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Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 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 equivalents 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 March 31,
 20242023
Cash and cash equivalents$302,843 $49,419 
Restricted cash equivalents— 100,000 
Total cash, cash equivalents, and restricted cash equivalents$302,843 $149,419 
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):
 March 31, 2024
 Gross Carrying Value
Accumulated Amortization
Net Carrying Amount
Weighted-Average Remaining Amortization Period (Years)
Commercial milestones$49,000 $(3,968)$45,032 14.3
Developed technology226,620 (14,991)211,629 11.4
Assembled workforce970 (188)782 2.4
Total intangible assets$276,590 $(19,147)$257,443 11.9
 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 March 31, 2024 (in thousands):
 Amount
2024 (remaining nine months)17,023 
202522,698 
202622,590 
202722,375 
202822,375 
Thereafter150,382 
 $257,443 
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 March 31,
 20242023
Product sales, net:  
Livmarli$42,845 $29,098 
Bile Acid Medicines26,072 — 
Total product sales, net68,917 29,098 
License and other revenue305 2,500 
Total revenues$69,222 $31,598 
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 March 31,
 20242023
United States$56,111 $24,614 
Rest of the world12,806 4,484 
Total product sales, net$68,917 $29,098 
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 March 31, As of March 31,
 20242023
Options to purchase common stock and restricted stock units12,525,38910,573,024
Common stock issuable upon conversion of convertible notes9,964,247—
Employee stock purchase plan contingently issuable48,29766,658
Shares issuable as contingent consideration in connection with asset acquisition—31,638
Total22,537,93310,671,320