark \| Product Concentration Risk \| Three Largest Customers
Summary of Significant Accounting Policies
Concentration risk	99.00%	99.00%

Commitments and Contingencies (Details)	13 Months Ended
Commitments and Contingencies (Details)	Mar. 31, 2025 company
Commitments and Contingencies Disclosure [Abstract]
Number of notices received from pharmaceutical companies	9

Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Estimated Future Principal Payments

Estimated future principal payments due under the Loan, 2025 Notes and 2030 Notes are as follows:


Years Ending December 31,	(in thousands)
2025	$	54,912
2026	—
2027	—
2028	18,750
2029	131,250
2030	100,000
Total	$	304,912

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	480,000,000	480,000,000
Common stock, issued (in shares)	198,654,569	197,846,661
Treasury stock (in shares)	1,994,198	1,994,198

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Provision for income taxes
Provision for income taxes	$ 0	$ 0

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cash Equivalents

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Cash Equivalents

The following table summarizes the Company’s cash equivalents (in thousands):


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	88,058	$	—	$	—	$	88,058
Certificates of deposit	403		—		—		403


Total	$	88,461	$	—	$	—	$	88,461


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	106,894	$	—	$	—	$	106,894


Certificates of deposit	403		—		—		403




Total	$	107,297	$	—	$	—	$	107,297

During the three months ended March 31, 2025, other income, net in the statements of operations includes interest income on cash equivalents of $1.1 million. During the three months ended March 31, 2024, other income, net in the statements of operations includes interest income on cash equivalents of $2.4 million. During the three months ended March 31, 2025 and March 31, 2024, there was no accretion of premiums and discounts on investments.

There were no unrealized gains or losses on investments reclassified from accumulated other comprehensive income (loss) to other income in the statements of operations during the three months ended March 31, 2025 and 2024.

In the three months ended March 31, 2025 and 2024, there were no allowances for credit losses and all unrealized gains (losses) for available-for-sale securities were recognized in accumulated other comprehensive income (loss). As of March 31, 2025, the Company had no accrued interest receivables.

Debt (Details) $ / shares in Units, $ in Thousands					1 Months Ended	3 Months Ended		12 Months Ended	53 Months Ended
Debt (Details) $ / shares in Units, $ in Thousands	Dec. 17, 2024 USD ($) tradingDay $ / shares	Dec. 13, 2024 USD ($)	Nov. 03, 2021 shares	Oct. 22, 2021 USD ($) $ / shares	Nov. 30, 2020 USD ($) day tradingDay $ / shares shares	Mar. 31, 2025 USD ($) $ / shares	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) $ / shares	Mar. 31, 2025 USD ($) $ / shares shares	Dec. 12, 2024
Debt Instrument [Line Items]
Long-term debt						$ 141,449		$ 140,971	$ 141,449
Amortization of debt issuance costs and discounts						$ 699	$ 437
Purchase of capped call options associated with convertible notes					$ 46,000
Prepayment of forward stock repurchase transaction					$ 55,000
Common stock, par value (in dollars per share) \| $ / shares						$ 0.001		$ 0.001	$ 0.001
Loss on extinguishment of debt								$ 53,200
Underlying common stock (in shares) \| shares					1,994,198
Shares delivered to the company (in shares) \| shares									505,148
Capped Call \| Common stock
Debt Instrument [Line Items]
Exercise price (in dollars per share) \| $ / shares					$ 55.16
Class of warrant or right, premium percentage					100.00%
Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount		$ 150,000
Credit Agreement \| Convertible Debt
Debt Instrument [Line Items]
Interest rate if paid in cash		9.75%
Interest rate if paid-in-kind		11.75%
Quarterly principal payment rate after four years		12.50%
Maturity		5 years
Basis spread on make-whole premium		3.00%
Prepayment premium during year three		3.00%
Prepayment premium during year four		1.00%
Minimum liquidity		$ 50,000
Original issue discount percentage		2.50%
Remaining unamortized discount		$ 3,800				$ 3,500			$ 3,500
Debt issuance costs		5,400				5,100			5,100
Long-term debt						141,400			141,400
Debt interest expense						4,100
Amortization of debt issuance costs and discounts						500
Convertible Senior Notes Due 2025 \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount					$ 280,000
Aggregate principal amount		$ 265,000
Interest rate percentage		4.00%			4.00%					4.00%
Debt issuance costs						200		300	200
Debt interest expense						600	3,100
Amortization of debt issuance costs and discounts						100	$ 400
Proceeds from debt, net of issuance costs					$ 271,100
Debt instrument, convertible, conversion ratio					0.0302151
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares					$ 33.096
Debt instrument, redemption price, percentage					100.00%
Exchange Agreement, amount of principal amount converted into common stock				$ 15,000
Exchange Agreement, weighted average price per share floor (in dollars per share) \| $ / shares				$ 5.62
Exchange Agreement, threshold trading days				5 days
Common stock exchanged (in shares) \| shares			1,094,848
Aggregate principal amount	$ 210,100
Long-term debt, gross						54,900		54,900	54,900
Long-term debt						54,700		54,600	54,700
Debt instrument, fair value disclosure						54,000		53,200	54,000
Convertible Senior Notes Due 2025 \| Convertible Debt \| Period One
Debt Instrument [Line Items]
Common stock, par value (in dollars per share) \| $ / shares					$ 0.001
Debt instrument, convertible, threshold percentage of stock price trigger					130.00%
Debt instrument, convertible, threshold trading days \| day					20
Debt instrument, convertible, threshold consecutive trading days \| day					30
Number of business days \| day					5
Number of consecutive trading days \| day					5
Debt instrument, convertible, threshold percentage of last reported sale price					98.00%
Convertible Senior Notes Due 2025 \| Convertible Debt \| Period Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger					130.00%
Debt instrument, convertible, threshold trading days \| day					20
Debt instrument, convertible, threshold consecutive trading days \| day					30
Scheduled trading days \| tradingDay					41
Debt instrument, redemption price, percentage					100.00%
Debt instrument, required amount outstanding					$ 125,000
Convertible Senior Notes Due 2030
Debt Instrument [Line Items]
Debt issuance costs	3,300
Convertible Senior Notes Due 2030 \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 100,000
Interest rate percentage	5.75%
Debt issuance costs						3,100		3,300	3,100
Debt interest expense						1,600
Amortization of debt issuance costs and discounts						100
Debt instrument, convertible, conversion ratio	0.3267974
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares	$ 3.06
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Scheduled trading days \| tradingDay	41
Long-term debt, gross						100,000		100,000	100,000
Long-term debt						96,900		96,700	96,900
Debt instrument, fair value disclosure						90,300		$ 105,400	$ 90,300
Convertible Senior Notes Due 2030, Exchange Transactions \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 57,500
Repayment of convertible notes	153,400
Loss on extinguishment of debt						$ 1,700
Convertible Senior Notes Due 2030, Subscription Transactions \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 42,500

Stock Compensation - RSUs (Details) - RSUs	3 Months Ended
Stock Compensation - RSUs (Details) - RSUs	Mar. 31, 2025 $ / shares shares
Number of RSUs
Outstanding and unvested at the beginning of period (in shares) \| shares	4,447,074
Granted (in shares) \| shares	5,312,350
Forfeited (in shares) \| shares	(230,996)
Vested (in shares) \| shares	(461,779)
Outstanding and unvested at the ending of period (in shares) \| shares	9,066,649
Weighted-Average Fair Value Per Share
Outstanding and unvested at the beginning of period (in dollars per share) \| $ / shares	$ 2.83
Granted (in dollars per share) \| $ / shares	1.50
Forfeited (in dollars per share) \| $ / shares	3.02
Vested (in dollars per share) \| $ / shares	3.70
Outstanding and unvested at the at the end of the period (in dollars per share) \| $ / shares	$ 2.00

Net (Loss) Income Per Common Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net (Loss) Income Per Common Share

Basic net (loss) income per share is calculated by dividing net (loss) income by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net (loss) income per share is computed by dividing net (loss) income by the weighted-average number of common stock equivalents outstanding for the period, including shares that potentially could be dilutive if they were exercised or vested during the period, determined using the treasury-stock method and the if-converted method for shares issuable upon conversion of convertible notes. For purposes of this calculation, warrants for common stock, stock options, PBSOs, unvested RSUs and PBRSUs, shares issuable under the ESPP and shares issuable upon conversion of the convertible notes are considered to be common stock equivalents and are only included in the calculation of diluted net (loss) income per share when their effect is dilutive.

The following table summarizes the calculation of basic and diluted net (loss) income per share:


	March 31,
(in thousands, except share and per share data)	2025		2024
Net (loss) income - basic	$	(40,455)	$	61,022
Adjustments for dilutive earnings per share:
Interest expense for convertible notes, less amortization of debt issuance costs	—		2,650
Net (loss) income - diluted	$	(40,455)	$	63,672

Weighted average shares - basic	196,127,948		169,258,564
Effect of dilutive common stock equivalents:
Warrants	—		11,713,131
Shares issuable upon conversion of convertible notes	—		8,007,010
Common shares under option	—		54,217
Common shares under PBSOs	—		55,678
Unvested RSUs	—		478,229
Unvested PBRSUs	—		74,422
Dilutive common stock equivalents	—		20,382,687
Weighted average shares - diluted	196,127,948		189,641,251

Net (loss) income per common share – basic	$	(0.21)	$	0.36
Net (loss) income per common share – diluted	$	(0.21)	$	0.34

The shares outstanding at the end of the respective periods presented below were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:


	March 31
	2025	2024
Common shares under option	6,889,915	5,228,191
Common shares under PBSOs	632,950	433,950
Unvested RSUs	9,066,649	2,204,617

Shares issuable related to the ESPP	129,624	—
Shares issuable upon conversion of convertible notes	34,338,912	—
Warrants	26,071,429	—
Total potential dilutive shares	77,129,479	7,866,758

Condensed Statements of Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2023		118,210,315
Beginning balance at Dec. 31, 2023	$ (454,994)	$ 118	$ 1,149,170	$ (1,549,284)	$ 0	$ (54,998)
Increase (Decrease) in Stockholders' Equity
Vesting of restricted stock units and performance-based restricted stock units (in shares)		439,783
Vesting of restricted stock units and performance-based restricted stock units	1	$ 1
Stock-based compensation	3,235		3,235
Issuance of common stock from offering, net of issuance costs (in shares)		65,205,000
Issuance of common stock from offering, net of issuance costs	90,672	$ 65	90,607
Exercise of warrants (in shares)		4,000,000
Exercise of warrants	5,766	$ 4	5,762
Net income (loss)	61,022			61,022
Ending balance (in shares) at Mar. 31, 2024		187,855,098
Ending balance at Mar. 31, 2024	(294,298)	$ 188	1,248,774	(1,488,262)	0	(54,998)
Beginning balance (in shares) at Dec. 31, 2024		195,852,463
Beginning balance at Dec. 31, 2024	(388,722)	$ 196	1,267,109	(1,601,029)	0	(54,998)
Increase (Decrease) in Stockholders' Equity
Vesting of restricted stock units and performance-based restricted stock units (in shares)		461,779
Vesting of restricted stock units and performance-based restricted stock units	1	$ 1
Vesting of ESPP Shares (in shares)		346,129
Vesting of ESPP shares	500		500
Stock-based compensation	2,465		2,465
Net income (loss)	(40,455)			(40,455)
Ending balance (in shares) at Mar. 31, 2025		196,660,371
Ending balance at Mar. 31, 2025	$ (426,211)	$ 197	$ 1,270,074	$ (1,641,484)	$ 0	$ (54,998)

Cash Equivalents - Narrative (Details) - USD ($)	3 Months Ended
Cash Equivalents - Narrative (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Investments
Other income, net	$ 1,072,000	$ 2,777,000
Allowance for credit loss	0	0
Accrued interest receivable	0
Reclassification out of Accumulated Other Comprehensive Income
Investments
Other income, net	0	0
Other Nonoperating Income (Expense)
Investments
Interest income on investments	1,100,000	2,400,000
Accretion (amortization) of premiums and discounts on investments	$ 0	$ 0

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
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

Net (Loss) Income Per Common Share (Details) - shares	3 Months Ended
Net (Loss) Income Per Common Share (Details) - shares	Mar. 31, 2025	Mar. 31, 2024
Net (Loss) Income Per Common Share
Total potential dilutive shares (in shares)	77,129,479	7,866,758
Common shares under option
Net (Loss) Income Per Common Share
Total potential dilutive shares (in shares)	6,889,915	5,228,191
Common shares under PBSOs
Net (Loss) Income Per Common Share
Total potential dilutive shares (in shares)	632,950	433,950
Unvested RSUs
Net (Loss) Income Per Common Share
Total potential dilutive shares (in shares)	9,066,649	2,204,617
Shares issuable related to the ESPP
Net (Loss) Income Per Common Share
Total potential dilutive shares (in shares)	129,624	0
Shares issuable upon conversion of convertible notes
Net (Loss) Income Per Common Share
Total potential dilutive shares (in shares)	34,338,912	0
Warrants
Net (Loss) Income Per Common Share
Total potential dilutive shares (in shares)	26,071,429	0

Segment Reporting (Details) $ in Thousands	3 Months Ended
Segment Reporting (Details) $ in Thousands	Mar. 31, 2025 USD ($) segment	Mar. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	1
Total Revenues	$ 64,995	$ 137,735
Product sales, net
Segment Reporting Information [Line Items]
Total Revenues	34,913	24,756
Collaboration revenue
Segment Reporting Information [Line Items]
Total Revenues	$ 30,082	$ 112,979

- Definition

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

+ References

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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Inventories, net

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Inventories, net

Inventories, net consist of the following (in thousands):


	March 31, 2025		December 31, 2024
Raw materials	$	91,835	$	84,584
Work in process	2,073		3,711
Finished goods	5,414		6,196

	$	99,322	$	94,491

Inventory reserves were $4.4 million and $0.3 million at March 31, 2025 and December 31, 2024, respectively.

Cash Equivalents (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Company's Cash Equivalents and Short-Term Investments

The following table summarizes the Company’s cash equivalents (in thousands):


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	88,058	$	—	$	—	$	88,058
Certificates of deposit	403		—		—		403


Total	$	88,461	$	—	$	—	$	88,461


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	106,894	$	—	$	—	$	106,894


Certificates of deposit	403		—		—		403




Total	$	107,297	$	—	$	—	$	107,297

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed interim financial statements are unaudited and were prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“GAAP”). In the opinion of management, the Company has made all adjustments, which include only normal recurring adjustments necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented. Certain prior year amounts have been reclassified to conform with current year presentation. Certain information and disclosures normally included in the annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, have been condensed or omitted. These condensed interim financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2024, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for the interim periods are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, net revenues, expenses and related disclosures. Actual results could differ from those estimates.
Segment Reporting	Segment Reporting The Company views its operations and manages its business in one operating segment, which is the business of researching, developing and commercializing therapies for the treatment of patients with elevated LDL-C.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company invests its excess cash in bank deposits, money market accounts, and short-term investments. The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash equivalents are reported at fair value.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s cash and cash equivalents are carried at fair value. Financial instruments, including accounts receivable, other prepaid and current assets, accounts payable and accrued liabilities are carried at cost, which approximates fair value. Debt is carried at amortized cost, which approximates fair value.
Concentration of Credit Risk	Concentration of Credit Risk The Company enters into a limited number of distribution agreements with distributors and specialty pharmacies. The Company's net product sales are with these customers. As of March 31, 2025 and December 31, 2024, ten customers accounted for all of the Company's net trade receivables. As of March 31, 2025 and December 31, 2024, three customers held approximately 99% and 99% of the Company's trade receivables associated with net product sales, respectively. For the three months ended March 31, 2025 and 2024, three customers accounted for approximately 99% and 99% of gross sales of NEXLETOL and NEXLIZET, respectively.
Revenue Recognition	Revenue Recognition In accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606"), the Company recognizes revenue when a customer obtains control of promised goods or services, in an amount that reflects the consideration the Company expects to receive in exchange for the goods or services provided. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: identify the contracts with a customer; identify the performance obligations in the contract; determine the transaction price; allocate the transaction price to the performance obligations in the contract; and recognize revenue when or as the entity satisfies a performance obligation. At contract inception, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when or as the performance obligation is satisfied. The Company derives revenue through two primary sources: collaboration revenue and product sales. Collaboration revenue consists of the collaboration payments to the Company for collaboration arrangements outside of the United States for the development, manufacturing and commercialization, including royalties, of the Company's product candidates by the Company's partners and product sales consists of sales of NEXLETOL and NEXLIZET in the United States. a.Collaboration Revenue The Company has entered into agreements related to its activities to develop, manufacture, and commercialize its product candidates. The Company earns collaboration revenue in connection with a collaboration agreement to develop and/or commercialize product candidates where the Company deems the collaborator to be the customer. Revenue is recognized when (or as) the Company satisfies performance obligations under the terms of a contract. Depending on the terms of the arrangement, the Company may defer the recognition of all or a portion of the consideration received as the performance obligations are satisfied. The collaboration agreements may require the Company to deliver various rights, services, and/or goods across the entire life cycle of a product or product candidate. In an agreement involving multiple goods or services promised to be transferred to a customer, the Company must assess, at the inception of the contract, whether each promise represents a separate performance obligation (i.e., is "distinct"), or whether such promises should be combined as a single performance obligation. The terms of the agreement typically include consideration to be provided to the Company in the form of non-refundable up-front payments, development milestones, sales milestones, and royalties on sales of products within a respective territory. The Company recognizes regulatory and approval milestones as consideration when it is probable that a future reversal is unlikely to occur. For sales-based milestones and royalties based on sales of product in a territory, the Company applies the sales-based royalty exception in ASC 606-10-55-65 to all of these milestones and royalties. At the inception of the contract, the transaction price reflects the amount of consideration the Company expects to be entitled to in exchange for transferring promised goods or services to its customer. In the arrangement where the Company satisfies performance obligation(s) during the regulatory phase over time, the Company recognizes collaboration revenue typically using an input method on the basis of regulatory costs incurred relative to the total expected cost which determines the extent of progress toward completion. The Company reviews the estimate of the transaction price and the total expected cost each period and makes revisions to such estimates as necessary. Under contracted supply agreements with collaborators, the Company, through its third party contract manufacturing partners, may manufacture and supply quantities of active pharmaceutical ingredient (“API”) or bulk tablets reasonably required by collaboration partners for the development or sale of licensed products in their respective territory. The Company recognizes revenue when the collaboration partner has obtained control of the API or bulk tablets. The Company records the costs related to the supply agreement in cost of goods sold on the condensed statements of operations and comprehensive (loss) income. Under the Company's collaboration agreements, product sales and cost of sales may be recorded by the Company's collaborators as they are deemed to be the principal in the transaction. The Company receives royalties from the commercialization of such products, and records its share of the variable consideration, representing a percentage of net product sales, as collaboration revenue in the period in which such underlying sales occur and costs are incurred by the collaborators. On May 22, 2024, the Company announced that the EC approved the label update of both NILEMDO and NUSTENDI as treatments for hypercholesterolemia and to reduce the risk of adverse cardiovascular events. The EC’s decisions to update the labels of bempedoic acid and bempedoic acid / ezetimibe FDC are based on the positive CLEAR Outcomes trial results and makes them the first and only LDL-C lowering treatments indicated for primary and secondary prevention of cardiovascular events. NILEMDO and NUSTENDI are approved to reduce cardiovascular risk in patients with or at high risk for atherosclerotic cardiovascular disease. b.Product Sales, Net On February 21, 2020, the Company announced that the FDA approved NEXLETOL as an adjunct to diet and maximally tolerated statin therapy for the treatment of adults with HeFH or established ASCVD who require additional lowering of LDL-C. On February 26, 2020, the Company announced that the FDA approved NEXLIZET as an adjunct to diet and maximally tolerated statin therapy for the treatment of adults with HeFH or established ASCVD who require additional lowering of LDL-C. On March 30, 2020, NEXLETOL was commercially available in the U.S. through prescription and on June 4, 2020, NEXLIZET was commercially available in the U.S. through prescription. On March 22, 2024, the Company announced that the FDA approved new label expansions for NEXLETOL and NEXLIZET based on positive CLEAR Outcomes data that include indications for cardiovascular risk reduction and expanded LDL-C lowering in both primary and secondary prevention patients. In addition, the enhanced labels support the use of NEXLETOL and NEXLIZET either alone or in combination with statins. They also include new indications for primary hyperlipidemia, alone or in combination with a statin. Product sales, net totaled $34.9 million for the three months ended March 31, 2025, and $24.8 million for the three months ended March 31, 2024. The Company sells NEXLETOL and NEXLIZET to wholesalers in the U.S. and, in accordance with ASC 606, recognizes revenue at the point in time when the customer is deemed to have obtained control of the product. The customer is deemed to have obtained control of the product at the time of physical receipt of the product at the customers’ distribution facilities, or free on board (“FOB”) destination, the terms of which are designated in the contract. Product sales are recorded at the net selling price, which includes estimates of variable consideration for which reserves are established for (a) rebates and chargebacks, (b) co-pay assistance programs, (c) distribution fees, (d) product returns, and (e) other discounts. Where appropriate, these estimates take into consideration a range of possible outcomes which are probability-weighted for relevant factors such as current contractual and statutory requirements, 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 applicable contract. The amount of variable consideration may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Given the early stage of the Company’s commercial operations it has provided constraint of its variable consideration due to its potential consumption trends. Actual amounts of consideration ultimately received may differ from the Company's estimates. If actual results in the future vary from estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known. Liabilities for co-pay assistance, expected product returns, rebates, and distributor fees are classified as “Accrued variable consideration” in the condensed balance sheets. Discounts, such as prompt pay discounts, and chargebacks are recorded as a reduction to accounts receivable in the condensed balance sheets. Forms of Variable Consideration Rebates and Chargebacks: The Company estimates reductions to product sales for Public Health Service Institutions, such as Medicaid, Medicare and Veterans' Administration ("VA") programs, as well as certain other qualifying federal and state government programs, and other group purchasing organizations. The Company estimates these reductions based upon the Company's contracts with government agencies and other organizations, statutorily defined discounts and estimated payor mix. These organizations purchase directly from the Company's wholesalers at a discount and the wholesalers charge the Company back the difference between the wholesaler price and the discounted price. The Company's liability for Medicaid rebates consists of estimates for claims that a state will make for a current quarter. The Company's reserve for this discounted pricing is based on expected sales to qualified healthcare providers and the chargebacks that customers have already claimed. Co-pay assistance: Eligible patients who have commercial insurance may receive assistance from the Company to reduce the patient's out of pocket costs. The Company will buy down the difference between the amount of the eligible patient's co-pay when the drug is purchased at the pharmacy at a determined price. Liabilities for co-pay assistance are calculated by actual program participation from third-party administrators. Distribution Fees: The Company has written contracts with its customers that include terms for distribution fees and costs for inventory management. The Company estimates and records distribution fees due to its customers based on gross sales. Product Returns: The Company generally offers a right of return based on the product’s expiration date and certain spoilage and damaged instances. The Company estimates the amount of product sales that may be returned and records the estimate as a reduction of product sales in the period the related product sales is recognized. The Company’s estimates for expected returns are based primarily on an ongoing analysis of sales information and visibility into the inventory remaining in the distribution channel. Discounts: The Company provides product discounts, such as prompt pay discounts, to its customers. The Company estimates cash discounts based on terms in negotiated contracts and the Company’s expectations regarding future payment patterns.
Inventories, net	Inventories, net Inventories are stated at the lower of cost or net realizable value and recognized on a first-in, first-out ("FIFO") method. The Company uses standard cost to determine the cost basis for inventory. Inventory is capitalized based on when future economic benefit is expected to be realized. The Company analyzes its inventory levels on a periodic basis to determine if any inventory is at risk for expiration prior to sale or has a cost basis that is greater than its estimated future net realizable value. Any adjustments are recognized through cost of goods sold in the period in which they are incurred.
Liability Related to the Sale of Future Royalties	Liability Related to the Sale of Future Royalties The Company treats the sale of future DSE royalties as debt, amortized under the effective interest rate method over the estimated life of the royalty sale agreement. The royalty sale liability is presented net of deferred issuance costs on the balance sheets. The amortization of the liability related to future royalties and related interest expense are based on the Company's current estimates of future royalties, which the Company determines by using forecasted royalty sales from its collaboration partner, historical experience, third-party forecasts and current market conditions. The Company periodically assesses the forecasted sales and to the extent the amount or timing of future estimated royalty payments is materially different than previous estimates, the Company will account for any such change by adjusting the liability related to the sale of future royalties and prospectively recognize the related non-cash interest expense. Royalty revenue is recognized and the related liability reduced as earned.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity's effective tax rate reconciliation, as well as information related to income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. This ASU will be effective for the annual period ending December 31, 2025. The Company is currently evaluating the impacts of adoption of this ASU. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires additional disclosure of the nature of expenses included in the income statement. The primary goal is to improve the decision usefulness of expense information on public business entities' income statements through the disaggregation of relevant expense captions in the notes of the financial statements. This ASU will be effective for annual periods beginning after December 15, 2026, and interim periods after December 15, 2027. The Company is currently evaluating the timing and impacts of adoption of this ASU. There have been no other material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company follows accounting guidance that emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value measurements are defined on a three level hierarchy:


Level 1 inputs:						Quoted prices for identical assets or liabilities in active markets;

Level 2 inputs:						Observable inputs other than Level 1 prices, such as quoted market prices for similar assets or liabilities or other inputs that are observable or can be corroborated by market data; and

Level 3 inputs:						Unobservable inputs that are supported by little or no market activity and require the reporting entity to develop assumptions that market participants would use when pricing the asset or liability.

The following table presents the Company’s financial assets that have been measured at fair value on a recurring basis (in thousands):


Description	Total		Level 1		Level 2		Level 3

March 31, 2025
Assets:
Money market funds	$	88,058	$	88,058	$	—	$	—
Certificates of deposit	403		403		—		—

Total assets at fair value	$	88,461	$	88,461	$	—	$	—
December 31, 2024
Assets:
Money market funds	$	106,894	$	106,894	$	—	$	—
Certificates of deposit	403		403		—		—



Total assets at fair value	$	107,297	$	107,297	$	—	$	—

There were no transfers between Levels 1, 2 or 3 during the three months ended March 31, 2025 and 2024.

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

Cash Equivalents - Summary of Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Investments
Amortized Cost	$ 88,461	$ 107,297
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	88,461	107,297
Money market funds \| Cash Equivalents
Investments
Amortized Cost	88,058	106,894
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	88,058	106,894
Certificates of deposit \| Cash Equivalents
Investments
Amortized Cost	403	403
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 403	$ 403

- Definition

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

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

- Definition

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

+ References

+ Details

Stock Compensation - PBSOs (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Number of Options
Outstanding at the beginning of period (in shares)	5,177,511
Granted (in shares)	1,762,000
Forfeited or expired (in shares)	(49,596)
Exercised (in shares)	0
Outstanding at the end of the period (in shares)	6,889,915	5,177,511
Vested and expected to vest (in shares)	6,889,915
Exercisable (in shares)	2,823,592
Weighted-Average Exercise Price Per Share
Outstanding at the beginning of period (in dollars per share)	$ 8.70
Granted (in dollars per share)	1.50
Forfeited or expired (in dollars per share)	49.12
Exercised (in dollars per share)	0
Outstanding at the end of the period (in dollars per share)	6.56	$ 8.70
Vested and expected to vest (in dollars per share)	6.56
Exercisable (in dollars per share)	$ 12.76
Weighted-Average Remaining Contractual Term (Years)
Outstanding	7 years 11 months 1 day	7 years 5 months 4 days
Vested and expected to vest	7 years 11 months 1 day
Exercisable	6 years 1 month 17 days
Aggregate Intrinsic Value
Outstanding	$ 12	$ 480
Vested and expected to vest	12
Exercisable	$ 12
Common shares under PBSOs
Number of Options
Outstanding at the beginning of period (in shares)	632,950
Granted (in shares)	0
Forfeited or expired (in shares)	0
Exercised (in shares)	0
Outstanding at the end of the period (in shares)	632,950	632,950
Vested and expected to vest (in shares)	632,950
Exercisable (in shares)	632,950
Weighted-Average Exercise Price Per Share
Outstanding at the beginning of period (in dollars per share)	$ 4.97
Granted (in dollars per share)	0
Forfeited or expired (in dollars per share)	0
Exercised (in dollars per share)	0
Outstanding at the end of the period (in dollars per share)	4.97	$ 4.97
Vested and expected to vest (in dollars per share)	4.97
Exercisable (in dollars per share)	$ 4.97
Weighted-Average Remaining Contractual Term (Years)
Outstanding	5 years 11 months 23 days	6 years 4 months 6 days
Vested and expected to vest	5 years 11 months 23 days
Exercisable	5 years 11 months 23 days
Aggregate Intrinsic Value
Outstanding	$ 0	$ 123
Vested and expected to vest	0
Exercisable	$ 0

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Operating activities
Net (loss) income	$ (40,455)	$ 61,022
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Non-cash royalty revenue	(10,481)	0
Depreciation expense	26	0
Amortization of debt issuance costs and discounts	699	437
Non-cash interest expense related to the revenue interest liability	0	10,937
Non-cash interest expense related to the royalty sale liability	13,090	0
Stock-based compensation expense	2,465	3,235
Changes in assets and liabilities:
Accounts receivable	(1,152)	(6,118)
Prepaids and other assets	(4,925)	(6,590)
Deferred revenue	(3,976)	3,948
Inventories	(4,831)	(7,472)
Accounts payable	27,844	(3,450)
Other accrued liabilities	(932)	(2,121)
Net cash (used in) provided by operating activities	(22,628)	53,828
Investing activities
Purchase of property and equipment	0	(73)
Net cash (used in) investing activities	0	(73)
Financing activities
Payments on revenue interest liability	0	(5,832)
Proceeds from issuance of common stock, net of issuance costs	0	90,672
Proceeds from exercise of warrants, net of issuance costs	0	5,766
Payment of issuance costs	(7,500)	0
Net cash (used in) provided by financing activities	(7,500)	90,606
Net (decrease) increase in cash and cash equivalents	(30,128)	144,361
Cash and cash equivalents at beginning of period	144,761	82,248
Cash and cash equivalents at end of period	114,633	226,609
Supplemental disclosure of cash flow information:
Purchase of property and equipment not yet paid	0	195
Non-cash right of use asset	$ 30	$ 72

Stock Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Compensation

2022 Stock Option and Incentive Plan

In April 2022, the Company’s board of directors (the “Board”) approved the Esperion Therapeutics, Inc. 2022 Stock Option and Incentive Plan (as amended, the “2022 Plan”), which was approved by the Company's stockholders in May 2022. The number of shares of Common Stock available for awards under the 2022 Plan was set to 4,400,000, with any shares underlying awards that are forfeited, canceled, held back upon exercise of an option or settlement of an award to cover the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance or shares, or otherwise terminated (other than by exercise) under the 2022 Plan may be added back to the shares of Common Stock available for issuance under the 2022 Plan. The 2022 Plan provides for the award of stock options (both incentive and non-qualified options), stock appreciation rights, restricted stock, restricted stock units ("RSUs"), unrestricted stock, cash-based awards, and dividend equivalent rights. Following the approval of the 2022 Plan, no further awards will be issued under the Company’s Amended and Restated 2013 Stock Option and Incentive Plan (the “2013 Plan”). In April 2023, the Board approved a first amendment to the 2022 Plan, which was approved by the Company's stockholders in June 2023, which increased the number of shares of Common Stock reserved for awards under the 2022 Plan to 10,650,000. In April 2024, the Board approved a second amendment to the 2022 Plan, which was approved by the Company's stockholders in May 2024, which increased the number of shares of Common Stock reserved for awards under the 2022 Plan to 16,900,000.

Employee Stock Purchase Plan

In April 2020, the Board approved the Esperion Therapeutics, Inc. 2020 Employee Stock Purchase Plan (as amended, the "ESPP"), which was approved by the Company's stockholders in May 2020 and was subsequently amended by a first amendment to the ESPP adopted by the Board in July 2020. The ESPP allows eligible employees to authorize payroll deductions of up to 10% of their base salary or wages up to $25,000 annually to be applied toward the purchase of shares of Common Stock on the last trading day of the offering period. Participating employees will purchase shares of Common Stock at a discount of up to 15% on the lesser of the closing price of Common Stock on the NASDAQ Global Market (i) on the first trading day of the offering period or (ii) the last day of any offering period. Offering periods under the ESPP will generally be in six months increments, commencing on September 1 and March 1 of each calendar year with the administrator having the right to establish different offering periods. During the three months ended March 31, 2025, the Company recognized $0.1 million of stock compensation expense related to the ESPP. During the three months ended March 31, 2024, the Company recognized no stock compensation expense related to the ESPP. In April 2024, the Board approved a second amendment to the ESPP, which was approved by the Company's stockholders in May 2024, which increased the number of shares of Common Stock reserved for future issuance under the ESPP by an additional 6,175,000 shares. As of March 31, 2025, there have been 956,635 shares issued and 6,043,365 shares reserved for future issuance under the ESPP.

2017 Inducement Equity Plan

In May 2017, the Board approved the Esperion Therapeutics, Inc. 2017 Inducement Equity Plan (as amended in November 2019 and August 2023, the "2017 Plan"). The number of shares of Common Stock available for awards under the 2017 Plan is 2,650,000, with any shares of Common Stock that are forfeited, cancelled, held back upon the exercise or settlement of an award to cover the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of Common Stock, or otherwise terminated (other than by exercise) under the 2017 Plan added back to the shares of Common Stock available for issuance under the 2017 Plan. The 2017 Plan provides for the granting of stock options, stock appreciation rights, restricted stock awards, restricted stock units ("RSUs"), unrestricted stock awards and dividend equivalent rights.

Stock Options

The following table summarizes the activity relating to the Company’s options to purchase Common Stock for the three months ended March 31, 2025:


	Number of Options	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2024	5,177,511	$	8.70	7.43	$	480
Granted	1,762,000	$	1.50
Forfeited or expired	(49,596)	$	49.12
Exercised	—	$	—
Outstanding at March 31, 2025	6,889,915	$	6.56	7.92	$	12
Vested and expected to vest at March 31, 2025	6,889,915	$	6.56	7.92	$	12
Exercisable at March 31, 2025	2,823,592	$	12.76	6.13	$	12

Stock-based compensation related to stock options was $0.8 million for the three months ended March 31, 2025, including less than $0.1 million that was capitalized into inventory, and $0.9 million for the three months ended March 31, 2024, including $0.1 million that was capitalized into inventory. As of March 31, 2025, there was $6.0 million of unrecognized stock-based compensation expense related to unvested options, which will be recognized over a weighted-average period of 2.8 years.

Performance-Based Stock Options ("PBSOs")

In 2021, 2022, and 2023, the Company granted PBSOs from the 2013 Plan and the 2022 Plan, that vest upon various performance-based milestones as set forth in the individual grant agreements, such as achievement of predetermined clinical or regulatory outcomes. The actual number of units (if any) received under these awards will depend on continued employment and actual performance over the performance period. Each quarter, the Company updates their assessment of the probability that the performance milestone will be achieved. The Company amortizes the fair value of the PBSOs based on the expected performance period to achieve the performance milestone. The performance criteria was met in three months ended March 31, 2024.

The following table summarizes the activity relating to the Company’s PBSOs for the three months ended March 31, 2025:


	Number of Options	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2024	632,950	$	4.97	6.35	$	123
Granted	—	$	—
Forfeited or expired	—	$	—
Exercised	—	$	—
Outstanding at March 31, 2025	632,950	$	4.97	5.98	$	—
Vested and expected to vest at March 31, 2025	632,950	$	4.97	5.98	$	—
Exercisable at March 31, 2025	632,950	$	4.97	5.98	$	—

There was no stock-based compensation related to PBSOs for the three months ended March 31, 2025. Stock-based compensation related to PBSOs for the three months ended March 31, 2024 was $0.5 million. As of March 31, 2025, there was no unrecognized stock-based compensation expense related to unvested PBSOs.

Restricted Stock Units ("RSUs")

The following table summarizes the activity relating to the Company’s RSUs for the three months ended March 31, 2025:


	Number of RSUs	Weighted-Average Fair Value Per Share
Outstanding and unvested December 31, 2024	4,447,074	$	2.83
Granted	5,312,350	$	1.50
Forfeited	(230,996)	$	3.02
Vested	(461,779)	$	3.70
Outstanding and unvested March 31, 2025	9,066,649	$	2.00

Stock-based compensation related to RSUs was approximately $1.6 million for the three months ended March 31, 2025 including $0.1 million that was capitalized into inventory, and $1.6 million for the three months ended March 31, 2024, including $0.1 million that was capitalized into inventory. As of March 31, 2025, there was $17.2 million of unrecognized stock-based compensation expense related to unvested RSUs, which will be recognized over a weighted-average period of 3.0 years.

Performance-based Restricted Stock Units ("PBRSUs")

In 2021, the Company granted PBRSUs from the 2013 Plan that vest upon various performance-based milestones as set forth in the individual grant agreements, such as achievement of predetermined milestones based on the Company's U.S. net product sales or clinical or regulatory outcomes. The actual number of units (if any) received under these awards will depend on continued employment and actual performance over the performance period. Each quarter, the Company updates their assessment of the probability that the performance milestone will be achieved. The Company amortizes the fair value of the PBRSUs based on the expected performance period to achieve the performance milestone. The fair value of the PBRSUs is based on the quoted market price of Common Stock on the date of grant. The performance criteria was met in three months ended March 31, 2024.

There was no stock-based compensation related to PBRSUs for the three months ended March 31, 2025. Stock-based compensation related to PBRSUs was $0.2 million for the three months ended March 31, 2024, including less than $0.1 million that was capitalized into inventory. As of March 31, 2025, there was no unrecognized stock-based compensation expense related to unvested PBRSUs and no outstanding and unvested PBRSUs.

The following table summarizes the total stock-based compensation expense in each of the income statement line items for the three months ended March 31, 2025 and 2024:


	Three months ended March 31
	(in thousands)
	2025		2024
Research and development	$	369	$	904
Selling, general and administrative	2,096		2,331
Total stock compensation expense	$	2,465	$	3,235

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 114,633	$ 144,761
Accounts receivable, net	81,294	80,142
Inventories, net	99,322	94,491
Prepaid clinical development costs	504	586
Prepaid Inventory Costs	18,210	13,863
Other prepaid and current assets	4,815	4,155
Total current assets	318,778	337,998
Property and equipment, net	228	254
Right of use operating lease assets	4,967	5,513
Intangible assets	56	56
Total assets	324,029	343,821
Current liabilities:
Accounts payable	71,994	51,650
Convertible notes, net of issuance costs	54,670	54,575
Accrued clinical development costs	7,071	5,035
Accrued variable consideration	56,005	56,535
Other accrued liabilities	16,625	19,593
Royalty sale liability	57,237	47,586
Deferred revenue from collaborations	4,542	8,518
Operating lease liabilities	2,822	2,741
Total current liabilities	270,966	246,233
Convertible notes, net of issuance costs	96,871	96,745
Royalty sale liability	238,982	246,024
Long-term debt	141,449	140,971
Operating lease liabilities	1,972	2,570
Total liabilities	750,240	732,543
Commitments and contingencies (Note 5)
Stockholders’ deficit:
Preferred stock, $0.001 par value; 5,000,000 shares authorized and no shares issued or outstanding as of March 31, 2025 and December 31, 2024	0	0
Common stock, $0.001 par value; 480,000,000 shares authorized as of March 31, 2025 and 480,000,000 shares authorized as of December 31, 2024; 198,654,569 shares issued at March 31, 2025 and 197,846,661 shares issued at December 31, 2024	197	196
Additional paid-in capital	1,270,074	1,267,109
Treasury stock, at cost; 1,994,198 shares at March 31, 2025 and December 31, 2024	(54,998)	(54,998)
Accumulated deficit	(1,641,484)	(1,601,029)
Total stockholders’ deficit	(426,211)	(388,722)
Total liabilities and stockholders’ deficit	$ 324,029	$ 343,821

Stock Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Activity Relating to the Company's Options and Performance-Based Options to Purchase Common Stock

The following table summarizes the activity relating to the Company’s options to purchase Common Stock for the three months ended March 31, 2025:


	Number of Options	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2024	5,177,511	$	8.70	7.43	$	480
Granted	1,762,000	$	1.50
Forfeited or expired	(49,596)	$	49.12
Exercised	—	$	—
Outstanding at March 31, 2025	6,889,915	$	6.56	7.92	$	12
Vested and expected to vest at March 31, 2025	6,889,915	$	6.56	7.92	$	12
Exercisable at March 31, 2025	2,823,592	$	12.76	6.13	$	12

The following table summarizes the activity relating to the Company’s PBSOs for the three months ended March 31, 2025:


	Number of Options	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
					(in thousands)
Outstanding at December 31, 2024	632,950	$	4.97	6.35	$	123
Granted	—	$	—
Forfeited or expired	—	$	—
Exercised	—	$	—
Outstanding at March 31, 2025	632,950	$	4.97	5.98	$	—
Vested and expected to vest at March 31, 2025	632,950	$	4.97	5.98	$	—
Exercisable at March 31, 2025	632,950	$	4.97	5.98	$	—

Summary of Activity Relating to the Company's RSUs

The following table summarizes the activity relating to the Company’s RSUs for the three months ended March 31, 2025:


	Number of RSUs	Weighted-Average Fair Value Per Share
Outstanding and unvested December 31, 2024	4,447,074	$	2.83
Granted	5,312,350	$	1.50
Forfeited	(230,996)	$	3.02
Vested	(461,779)	$	3.70
Outstanding and unvested March 31, 2025	9,066,649	$	2.00

Summary of Total Stock Based Compensation Expense

The following table summarizes the total stock-based compensation expense in each of the income statement line items for the three months ended March 31, 2025 and 2024:


	Three months ended March 31
	(in thousands)
	2025		2024
Research and development	$	369	$	904
Selling, general and administrative	2,096		2,331
Total stock compensation expense	$	2,465	$	3,235

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued legal fees	$ 2,164	$ 698
Accrued compensation	6,418	12,739
Accrued professional fees	4,285	3,557
Accrued interest on convertible notes	2,485	1,229
Accrued other	1,273	1,370
Total other accrued liabilities	$ 16,625	$ 19,593

The Company and Basis of Presentation	3 Months Ended
The Company and Basis of Presentation	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Basis of Presentation	The Company and Basis of Presentation Esperion Therapeutics, Inc. ("the Company” or "Esperion") is a commercial stage biopharmaceutical company currently focused on bringing new medicines to patients that address unmet medical needs. The Company has developed and is commercializing U.S. Food and Drug Administration (“FDA”) approved oral, once-daily, non-statin medicines for patients who are at risk for cardiovascular disease and are struggling with elevated low density lipoprotein cholesterol ("LDL-C"). Through commercial execution, international partnerships and collaborations and advancement of its pre-clinical pipeline, the Company continues to evolve into a leading global biopharmaceutical company. The Company's lead products, NEXLETOL® (bempedoic acid) tablets and NEXLIZET® (bempedoic acid and ezetimibe) tablets, are oral, once-daily, non-statin medicines indicated to reduce the risk of myocardial infarction and coronary revascularization in adults who are unable to take recommended statin therapy (including those not taking a statin) with established cardiovascular disease ("CVD"), or at high risk for a CVD event but without established CVD, and to reduce LDL-C in adults with primary hyperlipidemia. The Company's products were approved by the FDA, the European Commission ("EC") and Swiss Agency for Therapeutic Products ("Swissmedic") in 2020. The FDA approved expanded indications for NEXLETOL and NEXLIZET tablets in March 2024. The EC approved expanded indications for NILEMDO® (bempedoic acid) tablets and NUSTENDI® (bempedoic acid and ezetimibe) tablets in May 2024. In addition, Otsuka Pharmaceutical Co., Ltd ("Otsuka"), Esperion’s Japanese collaborator, announced that the primary endpoint of LDL-C reduction from baseline at Week 12 was achieved with statistical significance in the Phase 3 clinical trial in Japan for bempedoic acid as a treatment for hypercholesterolemia. Otsuka filed a New Drug Application ("NDA") in Japan in November 2024, with expected approval and National Health Insurance ("NHI") pricing in the second half of 2025. The Company filed supplemental NDAs for product approvals in Canada in November 2024. The Company's collaboration partners filed in Israel in March 2025 and plan to file in Australia mid 2025. The Company's primary activities since incorporation have been conducting research and development activities, including nonclinical, preclinical and clinical testing, performing business and financial planning, recruiting personnel, raising capital, and commercializing its products. The Company received approval by the FDA in February 2020 to commercialize NEXLETOL and NEXLIZET in the U.S., and accordingly commenced principal operations on March 30, 2020 with the commercialization of NEXLETOL. The Company is subject to risks and uncertainties which include the need to successfully commercialize its products, research, develop, and clinically test therapeutic products; obtain regulatory approvals for its products; successfully manage relationships with its collaboration partners; expand and successfully manage its management, commercial and scientific staff; and finance its operations with an ultimate goal of achieving profitable operations. The Company has sustained annual operating losses since inception and expects such losses to continue over the near term future. While management believes current cash resources and future cash received from the Company's net product sales and collaboration agreements with Daiichi Sankyo Europe GmbH ("DSE"), Otsuka, and Daiichi Sankyo Co. Ltd ("DS"), entered into on January 2, 2019, April 17, 2020 and April 26, 2021, respectively, will fund operations for the foreseeable future, management may continue to fund operations and advance the development of the Company's products and product candidates through a combination of collaborations with third parties, strategic alliances, licensing arrangements, permitted debt financings, permitted royalty-based financings, and permitted private and public equity offerings or through other sources. If adequate funds are not available, the Company may not be able to continue the development of its current products or future product candidates, or to commercialize its current or future product candidates, if approved. Basis of Presentation The accompanying condensed interim financial statements are unaudited and were prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“GAAP”). In the opinion of management, the Company has made all adjustments, which include only normal recurring adjustments necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented. Certain prior year amounts have been reclassified to conform with current year presentation. Certain information and disclosures normally included in the annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, have been condensed or omitted. These condensed interim financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2024, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for the interim periods are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period.

Stock Compensation - Schedule of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Number of Options
Outstanding at the beginning of period (in shares)	5,177,511
Granted (in shares)	1,762,000
Forfeited or expired (in shares)	(49,596)
Exercised (in shares)	0
Outstanding at the end of the period (in shares)	6,889,915	5,177,511
Vested and expected to vest (in shares)	6,889,915
Exercisable (in shares)	2,823,592
Weighted-Average Exercise Price Per Share
Outstanding at the beginning of period (in dollars per share)	$ 8.70
Granted (in dollars per share)	1.50
Forfeited or expired (in dollars per share)	49.12
Exercised (in dollars per share)	0
Outstanding at the end of the period (in dollars per share)	6.56	$ 8.70
Vested and expected to vest (in dollars per share)	6.56
Exercisable (in dollars per share)	$ 12.76
Weighted-Average Remaining Contractual Term (Years)
Outstanding	7 years 11 months 1 day	7 years 5 months 4 days
Vested and expected to vest	7 years 11 months 1 day
Exercisable	6 years 1 month 17 days
Aggregate Intrinsic Value
Outstanding	$ 12	$ 480
Vested and expected to vest	12
Exercisable	$ 12

Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 91,835	$ 84,584
Work in process	2,073	3,711
Finished goods	5,414	6,196
Total Inventory	99,322	94,491
Reserves	$ 4,400	$ 300

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of the Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s financial assets that have been measured at fair value on a recurring basis (in thousands):


Description	Total		Level 1		Level 2		Level 3

March 31, 2025
Assets:
Money market funds	$	88,058	$	88,058	$	—	$	—
Certificates of deposit	403		403		—		—

Total assets at fair value	$	88,461	$	88,461	$	—	$	—
December 31, 2024
Assets:
Money market funds	$	106,894	$	106,894	$	—	$	—
Certificates of deposit	403		403		—		—



Total assets at fair value	$	107,297	$	107,297	$	—	$	—

Other Accrued Liabilities

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Other Accrued Liabilities

Other accrued liabilities consist of the following (in thousands):


	March 31, 2025		December 31, 2024
Accrued legal fees	$	2,164	$	698
Accrued compensation	6,418		12,739
Accrued professional fees	4,285		3,557
Accrued interest on convertible notes	2,485		1,229
Accrued other	1,273		1,370
Total other accrued liabilities	$	16,625	$	19,593

Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

Credit Agreement

On December 13, 2024, the Company entered into a credit agreement (the “Credit Agreement”) with GLAS USA LLC, as administrative agent, and Athyrium Opportunities IV Co-Invest 1 LP, HCR Stafford Fund II, L.P., HCR Potomac Fund II, L.P. and HCRX Investments HoldCo, L.P., as the initial lenders party thereto. The Credit Agreement provides for a $150.0 million term loan (the “Loan”), which was borrowed in full at closing. Proceeds from the Loan were used to repay a portion of the outstanding obligations under the Company’s existing $265.0 million aggregate principal amount 4.00% Convertible Senior Subordinated Notes due November 2025 (the “2025 Notes”) and to pay fees and expenses in connection with the Credit Agreement.

The Loan will bear interest at an annual rate of 9.75% if paid in cash, and 11.75% if paid-in-kind. At the Company’s option, interest on the Loan may be paid-in-kind for the first four full fiscal quarters ending after the closing date. The Credit Agreement requires quarterly interest-only payments for the first four years after the closing date and, thereafter, the Loan will partially amortize in quarterly principal payments of 12.50%, with the outstanding balance to be repaid on the maturity date, which shall be five (5) years after the closing date (the “Maturity Date”); provided that, such amortization may be adjusted pursuant to the terms of the Credit agreement. The Company may, at its option, prepay the Loan in whole or in part at any time, subject to concurrent payment of certain fees and, if prepaid (a) within the first two years after closing, a make-whole premium plus 3%, (b) after the second anniversary of closing and on or prior to the third anniversary, a prepayment premium of 3% and (c) after the third anniversary of closing and on or prior to the fourth anniversary, a prepayment premium of 1% (the “Prepayment Premium”). The Loan is subject to mandatory prepayment in the event of specified asset dispositions, extraordinary receipts, unpermitted debt issuances, change of control, and, in certain circumstances, failure to settle the exchanges of the Company’s Existing Notes, subject to certain exceptions and thresholds and concurrent payment of certain fees and, if prepaid within the first four years of closing, the applicable Prepayment Premium.

All obligations under the Credit Agreement shall be guaranteed by the Company’s present and future wholly owned subsidiaries, subject to customary exceptions, and secured by assets of Company and the guarantors, including the equity interests in the Company’s subsidiaries, subject to customary exceptions. The Credit Agreement contains a financial covenant to maintain minimum liquidity of $50 million. The Credit Agreement contains affirmative and negative covenants customary for a senior secured loan. The negative covenants under the Credit Agreement limit the ability of the Company and its subsidiaries to, among other things, dispose of assets, engage in mergers, acquisitions, and similar transactions, incur additional indebtedness, grant liens, make investments, pay dividends or make distributions or certain other restricted payments in respect of equity, prepay other indebtedness, enter into restrictive agreements, undertake fundamental changes or amend certain material contracts, in each case subject to certain exceptions.

The Credit Agreement also contains certain customary events of default, including, but not limited to, a failure to comply with the covenants in the Credit Agreement. If an event of default has occurred and continues beyond any applicable cure period, the administrative agent or the required lenders may accelerate all outstanding obligations under the Credit Agreement and/or exercise any other remedies provided under the loan documents.

In connection with the borrowing of the Loan, the Company incurred 2.5% of original issue discount ("OID"), or approximately $3.8 million. In addition, the Company incurred debt issuance costs of $5.4 million in connection with the borrowing of the Loan. Both the OID and debt issuance costs were capitalized and included in long-term debt on the condensed balance sheets at the inception of the Loan, and are being amortized to interest expense using the effective interest method over the same term. As of March 31, 2025, the Company recognized $141.4 million of long-term debt related to the Credit Agreement on the condensed balance sheets, net of the remaining unamortized discount and debt issuance costs associated with the Loan of $3.5 million and approximately $5.1 million, respectively. During the three months ended March 31, 2025, the Company recognized $4.1 million of interest expense, including $0.5 million of OID and debt issuance costs amortization.

2025 Notes

In November 2020, the Company issued $280.0 million aggregate principal amount of 4.0% senior subordinated convertible notes due November 2025. The net proceeds the Company received from the offering was approximately $271.1 million, after deducting the initial purchasers’ discounts and commissions and offering expenses payable by the Company (the “2025 Notes”). The Company used approximately $46.0 million of the net proceeds from the offering of the notes to pay the cost of the Capped Call (as defined below) and $55.0 million of the net proceeds from the offering of the initial notes to finance the Prepaid Forward (as defined below). The 2025 Notes are the Company's senior unsecured obligations and mature on November 15, 2025 (the “Maturity Date”), unless earlier repurchased or converted into shares of the Company's common stock, par value $0.001 per share ("common stock"), under certain circumstances described below. The 2025 Notes are convertible into shares of the Company’s common stock, can be repurchased for cash, or a combination thereof, at the Company’s election, at an initial conversion rate of 30.2151 shares of common stock per $1,000 principal amount of the 2025 Notes, which is equivalent to an initial conversion price of approximately $33.096 per share of common stock, subject to adjustment. The Company will pay interest on the 2025 Notes semi-annually in arrears on May 15 and November 15 of each year.

Holders may convert their 2025 Notes at their option at any time prior to the close of business on the business day immediately preceding August 15, 2025 in the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 (and only during such calendar quarter), if the last reported sale price per share of the Company’s common stock, is greater than or equal to 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five business days after any five consecutive trading day period (such five consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company’s common stock and the conversion rate for the notes on each such trading day; (3) if the Company calls such notes for redemption, any such notes that have been called for redemption may be converted at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date, but only with respect to the notes called for redemption; and (4) upon the occurrence of specified corporate events, as provided in the Indenture. On or after August 15, 2025, to the close of business on the second scheduled trading day immediately before the maturity date, holders may convert all or any portion of their notes at the applicable conversion rate at any time at the option of the holder regardless of the foregoing conditions.

In addition, following certain corporate events or following issuance of a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its notes in connection with such a

corporate event or to convert its notes called (or deemed called) for redemption during the related redemption period, as the case may be.

The 2025 Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after November 20, 2023 and before the 41st scheduled trading day immediately before the maturity date, at a cash redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, but only if the last reported sale price per share of the Company’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date the Company sends the related redemption notice, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company sends such redemption notice. No sinking fund is provided for the notes. If the Company redeems less than all the outstanding notes, at least $125.0 million aggregate principal amount of notes must be outstanding and not subject to redemption as of the relevant redemption notice date.

If the Company undergoes a “fundamental change” (as defined in the Indenture), holders may require the Company to repurchase their notes for cash all or any portion of their notes at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, to, but excluding, the fundamental change repurchase date. The Indenture includes customary terms and covenants, including certain events of default.

On October 22, 2021, the Company entered into a privately negotiated exchange agreement (the “2021 Exchange Agreement”) with two co-managed holders (the “Holders”) of its 2025 Notes. Under the terms of the 2021 Exchange Agreement the Holders agreed to exchange (the “2021 Exchange”) with the Company $15.0 million aggregate principal amount of the Convertible Notes held in the aggregate by them (and accrued interest thereon) for shares of the Company’s common stock. Pursuant to the 2021 Exchange Agreement, the number of shares of common stock to be issued by the Company to the Holders upon consummation of the 2021 Exchange was determined based upon the volume-weighted-average-price per share of common stock, subject to a floor of $5.62 per share, during the five trading-day averaging period, commencing on the trading day immediately following the date of the 2021 Exchange Agreement. The 2021 Exchange closed on November 3, 2021 with 1,094,848 shares of the Company's common stock being exchanged.

On December 12, 2024, the Company entered into privately negotiated exchange and subscription agreements with certain holders of its 4.00% Convertible Senior Subordinated Notes due 2025 (the “2025 Notes”) pursuant to which the Company issued $100.0 million aggregate principal amount of 5.75% Convertible Senior Subordinated Notes due in June 2030 (the “2030 Notes”) consisting of (a) approximately $57.5 million principal amount of 2030 Notes, along with approximately $153.4 million in cash, including accrued interest, issued in exchange for approximately $210.1 million principal amount of 2025 Notes (the “Exchange Transaction”). The Company also issued and sold approximately $42.5 million aggregate principal amount of 2030 Notes for cash, pursuant to privately negotiated agreements (the “Subscription Transactions” and, together with the Exchange Transaction, the “Transaction”). The Exchange Transaction closed on December 17, 2024 under an Indenture between the Company and U.S. Bank Trust Company, National Association, as trustee. In exchange for issuing the 2030 Notes pursuant to the Exchange Transaction, the Company received and cancelled the exchanged 2025 Notes.

The Company accounted for the Exchange as an extinguishment of a liability and calculated the loss on extinguishment of debt under ASC 470-50-40, which requires the difference between the reacquisition price of the debt and the net carrying amount of the extinguished debt to be recognized in the income statement. The reacquisition price of the 2025 Notes was the amount of principal exchanged. The net carrying amount of the debt was calculated by the face value of the notes less the unamortized debt issuance costs associated with the face value of the notes. The Company recognized a loss of $1.7 million in "Loss on extinguishment of debt and exchange transaction" on the statements of operations and comprehensive loss during the year ended December 31, 2024.

As of March 31, 2025, the principal amount of 2025 notes was $54.9 million, and the unamortized debt issuance costs were $0.2 million, for a net carrying amount of $54.7 million. As of December 31, 2024, the principal amount of 2025 notes was $54.9 million, and the unamortized debt discount and issuance costs were $0.3 million, for a net carrying amount of $54.6 million.

The Company recorded $0.6 million and $3.1 million of interest expense during the three months ended March 31, 2025 and 2024, respectively, relating to the cash interest on the 2025 notes due semi-annually and including the amortization of the debt issuance costs of $0.1 million and $0.4 million, respectively.

As of March 31, 2025, no 2025 Notes were convertible pursuant to their terms. The estimated fair value of the 2025 Notes was $54.0 million as of March 31, 2025 and $53.2 million as of December 31, 2024. The estimated fair value of the 2025 Notes

was determined through consideration of quoted market prices. As of March 31, 2025, the if-converted value of the 2025 Notes did not exceed the principal value of those notes.

2030 Notes

As noted above, the Company issued $100 million aggregate principal amount of 5.75% Convertible Senior Subordinated Notes due 2030 (the “2030 Notes”) on December 17, 2024. The Company incurred approximately $3.3 million of issuance costs associated with the 2030 Notes.

The 2030 Notes mature on June 15, 2030, unless earlier converted, redeemed or repurchased. The 2030 Notes are the Company’s senior unsecured obligations and will pay interest on the 2030 Notes at an annual rate of 5.75% payable in cash semiannually in arrears on June 15 and December 15 of each year, beginning June 15, 2025. Before March 15, 2030, holders of the 2030 Notes will have the right to convert their notes only upon the occurrence of certain events. From and after March 15, 2030, holders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will have the right to elect to settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock. The initial conversion rate is 326.7974 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $3.06 per share of common stock. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. The indenture governing the 2030 Notes includes certain restrictive covenants that limits the Company’s ability to incur additional indebtedness, subject to certain exceptions.

The 2030 Notes will be redeemable, in whole or in part, for cash at the Company’s option at any time, and from time to time, on or after December 20, 2027 and prior to the forty-first (41st) scheduled trading day immediately before the maturity date, but only if the last reported sale price per share exceeds 130% of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

In addition, if the Company undergoes a “fundamental change” (as defined in the Indenture), subject to certain conditions, holders may require the Company to repurchase for cash all or part of their 2030 Notes in principal amounts of $1,000 or an integral multiple thereof. The repurchase price will be equal to the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

The Indenture provides for customary events of default, including payment defaults, breaches of covenants, failure to pay certain judgments and certain events of bankruptcy, insolvency and reorganization. If an event of default occurs and is continuing, the principal amount of the 2030 Notes, plus accrued and unpaid interest, if any, may be declared immediately due and payable, subject to certain conditions set forth in the Indenture. These amounts automatically become due and payable if an event of default relating to certain events of bankruptcy, insolvency or reorganization occurs.

As of March 31, 2025, the principal amount of 2030 notes was $100.0 million, and the unamortized debt issuance costs were $3.1 million, for a net carrying amount of $96.9 million. As of December 31, 2024, the principal amount of 2030 notes was $100.0 million, and the unamortized debt issuance costs were $3.3 million, for a net carrying amount of $96.7 million.

The Company recorded $1.6 million of interest expense during the three months ended March 31, 2025 relating to the cash interest on the 2030 notes due semi-annually and including amortization of the debt issuance costs of $0.1 million.

As of March 31, 2025, no 2030 Notes were convertible pursuant to their terms. The estimated fair value of the 2030 Notes was $90.3 million as of March 31, 2025 and $105.4 million as of December 31, 2024. The estimated fair value of the 2030 Notes was determined through consideration of quoted market prices. As of March 31, 2025, the if-converted value of the 2030 Notes did not exceed the principal value of those notes.

The Company is in compliance with all of its covenants at March 31, 2025.

Estimated future principal payments due under the Loan, 2025 Notes and 2030 Notes are as follows:


Years Ending December 31,	(in thousands)
2025	$	54,912
2026	—
2027	—
2028	18,750
2029	131,250
2030	100,000
Total	$	304,912

Capped Call Transactions

In connection with the offering of the 2025 Notes, the Company entered into privately-negotiated capped call transactions with one of the initial purchasers of the convertible notes or its affiliate and certain other financial institutions. The Company used approximately $46.0 million of the net proceeds from the offering of the 2025 Notes to pay the cost of the capped call transactions. The capped call transactions are expected generally to reduce potential dilution to the Company’s common stock upon any conversion of the 2025 Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes, as the case may be, in the event that the market value per share of the Company’s common stock, as measured under the terms of the capped call transactions at the time of exercise, is greater than the strike price of the capped call transactions (which initially corresponds to the initial conversion price of the 2025 Notes, and is subject to certain adjustments), with such reduction and/or offset subject to a cap initially equal to approximately $55.16 (which represents a premium of approximately 100% over the last reported sale price of the Company’s common stock on November 11, 2020), subject to certain adjustments. The capped call transactions are separate transactions, entered into by the Company and are not part of the terms of the 2025 Notes.

Given that the transactions meet certain accounting criteria, the convertible note capped call transactions are recorded in stockholders’ deficit, and they are not accounted for as derivatives and are not remeasured each reporting period. As of March 31, 2025, the Company had not purchased any shares under the convertible note capped call transactions.

Prepaid Forward

In connection with the offering of the 2025 Notes, the Company entered into a prepaid forward stock repurchase transaction (“Prepaid Forward”) with a financial institution (“Forward Counterparty”). Pursuant to the Prepaid Forward, the Company used approximately $55.0 million of the net proceeds from the offering of the 2025 Notes to fund the Prepaid Forward. The aggregate number of shares of the Company’s common stock underlying the Prepaid Forward was approximately 1,994,198. The expiration date for the Prepaid Forward is November 15, 2025, although it may be settled earlier in whole or in part. Upon settlement of the Prepaid Forward, at expiration or upon any early settlement, the Forward Counterparty will deliver to the Company the number of shares of common stock underlying the Prepaid Forward or the portion thereof being settled early. The shares purchased under the Prepaid Forward are treated as treasury stock and not outstanding for purposes of the calculation of basic and diluted earnings per share, but will remain outstanding for corporate law purposes, including for purposes of any future stockholders’ votes, until the Forward Counterparty delivers the shares underlying the Prepaid Forward to the Company. As of March 31, 2025, 505,148 shares had been delivered to the Company. The Company’s Prepaid Forward hedge transaction exposes the Company to credit risk to the extent that its counterparty may be unable to meet the terms of the transaction. The Company mitigates this risk by limiting its counterparty to a major financial institution.

- Definition

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

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+ Details

Condensed Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues:
Total Revenues	$ 64,995	$ 137,735
Operating expenses:
Cost of goods sold	31,538	10,075
Research and development	12,557	13,403
Selling, general and administrative	42,996	41,988
Total operating expenses	87,091	65,466
(Loss) income from operations	(22,096)	72,269
Interest expense	(19,431)	(14,024)
Other income, net	1,072	2,777
Net (loss) income	$ (40,455)	$ 61,022
Net loss per common share - basic (in dollars per share)	$ (0.21)	$ 0.36
Net loss per common share - diluted (in dollars per share)	$ (0.21)	$ 0.34
Weighted-average shares outstanding - basic (in shares)	196,127,948	169,258,564
Weighted-average shares outstanding - diluted (in shares)	196,127,948	189,641,251
Comprehensive (loss) income	$ (40,455)	$ 61,022
Product sales, net
Revenues:
Total Revenues	34,913	24,756
Collaboration revenue
Revenues:
Total Revenues	$ 30,082	$ 112,979

Debt - Schedule of Estimated Future Principal Payments (Details) - 2025 Notes and 2030 Notes $ in Thousands	Mar. 31, 2025 USD ($)
Debt Instrument [Line Items]
2025	$ 54,912
2026	0
2027	0
2028	18,750
2029	131,250
2030	100,000
Total	$ 304,912

- Definition

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

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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1E
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

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

+ References + Details

Stockholders' Deficit (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended
	Jan. 18, 2024	Mar. 22, 2023	Mar. 19, 2023	Dec. 02, 2021	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 07, 2023	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Total shares of common stock from exercisable warrants outstanding (in shares)					26,071,429		26,071,429
Common stock, issued (in shares)					198,654,569		197,846,661
Common stock, par value (in dollars per share)					$ 0.001		$ 0.001
Issuance costs to additional paid in capital			$ 2,900
Proceeds from issuance of common stock, net of issuance costs					$ 0	$ 90,672
The Warrants
Subsidiary, Sale of Stock [Line Items]
Exercise price (in dollars per share)			$ 1.55
Pre Funded Warrant
Subsidiary, Sale of Stock [Line Items]
Total shares of common stock from exercisable warrants outstanding (in shares)					0
Fair value of warrants			$ 22,800
Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants exercised (in shares)					0	4,000,000
Wainwright
Subsidiary, Sale of Stock [Line Items]
Total shares of common stock from exercisable warrants outstanding (in shares)				36,964,286
Exercise price (in dollars per share)				$ 9.00
Fair value of warrants				$ 61,900
Warrants expired (in shares)								27,940,074
Warrant Amendment Agreements
Subsidiary, Sale of Stock [Line Items]
Proceeds from stock offering, net		$ 55,500	1,200
Estimated offering expenses			$ 4,200
Total shares of common stock from exercisable warrants outstanding (in shares)					6,071,429		6,071,429
Exercise price (in dollars per share)		$ 1.55			$ 1.55		$ 1.55		$ 9.00
Warrants issued for shares of common stock (in shares)			9,024,212
Expiration term		3 years 6 months
Additional consideration per amended warrant (in dollars per share)		$ 0.125
Proceeds from issuance of common stock, net of issuance costs			$ 51,300
Placement fees		$ 100
Proceeds from debt, net of issuance costs		$ 1,100
Securities Purchase Agreement
Subsidiary, Sale of Stock [Line Items]
Total shares of common stock from exercisable warrants outstanding (in shares)					20,000,000		20,000,000
Exercise price (in dollars per share)					$ 1.55		$ 1.55
Common stock, issued (in shares)			12,205,000
Common stock purchasable under prefunded warrants (in shares)			20,965,747
Common stock purchasable under warrants (in shares)			33,170,747
Common stock, par value (in dollars per share)			$ 0.001
Securities Purchase Agreement \| Common Stock And Accompanying Warrant
Subsidiary, Sale of Stock [Line Items]
Purchase price (in dollars per share)			1.675
Securities Purchase Agreement \| Pre Funded Warrant And Accompanying Warrant
Subsidiary, Sale of Stock [Line Items]
Purchase price (in dollars per share)			$ 1.674
Commitment Offering
Subsidiary, Sale of Stock [Line Items]
Issued stock (in shares)	56,700,000
Price per share (in dollars per share)	$ 1.50
Proceeds from stock offering, net	$ 90,700
Estimated offering expenses	$ 7,100
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Issued stock (in shares)	8,505,000
Option period	30 days

Stockholders' Deficit - Summary of Warrants and Pre-funded Warrants Outstanding (Details) - $ / shares	Mar. 31, 2025	Dec. 31, 2024	Mar. 22, 2023	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Total shares of common stock from exercisable warrants outstanding (in shares)	26,071,429	26,071,429
Warrant Amendment Agreements
Subsidiary, Sale of Stock [Line Items]
Total shares of common stock from exercisable warrants outstanding (in shares)	6,071,429	6,071,429
Exercise price (in dollars per share)	$ 1.55	$ 1.55	$ 1.55	$ 9.00
Securities Purchase Agreement
Subsidiary, Sale of Stock [Line Items]
Total shares of common stock from exercisable warrants outstanding (in shares)	20,000,000	20,000,000
Exercise price (in dollars per share)	$ 1.55	$ 1.55

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in accordance with GAAP in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, net revenues, expenses and related disclosures. Actual results could differ from those estimates. Segment Reporting The Company views its operations and manages its business in one operating segment, which is the business of researching, developing and commercializing therapies for the treatment of patients with elevated LDL-C. Cash and Cash Equivalents The Company invests its excess cash in bank deposits, money market accounts, and short-term investments. The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash equivalents are reported at fair value. Fair Value of Financial Instruments The Company’s cash and cash equivalents are carried at fair value. Financial instruments, including accounts receivable, other prepaid and current assets, accounts payable and accrued liabilities are carried at cost, which approximates fair value. Debt is carried at amortized cost, which approximates fair value. Concentration of Credit Risk The Company enters into a limited number of distribution agreements with distributors and specialty pharmacies. The Company's net product sales are with these customers. As of March 31, 2025 and December 31, 2024, ten customers accounted for all of the Company's net trade receivables. As of March 31, 2025 and December 31, 2024, three customers held approximately 99% and 99% of the Company's trade receivables associated with net product sales, respectively. For the three months ended March 31, 2025 and 2024, three customers accounted for approximately 99% and 99% of gross sales of NEXLETOL and NEXLIZET, respectively. Revenue Recognition In accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606"), the Company recognizes revenue when a customer obtains control of promised goods or services, in an amount that reflects the consideration the Company expects to receive in exchange for the goods or services provided. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: identify the contracts with a customer; identify the performance obligations in the contract; determine the transaction price; allocate the transaction price to the performance obligations in the contract; and recognize revenue when or as the entity satisfies a performance obligation. At contract inception, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when or as the performance obligation is satisfied. The Company derives revenue through two primary sources: collaboration revenue and product sales. Collaboration revenue consists of the collaboration payments to the Company for collaboration arrangements outside of the United States for the development, manufacturing and commercialization, including royalties, of the Company's product candidates by the Company's partners and product sales consists of sales of NEXLETOL and NEXLIZET in the United States. a.Collaboration Revenue The Company has entered into agreements related to its activities to develop, manufacture, and commercialize its product candidates. The Company earns collaboration revenue in connection with a collaboration agreement to develop and/or commercialize product candidates where the Company deems the collaborator to be the customer. Revenue is recognized when (or as) the Company satisfies performance obligations under the terms of a contract. Depending on the terms of the arrangement, the Company may defer the recognition of all or a portion of the consideration received as the performance obligations are satisfied. The collaboration agreements may require the Company to deliver various rights, services, and/or goods across the entire life cycle of a product or product candidate. In an agreement involving multiple goods or services promised to be transferred to a customer, the Company must assess, at the inception of the contract, whether each promise represents a separate performance obligation (i.e., is "distinct"), or whether such promises should be combined as a single performance obligation. The terms of the agreement typically include consideration to be provided to the Company in the form of non-refundable up-front payments, development milestones, sales milestones, and royalties on sales of products within a respective territory. The Company recognizes regulatory and approval milestones as consideration when it is probable that a future reversal is unlikely to occur. For sales-based milestones and royalties based on sales of product in a territory, the Company applies the sales-based royalty exception in ASC 606-10-55-65 to all of these milestones and royalties. At the inception of the contract, the transaction price reflects the amount of consideration the Company expects to be entitled to in exchange for transferring promised goods or services to its customer. In the arrangement where the Company satisfies performance obligation(s) during the regulatory phase over time, the Company recognizes collaboration revenue typically using an input method on the basis of regulatory costs incurred relative to the total expected cost which determines the extent of progress toward completion. The Company reviews the estimate of the transaction price and the total expected cost each period and makes revisions to such estimates as necessary. Under contracted supply agreements with collaborators, the Company, through its third party contract manufacturing partners, may manufacture and supply quantities of active pharmaceutical ingredient (“API”) or bulk tablets reasonably required by collaboration partners for the development or sale of licensed products in their respective territory. The Company recognizes revenue when the collaboration partner has obtained control of the API or bulk tablets. The Company records the costs related to the supply agreement in cost of goods sold on the condensed statements of operations and comprehensive (loss) income. Under the Company's collaboration agreements, product sales and cost of sales may be recorded by the Company's collaborators as they are deemed to be the principal in the transaction. The Company receives royalties from the commercialization of such products, and records its share of the variable consideration, representing a percentage of net product sales, as collaboration revenue in the period in which such underlying sales occur and costs are incurred by the collaborators. On May 22, 2024, the Company announced that the EC approved the label update of both NILEMDO and NUSTENDI as treatments for hypercholesterolemia and to reduce the risk of adverse cardiovascular events. The EC’s decisions to update the labels of bempedoic acid and bempedoic acid / ezetimibe FDC are based on the positive CLEAR Outcomes trial results and makes them the first and only LDL-C lowering treatments indicated for primary and secondary prevention of cardiovascular events. NILEMDO and NUSTENDI are approved to reduce cardiovascular risk in patients with or at high risk for atherosclerotic cardiovascular disease. b.Product Sales, Net On February 21, 2020, the Company announced that the FDA approved NEXLETOL as an adjunct to diet and maximally tolerated statin therapy for the treatment of adults with HeFH or established ASCVD who require additional lowering of LDL-C. On February 26, 2020, the Company announced that the FDA approved NEXLIZET as an adjunct to diet and maximally tolerated statin therapy for the treatment of adults with HeFH or established ASCVD who require additional lowering of LDL-C. On March 30, 2020, NEXLETOL was commercially available in the U.S. through prescription and on June 4, 2020, NEXLIZET was commercially available in the U.S. through prescription. On March 22, 2024, the Company announced that the FDA approved new label expansions for NEXLETOL and NEXLIZET based on positive CLEAR Outcomes data that include indications for cardiovascular risk reduction and expanded LDL-C lowering in both primary and secondary prevention patients. In addition, the enhanced labels support the use of NEXLETOL and NEXLIZET either alone or in combination with statins. They also include new indications for primary hyperlipidemia, alone or in combination with a statin. Product sales, net totaled $34.9 million for the three months ended March 31, 2025, and $24.8 million for the three months ended March 31, 2024. The Company sells NEXLETOL and NEXLIZET to wholesalers in the U.S. and, in accordance with ASC 606, recognizes revenue at the point in time when the customer is deemed to have obtained control of the product. The customer is deemed to have obtained control of the product at the time of physical receipt of the product at the customers’ distribution facilities, or free on board (“FOB”) destination, the terms of which are designated in the contract. Product sales are recorded at the net selling price, which includes estimates of variable consideration for which reserves are established for (a) rebates and chargebacks, (b) co-pay assistance programs, (c) distribution fees, (d) product returns, and (e) other discounts. Where appropriate, these estimates take into consideration a range of possible outcomes which are probability-weighted for relevant factors such as current contractual and statutory requirements, 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 applicable contract. The amount of variable consideration may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Given the early stage of the Company’s commercial operations it has provided constraint of its variable consideration due to its potential consumption trends. Actual amounts of consideration ultimately received may differ from the Company's estimates. If actual results in the future vary from estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known. Liabilities for co-pay assistance, expected product returns, rebates, and distributor fees are classified as “Accrued variable consideration” in the condensed balance sheets. Discounts, such as prompt pay discounts, and chargebacks are recorded as a reduction to accounts receivable in the condensed balance sheets. Forms of Variable Consideration Rebates and Chargebacks: The Company estimates reductions to product sales for Public Health Service Institutions, such as Medicaid, Medicare and Veterans' Administration ("VA") programs, as well as certain other qualifying federal and state government programs, and other group purchasing organizations. The Company estimates these reductions based upon the Company's contracts with government agencies and other organizations, statutorily defined discounts and estimated payor mix. These organizations purchase directly from the Company's wholesalers at a discount and the wholesalers charge the Company back the difference between the wholesaler price and the discounted price. The Company's liability for Medicaid rebates consists of estimates for claims that a state will make for a current quarter. The Company's reserve for this discounted pricing is based on expected sales to qualified healthcare providers and the chargebacks that customers have already claimed. Co-pay assistance: Eligible patients who have commercial insurance may receive assistance from the Company to reduce the patient's out of pocket costs. The Company will buy down the difference between the amount of the eligible patient's co-pay when the drug is purchased at the pharmacy at a determined price. Liabilities for co-pay assistance are calculated by actual program participation from third-party administrators. Distribution Fees: The Company has written contracts with its customers that include terms for distribution fees and costs for inventory management. The Company estimates and records distribution fees due to its customers based on gross sales. Product Returns: The Company generally offers a right of return based on the product’s expiration date and certain spoilage and damaged instances. The Company estimates the amount of product sales that may be returned and records the estimate as a reduction of product sales in the period the related product sales is recognized. The Company’s estimates for expected returns are based primarily on an ongoing analysis of sales information and visibility into the inventory remaining in the distribution channel. Discounts: The Company provides product discounts, such as prompt pay discounts, to its customers. The Company estimates cash discounts based on terms in negotiated contracts and the Company’s expectations regarding future payment patterns. Inventories, net Inventories are stated at the lower of cost or net realizable value and recognized on a first-in, first-out ("FIFO") method. The Company uses standard cost to determine the cost basis for inventory. Inventory is capitalized based on when future economic benefit is expected to be realized. The Company analyzes its inventory levels on a periodic basis to determine if any inventory is at risk for expiration prior to sale or has a cost basis that is greater than its estimated future net realizable value. Any adjustments are recognized through cost of goods sold in the period in which they are incurred. Liability Related to the Sale of Future Royalties The Company treats the sale of future DSE royalties as debt, amortized under the effective interest rate method over the estimated life of the royalty sale agreement. The royalty sale liability is presented net of deferred issuance costs on the balance sheets. The amortization of the liability related to future royalties and related interest expense are based on the Company's current estimates of future royalties, which the Company determines by using forecasted royalty sales from its collaboration partner, historical experience, third-party forecasts and current market conditions. The Company periodically assesses the forecasted sales and to the extent the amount or timing of future estimated royalty payments is materially different than previous estimates, the Company will account for any such change by adjusting the liability related to the sale of future royalties and prospectively recognize the related non-cash interest expense. Royalty revenue is recognized and the related liability reduced as earned. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity's effective tax rate reconciliation, as well as information related to income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. This ASU will be effective for the annual period ending December 31, 2025. The Company is currently evaluating the impacts of adoption of this ASU. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires additional disclosure of the nature of expenses included in the income statement. The primary goal is to improve the decision usefulness of expense information on public business entities' income statements through the disaggregation of relevant expense captions in the notes of the financial statements. This ASU will be effective for annual periods beginning after December 15, 2026, and interim periods after December 15, 2027. The Company is currently evaluating the timing and impacts of adoption of this ASU. There have been no other material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income (loss)	$ (40,455)	$ 61,022

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

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 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Liability Related to the Revenue Interest Purchase Agreement	3 Months Ended
	Mar. 31, 2025
Liability Related to the Revenue Interest Purchase Agreement
Liability Related to the Revenue Interest Purchase Agreement	Liability Related to the Revenue Interest Purchase Agreement On June 26, 2019, the Company entered into a Revenue Interest Purchase Agreement ("RIPA") with Eiger III SA LLC ("Oberland"), as agent for purchasers party thereto (the “Purchasers”), and the Purchasers named therein, to obtain financing in respect to the commercialization and further development of bempedoic acid and the bempedoic acid / ezetimibe combination tablet and other working capital needs. Pursuant to the RIPA, the Company received $125.0 million at closing, less certain issuance costs. The Company was entitled to receive up to approximately $75.0 million in subsequent installments subject to the terms and conditions set forth in the RIPA: (i) $25.0 million upon certain regulatory approval of its product candidates and (ii) $50.0 million, at the Company’s option, upon reaching $100.0 million trailing worldwide six-month net sales any time prior to December 31, 2021 (the “Third Payment”). In March 2020, the Company received $25.0 million from Oberland upon receiving regulatory approval of NEXLETOL. As consideration for such payments, the Purchasers had a right to receive certain revenue interests (the “Revenue Interests”) from the Company based upon net sales of the Company’s certain products, once approved, which were tiered payments initially ranging from 2.5% to 7.5% of the Company’s net sales in the covered territory (the “Covered Territory”); provided that if annual net sales equaled or exceeded the Sales Threshold and if the Purchasers received 100% of their invested capital by December 31, 2024, the revenue interest rate would be decreased to a single rate of 0.4% of the Company’s net sales in the Covered Territory beginning on January 1, 2025. If the Third Payment was drawn down by the Company, the applicable royalty rates would increase by one-third. The Covered Territory was the United States, but was subject to expand to include the world-wide net sales if the Company’s annual U.S. net sales were less than $350.0 million for the year ended December 31, 2021. The U.S. net sales milestone thresholds are not to be taken as financial guidance. The Purchasers’ rights to receive the Revenue Interests would terminate on the date on which the Purchasers received Revenue Interests payments of 195% of the then aggregate purchase price (the “Cumulative Purchaser Payments”) paid to the Company, unless the RIPA were terminated earlier. RIPA Amendments On April 26, 2021, the Company entered into Amendment No. 2 (the “RIPA Amendment 2”) to the RIPA with Oberland, as agent for the purchaser parties thereto. Pursuant to the RIPA Amendment 2, Oberland waived the original trailing six-month world-wide net sales condition to the third installment payment under the RIPA and released the final $50 million payment payable to the Company under the terms of the RIPA. The Company and Oberland also agreed to amend additional terms of the RIPA. On May 16, 2021, the Company entered into an Amendment to the Security Agreement and Waiver ("Amendment and Waiver") with the same parties to the Security Agreement, by and among the Company, Eiger Partners II LP (the "Purchaser") and Eiger III SA LLC (the "Purchaser Agent"), dated as of June 26, 2019 (the "Security Agreement"). Since the Specified Net Revenue for the calendar quarter ended September 30, 2021 did not exceed $15.0 million, the Company deposited $50.0 million in a deposit account subject to a block account control agreement, which was classified as restricted cash on the balance sheets. On November 23, 2022, the Company entered into Waiver and Amendment No. 3 to Revenue Interest Purchase Agreement and Amendment No. 2 to Security Agreement (the “RIPA Amendment 3”). Pursuant to the RIPA Amendment 3, among other things, (a) the Company agreed to make a one-time partial call payment with regards to the Revenue Interests (as defined in the RIPA) in an amount equal to $50.0 million from the restricted cash account (the “Partial Call”), (b) the amount of the Cumulative Purchaser Payments (as defined in the RIPA) was reduced to $177.8 million, and (c) the Purchasers and Purchaser Agent waived certain claimed defaults, breaches and Put Option Events under the RIPA and other related documents that may have occurred as a result of the Company’s opening of a new bank account. On June 27, 2024, the Company repurchased Revenue Interests outstanding under the RIPA and satisfied all other Obligations (as defined in the RIPA) owed to the Purchasers and the Purchaser Agent by paying to the Purchaser Agent, for the benefit of the Purchasers, a payment in cash of $343.8 million (the “Repurchase Consideration”). Following the payment of the Repurchase Consideration, (a) all Revenue Interests were deemed to have been repurchased and all Obligations, debts and liabilities of the Company under the RIPA and the Transaction Documents (as defined in the RIPA) were deemed to have been paid and satisfied in full, and automatically released, discharged and terminated, and the RIPA and all other Transaction Documents automatically terminated, and all Liens, security interests and pledges in favor of, granted to or held by the Purchaser Agent to secure the Obligations under the Transaction Documents were automatically terminated and released. In connection with the termination of the RIPA in accordance with ASC 470 Debt, the Company recorded a loss on debt extinguishment of $53.2 million in the loss on extinguishment of debt line item of the statement of operations and comprehensive loss for the year ended December 31, 2024. In connection with the termination of the RIPA, as of December 31, 2024, the Company no longer has the liability referred to as the “Revenue interest liability” on the balance sheet. The Company imputed interest expense associated with the liability using the effective interest rate method through the repurchase date of June 27, 2024. The effective interest rate was calculated based on the rate that would enable the debt to be repaid in full over the anticipated life of the arrangement. The interest rate on the liability varied during the term of the agreement depending on a number of factors, including the level of forecasted net sales. The Company evaluated the interest rate quarterly based on its current net sales forecasts utilizing the prospective method. The Company recorded no interest expense related to this arrangement for the three months ended March 31, 2025, and approximately $10.9 million in interest expense related to this arrangement for the three months ended March 31, 2024.

Stockholders' Deficit

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Stockholders' Deficit

Underwriting Agreement

On January 18, 2024, the Company entered into an underwriting agreement (the "Underwriting Agreement") with Jefferies LLC ("Jefferies"), as representative of the underwriters (the "Underwriters"), related to an underwritten public offering (the "January 2024 Offering") of 56,700,000 shares of Common Stock of the Company, at a purchase price to the public of $1.50 per share. The Underwriters were also granted a 30-day option to purchase up to an additional 8,505,000 shares of Common Stock, at the public offering price. On January 19, 2024, Jefferies gave notice to the Company of its election to exercise the option to purchase additional shares, in full. Giving effect to the exercise of Underwriters' option, the January 2024 Offering closed on January 23, 2024, with proceeds to the Company of approximately $90.7 million, after deducting the underwriting discount and estimated offering expenses of $7.1 million.

Warrants

In connection with an underwriting agreement with H.C. Wainwright & Co., LLC ("Wainwright") on December 2, 2021, (the "December 2021 Offering") the Company issued warrants to purchase 36,964,286 shares of Common Stock at an exercise price of $9.00 and an expiration date of December 7, 2023. The warrants were recorded at fair value of $61.9 million to additional-paid-in-capital in accordance with ASC 815-10 based upon the allocation of the proceeds between the common shares issued with the December 2021 Offering and the warrants. On December 7, 2023, 27,940,074 of these warrants expired. The remaining 9,024,212 warrants were amended as described below.

Registered Direct Offering and Warrant Amendment

On March 19, 2023, the Company entered into a purchase agreement (the "2023 Purchase Agreement") with the Purchasers named therein (the "Purchasers") pursuant to which the Company agreed to issue and sell, in a registered direct offering (the "Registered Direct Offering"), 12,205,000 shares of Common Stock, pre-funded warrants ("Pre-Funded Warrants") to purchase up to an aggregate of 20,965,747 shares of Common Stock in lieu of shares of Common Stock, and warrants ("Warrants") to purchase up to 33,170,747 shares of Common Stock. The combined purchase price of each share of Common Stock and accompanying Warrant is $1.675 per share. The Warrants expire on September 22, 2026 and have an exercise price of $1.55. The purchase price of each Pre-Funded Warrant is $1.674 (equal to the combined purchase price per share of Common Stock and accompanying Warrant, minus $0.001). The 2023 Purchase Agreement contains customary representations, warranties, covenants and indemnification rights and obligations of the Company and the Purchasers. The Registered Direct Offering closed on March 22, 2023. The Warrants and Pre-Funded Warrants were recorded at fair value of $22.8 million to additional-paid-in-capital in accordance with ASC 815-10 based upon the allocation of the proceeds between the shares of Common Stock issued with the Registered Direct Offering and the Warrants and Pre-Funded Warrants. The Company estimated the fair value of the Warrants using a Black-Scholes option-pricing model, which is based, in part, upon subjective assumptions including but not limited to stock price volatility, the expected life of the warrant, the risk-free interest rate and the fair value of Common Stock underlying the warrant. The Company estimates the volatility based on its historical volatility that is in line with the expected remaining life of the Warrants. The risk-free interest rate is based on the U.S. Treasury daily rate for a maturity similar to the expected remaining life of the Warrants. The expected remaining life of the Warrants is assumed to be equivalent to its

remaining contractual term. The Company estimated the fair value of the Pre-Funded Warrants based on the market price of Common Stock at issuance.

In connection with the Registered Direct Offering, the Company amended, pursuant to Warrant Amendment Agreements, certain existing warrants to purchase up to an aggregate of 9,024,212 shares of Common Stock that were previously issued in December 2021 at an exercise price of $9.00 per share and had an expiration date of December 7, 2023, effective upon the closing of the Registered Direct Offering, such that the amended warrants have a reduced exercise price of $1.55 per share and expire three and one half years following the closing of the Registered Direct Offering, or September 22, 2026, for additional consideration of $0.125 per amended warrant. Based on the change in the fair value of the amended warrants, the Company recorded issuance costs to additional paid-in capital of $2.9 million.

The Company received gross proceeds of approximately $55.5 million from the Registered Direct Offering, before deducting placement agent fees and related offering expenses. The net proceeds to the Company from the Registered Direct Offering, after deducting the placement agent fees and expenses and the Company’s estimated offering expenses of $4.2 million, were approximately $51.3 million. In addition, the Company received approximately $1.2 million as the gross consideration in connection with the Warrant Amendment Agreements. The net proceeds of the Warrant Amendment Agreements after deducting placement fees of $0.1 million were approximately $1.1 million.

As of March 31, 2025, no Pre-Funded Warrants were outstanding. During the three months ended March 31, 2025 no warrants were exercised. During the three months ended March 31, 2024, 4,000,000 warrants were exercised. The following table summarizes the warrants outstanding for the Company as of March 31, 2025 and December 31, 2024:


	March 31, 2025	December 31, 2024	Weighted average exercise price
Warrants outstanding from Warrant Amendment Agreements, expiring September 22, 2026	6,071,429	6,071,429	$	1.55
Warrants outstanding from 2023 Purchase Agreement, expiring September 22, 2026	20,000,000	20,000,000	$	1.55
Total warrants outstanding	26,071,429	26,071,429

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Compensation - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended
	May 31, 2024	Apr. 30, 2020	Mar. 31, 2025	Mar. 31, 2024	Aug. 31, 2023	Jun. 30, 2023	Apr. 30, 2022
Stock compensation
Total stock compensation expense			$ 2,465,000	$ 3,235,000
Stock Option And Incentive Plan 2022
Stock compensation
Number of commons stock shares available for issuance (in shares)	16,900,000					10,650,000	4,400,000
Inducement Equity Plan 2017
Stock compensation
Number of commons stock shares available for issuance (in shares)					2,650,000
ESPP
Stock compensation
Maximum annual contributions per employee, as a percentage of base salary		10.00%
Amount of maximum annual contributions per employee		$ 25,000
Purchase discount		15.00%
Duration of offering periods		6 months
Total stock compensation expense			$ 100,000	0
Increase in number of shares of common stock reserved for future issuance (in shares)	6,175,000
Shares issued (in shares)			956,635
Shares reserved for future issuance (in shares)			6,043,365
Common shares under option
Stock compensation
Total stock compensation expense			$ 800,000	900,000
Stock-based compensation capitalized into inventory			100,000	100,000
Unrecognized stock-based compensation expense, options			$ 6,000,000.0
Weighted-average period over which remaining unrecognized compensation cost will be recognized			2 years 9 months 18 days
Common shares under PBSOs
Stock compensation
Total stock compensation expense			$ 0	500,000
Unrecognized stock-based compensation expense, options			0
RSUs
Stock compensation
Total stock compensation expense			1,600,000	1,600,000
Stock-based compensation capitalized into inventory			100,000	100,000
Unrecognized stock-based compensation expense, options			$ 17,200,000
Weighted-average period over which remaining unrecognized compensation cost will be recognized			3 years
Unvested PBRSUs
Stock compensation
Total stock compensation expense			$ 0	200,000
Stock-based compensation capitalized into inventory				$ 100,000
Unrecognized stock-based compensation expense, RSUs			$ 0