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Harmony Biosciences Holdings, Inc
(NASDAQ:HRMY) 

HRMY stock logo

Harmony Biosciences Holdings, Inc., a commercial-stage pharmaceutical company, develops and commercializes therapies for patients with rare neurological disorders. Its product, WAKIX is a medication for the treatment of excessive daytime sleepiness in adult patients with narcolepsy in the United Sta...

Founded: 2017
Full Time Employees: 150
CEO: John C.s Jacobs  
Sector: Healthcare
Industry: Biotechnology
Pharmaceuticals
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 
                          
      net product revenue
    		243,776,000 239,455,000 200,489,000 184,733,000 201,267,000 186,038,000 172,814,000 154,615,000               
      cost of product sold
    		68,545,000 59,650,000 38,153,000 31,994,000 54,409,000 42,778,000 32,144,000 27,484,000 43,152,000 32,296,000 25,008,000 20,780,000 26,885,000 22,959,000 18,921,000 14,716,000 17,817,000 14,604,000 12,687,000 10,409,000 9,918,000 7,890,000 
      gross profit
    		175,231,000 179,805,000 162,336,000 152,739,000 146,858,000 143,260,000 140,670,000 127,131,000 125,260,000 127,972,000 109,208,000 98,346,000 101,423,000 94,247,000 88,107,000 70,597,000 73,396,000 66,128,000 61,134,000 49,265,000 46,370,000 37,719,000 
      yoy
    		19.32% 25.51% 15.40% 20.14% 17.24% 11.95% 28.81% 29.27% 23.50% 35.78% 23.95% 39.31% 38.19% 42.52% 44.12% 43.30% 58.28% 75.32%     
      qoq
    		-2.54% 10.76% 6.28% 4.00% 2.51% 1.84% 10.65% 1.49% -2.12% 17.18% 11.04% -3.03% 7.61% 6.97% 24.80% -3.81% 10.99% 8.17% 24.09% 6.24% 22.94%  
      operating expenses:
    		                      
      research and development
    		49,933,000 54,962,000 50,159,000 34,540,000 34,666,000 25,387,000 63,583,000 22,189,000 30,306,000 17,499,000 14,969,000 13,289,000 10,092,000 40,548,000 12,668,000 7,578,000 7,451,000 11,739,000 6,498,000 4,679,000 7,619,000 4,230,000 
      sales and marketing
    		29,179,000 29,549,000 30,073,000 30,711,000 27,600,000 27,576,000 28,507,000 27,233,000 26,886,000 23,418,000 24,528,000 22,572,000 21,075,000 20,467,000 20,160,000 17,583,000 19,109,000 16,480,000 17,022,000 15,506,000 17,527,000 12,601,000 
      general and administrative
    		57,562,000 29,807,000 33,924,000 31,243,000 28,865,000 28,587,000 27,224,000 25,676,000 27,872,000 22,546,000 22,809,000 22,062,000 22,643,000 21,331,000 22,163,000 17,880,000 18,205,000 16,856,000 14,302,000 14,547,000 13,466,000 10,508,000 
      total operating expenses
    		136,674,000 114,318,000 114,156,000 96,494,000 91,131,000 81,550,000 119,314,000 75,098,000 85,064,000 63,463,000 62,306,000 57,923,000 53,810,000 82,346,000 54,991,000 43,041,000 44,765,000 45,075,000 37,822,000 34,732,000 38,612,000 27,339,000 
      operating income
    		38,557,000 65,487,000 48,180,000 56,245,000 55,727,000 61,710,000 21,356,000 52,033,000 40,196,000 64,509,000 46,902,000 40,423,000 47,613,000 11,901,000 33,116,000 27,556,000 28,631,000 21,053,000 23,312,000 14,533,000 7,758,000 10,380,000 
      yoy
    		-30.81% 6.12% 125.60% 8.09% 38.64% -4.34% -54.47% 28.72% -15.58% 442.05% 41.63% 46.69% 66.30% -43.47% 42.06% 89.61% 269.05% 102.82%     
      qoq
    		-41.12% 35.92% -14.34% 0.93% -9.70% 188.96% -58.96% 29.45% -37.69% 37.54% 16.03% -15.10% 300.08% -64.06% 20.18% -3.75% 35.99% -9.69% 60.41% 87.33% -25.26%  
      other expense
    		-143,750 -106,000 -193,000 -276,000         73,000 56,000 42,000 -2,000    -20,000  -1,525,000 
      interest expense
    		-3,546,000 -3,621,000 -3,646,000 -3,836,000 -4,209,000 -4,348,000 -4,404,000 -4,535,000 -15,430,000 -2,906,000 -2,776,000 -2,645,000 -3,583,000 -3,990,000 -3,927,000 -4,169,000 -4,187,000 -5,429,000 -7,227,000 -7,127,000 -7,966,000 -6,946,000 
      interest income
    		5,854,000 5,730,000 5,296,000 5,044,000 4,477,000 4,932,000 4,705,000 4,428,000               
      income before income taxes
    		40,760,000 67,490,000 49,637,000 57,177,000 56,155,000 62,170,000 21,694,000 51,785,000 39,689,000 51,832,000 44,095,000 37,780,000 44,103,000 7,967,000 29,231,000 23,385,000 24,475,000 -10,522,000 16,089,000 7,386,000 -208,000 1,909,000 
      income tax expense
    		-18,274,000 -16,625,000 -9,861,000 -11,617,000 -6,680,000 -16,077,000 -10,103,000 -13,451,000   -9,795,000 -8,295,000   -5,700,000 -1,900,000       
      net income
    		22,486,000 50,865,000 39,776,000 45,560,000 49,475,000 46,093,000 11,591,000 38,334,000 26,607,000 38,461,000 34,300,000 29,485,000 48,509,000 87,943,000 23,531,000        
      yoy
    		-54.55% 10.35% 243.16% 18.85% 85.95% 19.84% -66.21% 30.01% -45.15% -56.27% 45.77%            
      qoq
    		-55.79% 27.88% -12.70% -7.91% 7.34% 297.66% -69.76% 44.07% -30.82% 12.13% 16.33% -39.22% -44.84% 273.73%         
      unrealized income on investments
    		-11,000 118,000 -6,000 179,000 -433,000 733,000 -63,000 -173,000 518,000 6,000             
      comprehensive income
    		22,475,000 50,983,000 39,770,000 45,739,000 49,042,000 46,826,000 11,528,000 38,161,000 27,125,000 38,467,000 33,809,000 29,605,000 48,536,000 87,794,000 23,502,000        
      earnings per share:
    		                      
      basic
    		0.4 0.88 0.69 0.79 0.87 0.81 0.2 0.68 0.46 0.64 0.57 0.49 0.82 1.48 0.4 0.36 0.39 -0.17 0.25 0.13   
      diluted
    		0.39 0.87 0.68 0.78 0.85 0.79 0.2 0.67 0.45 0.63 0.56 0.48 0.79 1.44 0.39 0.35 0.38 -0.17 0.24 0.13   
      weighted-average number of shares of common stock - basic
    		57,492,277 57,550,902 57,469,775 57,309,938 56,885,455 56,870,234 56,802,357 56,771,251 59,469,648 59,863,102 59,974,123 59,732,157 59,173,121 59,234,720 59,063,358 58,908,526 57,531,540 57,722,163 56,940,840 56,891,451 25,772,419 30,212,959 
      weighted-average number of shares of common stock - diluted
    		58,544,570 58,717,910 58,427,134 58,524,566 57,869,915 58,103,963 57,541,696 57,597,627 60,372,397 60,681,676 60,743,953 61,221,511 61,097,045 61,207,625 60,922,672 60,586,875 59,205,213 57,722,163 58,592,876 58,805,285 25,772,419 30,212,959 
      loss on debt extinguishment
    		         -9,766,000        -26,146,000     
      other income
    		    160,000 -124,000 37,000 -141,000 193,000 -5,000 -31,000 2,000     31,000  4,000    
      net product revenues
    		        103,402,500 160,268,000 134,216,000 119,126,000 128,308,000 117,206,000 107,028,000 85,313,000 91,213,000 80,732,000 73,821,000 59,674,000 56,288,000 45,609,000 
      income tax benefit
    		        -13,082,000 -13,371,000   4,406,000 79,976,000   -267,500 902,000     
      unrealized loss on investments
    		          -491,000  27,000 -149,000 -29,000        
      unrealized gain on investments
    		           120,000           
      net income and comprehensive income
    		               21,485,000 22,714,000 -9,620,000 14,117,000 7,386,000 -9,184,000 1,909,000 
      accumulation of dividends on preferred stock
    		                     -6,013,000 
      net income available to common stockholders
    		                22,714,000 -9,620,000 14,117,000 7,386,000   
      income taxes
    		                  -1,972,000    
      net loss available to common stockholders
    		                    -208,000 -4,104,000 
      net income per share
    		                      
      basic
    		                    1.67 -0.14 
      diluted
    		                    1.67 -0.14 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 
                            
        assets
      		                      
        current assets:
      		                      
        cash and cash equivalents
      		752,502,000 646,999,000 546,050,000 488,998,000 453,001,000 387,367,000 317,296,000 332,981,000 311,660,000 324,603,000 317,415,000 287,962,000 243,784,000 261,343,000 236,533,000 224,499,000 234,309,000 189,704,000 159,686,000 141,169,000 228,631,000 221,740,000 
        investments, short-term
      		22,838,000 25,582,000 19,224,000 17,955,000 14,185,000 23,109,000 29,614,000 39,369,000 41,800,000 46,071,000 53,568,000 55,916,000 79,331,000 46,420,000 17,638,000        
        trade receivables
      		96,787,000 100,651,000 92,981,000 105,969,000 83,033,000 81,502,000 83,157,000 79,719,000 74,140,000 67,264,000 63,812,000 52,575,000 54,740,000 55,065,000 49,822,000 38,133,000 34,843,000 33,206,000 31,196,000 23,615,000 22,176,000 16,326,000 
        inventory
      		5,357,000 6,882,000 6,100,000 6,384,000 7,198,000 6,915,000 5,643,000 5,857,000 5,363,000 5,087,000 4,854,000 4,090,000 4,297,000 3,900,000 4,208,000 4,597,000 4,432,000 4,805,000 4,951,000 4,405,000 3,823,000 2,311,000 
        prepaid expenses
      		16,014,000 23,308,000 18,363,000 16,470,000 13,714,000 16,057,000 16,127,000 12,894,000 12,570,000 14,269,000 9,442,000 11,399,000 9,347,000 11,246,000 10,827,000 9,618,000 7,637,000 9,793,000 7,322,000 7,089,000 6,959,000 4,240,000 
        other current assets
      		13,516,000 35,378,000 8,636,000 6,916,000 8,121,000 7,455,000 6,507,000 8,683,000 5,537,000 5,704,000 6,550,000 6,145,000 8,786,000 4,108,000 3,674,000 3,410,000 3,218,000 3,183,000 1,559,000 1,466,000 1,302,000 5,625,000 
        total current assets
      		907,014,000 838,800,000 691,354,000 642,692,000 579,252,000 522,405,000 458,344,000 479,503,000 451,070,000 462,998,000 455,641,000 418,087,000 400,285,000 382,082,000 322,702,000 280,257,000 284,439,000 240,691,000 204,714,000 177,744,000 262,891,000 250,242,000 
        noncurrent assets:
      		                      
        investments, long-term
      		107,127,000 105,831,000 107,008,000 103,245,000 108,874,000 94,222,000 87,178,000 81,244,000 72,169,000 67,700,000 58,651,000 48,538,000 22,568,000 8,280,000 4,747,000        
        intangible assets
      		89,418,000 95,380,000 101,341,000 107,302,000 113,263,000 119,225,000 125,186,000 131,147,000 137,108,000 143,069,000 149,031,000 154,992,000 160,953,000 166,914,000 172,876,000 178,837,000 143,919,000 148,562,000 153,135,000 157,764,000   
        deferred tax asset
      		149,699,000 157,075,000 201,194,000 194,709,000 190,398,000 185,016,000 180,186,000 147,639,000 144,162,000 100,485,000 93,578,000 89,385,000 85,943,000 81,679,000         
        other noncurrent assets
      		18,373,000 9,692,000 5,465,000 5,939,000 5,886,000 6,247,000 6,465,000 6,969,000 6,298,000 2,836,000 2,460,000 2,870,000 2,798,000 3,079,000 3,264,000 3,413,000 3,515,000 152,000 152,000 152,000 152,000 1,418,000 
        total noncurrent assets
      		364,617,000 369,418,000 416,654,000 412,843,000 419,948,000 405,730,000 400,039,000 367,482,000 360,378,000 314,768,000 304,542,000 297,005,000 273,585,000 261,382,000 182,332,000 183,748,000 149,004,000 150,401,000 154,981,000 159,508,000 164,183,000 69,831,000 
        total assets
      		1,271,631,000 1,208,218,000 1,108,008,000 1,055,535,000 999,200,000 928,135,000 858,383,000 846,985,000 811,448,000 777,766,000 760,183,000 715,092,000 673,870,000 643,464,000 505,034,000 464,005,000 433,443,000 391,092,000 359,695,000 337,252,000 427,074,000 320,073,000 
        liabilities and stockholders’ equity
      		                      
        current liabilities:
      		                      
        trade payables
      		17,693,000 26,341,000 28,301,000 17,459,000 13,744,000 10,532,000 22,683,000 15,144,000 17,730,000 6,539,000 6,563,000 6,414,000 3,786,000 10,049,000 6,661,000 6,904,000 1,001,000 4,179,000 2,006,000 4,391,000 2,556,000 9,347,000 
        accrued compensation
      		18,443,000 14,935,000 11,735,000 7,582,000 18,776,000 14,224,000 9,641,000 7,317,000 23,747,000 10,322,000 7,972,000 5,691,000 11,532,000 8,331,000 7,213,000 4,976,000 9,165,000 6,785,000 6,043,000 4,523,000 8,942,000 5,243,000 
        accrued expenses
      		191,039,000 161,302,000 118,293,000 112,701,000 120,640,000 109,673,000 91,644,000 91,699,000 99,494,000 72,761,000 63,563,000 56,810,000 59,942,000 85,606,000 45,626,000 39,380,000 40,249,000 34,223,000 26,653,000 24,261,000 122,727,000 17,200,000 
        current portion of long-term debt
      		20,000,000 20,000,000 18,750,000 17,500,000 16,250,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 11,000,000 6,500,000 2,000,000 2,000,000 2,000,000        
        other current liabilities
      		4,957,000 825,000 3,056,000 19,876,000 5,672,000 11,850,000 7,614,000 25,093,000 7,810,000 7,786,000 3,947,000 9,948,000 1,624,000 1,371,000 4,264,000 3,268,000 1,360,000 436,000 1,893,000 262,000 314,000  
        total current liabilities
      		252,132,000 223,403,000 180,135,000 175,118,000 175,082,000 161,279,000 146,582,000 154,253,000 163,781,000 112,408,000 93,045,000 85,363,000 78,884,000 107,357,000 65,764,000 56,528,000 53,775,000 47,623,000 36,595,000 33,437,000 134,539,000 31,790,000 
        noncurrent liabilities:
      		                      
        long-term debt
      		143,663,000 148,506,000 153,345,000 158,182,000 163,016,000 167,847,000 171,422,000 174,996,000 178,566,000 182,131,000 180,487,000 185,063,000 189,647,000 189,725,000 189,807,000        
        other noncurrent liabilities
      		5,618,000 1,186,000 1,448,000 1,710,000 1,947,000 2,205,000 1,796,000 2,342,000 2,109,000 1,895,000 1,479,000 1,625,000 2,501,000 2,498,000 2,930,000 3,078,000 3,177,000 1,382,000 939,000 831,000 893,000 571,000 
        total noncurrent liabilities
      		149,281,000 149,692,000 154,793,000 159,892,000 164,963,000 170,052,000 173,218,000 177,338,000 180,675,000 184,026,000 181,966,000 186,688,000 192,148,000 192,223,000 192,737,000 192,974,000 193,161,000 191,451,000 196,549,000 195,936,000 195,355,000 193,734,000 
        total liabilities
      		401,413,000 373,095,000 334,928,000 335,010,000 340,045,000 331,331,000 319,800,000 331,591,000 344,456,000 296,434,000 275,011,000 272,051,000 271,032,000 299,580,000 258,501,000 249,502,000 246,936,000 239,074,000 233,144,000 229,373,000 329,894,000 225,524,000 
        commitments and contingencies
      		                      
        stockholders’ equity:
      		                      
        common stock—0.00001 par value...
      		1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 
        additional paid in capital
      		708,968,000 696,348,000 685,288,000 672,503,000 656,872,000 643,563,000 632,168,000 620,507,000 610,266,000 651,731,000 694,038,000 685,716,000 675,118,000 664,700,000 655,143,000 646,615,000 640,104,000 628,329,000 593,242,000 588,687,000 585,374,000 582,535,000 
        accumulated other comprehensive income
      		346,000 357,000 239,000 245,000 66,000 499,000 -234,000 -171,000 2,000 -516,000 -522,000 -31,000 -151,000 -178,000 -29,000        
        retained earnings
      		160,903,000 138,417,000 87,552,000 47,776,000 2,216,000                  
        total stockholders’ equity
      		870,218,000 835,123,000 773,080,000 720,525,000 659,155,000 596,804,000 538,583,000 515,394,000 466,992,000 481,332,000 485,172,000 443,041,000 402,838,000 343,884,000 246,533,000 214,503,000 186,507,000 152,018,000 126,551,000 107,879,000 97,180,000 94,549,000 
        total liabilities and stockholders’ equity
      		1,271,631,000 1,208,218,000 1,108,008,000 1,055,535,000 999,200,000 928,135,000 858,383,000 846,985,000 811,448,000 777,766,000 760,183,000 715,092,000 673,870,000 643,464,000 505,034,000 464,005,000 433,443,000 391,092,000 359,695,000 337,252,000   
        property and equipment
      		 1,440,000 1,376,000 1,378,000 1,257,000 750,000 754,000 213,000 371,000 428,000 572,000 470,000 573,000 680,000 695,000 748,000 820,000 937,000 944,000 842,000 938,000 1,038,000 
        restricted cash
      		  270,000 270,000 270,000 270,000 270,000 270,000 270,000 250,000 250,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 750,000 
        accumulated deficit
      		     -47,259,000 -93,352,000 -104,943,000 -143,277,000 -169,884,000 -208,345,000 -242,645,000 -272,130,000 -320,639,000 -408,582,000 -432,113,000 -453,598,000 -476,312,000 -466,692,000 -480,809,000 -488,195,000 -487,987,000 
        current portion of long term debt
      		               2,000,000 2,000,000 2,000,000     
        long term debt
      		               189,896,000 189,984,000 190,069,000 195,610,000 194,913,000 194,250,000 192,858,000 
        preferred stock - 0.00001 par value...
      		                      
        deferred rent
      		                   192,000 212,000 305,000 
        intangible asset
      		                    162,343,000 66,625,000 
        liabilities, convertible preferred stock, and stockholders’ equity
      		                      
        convertible preferred stock
      		                      
        convertible preferred stock, net of placement costs
      		                      
        series a convertible preferred stock - 1.00 stated value; 0 shares and 286,000,000 shares authorized at december 31, 2020 and 2019, respectively; 0 shares and 285,000,000 shares issued and outstanding at december 31, 2020 and 2019, respectively
      		                      
        series b convertible preferred stock - 1.25 stated value; 0 shares and 8,030,000 shares authorized at december 31, 2020 and 2019, respectively; 0 shares and 8,000,000 shares issued and outstanding at december 31, 2020 and 2019, respectively
      		                      
        series c convertible preferred stock - 1.96 stated value; 0 shares and 25,600,000 shares authorized at december 31, 2020 and 2019, respectively; 0 shares and 25,510,205 shares issued and outstanding at december 31, 2020 and 2019, respectively
      		                      
        stockholders’ equity
      		                      
        total liabilities, convertible preferred stock, and stockholders’ equity
      		                    427,074,000 320,073,000 
        series a convertible preferred stock - 1.00 stated value; 0 shares and 286,000,000 shares authorized at september 30, 2020 and december 31, 2019, respectively; 0 shares and 285,000,000 shares issued and outstanding at september 30, 2020 and december 31, 2019, respectively
      		                      
        series b convertible preferred stock - 1.25 stated value; 0 shares and 8,030,000 shares authorized at september 30, 2020 and december 31, 2019, respectively; 0 shares and 8,000,000 shares issued and outstanding at september 30, 2020 and december 31, 2019, respectively
      		                      
        series c convertible preferred stock - 1.96 stated value; 0 shares and 25,600,000 shares authorized at september 30, 2020 and december 31, 2019, respectively; 0 shares and 25,510,205 shares issued and outstanding at september 30, 2020 and december 31, 2019, respectively
      		                      
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 
                             
          cash flows from operating activities
        		                     
          net income
        		22,486,000 50,865,000 39,776,000 45,560,000 49,475,000 46,093,000 11,591,000 38,334,000 26,607,000 38,461,000 34,300,000 29,485,000 48,509,000 87,943,000 23,531,000 21,485,000 22,714,000 -9,620,000 14,117,000 7,386,000  
          adjustments to reconcile net income to net cash from operating activities:
        		                     
          depreciation and impairment of long-lived assets
        		                     
          intangible amortization
        		5,962,000 5,961,000 5,961,000 5,961,000 5,962,000 5,961,000 5,961,000 5,961,000 5,961,000 5,962,000 5,961,000 5,961,000 5,961,000 5,962,000 5,961,000 5,082,000 4,643,000 4,573,000 4,629,000 4,579,000 4,283,000 
          acquired in-process research & development (ipr&d) expense
        		4,250,000 15,000,000   1,000,000 0                
          stock-based compensation
        		9,972,000                     
          stock appreciation rights market adjustment
        		320,000 -145,000 -61,000 -49,000 -216,000 400,000 -125,000 40,000 32,000 -34,000 145,000 -642,000 411,000 -40,000 93,000 268,000 185,000 391,000 -80,000 -50,000 101,000 
          debt issuance costs amortization
        		157,000 161,000 163,000 166,000 169,000 175,000 176,000 180,000 185,000 1,249,000 424,000 416,000 422,000 418,000 411,000 412,000 418,000 459,000 697,000 664,000 1,392,000 
          deferred taxes
        		7,376,000 -3,881,000 -6,485,000 -4,311,000 -6,712,000 -4,830,000 -14,279,000 -3,477,000 1,123,000 -6,907,000 -4,193,000 -3,442,000 -4,264,000         
          amortization of premiums and accretion of discounts on investment securities
        		-281,000 -336,000 -453,000 -451,000 -491,000 -550,000 -626,000 -594,000 -684,000 -719,000 -676,000 -636,000          
          loss on debt extinguishment
        		        0        0    0 
          other non-cash expenses
        		402,000 -9,000 465,000 467,000 481,000 493,000 659,000 467,000 510,000 459,000 430,000 369,000 484,000 272,000        
          change in operating assets and liabilities:
        		                     
          trade receivables
        		3,864,000 -7,670,000 12,988,000 -22,936,000 -1,531,000 1,655,000 -3,438,000 -5,579,000 -6,876,000 -3,452,000 -11,237,000 2,165,000 325,000 -5,243,000 -11,689,000 -3,290,000 -1,637,000 -2,011,000 -7,580,000 -1,439,000 -5,851,000 
          inventory
        		1,525,000 -782,000 284,000 814,000 -283,000 -1,272,000 214,000 -494,000 -276,000 -233,000 -764,000 207,000 -397,000 308,000 389,000 -165,000 373,000 146,000 -546,000 -582,000 -1,512,000 
          prepaid expenses and other assets
        		24,845,000 12,528,000 -3,587,000 -1,999,000 1,843,000 -847,000 -565,000 -3,439,000 1,833,000 -3,986,000 1,635,000 592,000 -3,069,000 -772,000 -1,472,000 -2,235,000 2,124,000 -3,093,000 -326,000 -296,000 1,606,000 
          trade payables
        		-8,648,000 -1,960,000 10,842,000 3,715,000 3,212,000 -12,151,000 6,141,000 -2,586,000 6,196,000 -24,000 149,000 2,628,000 -6,263,000 3,388,000 -243,000 5,903,000 -3,178,000 2,173,000 -2,385,000 1,835,000 -6,791,000 
          other liabilities
        		52,451,000 28,026,000 -7,027,000 -5,456,000 12,575,000 24,319,000 -16,866,000 -8,229,000              
          net cash from operating activities
        		126,151,000 108,734,000 79,327,000 33,987,000 75,562,000 70,501,000 42,617,000 31,141,000 76,665,000 63,100,000 37,063,000 42,559,000 26,678,000 55,205,000 33,731,000 28,852,000 37,533,000 30,424,000   10,047,000 
          capital expenditures
        		-107,000 -71,000 -4,000 -128,000 -513,000 -3,000 -632,000 -5,000 -107,000 0 0  0 -86,000 -41,000 -45,000 0 -93,000   0 
          free cash flows
        		126,044,000 108,663,000 79,323,000 33,859,000 75,049,000 70,498,000 41,985,000 31,136,000 76,558,000 63,100,000 37,063,000  26,678,000 55,119,000 33,690,000 28,807,000 37,533,000 30,331,000   10,047,000 
          cash flows from investing activities:
        		                     
          purchase of investment securities
        		-18,838,000 -24,281,000 -23,900,000 -19,132,000 -35,685,000 -23,287,000 -21,211,000 -25,106,000 -21,613,000 -33,009,000 -25,071,000 -47,776,000 -55,092,000 -33,231,000        
          proceeds from maturities and sales of investment securities
        		20,562,000 19,563,000 19,315,000 21,622,000 30,011,000 24,035,000 25,556,000 18,925,000 22,622,000 32,196,000 17,505,000 45,986,000 8,197,000         
          purchase of property and equipment
        		-107,000 -71,000 -4,000 -128,000 -513,000 -3,000 -632,000 -5,000 -107,000 0   0 -86,000 -41,000 -45,000 0 -93,000 -201,000 -4,000 0 
          acquisition of zynerba pharmaceuticals, inc., net of cash acquired
        		                     
          acquisition of epygenix therapeutics, inc., net of cash acquired
        		    0 0                
          payment of milestones
        		                     
          payment of upfront fee related to license agreements
        		                     
          net cash from investing activities
        		-17,633,000 -4,789,000 -19,589,000 2,362,000 -7,187,000 745,000 -54,856,000 -6,186,000 -36,065,000 -813,000 -7,771,000 -1,790,000 -46,895,000 -32,445,000 -22,447,000 -40,045,000 0 -93,000 -201,000 -100,004,000 -2,000,000 
          cash flows from financing activities:
        		                     
          proceeds from long-term debt
        		                     
          debt issuance costs
        		        0        -5,000    0 
          extinguishment of debt
        		        0        0    0 
          extinguishment of debt exit fees
        		        0        0    0 
          principal repayment of long-term debt
        		-5,000,000 -3,750,000 -3,750,000 -3,750,000 -3,750,000                 
          repurchase of common stock
        		        -50,000,000            0 
          payments of employee withholding taxes related to stock-based awards
        		-663,000 0 -1,033,000 -1,308,000 -2,228,000 0   0 0            
          proceeds from exercised options
        		2,648,000 754,000 2,097,000 4,706,000 3,237,000 2,575,000 573,000 116,000 227,000 244,000 675,000 3,909,000 3,566,000 2,142,000 1,250,000 1,883,000 7,577,000 1,134,000 648,000 12,000 16,000 
          net cash from financing activities
        		-3,015,000 -2,996,000 -2,686,000 -352,000 -2,741,000 -1,175,000 -3,446,000 -3,634,000 -53,523,000 -55,099,000 -339,000 3,409,000 2,658,000 2,050,000 750,000 1,383,000 7,072,000 -313,000 648,000 12,000 -1,156,000 
          net increase in cash, cash equivalents, and restricted cash
        		105,503,000 100,949,000 57,052,000 35,997,000 65,634,000 70,071,000 -15,685,000 21,321,000 -12,923,000 7,188,000 28,953,000 44,178,000 -17,559,000 24,810,000   44,605,000 30,018,000 18,517,000 -87,462,000 6,891,000 
          cash, cash equivalents, and restricted cash—beginning of period
        		0 0 0 453,271,000 0 0 0 311,930,000 0 0 0 244,534,000 0 0 0 235,059,000 0 0 0 229,381,000 0 
          cash, cash equivalents, and restricted cash—end of period
        		105,503,000 100,949,000 57,052,000 489,268,000 65,634,000 70,071,000 -15,685,000 333,251,000 -12,923,000 7,188,000 28,953,000 288,712,000 -17,559,000 24,810,000 12,034,000 225,249,000 44,605,000 30,018,000 18,517,000 141,919,000 6,891,000 
          supplemental disclosure of cash flow information:
        		                     
          cash paid during the year for interest
        		3,517,000 3,508,000 3,463,000 4,197,000 4,147,000 4,226,000 4,359,000 4,585,000 4,398,000 4,962,000 5,674,000 5,017,000 5,030,000 3,810,000 3,695,000 3,829,000 3,833,000 2,905,000 6,582,000 6,510,000 6,654,000 
          cash paid during the year for income taxes net of refunds received
        		                     
          depreciation
        		 7,000 6,000 7,000 6,000 7,000 91,000 163,000 164,000 144,000 103,000 103,000 107,000 101,000 94,000 117,000 117,000 99,000 100,000 100,000 100,000 
          payment of upfront fee related to research collaboration, option and license agreement
        		 0                    
          cash paid during the year for taxes
        		 59,000   21,086,000 16,456,000   11,690,000 16,653,000            
          stock-based and employee stock purchase compensation expense
        		  11,455,000 12,499,000 10,072,000 11,048,000 11,088,000 10,394,000 8,863,000 7,991,000 7,648,000 7,203,000 7,260,000 7,007,000 7,278,000 4,628,000 4,198,000 4,253,000    
          payment of license fee and milestone
        		                     
          payment of license fee
        		     0                
          principal repayment of long term debt
        		      -3,750,000 -3,750,000 -3,750,000 0 -500,000 -500,000 -500,000 -500,000 -500,000 -500,000      
          accrued expenses and other current liabilities
        		        30,765,000 14,425,000 3,139,000 -1,850,000 -22,601,000 37,764,000 8,993,000 -3,586,000 7,802,000 6,855,000 5,542,000 -2,936,000 10,712,000 
          other non-current liabilities
        		        2,000 -2,000   0 1,000 0 -152,000 -162,000 53,000 -5,000 -32,000 127,000 
          milestone payments
        		            0 0 0 -40,000,000 0     
          proceeds from issuance of common stock
        		                0     
          common stock issuance costs
        		                0     
          proceeds from issuance of debt
        		                     
          proceeds from long term debt
        		                0    0 
          warrant expense
        		                    0 
          proceeds from issuance of common stock upon initial public offering
        		                    0 
          initial public offering issuance costs
        		                    -1,172,000 
          tax payments for employees shares withheld
        		                    0 
          supplemental disclosures of noncash investing and financing activities:
        		                     
          series a preferred stock accrued return
        		                    0 
          series a accretion of issuance costs
        		                    0 
          series b preferred stock accrued return
        		                    0 
          series b accretion of issuance costs
        		                    0 
          series c preferred stock accrued return
        		                    0 
          series c accretion of issuance costs
        		                    0 
          warrant financing
        		                    0 
          warrant liability reclassified to equity
        		                    0 
          investment securities interest income
        		                     
          non-cash lease expense
        		               385,000      
          net decrease in cash, cash equivalents, and restricted cash
        		               -9,810,000      
          adjustments to reconcile net loss to net cash from operating activities:
        		                     
          milestones associated with acquired in-process research & development
        		                     
          noncash paid-in-kind interest expense
        		                     
          other non-current assets
        		                    1,265,000 
          proceeds from issuance of preferred stock
        		                     
          preferred stock issuance costs
        		                     
          milestone and acquisition of intangible asset
        		                  0 -100,000,000  
          cash paid during the year for milestones
        		                  0 100,000,000  
          stock-based compensation expense
        		                   3,301,000 2,823,000 
          net provided by (cash used) in operating activities
        		                   12,530,000  
          net loss
        		                    -208,000 
          milestone associated with acquired in-process research & development