Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

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 equivalents reported within the consolidated balance sheets that together reflect the same amounts shown in the consolidated statements of cash flows (in thousands):
 

	December 31,
	2023		2022
Cash and cash equivalents	$	286,326	$	28,003
Restricted cash equivalents		—		100,000
Total cash, cash equivalents, and restricted cash equivalents	$	286,326	$	128,003

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):

	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 technology		226,620		(10,239	)		216,381		11.7
Assembled workforce		970		(108	)		862		2.7
Total intangible assets	$	266,590	$	(13,665	)	$	252,925		12.3

	December 31, 2022
	Gross Carrying Value		Accumulated Amortization			Net Carrying Amount		Weighted-Average Remaining Amortization Period (Years)
Commercial milestones	$	34,000	$	(1,333	)	$	32,667		17.1
Developed technology		28,107		(1,820	)		26,287		8.4
Total intangible assets	$	62,107	$	(3,153	)	$	58,954		11.9

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 December 31, 2023 (in thousands):

	Amount
2024	$	21,545
2025		21,545
2026		21,436
2027		21,221
2028		21,221
Thereafter		145,957
	$	252,925

Schedule of Total Revenues and Disaggregates Product Sales

The following table presents Total revenues and disaggregates Product sales, net by approved medicine (in thousands):

	Year Ended December 31,
	2023		2022		2021
Product sales, net:
Livmarli	$	141,795	$	75,062	$	3,138
Bile Acid Medicines		37,079		—		—
Total product sales, net		178,874		75,062		3,138
License revenue		7,500		2,000		16,000
Total revenues	$	186,374	$	77,062	$	19,138

Schedule of Product Sales, Net by Geographic Area

The following table sets forth Product sales, net by geographic area based on the ship-to location (in thousands):

	Year Ended December 31,
	2023		2022		2021
United States	$	146,699	$	67,920	$	2,913
Rest of world		32,175		7,142		225
Total product sales, net	$	178,874	$	75,062	$	3,138

Schedule of Computation of Basic and Diluted Earnings per Share

The following table sets for the computation of basic and diluted earnings per share for the years ended December 31, 2023, 2022 and 2021(in thousands, except share and per share data):
 

	Year Ended December 31,
	2023			2022			2021
Numerator:
Net loss, basic	$	(163,415	)	$	(135,665	)	$	(83,988	)
Add: Change in fair value of Holdback Indemnification liability		—			(214	)		—
Add: Change in fair value of Contingent Milestone liability		—			(700	)		—
Net loss, diluted	$	(163,415	)	$	(136,579	)	$	(83,988	)
Denominator:
Weighted-average shares of common stock outstanding, basic		40,885,124			33,839,072			30,321,722
Effect of dilutive securities:
Weighted-average Holdback-Indemnification shares issuable		—			19,590			—
Weighted-average contingent milestone shares		—			123,831			—
Weighted-average shares of common stock outstanding, diluted		40,885,124			33,982,493			30,321,722
Net loss per share, basic	$	(4.00	)	$	(4.01	)	$	(2.77	)
Net loss per share, diluted	$	(4.00	)	$	(4.02	)	$	(2.77	)

Summary of Outstanding Potentially Dilutive Shares 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 December 31,
	2023		2022		2021
Options to purchase common stock and restricted stock units		10,909,831		8,955,557		6,940,556
Common stock issuable upon conversion of convertible notes		9,964,247		—		—
Employee stock purchase plan contingently issuable		23,054		26,305		23,116
Common stock subject to repurchase		—		—		122,464
Total		20,897,132		8,981,862		7,086,136