v3.24.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported within the Consolidated Balance Sheets
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that together reflect the same amounts shown in the unaudited condensed consolidated statements of cash flows (in thousands):
As of September 30,
 20242023
Cash and cash equivalents$222,969 $303,059 
Restricted cash425 — 
Total cash, cash equivalents, and restricted cash$223,394 $303,059 
Schedule of Finite Lived Intangible Assets
The components of the Company’s intangible assets were as follows (in thousands, except for weighted-average remaining amortization period):
 September 30, 2024
 Gross Carrying Value
Accumulated Amortization
Net Carrying Amount
Weighted-Average Remaining Amortization Period (Years)
Commercial milestones$59,000 $(5,951)$53,049 12.8
Developed technology226,620 (24,495)202,125 10.9
Assembled workforce970 (350)620 1.9
Total intangible assets$286,590 $(30,796)$255,794 11.3
 December 31, 2023
 Gross Carrying Value
Accumulated Amortization
Net Carrying Amount
Weighted-Average Remaining Amortization Period (Years)
Commercial milestones$39,000 $(3,318)$35,682 16.2
Developed technology226,620 (10,239)216,381 11.7
Assembled workforce970 (108)862 2.7
Total intangible assets$266,590 $(13,665)$252,925 12.3
Schedule of Estimated Future Amortization Expense Associated with Intangible Assets The following table summarizes the estimated future amortization expense associated with the Company’s intangible assets as of September 30, 2024 (in thousands):
 Amount
2024 (remaining three months)5,975 
202523,898 
202623,791 
202723,575 
202823,575 
Thereafter154,980 
 $255,794 
Schedule of Disaggregation of Total Product Sales
The following table represents total revenues and disaggregates Product sales, net by approved medicine (in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Product sales, net:  
Livmarli$59,126 $38,708 $149,202 $100,303 
Bile Acid Medicines31,176 9,017 87,777 9,017 
Total product sales, net90,302 47,725 236,979 109,320 
License and other revenue75 — 495 7,500 
Total revenues$90,377 $47,725 $237,474 $116,820 
Schedule of Product Sales by Geographic Area
The following table sets forth Product sales, net by geographic area based on the ship-to location (in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
United States$73,905 $37,041 $195,096 $87,814 
Rest of the world16,397 10,684 41,883 21,506 
Total product sales, net$90,302 $47,725 $236,979 $109,320 
Summary of Outstanding Potentially Dilutive Shares of Common Stock Excluded from Calculation of Diluted Net Loss per Share
The following outstanding potential dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect:
 As of September 30, As of September 30,
 20242023
Options to purchase common stock and restricted stock units11,853,26110,814,495
Common stock issuable upon conversion of convertible notes9,964,2479,964,247
Employee stock purchase plan contingently issuable69,10949,868
Total21,886,61720,828,610