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GQ BIO THERAPEUTICS ACQUISITION - Schedule of Reconciliation of Purchase Price to Total Consideration Transferred (Details) - GQ Bio Acquisition - USD ($) $ in Thousands		4 Months Ended
	Feb. 27, 2025	Jun. 30, 2025	Feb. 25, 2025
Business Combination [Line Items]
Cash consideration paid at closing	$ 17,604
Indemnification holdback	5,676	$ 5,700
Cash payment of GQ Bio Acquisition transaction expenses	919
Purchase price consideration of 81% of GQ Bio	30,576
Prior 19% equity investment ownership of GQ Bio realized upon business combination	8,315
Total fair value of the GQ Bio Acquisition	38,891
Nonrelated Party
Business Combination [Line Items]
Settlement of previous amount	5,322
Principal Owner
Business Combination [Line Items]
Settlement of previous amount	$ 1,055
GQ Bio Acquisition
Business Combination [Line Items]
Percentage of voting interests acquired	81.00%		81.00%
Ownership	19.00%

DEBT

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

DEBT

The carrying value of the Company’s outstanding debt is summarized as follows (in thousands):


	September 30,		December 31,
	2025		2024
Term loan A facility maturing March 2028 (1)	$	—	$	104,211
2.125% Convertible senior notes due May 2029	280,721		279,334
0.750% Convertible senior notes due August 2025 (2)	—		201,776
Revolving Credit Facility (1)	96,000		—
Total	$	376,721	$	585,321

(1) In July 2025, the Company repaid the indebtedness outstanding under its TLA Credit Agreement (as defined below) and terminated the TLA Credit Agreement concurrently with its entry into the Revolving Credit Facility (as defined below).

(2) The 0.750% convertible senior notes matured and were repaid on August 1, 2025.

Revolving Credit Facility

On July 3, 2025, the Company entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A., as administrative agent, swingline lender and an issuing bank, and certain lenders, to, among other things, retire the indebtedness outstanding under the Company’s then-existing TLA Credit Agreement and provide ongoing working capital.

The Credit Agreement provides for a senior secured revolving credit facility (the “Revolving Credit Facility”) in an aggregate commitment amount of $300.0 million, with a letter of credit sublimit of $10.0 million and swingline loan sublimit of $15.0 million. The credit facility is secured by substantially all of the Company’s and each subsidiary guarantor’s assets and is scheduled to mature on July 3, 2030, subject to certain exceptions set forth in the Credit Agreement. Subject to certain conditions, the Company may, at any time, on one or more occasions, add one or more new classes of term facilities and/or increase the principal amount of any existing class of term loans by requesting one or more incremental term facilities in an aggregate principal amount not to exceed the greater of $225.0 million and 100% of Consolidated Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) (as defined in the Credit Agreement).

Each revolving loan borrowing which is an alternate base rate borrowing will bear interest at a rate per annum equal to (i) a base rate, plus (ii) a spread based on the Company’s Senior Secured Net Leverage Ratio (as defined in the Credit Agreement) ranging from 1.50% to 2.25%. Each revolving loan borrowing which is a term benchmark borrowing or daily simple SOFR (as defined in the Credit Agreement) borrowing will bear interest at a rate per annum equal to (i) a forward-looking term rate based on SOFR or a rate determined by reference to the daily simple SOFR, plus (ii) a spread based on the Company’s Senior Secured Net Leverage Ratio ranging from 2.50% to 3.25%.

The Credit Agreement also contains customary affirmative and negative covenants, financial covenants, representations and warranties, events of default and other provisions. As of September 30, 2025, the Company was in compliance with all covenants under the Credit Agreement.

The Company incurred financing fees of approximately $2.1 million which are recorded as a noncurrent other asset on the Company’s condensed consolidated balance sheet. The financing fees will be amortized over the term of the Credit Agreement.

Upon entering into the Credit Agreement, the Company borrowed $101.0 million under the Revolving Credit Facility, of which $96.0 million is outstanding as of September 30, 2025 after the Company made repayments of $5.0 million during the nine months ended September 30, 2025.

As of September 30, 2025, borrowings under the Revolving Credit Facility consisted entirely of term SOFR borrowings at an approximate all-in rate of 6.91%.

2028 Term Loan A Facility

On March 31, 2023, the Company entered into a credit agreement (as amended and/or restated to date, the “TLA Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders. The term loan issued under the TLA Credit Agreement (the “TLA Term Loan”) was issued at a 0.30% discount and provided for a single-advance term loan A facility in the principal amount of $150.0 million, which was secured by substantially all of the Company’s and any subsidiary guarantor’s assets. The net proceeds of the TLA Term Loan were approximately $149.6 million after deducting an original issue discount of $0.4 million.

On May 8, 2024, the Company, JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders entered into a first amendment (the “First TLA Amendment”) to the TLA Credit Agreement. The First TLA Amendment, among other things, permitted the Company’s share repurchase program and the Capped Call Transactions (as defined and described below).

The TLA Term Loan was scheduled to mature on March 31, 2028 and the TLA Credit Agreement required quarterly repayments of principal in the amount of $2.8 million which commenced on June 30, 2023 and increased to $3.8 million on March 31, 2025, with an originally stated balloon payment of approximately $85.3 million due at maturity.

On July 3, 2025, the Company used a portion of the $300.0 million of Revolving Credit Facility to repay the remaining indebtedness outstanding under the TLA Credit Agreement, which consisted of $98.8 million and its final interest payment of $0.1 million, and terminated the TLA Credit Agreement. The Company did not incur any prepayment penalties or fees in connection with the termination of the TLA Credit Agreement. The prepayment resulted in a loss on early extinguishment of debt of approximately $1.0 million which was recognized during the three months ended September 30, 2025. Prior to the TLA Credit Agreement extinguishment, the Company made voluntary principal prepayments of $6.6 million during the nine months ended September 30, 2025 and $11.3 million during the year ended December 31, 2024.

The total debt composition of the TLA Term Loan was as follows (in thousands):


	December 31,
	2024
Term loan A facility maturing March 2028 (1)	$	105,313
Deferred financing costs	(821)
Discount on debt	(281)
Total debt, net of debt discount and deferred financing costs	$	104,211

Convertible Senior Notes Due 2029

In May 2024, the Company completed a private placement of $287.5 million in aggregate principal amount of its 2.125% convertible senior notes due 2029, or 2029 Notes, and entered into an indenture with Computershare Corporate Trust, N.A., or 2029 Indenture, with respect to the 2029 Notes. The 2029 Notes accrue interest at a fixed rate of 2.125% per year, payable semiannually in arrears on May 15th and November 15th of each year. The 2029 Notes mature on May 15, 2029.

The total debt composition of the 2029 Notes is as follows (in thousands):


	September 30,		December 31,
	2025		2024
2.125% convertible senior notes due May 2029	$	287,500	$	287,500
Deferred financing costs	(6,779)		(8,166)

Total debt, net of deferred financing costs	$	280,721	$	279,334

Holders may convert their 2029 Notes prior to the close of business on the business day immediately preceding November 15, 2028, only if certain circumstances are met, including, but not limited to, if during the previous calendar quarter, the last reported sales price of the Company’s common stock was greater than 130% of the conversion price then applicable for at least 20 out of the last 30 consecutive trading days of the quarter. During the quarter ended September 30, 2025, the conditions for conversion were not met. On or after November 15, 2028, until the close of business on the second scheduled trading day immediately preceding May 15, 2029, holders may convert their 2029 Notes at any time.

Upon conversion, holders will receive the principal amount of their 2029 Notes and any excess conversion value, calculated based on the per share volume-weighted average price for each of the 50 consecutive trading days during the observation period (as more fully described in the 2029 Indenture). For the principal, the Company will settle in cash per the terms of the 2029 Notes. For any excess conversion value, holders may receive cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s option. The initial conversion rate for the 2029 Notes is 25.2752 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of $39.56 per share of the Company’s common stock. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. The initial conversion price of the 2029 Notes represents a premium of approximately 32.5% to the closing sale price of $29.86 per share of the Company’s common stock on the Nasdaq Global Select Market on May 9, 2024, the date that the Company priced the private offering of the 2029 Notes.

As of September 30, 2025, the 2029 Notes had a market price of $1,014 per $1,000 principal amount. In the event of conversion, holders would forgo all future interest payments, any unpaid accrued interest and the possibility of further stock price appreciation. Upon the receipt of conversion requests, the settlement of the 2029 Notes will be paid pursuant to the terms of the 2029 Indenture. In the event that all of the 2029 Notes are converted, the Company would be required to repay the $287.5 million in principal value in cash, whereas any conversion premium would be required to be repaid in any combination of cash and shares of its common stock (at the Company’s option).

Prior to the close of business on the business day immediately preceding November 15, 2028, the 2029 Notes are convertible only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2024 (and only during such calendar quarter), if the last reported sale price of the Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is equal to or greater than 130% of the conversion price on each applicable trading day; (2) during the five business-day period after any five consecutive trading-day period (the “measurement period”) in which the trading price per $1,000 principal amount of the 2029 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; (3) upon the occurrence of specified corporate events; or (4) upon a Company redemption. On or after November 15, 2028, until the close of business on the second scheduled trading day immediately preceding May 15, 2029, holders of the 2029 Notes may convert all or a portion of their 2029 Notes, at any time. No sinking fund is provided for the 2029 Notes.

On or after May 17, 2027 and on or before the 50th scheduled trading day immediately before the maturity date, the Company may redeem for cash all or part of the 2029 Notes if (i) the 2029 Notes are “freely tradable” (as defined in the 2029 Indenture) and any accrued and unpaid additional interest has been paid as of the date the Company sends the related notice of the redemption and (ii) the last reported sales price of the Company’s common stock exceeds 130% of the conversion price then in effect for (1) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related notice of the redemption; and (2) the trading day immediately before the date the Company sends such notice. The redemption price of each 2029 Note to be redeemed will be the principal amount of such 2029 Note, plus accrued and unpaid interest, if any. In addition, calling any 2029 Notes for redemption will constitute a make-whole fundamental change, in which case the conversion rate applicable to those 2029 Notes, if converted in connection with the redemption, will be increased in certain circumstances. Upon the occurrence of a “make-whole fundamental change” (as defined in the 2029 Indenture), subject to a limited exception for certain cash mergers, holders may require the Company to repurchase all or a portion of their 2029 Notes for cash at a price equal to 100% of the principal amount of the 2029 Notes to be repurchased plus any accrued and unpaid interest.

While the 2029 Notes are currently classified on the Company’s condensed consolidated balance sheet at September 30, 2025 as long-term debt, the future convertibility and resulting balance sheet classification of this liability is monitored at each quarterly reporting date and is analyzed dependent upon market prices of the Company’s common stock during the prescribed measurement periods. In the event that the holders of the 2029 Notes have the election to convert the 2029 Notes at any time during the prescribed measurement period, the 2029 Notes would then be considered a current obligation and classified as such.

On May 9, 2024, in connection with the pricing of the 2029 Notes, and on May 10, 2024, in connection with the exercise in full by the initial purchasers of the 2029 Notes (the “Initial Purchasers”) of their option to purchase additional 2029 Notes, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the Initial Purchasers of the 2029 Notes and/or their respective affiliates and/or other financial institutions (the “Option Counterparties”). The Capped Call Transactions are expected to cover, subject to anti-dilution adjustments substantially similar to those applicable to the 2029 Notes, the number of shares of the Company’s common stock underlying the 2029 Notes.

The Capped Call Transactions are expected to reduce the potential dilution to the Company’s common stock upon any conversion of the 2029 Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of converted 2029 Notes, as the case may be, upon any conversion of the 2029 Notes, with such reduction and/or offset subject to a cap. The cap price of the Capped Call Transactions will initially be approximately $53.75 per share, representing a premium of approximately 80% over the closing price of $29.86 per share of the Company’s common stock on May 9, 2024, and is subject to certain adjustments under the terms of the Capped Call Transactions. The capped call was recorded as a reduction to additional paid-in capital at its cost of $26.7 million, partially offset by a $6.5 million deferred tax asset.

The Capped Call Transactions are separate transactions entered into by the Company with the Option Counterparties, are not part of the terms of the 2029 Notes and will not affect any holder’s rights under the 2029 Notes. Holders of the 2029 Notes will not have any rights with respect to the Capped Call Transactions.

Convertible Senior Notes Due 2025

In July 2020, the Company completed a private placement of $402.5 million in aggregate principal amount of 0.750% convertible senior notes due 2025, or 2025 Notes, and entered into an indenture with Computershare Corporate Trust, N.A. (formerly Wells Fargo Bank, N.A.), or 2025 Indenture, with respect to the 2025 Notes. The 2025 Notes accrued interest at a fixed rate of 0.750% per year, which was payable semiannually in arrears on February 1st and August 1st of each year.

In May 2024, the Company used part of the net proceeds from the issuance of the 2029 Notes to repurchase $200.0 million aggregate principal amount of the 2025 Notes in privately negotiated transactions at a discount for $191.4 million in cash (including accrued interest). The partial repurchase of the 2025 Notes resulted in a $7.5 million gain on early extinguishment of debt during the year ended December 31, 2024.

On August 1, 2025, the 2025 Notes matured and the Company settled the remaining outstanding principal balance of $202.5 million in cash. Between February 3, 2025 and the close of business on the second scheduled trading day immediately preceding August 1, 2025, holders could have converted their 2025 Notes at any time. Upon the maturity of the 2025 Notes, a nominal gain on extinguishment of debt was recognized due to certain holders having converted their 2025 Notes.

The total debt composition of the 2025 Notes was as follows (in thousands):


	December 31,
	2024
0.750% convertible senior notes due August 2025	$	202,500
Deferred financing costs	(724)

Total debt, net of deferred financing costs	$	201,776

Convertible Senior Notes Due 2024 Assumed from the Flexion Acquisition

Prior to the Flexion Acquisition, in May 2017, Flexion issued an aggregate of $201.3 million principal amount of 3.375% convertible senior notes due May 1, 2024 (the “Flexion 2024 Notes”), pursuant to an indenture between Flexion and Computershare Corporate Trust, N.A. (formerly Wells Fargo Bank, N.A.), as trustee (the “Flexion Trustee”), as supplemented by the First Supplemental Indenture, dated as of November 19, 2021, between Flexion and the Flexion Trustee. Interest was payable semi-annually on May 1st and November 1st of each year. Upon the Flexion Acquisition, the principal was assumed and recorded at fair value by the Company.

On January 7, 2022, following the expiration of the offer to purchase, the Company accepted the $192.6 million aggregate principal amount of Flexion 2024 Notes that were validly tendered (and not validly withdrawn). No Flexion 2024 Notes were converted in connection with the Notice. The remaining principal of $8.6 million was repaid at maturity on May 1, 2024.

Interest Expense

The following table sets forth the total interest expense recognized in the periods presented (dollar amounts in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Contractual interest expense	$	3,597		$	4,296		$	11,282		$	11,404
Amortization of debt issuance costs	626			840			2,320			2,284
Amortization of debt discount	56			23			101			70
Capitalized interest (Note 6)	—			(470)			(149)			(1,869)
Total	$	4,279		$	4,689		$	13,554		$	11,889

Effective interest rate on total debt	3.57		%	3.03		%	3.24		%	3.00		%

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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Reference 2: 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 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 147,589	$ 276,774
Short-term available-for-sale investments	98,745	207,841
Accounts receivable, net	115,268	113,304
Inventories, net	157,680	125,282
Prepaid expenses and other current assets	43,469	21,929
Total current assets	562,751	745,130
Fixed assets, net	147,388	167,169
Right-of-use assets, net	44,266	49,222
Goodwill	20,317	0
Intangible assets, net	382,396	425,970
Deferred tax assets	120,188	130,376
Investments and other assets	20,271	35,649
Total assets	1,297,577	1,553,516
Current liabilities:
Accounts payable	17,687	19,133
Accrued expenses	79,643	80,124
Lease liabilities	9,748	8,887
Current portion of long-term debt, net	0	201,776
Total current liabilities	107,078	309,920
Long-term debt, net	376,721	383,545
Lease liabilities	38,839	44,645
Contingent consideration	17,834	20,241
Deferred tax liabilities	4,587	0
Other liabilities	25,304	16,817
Total liabilities	570,363	775,168
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, par value $0.001; 5,000,000 shares authorized; none issued and outstanding at September 30, 2025 and December 31, 2024	0	0
Common stock, par value $0.001; 250,000,000 shares authorized; 47,735,248 shares issued and 42,965,902 shares outstanding at September 30, 2025 and 47,077,844 shares issued and 46,240,604 shares outstanding at December 31, 2024	48	47
Treasury stock, at cost, inclusive of excise tax and broker fees, 4,769,346 and 837,240 shares at September 30, 2025 and December 31, 2024, respectively	(125,543)	(25,121)
Additional paid-in capital	1,049,545	1,009,435
Accumulated deficit	(200,959)	(206,356)
Accumulated other comprehensive income	4,123	343
Total stockholders’ equity	727,214	778,348
Total liabilities and stockholders’ equity	$ 1,297,577	$ 1,553,516

CONTINGENT CONSIDERATION CHARGES (GAINS), ACQUISITION-RELATED EXPENSES, RESTRUCTURING AND OTHER - Schedule of Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Restructuring Reserve [Roll Forward]
Charges incurred	$ 3,728	$ 1,193	$ 3,728	$ 7,724
Employee Termination Benefits
Restructuring Reserve [Roll Forward]
Beginning balance			0
Charges incurred			3,728
Cash payments made / settled			(2,772)
Ending balance	956		956		$ 0
Long-term Growth
Restructuring Reserve [Roll Forward]
Beginning balance			2,924	0	0
Charges incurred					4,929
Cash payments made / settled			(2,914)		(2,005)
Ending balance	10		10		2,924
Long-term Growth \| Employee Termination Benefits
Restructuring Reserve [Roll Forward]
Beginning balance			1,235	0	0
Charges incurred					3,220
Cash payments made / settled			(1,225)		(1,985)
Ending balance	10		10		1,235
Employee termination benefits					3,600
Long-term Growth \| Contract Termination Costs
Restructuring Reserve [Roll Forward]
Beginning balance			1,689	$ 0	0
Charges incurred					1,709
Cash payments made / settled			(1,689)		(20)
Ending balance	$ 0		$ 0		$ 1,689

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

INCOME TAXES - Schedule of (Loss) Income Before Income Taxes and Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income (loss) before income taxes:
Domestic	$ 10,497	$ (140,309)	$ 16,956	$ (89,656)
Foreign	(973)	1,453	(653)	1,024
Income (loss) before income taxes	9,524	(138,856)	16,303	(88,632)
Income tax expense	$ 4,092	$ 4,610	$ 10,906	$ 26,969
Effective tax rate (in percent)	43.00%	(3.00%)	67.00%	(30.00%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

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

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+ Details

NET INCOME (LOSS) PER COMMON SHARE - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
EARNINGS PER SHARE
Antidilutive effects of including these potential shares (in shares)	8,991	12,430	10,609	13,475
Weighted average number of stock options
EARNINGS PER SHARE
Antidilutive effects of including these potential shares (in shares)	6,488	6,925	6,573	7,305
2025 Notes
EARNINGS PER SHARE
Antidilutive effects of including these potential shares (in shares)	972	2,821	2,205	4,184
Weighted average number of RSUs
EARNINGS PER SHARE
Antidilutive effects of including these potential shares (in shares)	1,531	2,637	1,831	1,935
Weighted average ESPP share options
EARNINGS PER SHARE
Antidilutive effects of including these potential shares (in shares)	0	47	0	51

INVENTORIES - Narrative (Details) $ in Millions	Sep. 30, 2025 USD ($)
Inventory Disclosure [Abstract]
Reserve of raw materials	$ 1.0

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	47,735,248	47,077,844
Common stock, shares outstanding (in shares)	42,965,902	46,240,604
Treasury stock (in shares)	4,769,346	837,240

DEBT - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	May 31, 2024	Jul. 31, 2020
Debt Instrument [Line Items]
Total	$ 376,721	$ 585,321
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Total	96,000	0
Term loan A facility maturing March 2028 \| Term Loan
Debt Instrument [Line Items]
Total	$ 0	104,211
2.125% Convertible senior notes due May 2029 \| Unsecured Debt
Debt Instrument [Line Items]
Stated rate	2.125%		2.125%
Total	$ 280,721	279,334
0.750% Convertible senior notes due August 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Stated rate	0.75%			0.75%
Total	$ 0	$ 201,776

CONTINGENT CONSIDERATION CHARGES (GAINS), ACQUISITION-RELATED EXPENSES, RESTRUCTURING AND OTHER - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 09, 2025 employee	Jun. 30, 2025 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Business Combination [Line Items]
Changes in contingent consideration					$ (2,407)	$ (5,541)
Number of employees \| employee	71
Total workforce (in percent)	8.00%
Pre-tax employee termination benefit charges			$ 3,700		3,700
Reserve of raw materials			1,000		1,000
Accelerated depreciation expense					5,500
Charges incurred			3,728	$ 1,193	3,728	7,724
Acquisition-related expenses			(280)	285	2,222	689
Legal settlement			0	0	7,000	0
Impairment of acquired IPR&D			25,866	0	25,866	0
Acquired IPR&D
Business Combination [Line Items]
Impairment of acquired IPR&D			25,900		25,900
Carrying value of impairment of intangible assets			33,900
Fair value of impairment of intangible assets			8,000
Patent Infringement
Business Combination [Line Items]
Legal settlement					7,000
Research Development Foundation
Business Combination [Line Items]
Repayments for royalties		$ (23,100)	(23,100)		(23,100)
Flexion
Business Combination [Line Items]
Changes in contingent consideration			625	(3,244)	(2,407)	(5,541)
Acquisition-related expenses			$ (300)	$ 300	$ 2,200	$ 700

SUBSEQUENT EVENTS (Details) $ in Millions	Nov. 06, 2025 USD ($)
AmacaThera, Inc \| Subsequent Event
Subsequent Event [Line Items]
Upfront payments	$ 5.0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Percentage of Revenue Comprised of the Three Largest Customers

The table below includes the percentage of revenues comprised by the Company’s three largest wholesalers in each period presented:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Largest wholesaler	31%	35%	32%	35%
Second largest wholesaler	25%	23%	26%	23%
Third largest wholesaler	21%	20%	21%	20%
Total	77%	78%	79%	78%

DEBT - Narrative (Details)								1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
DEBT - Narrative (Details)	Aug. 01, 2025 USD ($)	Jul. 03, 2025 USD ($)	Mar. 31, 2025 USD ($)	May 09, 2024 USD ($) $ / shares	May 01, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	May 31, 2024 USD ($) trading_day $ / shares	Sep. 30, 2025 USD ($) trading_day $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) trading_day $ / shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Mar. 31, 2028 USD ($)	Jan. 07, 2022 USD ($)	Jul. 31, 2020 USD ($)	May 31, 2017 USD ($)
Debt Instrument [Line Items]
Proceeds from Revolving Credit Facility											$ 101,000,000	$ 0
(Loss) gain on early extinguishment of debt									$ 983,000	$ 0	$ 983,000	(7,518,000)
Share price (in dollars per share) \| $ / shares				$ 29.86					$ 25.77		$ 25.77
Additional Paid-In Capital
Debt Instrument [Line Items]
Purchase of capped calls				$ 26,700,000
Purchase of capped calls, tax				$ 6,500,000
Wells Fargo Bank \| Line of Credit \| Minimum \| Base Rate
Debt Instrument [Line Items]
Net leverage ratio		1.50%
Wells Fargo Bank \| Line of Credit \| Minimum \| SOFR
Debt Instrument [Line Items]
Net leverage ratio		2.50%
Wells Fargo Bank \| Line of Credit \| Maximum \| Base Rate
Debt Instrument [Line Items]
Net leverage ratio		2.25%
Wells Fargo Bank \| Line of Credit \| Maximum \| SOFR
Debt Instrument [Line Items]
Net leverage ratio		3.25%
Term loan A facility maturing March 2028 \| Term Loan
Debt Instrument [Line Items]
Periodic payment, principal			$ 3,800,000			$ 2,800,000
Discount rate							0.30%
Aggregate principal amount							$ 150,000,000
Proceeds from Revolving Credit Facility							149,600,000
Debt instrument, unamortized discount							$ 400,000						$ 281,000
Outstanding principal balance		$ 98,800,000
Interest payment		100,000
(Loss) gain on early extinguishment of debt									$ 1,000,000
Repayments of debt											$ 6,600,000		11,300,000
Term loan A facility maturing March 2028 \| Term Loan \| Forecast
Debt Instrument [Line Items]
Balloon payment to be paid														$ 85,300,000
2.125% Convertible senior notes due May 2029 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount								$ 287,500,000
Stated rate								2.125%	2.125%		2.125%
Threshold percentage stock price trigger								130.00%
Threshold trading days \| trading_day								20
Threshold consecutive trading days \| trading_day								30
Settlement period - convertible debt conversion request								50 days
Initial conversion rate								0.0252752
Initial conversion price of notes into common stock (in dollars per share) \| $ / shares								$ 39.56	$ 39.56		$ 39.56
Convertible debt, premium on common stock								32.50%
Market price of principal amount of notes									0.101		0.101
2.125% Convertible senior notes due May 2029 \| Unsecured Debt \| Terms one
Debt Instrument [Line Items]
Threshold percentage stock price trigger											130.00%
Threshold trading days \| trading_day											20
Threshold consecutive trading days \| trading_day											30
Required principal repayment on conversion									$ 287,500,000		$ 287,500,000
2.125% Convertible senior notes due May 2029 \| Unsecured Debt \| Term two
Debt Instrument [Line Items]
Threshold trading days \| trading_day											5
Threshold consecutive trading days \| trading_day											5
Percentage of last reported sale price of common stock											98.00%
2.125% Convertible senior notes due May 2029 \| Unsecured Debt \| Term three
Debt Instrument [Line Items]
Threshold percentage stock price trigger											130.00%
Threshold trading days \| trading_day											20
Threshold consecutive trading days \| trading_day											30
Scheduled trading day \| trading_day									50		50
Repurchase price percent											100.00%
2.125% Convertible senior notes due May 2029 \| Convertible Debt \| Capped Call
Debt Instrument [Line Items]
Cap price (in USD per share) \| $ / shares				$ 53.75
Premium				80.00%
0.750% Convertible senior notes due August 2025
Debt Instrument [Line Items]
Payment of debt											$ 202,487,000	190,994,000
0.750% Convertible senior notes due August 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount																$ 402,500,000
Outstanding principal balance	$ 202,500,000
(Loss) gain on early extinguishment of debt													$ (7,500,000)
Stated rate									0.75%		0.75%					0.75%
Repurchased aggregate principal								$ 200,000,000
Payment of debt								$ 191,400,000
3.375% Convertible senior notes due May 2024
Debt Instrument [Line Items]
Payment of debt											$ 0	$ 8,641,000
3.375% Convertible senior notes due May 2024 \| Unsecured Debt
Debt Instrument [Line Items]
Repayments of debt					$ 8,600,000
Repurchase amount															$ 192,600,000
3.375% Convertible senior notes due May 2024 \| Unsecured Debt \| Flexion
Debt Instrument [Line Items]
Aggregate principal amount																	$ 201,300,000
Stated rate																	3.375%
Revolving Credit Facility \| Wells Fargo Bank \| Line of Credit
Debt Instrument [Line Items]
Commitment amount		300,000,000
Aggregate principal amount		$ 225,000,000
EBITDA (in percent)		100.00%
Borrowings		$ 2,100,000
Proceeds from Revolving Credit Facility											101,000,000
Outstanding									$ 96,000,000		96,000,000
Periodic payment, principal											$ 5,000,000
Weighted average interest rate									6.91%		6.91%
Letter of Credit \| Wells Fargo Bank \| Line of Credit
Debt Instrument [Line Items]
Commitment amount		10,000,000
Bridge Loan \| Wells Fargo Bank \| Line of Credit
Debt Instrument [Line Items]
Commitment amount		$ 15,000,000

FINANCIAL INSTRUMENTS - Schedule of Investments Without Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024	Feb. 27, 2025	Feb. 25, 2025
Investments Without Readily Determinable Fair Value Roll Forward [Abstract]
Beginning balance	$ 27,775	$ 28,011
Foreign currency adjustments	(39)	(236)
Purchases	1,250
Impairments	(11,000)
Realized gain of prior investments	5,901
Settled notes receivable	(13,637)
Ending balance	10,250	27,775
GQ Bio Acquisition \| GQ Bio Acquisition
Investments Without Readily Determinable Fair Value Roll Forward [Abstract]
Percentage of voting interests acquired			81.00%	81.00%
Equity Investments
Investments Without Readily Determinable Fair Value Roll Forward [Abstract]
Beginning balance	15,877	15,877
Foreign currency adjustments	(39)	0
Purchases	0
Impairments	(4,000)
Realized gain of prior investments	4,227
Settled notes receivable	(8,315)
Ending balance	7,750	15,877
Convertible Notes Receivable
Investments Without Readily Determinable Fair Value Roll Forward [Abstract]
Beginning balance	11,898	12,134
Foreign currency adjustments	0	(236)
Purchases	1,250
Impairments	(7,000)
Realized gain of prior investments	1,674
Settled notes receivable	(5,322)
Ending balance	$ 2,500	$ 11,898

FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Amount and Fair Value of the Long-Term Debt

At September 30, 2025, the carrying values and fair values of the following financial assets and liabilities were as follows (in thousands):


	Carrying Value		Fair Value Measurements Using
			Level 1		Level 2		Level 3
Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis:
Financial Assets:
Equity investments	$	7,750	$	—	$	—	$	7,750
Convertible notes receivable	$	2,500	$	—	$	—	$	2,500
Financial Liabilities:
Acquisition-related contingent consideration	$	17,834	$	—	$	—	$	17,834

Financial Liabilities Measured at Amortized Cost:

2.125% convertible senior notes due 2029 (1)	$	280,721	$	—	$	291,453	$	—
Revolving Credit Facility	$	96,000	$	—	$	96,000	$	—

(1) The closing price of the Company’s common stock as reported on the Nasdaq Global Select Market was $25.77 per share on September 30, 2025, compared to a conversion price of $39.56 per share. At September 30, 2025, as the conversion price was above the stock price, the requirements for conversion have not been met.

Schedule of Investments without Readily Determinable Fair Value

The Company holds strategic investments in clinical and preclinical stage privately-held biotechnology companies in the form of equity and convertible note investments. The following investments have no readily determinable fair value and are recorded at cost minus impairment, if any, plus or minus observable price changes of identical or similar investments (in thousands):


	Equity Investments		Convertible Notes Receivable		Total
Balance at December 31, 2023	$	15,877	$	12,134	$	28,011


Foreign currency adjustments	—		(236)		(236)
Balance at December 31, 2024	15,877		11,898		27,775
Purchases	—		1,250		1,250
Impairments	(4,000)		(7,000)		(11,000)
Realized gain of prior investments (1)	4,227		1,674		5,901
Settled investments (1)	(8,315)		(5,322)		(13,637)
Foreign currency adjustments	(39)		—		(39)
Balance at September 30, 2025	$	7,750	$	2,500	$	10,250

(1) In conjunction with the GQ Bio Acquisition, the settlement of the Company’s prior equity investment and notes receivable were part of the fair value of consideration exchanged. Upon acquiring the remaining 81% ownership interest in GQ Bio, the Company remeasured its previously held equity interest to its acquisition-date fair value. The $4.2 million gain resulting from the equity investment was recognized as other, net within the condensed consolidated statement of operations. In settling the notes receivable, the Company recognized $1.7 million in interest income. See Note 3, GQ Bio Therapeutics Acquisition, for information on the GQ Bio Acquisition.

Schedule of Key Assumptions used in the Valuation of Contingent Consideration

The following table includes the key assumptions used in the valuation of the Company’s contingent consideration:


Assumption						Ranges Utilized as of September 30, 2025
Discount rates						7.2% to 7.8%
Probability of payment for remaining regulatory milestone						0%

Schedule of Change in Contingent Consideration Recorded at Fair Value using Level 3 Measurements

The change in the Company’s contingent consideration recorded at fair value using Level 3 measurements is as follows (in thousands):


	Contingent Consideration Fair Value
Balance at December 31, 2023	$	24,698
Fair value adjustments and accretion	(4,457)
Balance at December 31, 2024	20,241
Fair value adjustments and accretion	(2,407)

Balance at September 30, 2025	$	17,834

Schedule of Short-Term and Noncurrent Available-for-Sale Investments

The following summarizes the Company’s short-term available-for-sale investments at September 30, 2025 and December 31, 2024 (in thousands):


September 30, 2025 Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)
Current:
Asset-backed securities	$	8,520	$	2	$	—	$	8,522
Commercial paper	57,292		8		(9)		57,291
Corporate bonds	32,918		16		(2)		32,932










Total	$	98,730	$	26	$	(11)	$	98,745


December 31, 2024 Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)
Current:
Asset-backed securities	$	21,626	$	43	$	—	$	21,669
Commercial paper	142,556		120		(55)		142,621
Corporate bonds	32,502		25		(5)		32,522
U.S. federal agency bonds	5,996		8		—		6,004

Yankee bond	5,012		13		—		5,025







Total	$	207,692	$	209	$	(60)	$	207,841

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

LEASES - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Leases [Abstract]
2025 (remaining three months)	$ 3,198
2026	12,789
2027	12,336
2028	11,188
2029	11,076
Thereafter	6,384
Total future lease payments	56,971
Less: imputed interest	(8,384)
Total operating lease liabilities	$ 48,587

DESCRIPTION OF BUSINESS (Details) - product	9 Months Ended
DESCRIPTION OF BUSINESS (Details) - product	Sep. 30, 2025	Feb. 28, 2025
GQ Bio Therapeutics GmbH
Concentration Risk [Line Items]
Percentage of voting interests acquired		81.00%
Revenue \| Product
Concentration Risk [Line Items]
Concentration of products (in products)	3

- 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/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 20
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

GQ BIO THERAPEUTICS ACQUISITION

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

GQ BIO THERAPEUTICS ACQUISITION

On February 27, 2025, Pacira Therapeutics, Inc., a wholly-owned subsidiary of the Company, executed a securities purchase agreement to acquire the remaining 81% of GQ Bio for $30.6 million, net of working capital adjustments. Prior to the GQ Bio Acquisition, the Company owned approximately 19% of GQ Bio.

Included in the securities purchase agreement is $7.8 million related to two employees’ payments to be recognized and paid over three years pursuant to a key employee holdback agreement in increments of 50%, 30% and 20% at each year’s respective anniversary. During the three and nine months ended September 30, 2025, the Company accrued key employee

holdback expenses of $1.2 million and $2.6 million, respectively. The key employee holdback is subject to continued employment, and therefore the accrued payments are recognized as research and development expense within the condensed consolidated statements of operations.

GQ Bio was a privately-held biopharmaceutical company with a novel, high-capacity, local-delivery platform that makes genetic medicines more efficient and enables the use of large and multiple gene constructs. PCRX-201 is the lead program from this platform. By acquiring GQ Bio, the Company benefits from further developing PCRX-201 and the cost savings associated with no longer being obligated to make milestone and royalty payments, as well as establishing a research and development engine with a dedicated workforce focused on this next-generation of genetic medicine and acquiring a portfolio of preclinical assets.

The following table reconciles the purchase price for the remaining 81% ownership to the total fair value of the GQ Bio Acquisition (in thousands):


Fair Value of Purchase Price Consideration	Amount
Cash consideration paid at closing	$	17,604
Indemnification holdback	5,676
Cash payment of GQ Bio Acquisition transaction expenses	919
Settlement of previously invested note receivable	5,322
Settlement of pre-existing receivable	1,055
Purchase price consideration of 81% of GQ Bio	30,576
Prior 19% equity investment ownership of GQ Bio realized upon business combination	8,315
Total fair value of the GQ Bio Acquisition	$	38,891

The Company has accounted for the GQ Bio Acquisition using the acquisition method of accounting and, accordingly, has included the assets acquired, liabilities assumed and results of operations in its condensed consolidated financial statements from the acquisition date of February 27, 2025. A $5.7 million indemnification holdback established for potential unidentified liabilities will be settled within 18 months from the acquisition date. In conjunction with the GQ Bio Acquisition, the settlement of the Company’s prior equity investment and notes receivable in GQ Bio were part of the fair value of consideration exchanged. See Note 10, Financial Instruments, for additional information.

The preliminary purchase price allocation is based on estimates, assumptions, valuations and other studies which have not yet been finalized. Prior to the finalization of the purchase price allocation, if information becomes available that would indicate it is probable that unknown events had occurred and the amounts can be reasonably estimated, such items will be included in the final purchase price allocation and may change the carrying value of goodwill. The Company is finalizing its valuation of liabilities and tax analyses, and anticipates finalizing the purchase price allocation as the information necessary to complete the analysis is obtained, but no later than one year after the acquisition date.

The following tables set forth the preliminary allocation of the GQ Bio Acquisition purchase price to the estimated fair value of the net assets acquired at the acquisition date (in thousands):


	Amounts Recognized at the Acquisition Date (as Previously Reported) (a)		Measurement Period Adjustments (b)		Amounts Recognized at the Acquisition Date (as Adjusted)
ASSETS ACQUIRED
Cash and cash equivalents	$	1,884	$	—	$	1,884
Accounts receivable	900		—		900
Prepaid expenses and other assets	120		383		503
Fixed assets	364		—		364
Right-of-use assets	1,374		—		1,374
In-process research and development (IPR&D)	22,500		—		22,500
Other noncurrent assets	56		—		56
Total assets	$	27,198	$	383	$	27,581
LIABILITIES ASSUMED
Accounts payable	$	1,037	$	(39)	$	998
Accrued expenses	91		191		282

Lease liabilities	1,374		—		1,374
Deferred tax liability	6,750		(2,664)		4,086
Other liabilities	49		—		49
Total liabilities	9,301		(2,512)		6,789
Total identifiable net assets acquired	17,897		2,895		20,792
Goodwill	20,763		(2,664)		18,099
Total fair value of the GQ Bio Acquisition	$	38,660	$	231	$	38,891

(a) As previously reported in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2025.

(b) Represents an adjustment to a deferred tax liability, unrecorded liabilities related to pre-acquisition expenses that were paid by the Company in 2025.

The acquired identifiable in-process research and development, or IPR&D, assets were valued from a market participants’ perspective using a multi-period excess earnings methodology (income approach). The IPR&D asset relates to further developing PCRX-201 and the cost savings associated with milestone and royalty payments. The projected cash flows for this IPR&D asset were adjusted for the probability of successful development and commercialization, and were discounted at 20.0%.

The excess of the purchase price over the fair value of identifiable net assets acquired represents goodwill. This goodwill is primarily attributable to the value in establishing a research and development engine focused on supporting products akin to PCRX-201, assembling a dedicated workforce within a niche industry, obtained preclinical assets, as well as the synergies of merging operations. The acquired goodwill and IPR&D intangible asset are currently not deductible for tax purposes. However, the Company is considering certain tax elections that would allow for the future deduction of the acquired goodwill and IPR&D intangible asset. During the nine months ended September 30, 2025, GQ Bio did not earn any revenue.

- Definition

The entire disclosure for business combination.

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+ Details

LEASES (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Operating Lease Expense and Other Operating Lease Information

Total operating lease expense, net is as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Fixed lease costs	$	3,139	$	3,459	$	9,673	$	10,416
Variable lease costs	642		562		1,757		1,345
Sublease income	—		(56)		(76)		(248)
Total	$	3,781	$	3,965	$	11,354	$	11,513

Supplemental cash flow information related to operating leases is as follows (in thousands):


	Nine Months Ended
	September 30,
	2025		2024
Cash paid for operating lease liabilities, net of lease incentives	$	9,650	$	9,686
Right-of-use assets recorded in exchange for lease obligations	$	2,043	$	—

The weighted average remaining lease terms and the weighted average discount rates are summarized as follows:


	September 30,
	2025		2024
Weighted average remaining lease term	4.56 years		5.36 years
Weighted average discount rate	6.91	%	6.99	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of the Company’s operating lease liabilities are as follows (in thousands):


Year	Aggregate Minimum Payments Due
2025 (remaining three months)	$	3,198
2026	12,789
2027	12,336
2028	11,188
2029	11,076
Thereafter	6,384
Total future lease payments	56,971
Less: imputed interest	(8,384)
Total operating lease liabilities	$	48,587

STOCK PLANS

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

STOCK PLANS

Stock Incentive Plans

The Pacira BioSciences, Inc. Amended and Restated 2011 Stock Incentive Plan, or 2011 Plan, was originally adopted by its board of directors and approved by its stockholders in June 2011 and was amended and restated in June 2014, June 2016, June 2019, June 2021, June 2023 and June 2025. The June 2025 amendment and restatement and approval by the Company’s stockholders increased the number of shares of common stock authorized for issuance as equity awards under the 2011 Plan by 2,500,000 shares, which allows for the granting of incentive stock options, non-statutory stock options, restricted stock units and other stock-based awards.

In April 2014, the Company’s board of directors approved and adopted the Company’s 2014 Inducement Plan (the “2014 Inducement Plan”), pursuant to which awards could be made to new employees under the 2014 Inducement Plan for up to 175,000 shares of the Company’s common stock as a material inducement to such persons entering into employment with the Company. In December 2023, the board of directors, upon recommendation of the people and compensation committee of the board of directors (the “P&C Committee”), adopted the Pacira BioSciences, Inc. Amended and Restated 2014 Inducement Plan (as amended and restated, the “First A&R Inducement Plan”) such that, among other things, an additional 642,093 shares of the Company’s common stock were reserved for issuance. In September 2024, the board of directors, upon the recommendation of the P&C Committee, adopted the Pacira BioSciences, Inc. Amended and Restated 2014 Inducement Plan (as amended and restated, the “Second A&R Inducement Plan”) to add an additional 707,907 shares of the Company’s common stock to bring the total amount of shares reserved for issuance under the Inducement Plan to 1,525,000. In January 2025, the board of directors, upon the recommendation of the P&C Committee, adopted the Pacira BioSciences, Inc. Amended and Restated 2014 Inducement Plan (as amended and restated to date, the “Inducement Plan”) to add an additional 785,000 shares of the Company’s common stock to bring the total amount of shares reserved for issuance under the Inducement Plan to 2,310,000, of which 115,107 shares remained available for issuance as of September 30, 2025, and extend the term of the Inducement Plan such that it will now expire on January 18, 2035.

The Inducement Plan allows for the granting of nonstatutory stock options, restricted stock awards and other stock-based awards, and was adopted by the board of directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market Listing Rules. In accordance with this rule, awards under the Inducement Plan may only be made to an employee who has not previously been an employee or member of the board of directors or the board of directors of any parent or subsidiary, or following a bona fide period of non-employment by the Company or a parent or subsidiary, if they are granted such award in connection with their commencement of employment with the Company or a subsidiary and such grant is an inducement material to their entering into employment with the Company or such subsidiary.

Inducement Awards

From time to time, the board of directors, upon recommendation of the P&C Committee, has approved individually negotiated grants of options and restricted stock units for certain of the Company’s officers in connection with their respective appointments, in each case, pursuant to the inducement plan in effect at such time.

Stock-Based Compensation

The Company recognized stock-based compensation expense in the periods presented as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of goods sold	$	1,506	$	1,509	$	4,904	$	3,896
Research and development	2,326		1,794		6,974		5,522
Selling, general and administrative	10,146		9,137		32,125		25,970
Contingent consideration charges (gains), acquisition-related expenses, restructuring and other	—		790		—		3,517
Total	$	13,978	$	13,230	$	44,003	$	38,905

Stock-based compensation from:
Stock options	$	3,403	$	4,767	$	12,152	$	17,292
Restricted stock units	10,383		8,276		30,670		21,003
Employee stock purchase plan share options	192		187		1,181		610
Total	$	13,978	$	13,230	$	44,003	$	38,905

Equity Awards

The following tables contain information about the Company’s stock option and restricted stock unit, or RSU, activity for the nine months ended September 30, 2025:


Stock Options	Number of Stock Options	Weighted Average Exercise Price (Per Share)
Outstanding at December 31, 2024	6,845,618	$	42.95
Granted	485,232	25.30
Exercised	(726)	15.14
Forfeited	(202,193)	42.18
Expired	(676,528)	52.13
Outstanding at September 30, 2025	6,451,403	40.68


Restricted Stock Units	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value (Per Share)
Unvested at December 31, 2024	2,769,728	$	32.07
Granted	2,449,865	26.00
Vested	(766,373)	36.67
Forfeited	(239,411)	28.45
Unvested at September 30, 2025	4,213,809	27.82

The weighted average fair value of stock options granted during the nine months ended September 30, 2025 was $13.73 per share. The fair values of stock options granted were estimated using the Black-Scholes option valuation model with the following weighted average assumptions:


Black-Scholes Weighted Average Assumption						Nine Months Ended September 30, 2025
Expected dividend yield						None
Risk-free interest rate						4.14%
Expected volatility						57.9%
Expected term of options						5.14 years

Employee Stock Purchase Plan

The Company’s Amended and Restated 2014 Employee Stock Purchase Plan, or ESPP, features two six-month offering periods per year, running from January 1 to June 30 and July 1 to December 31. Under the ESPP, employees may elect to contribute after-tax earnings to purchase shares at 85% of the closing fair market value of the Company’s common stock on either the offering date or the purchase date, whichever is lesser. During the nine months ended September 30, 2025, 100,728 shares were purchased and issued through the ESPP.

FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in the principal or most advantageous market in an orderly transaction. To increase consistency and comparability in fair value measurements, the FASB established a three-level hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of fair value measurements are:

•Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

•Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.

•Level 3: Unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

The carrying value of financial instruments including cash and cash equivalents, accounts receivable and accounts payable approximate their respective fair values due to the short-term nature of these items. The fair value of the Company’s convertible senior notes and its revolving line of credit are calculated utilizing market quotations from an over-the-counter trading market for these notes (Level 2). The fair value of the Company’s acquisition-related contingent consideration is reported at fair value on a recurring basis (Level 3). The carrying amount of equity investments and convertible notes receivable without readily determinable fair values are recorded at cost minus impairment, if any, plus or minus observable price changes of identical or similar investments.

At September 30, 2025, the carrying values and fair values of the following financial assets and liabilities were as follows (in thousands):


	Carrying Value		Fair Value Measurements Using
			Level 1		Level 2		Level 3
Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis:
Financial Assets:
Equity investments	$	7,750	$	—	$	—	$	7,750
Convertible notes receivable	$	2,500	$	—	$	—	$	2,500
Financial Liabilities:
Acquisition-related contingent consideration	$	17,834	$	—	$	—	$	17,834

Financial Liabilities Measured at Amortized Cost:

2.125% convertible senior notes due 2029 (1)	$	280,721	$	—	$	291,453	$	—
Revolving Credit Facility	$	96,000	$	—	$	96,000	$	—

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

Equity and Convertible Note Investments


	Equity Investments		Convertible Notes Receivable		Total
Balance at December 31, 2023	$	15,877	$	12,134	$	28,011


Foreign currency adjustments	—		(236)		(236)
Balance at December 31, 2024	15,877		11,898		27,775
Purchases	—		1,250		1,250
Impairments	(4,000)		(7,000)		(11,000)
Realized gain of prior investments (1)	4,227		1,674		5,901
Settled investments (1)	(8,315)		(5,322)		(13,637)
Foreign currency adjustments	(39)		—		(39)
Balance at September 30, 2025	$	7,750	$	2,500	$	10,250

During the nine months ended September 30, 2025, an impairment of an equity investment and convertible note receivable totaling $11.0 million was recorded in other, net in the condensed consolidated statements of operations.

In June 2025, the Company invested $1.3 million in a convertible note receivable related to one of its existing early-stage strategic investments.

Acquisition-Related Contingent Consideration

The Company has recognized contingent consideration related to the Flexion Acquisition in the amount of $17.8 million and $20.2 million as of September 30, 2025 and December 31, 2024, respectively.

The Company’s contingent consideration obligations are recorded at their estimated fair values and are revalued each reporting period if and until the related contingencies are resolved. The Company has measured the fair value of its contingent consideration using a Monte Carlo simulation. These inputs include, as applicable, estimated forecasts of revenue and costs and the discount rates used to calculate the present value of estimated future payments. Significant changes may increase or decrease the probabilities of achieving the related commercial and regulatory events, shorten or lengthen the time required to achieve such events, or increase or decrease estimated forecasts.

In November 2021, the Company completed the Flexion Acquisition, which provided for contingent consideration related to contingent value rights that were issued to Flexion shareholders and certain equity award holders which could aggregate up to a total of $372.3 million if certain regulatory and commercial milestones are met. The aggregate amount was initially $425.5 million prior to the Company’s September 2022 decision to formally discontinue further development of Flexion’s investigational product candidate, PCRX-301. The Company’s obligation to make milestone payments is limited to those milestones achieved through December 31, 2030, and are to be paid within 60 days of the end of the fiscal quarter of achievement. During the three months ended September 30, 2025, the Company recognized contingent consideration charges of $0.6 million due to revisions to the latest discount rates, partially offset by a reduction in the sales forecast through the milestone expiration date. During the nine months ended September 30, 2025, the Company recognized contingent consideration gains of $2.4 million due to revisions to the latest discount rates. During the three and nine months ended September 30, 2024, the Company recognized contingent consideration gains of $3.2 million and $5.5 million, respectively, due to adjustments reflecting the probability of achieving the remaining Flexion regulatory milestone by the milestone expiration date, partially offset by revisions to the latest discount rates. These adjustments were recorded within contingent consideration charges (gains), acquisition-related expenses, restructuring and other in the condensed consolidated statements of operations. At September 30, 2025, the weighted average discount rate was 7.5%.

The following table includes the key assumptions used in the valuation of the Company’s contingent consideration:


Assumption						Ranges Utilized as of September 30, 2025
Discount rates						7.2% to 7.8%
Probability of payment for remaining regulatory milestone						0%

The change in the Company’s contingent consideration recorded at fair value using Level 3 measurements is as follows (in thousands):


	Contingent Consideration Fair Value
Balance at December 31, 2023	$	24,698
Fair value adjustments and accretion	(4,457)
Balance at December 31, 2024	20,241
Fair value adjustments and accretion	(2,407)

Balance at September 30, 2025	$	17,834

Available-for-Sale Investments

Short-term investments consist of asset-backed securities collateralized by credit card receivables, investment grade commercial paper and corporate, federal agency, government and Yankee bonds with maturities greater than three months, but less than one year. Net unrealized gains and losses (excluding credit losses, if any) from the Company’s short-term investments are reported in other comprehensive income (loss). At September 30, 2025 and December 31, 2024, all of the Company’s short-term investments are classified as available-for-sale investments and are determined to be Level 2 instruments, with the exception of U.S. government bonds, which are measured at fair value using standard industry models with observable inputs. The fair value of the commercial paper is measured based on a standard industry model that uses the three-month U.S. Treasury bill rate as an observable input. The fair value of the asset-backed securities and corporate bonds is principally measured or corroborated by trade data for identical issues in which related trading activity is not sufficiently frequent to be considered a Level 1 input or that of comparable securities. The fair value of U.S. government bonds is based on level 1 trading activity. At the time of purchase, all available-for-sale investments had an “A” or better rating by Standard & Poor’s.

The following summarizes the Company’s short-term available-for-sale investments at September 30, 2025 and December 31, 2024 (in thousands):


September 30, 2025 Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)
Current:
Asset-backed securities	$	8,520	$	2	$	—	$	8,522
Commercial paper	57,292		8		(9)		57,291
Corporate bonds	32,918		16		(2)		32,932










Total	$	98,730	$	26	$	(11)	$	98,745


December 31, 2024 Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)
Current:
Asset-backed securities	$	21,626	$	43	$	—	$	21,669
Commercial paper	142,556		120		(55)		142,621
Corporate bonds	32,502		25		(5)		32,522
U.S. federal agency bonds	5,996		8		—		6,004

Yankee bond	5,012		13		—		5,025







Total	$	207,692	$	209	$	(60)	$	207,841

At September 30, 2025, there were no investments available for sale that were materially less than their amortized cost.

The Company elects to recognize its interest receivable separate from its available-for-sale investments. At September 30, 2025 and December 31, 2024, the interest receivable from its available-for-sale investments recognized in prepaid expenses and other current assets was $0.2 million and $0.5 million, respectively.

Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term and long-term available-for-sale investments and accounts receivable. The Company maintains its cash and cash equivalents with high-credit quality financial institutions. Such amounts may exceed federally-insured limits.

As of September 30, 2025, three wholesalers each accounted for over 10% of the Company’s accounts receivable, at 33%, 22% and 17%. At December 31, 2024, three wholesalers each accounted for over 10% of the Company’s accounts receivable, at 34%, 18% and 16%. For additional information regarding the Company’s wholesalers, see Note 2, Summary of Significant Accounting Policies. EXPAREL and ZILRETTA revenues are primarily derived from major wholesalers and specialty distributors that generally have significant cash resources. The Company performs ongoing credit evaluations of its customers as warranted and generally does not require collateral. Allowances for credit losses on the Company’s accounts receivable are maintained based on historical payment patterns, current and estimated future economic conditions, aging of accounts receivable and its write-off history. As of September 30, 2025 and December 31, 2024, there were $0.6 million and $0.4 million of allowances for credit losses on the Company’s accounts receivable, respectively.

LEASES - Narrative (Details)	Sep. 30, 2025 lease
Leases [Abstract]
Number of embedded leases	2

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 46,428	$ 50,800
Work-in-process	18,840	27,384
Finished goods	92,412	47,098
Total	$ 157,680	$ 125,282

FINANCIAL INSTRUMENTS - Schedule of Short-Term and Noncurrent Available-for-Sale Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value Measurements
Cost	$ 98,730	$ 207,692
Gross Unrealized Gains	26	209
Gross Unrealized Losses	(11)	(60)
Level 2
Fair Value Measurements
Fair Value	98,745	207,841
Asset-backed securities \| Current:
Fair Value Measurements
Cost	8,520	21,626
Gross Unrealized Gains	2	43
Gross Unrealized Losses	0	0
Asset-backed securities \| Current: \| Level 2
Fair Value Measurements
Fair Value	8,522	21,669
Commercial paper \| Current:
Fair Value Measurements
Cost	57,292	142,556
Gross Unrealized Gains	8	120
Gross Unrealized Losses	(9)	(55)
Commercial paper \| Current: \| Level 2
Fair Value Measurements
Fair Value	57,291	142,621
Corporate bonds \| Current:
Fair Value Measurements
Cost	32,918	32,502
Gross Unrealized Gains	16	25
Gross Unrealized Losses	(2)	(5)
Corporate bonds \| Current: \| Level 2
Fair Value Measurements
Fair Value	$ 32,932	32,522
U.S. federal agency bonds \| Current:
Fair Value Measurements
Cost		5,996
Gross Unrealized Gains		8
Gross Unrealized Losses		0
U.S. federal agency bonds \| Current: \| Level 2
Fair Value Measurements
Fair Value		6,004
Yankee bond \| Current:
Fair Value Measurements
Cost		5,012
Gross Unrealized Gains		13
Gross Unrealized Losses		0
Yankee bond \| Current: \| Level 2
Fair Value Measurements
Fair Value		$ 5,025

STOCK PLANS - Schedule of Stock Based Compensation Activity (Details)	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of Stock Options
Outstanding beginning of period (in shares) \| shares	6,845,618
Granted (in shares) \| shares	485,232
Exercised (in shares) \| shares	(726)
Forfeited (in shares) \| shares	(202,193)
Expired (in shares) \| shares	(676,528)
Outstanding end of period (in shares) \| shares	6,451,403
Weighted Average Exercise Price (Per Share)
Outstanding beginning of period (in dollars per share) \| $ / shares	$ 42.95
Granted (in dollars per share) \| $ / shares	25.30
Exercised (in dollars per share) \| $ / shares	15.14
Forfeited (in dollars per share) \| $ / shares	42.18
Expired (in dollars per share) \| $ / shares	52.13
Outstanding at end of period (in dollars per share) \| $ / shares	$ 40.68
Restricted stock units
Number of Restricted Stock Units
Unvested at beginning of period (in shares) \| shares	2,769,728
Granted (in shares) \| shares	2,449,865
Vested (in shares) \| shares	(766,373)
Forfeited (in shares) \| shares	(239,411)
Unvested at end of period in shares) \| shares	4,213,809
Weighted Average Grant Date Fair Value (Per Share)
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 32.07
Granted (in dollars per share) \| $ / shares	26.00
Vested (in dollars per share) \| $ / shares	36.67
Forfeited (in dollars per share) \| $ / shares	28.45
Unvested at end of period (in dollars per share) \| $ / shares	$ 27.82

STOCK PLANS (Tables)

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Schedule of Recognized Stock-Based Compensation Expense

The Company recognized stock-based compensation expense in the periods presented as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of goods sold	$	1,506	$	1,509	$	4,904	$	3,896
Research and development	2,326		1,794		6,974		5,522
Selling, general and administrative	10,146		9,137		32,125		25,970
Contingent consideration charges (gains), acquisition-related expenses, restructuring and other	—		790		—		3,517
Total	$	13,978	$	13,230	$	44,003	$	38,905

Stock-based compensation from:
Stock options	$	3,403	$	4,767	$	12,152	$	17,292
Restricted stock units	10,383		8,276		30,670		21,003
Employee stock purchase plan share options	192		187		1,181		610
Total	$	13,978	$	13,230	$	44,003	$	38,905

Schedule of the Company's Stock Option Activity and Restricted Stock Unit Activity

The following tables contain information about the Company’s stock option and restricted stock unit, or RSU, activity for the nine months ended September 30, 2025:


Stock Options	Number of Stock Options	Weighted Average Exercise Price (Per Share)
Outstanding at December 31, 2024	6,845,618	$	42.95
Granted	485,232	25.30
Exercised	(726)	15.14
Forfeited	(202,193)	42.18
Expired	(676,528)	52.13
Outstanding at September 30, 2025	6,451,403	40.68


Restricted Stock Units	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value (Per Share)
Unvested at December 31, 2024	2,769,728	$	32.07
Granted	2,449,865	26.00
Vested	(766,373)	36.67
Forfeited	(239,411)	28.45
Unvested at September 30, 2025	4,213,809	27.82

Schedule of Valuation Assumptions

The fair values of stock options granted were estimated using the Black-Scholes option valuation model with the following weighted average assumptions:


Black-Scholes Weighted Average Assumption						Nine Months Ended September 30, 2025
Expected dividend yield						None
Risk-free interest rate						4.14%
Expected volatility						57.9%
Expected term of options						5.14 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Customer concentration - customer	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Concentration of Major Customers
Number of customers			3
Revenue \| Largest wholesaler
Concentration of Major Customers
Percentage of revenue from customers to total revenue	31.00%	35.00%	32.00%	35.00%
Revenue \| Second largest wholesaler
Concentration of Major Customers
Percentage of revenue from customers to total revenue	25.00%	23.00%	26.00%	23.00%
Revenue \| Third largest wholesaler
Concentration of Major Customers
Percentage of revenue from customers to total revenue	21.00%	20.00%	21.00%	20.00%
Revenue \| Total
Concentration of Major Customers
Percentage of revenue from customers to total revenue	77.00%	78.00%	79.00%	78.00%

- 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

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following tables illustrate the changes in the balances of the Company’s accumulated other comprehensive income for the periods presented (in thousands):


	Net Unrealized Gain (Loss) From Available-For-Sale Investments		Unrealized Foreign Currency Translation		Accumulated Other Comprehensive Income
Balance at December 31, 2024	$	190	$	153	$	343
Net unrealized loss on investments, net of tax (1)	(102)		—		(102)
Foreign currency translation adjustments	—		3,882		3,882

Balance at September 30, 2025	$	88	$	4,035	$	4,123


	Net Unrealized Gain From Available-For-Sale Investments		Unrealized Foreign Currency Translation		Accumulated Other Comprehensive Income
Balance at December 31, 2023	$	124	$	123	$	247
Net unrealized gain on investments, net of tax (1)	437		—		437
Foreign currency translation adjustments	—		(6)		(6)
Balance at September 30, 2024	$	561	$	117	$	678

(1) Net of a nominal and $0.1 million tax benefit for the nine months ended September 30, 2025 and 2024, respectively.

INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

The components of inventories, net are as follows (in thousands):


	September 30,		December 31,
	2025		2024
Raw materials	$	46,428	$	50,800
Work-in-process	18,840		27,384
Finished goods	92,412		47,098
Total	$	157,680	$	125,282

FIXED ASSETS - Schedule of Fixed Assets Summarized by Major Category (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
FIXED ASSETS
Total	$ 280,053	$ 300,098
Less: accumulated depreciation	(132,665)	(132,929)
Fixed assets, net	147,388	167,169
Machinery and equipment
FIXED ASSETS
Total	163,980	160,643
Leasehold improvements
FIXED ASSETS
Total	76,343	86,034
Computer equipment and software
FIXED ASSETS
Total	25,814	23,473
Office furniture and equipment
FIXED ASSETS
Total	2,131	1,952
Construction in progress
FIXED ASSETS
Total	$ 11,785	$ 27,996

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Treasury Shares	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2023		46,481,000
Treasury Shares, Beginning balance (in shares) at Sep. 30, 2024			(837,000)
Balance at beginning of period at Dec. 31, 2023	$ 870,130	$ 46	$ 0	$ 976,633	$ (106,796)	$ 247
Increase (Decrease) in Stockholders' Equity
Vested restricted stock units (in shares)		448,000
Vested restricted stock units	1	$ 1
Common stock withheld for employee withholding tax liabilities on vested restricted stock units	(414)			(414)
Common stock issued under employee stock purchase plan (in shares)		56,000
Common stock issued under employee stock purchase plan	1,364			1,364
Stock-based compensation	38,905			38,905
Purchase of treasury stock, inclusive of excise tax (in shares)			(837,000)
Purchase of treasury stock, inclusive of excise tax	(25,121)		$ (25,121)
Purchase of capped call transaction, net of tax	(20,112)			(20,112)
Other comprehensive income (loss)	431					431
Net income (loss)	(115,601)				(115,601)
Ending balance (in shares) at Sep. 30, 2024		46,985,000
Treasury Shares, Ending balance (in shares) at Dec. 31, 2023			0
Balance at ending of period at Sep. 30, 2024	749,583	$ 47	$ (25,121)	996,376	(222,397)	678
Beginning balance (in shares) at Jun. 30, 2024		46,954,000
Treasury Shares, Beginning balance (in shares) at Sep. 30, 2024			(837,000)
Balance at beginning of period at Jun. 30, 2024	879,278	$ 47	$ (25,121)	983,178	(78,931)	105
Increase (Decrease) in Stockholders' Equity
Vested restricted stock units (in shares)		31,000
Common stock withheld for employee withholding tax liabilities on vested restricted stock units	(32)			(32)
Stock-based compensation	13,230			13,230
Other comprehensive income (loss)	573					573
Net income (loss)	(143,466)				(143,466)
Ending balance (in shares) at Sep. 30, 2024		46,985,000
Treasury Shares, Ending balance (in shares) at Jun. 30, 2024			(837,000)
Balance at ending of period at Sep. 30, 2024	$ 749,583	$ 47	$ (25,121)	996,376	(222,397)	678
Beginning balance (in shares) at Dec. 31, 2024	46,240,604	47,078,000
Treasury Shares, Beginning balance (in shares) at Sep. 30, 2025	(4,769,346)		(4,769,000)
Balance at beginning of period at Dec. 31, 2024	$ 778,348	$ 47	$ (25,121)	1,009,435	(206,356)	343
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)	726	1,000
Exercise of stock options	$ 12			12
Vested restricted stock units (in shares)		765,000
Vested restricted stock units	$ 1	$ 1
Common stock withheld for employee withholding tax liabilities on vested restricted stock units (in shares)	(210,423)	(210,000)
Common stock withheld for employee withholding tax liabilities on vested restricted stock units	$ (5,474)			(5,474)
Common stock issued under employee stock purchase plan (in shares)	100,728	101,000
Common stock issued under employee stock purchase plan	$ 1,569			1,569
Stock-based compensation	$ 44,003			44,003
Purchase of treasury stock, inclusive of excise tax (in shares)	(3,932,106)		(3,932,000)
Purchase of treasury stock, inclusive of excise tax	$ (100,422)		$ (100,422)
Other comprehensive income (loss)	3,780					3,780
Net income (loss)	$ 5,397				5,397
Ending balance (in shares) at Sep. 30, 2025	42,965,902	47,735,000
Treasury Shares, Ending balance (in shares) at Dec. 31, 2024	(837,240)		(837,000)
Balance at ending of period at Sep. 30, 2025	$ 727,214	$ 48	$ (125,543)	1,049,545	(200,959)	4,123
Beginning balance (in shares) at Jun. 30, 2025		47,691,000
Treasury Shares, Beginning balance (in shares) at Sep. 30, 2025	(4,769,346)		(4,769,000)
Balance at beginning of period at Jun. 30, 2025	$ 757,767	$ 48	$ (75,515)	1,035,563	(206,391)	4,062
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)		1,000
Exercise of stock options	12			12
Vested restricted stock units (in shares)		43,000
Vested restricted stock units	(1)			(1)
Common stock withheld for employee withholding tax liabilities on vested restricted stock units	(7)			(7)
Stock-based compensation	13,978			13,978
Purchase of treasury stock, inclusive of excise tax (in shares)			(1,976,000)
Purchase of treasury stock, inclusive of excise tax	(50,028)		$ (50,028)
Other comprehensive income (loss)	61					61
Net income (loss)	$ 5,432				5,432
Ending balance (in shares) at Sep. 30, 2025	42,965,902	47,735,000
Treasury Shares, Ending balance (in shares) at Jun. 30, 2025			(2,793,000)
Balance at ending of period at Sep. 30, 2025	$ 727,214	$ 48	$ (125,543)	$ 1,049,545	$ (200,959)	$ 4,123

STOCK PLANS - Schedule of Valuation Assumptions (Details) - Stock options	9 Months Ended
	Sep. 30, 2025
Stock Incentive Plans
Expected dividend yield	0.00%
Risk-free interest rate	4.14%
Expected volatility	57.90%
Expected term of options	5 years 1 month 20 days

- 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 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

DESCRIPTION OF BUSINESS	9 Months Ended
DESCRIPTION OF BUSINESS	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Pacira BioSciences, Inc. and its subsidiaries (collectively, the “Company” or “Pacira”) deliver innovative, non-opioid pain therapies to transform the lives of patients. The Company’s long-acting, local analgesic, EXPAREL® (bupivacaine liposome injectable suspension), was commercially launched in the United States, or U.S., in April 2012 and approved in select European countries and the United Kingdom, or U.K., in November 2021. EXPAREL utilizes the Company’s proprietary multivesicular liposome, or pMVL, drug delivery technology that encapsulates drugs without altering their molecular structure and releases them over a desired period of time. EXPAREL is currently indicated to produce postsurgical local analgesia via infiltration in patients aged six years and older, and postsurgical regional analgesia via an interscalene brachial plexus block in adults, a sciatic nerve block in the popliteal fossa in adults, and an adductor canal block in adults for postsurgical pain management (the safety and effectiveness of EXPAREL have not been established to produce postsurgical regional analgesia via other nerve blocks other than an interscalene brachial plexus nerve block, a sciatic nerve block in the popliteal fossa, and an adductor canal block). In November 2021, the Company acquired Flexion Therapeutics, Inc., or Flexion (the “Flexion Acquisition”), and added ZILRETTA® (triamcinolone acetonide extended-release injectable suspension) to its product portfolio. ZILRETTA is the first and only extended-release, intra-articular (meaning in the joint) injection indicated for the management of osteoarthritis, or OA, knee pain. In April 2019, the Company added iovera®° to its commercial offering with the acquisition of MyoScience, Inc. (the “MyoScience Acquisition”). The iovera° system is a handheld cryoanalgesia device that delivers immediate, long-acting, drug-free pain control using precise, controlled doses of cold temperature to a targeted nerve. The Company is also advancing the development of PCRX-201 (enekinragene inzadenovec), a novel, locally administered gene therapy for the treatment of OA of the knee. PCRX-201 is the lead program from the Company’s proprietary high-capacity adenovirus, or HCAd, vector platform, which enables local administration of genetic medicines and has the potential to unlock gene therapy for large prevalent diseases affecting millions of people. In February 2025, the Company acquired the remaining 81 percent equity interest in GQ Bio Therapeutics GmbH, or GQ Bio (the “GQ Bio Acquisition”), a privately-held biopharmaceutical company, which included the novel HCAd platform, a preclinical portfolio of HCAd-based assets and research and development talent. For more information on the GQ Bio Acquisition, see Note 3, GQ Bio Therapeutics Acquisition. Pacira is subject to risks common to companies in similar industries and stages, including, but not limited to, competition from larger companies and potential generic entrants, reliance on revenue from three products, reliance on a limited number of wholesalers, reliance on a limited number of manufacturing sites, new technological innovations, dependence on key personnel, reliance on third-party service providers and sole source suppliers, tariffs, protection of proprietary technology, compliance with government regulations and risks related to cybersecurity.

GQ BIO THERAPEUTICS ACQUISITION (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Reconciliation of Purchase Price to Total Consideration Transferred

The following table reconciles the purchase price for the remaining 81% ownership to the total fair value of the GQ Bio Acquisition (in thousands):


Fair Value of Purchase Price Consideration	Amount
Cash consideration paid at closing	$	17,604
Indemnification holdback	5,676
Cash payment of GQ Bio Acquisition transaction expenses	919
Settlement of previously invested note receivable	5,322
Settlement of pre-existing receivable	1,055
Purchase price consideration of 81% of GQ Bio	30,576
Prior 19% equity investment ownership of GQ Bio realized upon business combination	8,315
Total fair value of the GQ Bio Acquisition	$	38,891

The following tables set forth the preliminary allocation of the GQ Bio Acquisition purchase price to the estimated fair value of the net assets acquired at the acquisition date (in thousands):


	Amounts Recognized at the Acquisition Date (as Previously Reported) (a)		Measurement Period Adjustments (b)		Amounts Recognized at the Acquisition Date (as Adjusted)
ASSETS ACQUIRED
Cash and cash equivalents	$	1,884	$	—	$	1,884
Accounts receivable	900		—		900
Prepaid expenses and other assets	120		383		503
Fixed assets	364		—		364
Right-of-use assets	1,374		—		1,374
In-process research and development (IPR&D)	22,500		—		22,500
Other noncurrent assets	56		—		56
Total assets	$	27,198	$	383	$	27,581
LIABILITIES ASSUMED
Accounts payable	$	1,037	$	(39)	$	998
Accrued expenses	91		191		282

Lease liabilities	1,374		—		1,374
Deferred tax liability	6,750		(2,664)		4,086
Other liabilities	49		—		49
Total liabilities	9,301		(2,512)		6,789
Total identifiable net assets acquired	17,897		2,895		20,792
Goodwill	20,763		(2,664)		18,099
Total fair value of the GQ Bio Acquisition	$	38,660	$	231	$	38,891

(a) As previously reported in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2025.

(b) Represents an adjustment to a deferred tax liability, unrecorded liabilities related to pre-acquisition expenses that were paid by the Company in 2025.

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The change in the carrying value of the Company’s goodwill is summarized as follows (in thousands):


	Carrying Value
Balance at December 31, 2023	$	163,243
Goodwill impairment	(163,243)
Balance at December 31, 2024	—
Goodwill arising from the GQ Bio Acquisition	18,099
Foreign currency adjustments	2,218
Balance at September 30, 2025	$	20,317

Schedule of Intangible Assets

Intangible assets, net, consists of the IPR&D from the GQ Bio Acquisition and Flexion Acquisition, developed technology from the Flexion Acquisition and MyoScience Acquisition and customer relationships from the MyoScience Acquisition are summarized as follows (dollar amounts in thousands):


September 30, 2025	Gross Carrying Value		Foreign Currency Adjustments		Accumulated Amortization		Intangible Assets, Net		Weighted-Average Useful Lives
Developed technologies	$	590,000	$	—	$	(241,893)	$	348,107	10 years, 5 months
Customer relationships	90		—		(58)		32		10 years
Total finite-lived intangible assets, net	590,090		—		(241,951)		348,139
Acquired IPR&D	31,500		2,757		—		34,257
Total intangible assets, net	$	621,590	$	2,757	$	(241,951)	$	382,396


December 31, 2024	Gross Carrying Value		Accumulated Amortization		Intangible Assets, Net		Weighted-Average Useful Lives
Developed technologies	$	590,000	$	(198,934)	$	391,066	10 years, 5 months
Customer relationships	90		(52)		38		10 years
Total finite-lived intangible assets, net	590,090		(198,986)		391,104
Acquired IPR&D	34,866		—		34,866
Total intangible assets, net	$	624,956	$	(198,986)	$	425,970

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

INCOME TAXES

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

Income (loss) before income taxes and income tax expense are as follows (dollar amounts in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Income (loss) before income taxes:
Domestic	$	10,497		$	(140,309)		$	16,956		$	(89,656)
Foreign	(973)			1,453			(653)			1,024
Total income (loss) before income taxes	$	9,524		$	(138,856)		$	16,303		$	(88,632)

Income tax expense	$	4,092		$	4,610		$	10,906		$	26,969
Effective tax rate	43		%	(3)		%	67		%	(30)		%

The Company’s income tax expense represents the estimated annual effective tax rate applied to the year-to-date operating results, adjusted for certain discrete tax items.

The Company’s effective tax rate for the three and nine months ended September 30, 2025 was primarily impacted by costs related to non-deductible stock-based compensation, non-deductible executive compensation and a non-U.S. valuation allowance, partially offset by tax credits.

The Company’s effective tax rate for the three and nine months ended September 30, 2024 was primarily impacted by non-deductible goodwill impairment charges. The Company’s effective tax rate for the nine months ended September 30, 2024 was additionally impacted by costs related to non-deductible stock-based compensation, mainly related to expired stock options.

As of both September 30, 2025 and December 31, 2024, the Company had an income tax payable balance of $5.1 million that was included in other liabilities within the condensed consolidated balance sheet. As of September 30, 2025 and December 31, 2024, the Company had $0.6 million and $0.7 million, respectively, of current income taxes payable that is included in accrued expenses within the condensed consolidated balance sheet.

U.S. Tax Reform

In July 2025, federal legislation known as the One Big Beautiful Bill Act (the “OBBBA”) was enacted, resulting in changes to U.S. federal income tax law. Significant provisions of the OBBBA include the permanent extension of certain provisions of the 2017 Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. In accordance with ASC 740, Income Taxes, the Company is required to recognize the effect of the tax law changes in the period of enactment, such as remeasuring its estimated U.S. deferred tax assets and liabilities. The Company has $124.6 million of a gross deferred tax asset attributed to unamortized U.S. capitalized research and development costs as of December 31, 2024 that will be deductible on its 2025 and 2026 income tax returns. There are no other material impacts to the Company related to the enactment of the OBBBA.

- Definition

The entire disclosure for income tax.

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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+ Details

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 28, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]
Goodwill impairment		$ 0	$ 163,243	$ 0	$ 163,243	$ 163,243
Amortization of acquired intangible assets		14,322	14,322	42,966	42,966
Amortization expense, remainder of fiscal year		14,300		14,300
Amortization expense, first period		57,300		57,300
Amortization expense, second period		57,300		57,300
Amortization expense, third period		57,300		57,300
Amortization expense, fourth period		57,300		57,300
Amortization expense, fifth period		57,300		57,300
Amortization expense, sixth period		37,400		37,400
Amortization expense, seventh period		7,900		7,900
Amortization expense, eighth period		2,200		2,200
Impairment of acquired IPR&D		25,866	$ 0	25,866	$ 0
Acquired IPR&D
Intangible Asset, Acquired, Finite-Lived [Line Items]
Impairment of acquired IPR&D		25,900		$ 25,900
Carrying value of impairment of intangible assets		33,900
Fair value of impairment of intangible assets		$ 8,000
GQ Bio Acquisition
Intangible Asset, Acquired, Finite-Lived [Line Items]
Impairment of acquired IPR&D	$ 22,500

FINANCIAL INSTRUMENTS - Schedule of Carrying Amount and Fair Value of the Long-Term Debt (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2025	May 31, 2024	May 09, 2024
Financial Liabilities:
Closing sale price (in dollars per share)	$ 25.77		$ 29.86
2.125% Convertible senior notes due May 2029 \| Unsecured Debt
Financial Liabilities:
Stated rate	2.125%	2.125%
Initial conversion price of notes into common stock (in dollars per share)	$ 39.56	$ 39.56
Carrying Value
Financial Assets:
Equity investments	$ 7,750
Convertible notes receivable	2,500
Financial Liabilities:
Acquisition-related contingent consideration	17,834
Carrying Value \| Line of Credit \| Revolving Credit Facility
Financial Liabilities:
Convertible senior notes	96,000
Carrying Value \| 2.125% Convertible senior notes due May 2029 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	280,721
Fair Value Measurements Using \| Level 1
Financial Assets:
Equity investments	0
Convertible notes receivable	0
Financial Liabilities:
Acquisition-related contingent consideration	0
Fair Value Measurements Using \| Level 1 \| Line of Credit \| Revolving Credit Facility
Financial Liabilities:
Convertible senior notes	0
Fair Value Measurements Using \| Level 1 \| 2.125% Convertible senior notes due May 2029 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	0
Fair Value Measurements Using \| Level 2
Financial Assets:
Equity investments	0
Convertible notes receivable	0
Financial Liabilities:
Acquisition-related contingent consideration	0
Fair Value Measurements Using \| Level 2 \| Line of Credit \| Revolving Credit Facility
Financial Liabilities:
Convertible senior notes	96,000
Fair Value Measurements Using \| Level 2 \| 2.125% Convertible senior notes due May 2029 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	291,453
Fair Value Measurements Using \| Level 3
Financial Assets:
Equity investments	7,750
Convertible notes receivable	2,500
Financial Liabilities:
Acquisition-related contingent consideration	17,834
Fair Value Measurements Using \| Level 3 \| Line of Credit \| Revolving Credit Facility
Financial Liabilities:
Convertible senior notes	0
Fair Value Measurements Using \| Level 3 \| 2.125% Convertible senior notes due May 2029 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	$ 0

SEGMENT INFORMATION - Schedule of Reconciliation of Significant Expense Categories (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenues	$ 179,516	$ 168,573	$ 529,538	$ 513,713
Goodwill impairment	0	163,243	0	163,243	$ 163,243
Stock-based compensation			44,003	38,905
Amortization of acquired intangible assets	14,322	14,322	42,966	42,966
Changes in contingent consideration			(2,407)	(5,541)
Legal settlement	0	0	7,000	0
Legal judgment	(23,148)	0	(23,148)	0
Impairment of acquired IPR&D	25,866	0	25,866	0
Total operating expenses	173,154	308,100	512,687	611,788
Total other income (expense), net	3,162	671	(548)	9,443
Income (loss) before income taxes	9,524	(138,856)	16,303	(88,632)
Income tax expense	(4,092)	(4,610)	(10,906)	(26,969)
Net income (loss)	5,432	(143,466)	5,397	(115,601)
Reportable Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Total revenues	179,516	168,573	529,538	513,713
Adjusted cost of goods sold	32,772	37,355	98,025	126,646
Adjusted research and development	22,489	17,310	70,276	52,158
Adjusted selling and marketing	58,471	43,191	165,006	121,673
Adjusted general and administrative	23,180	21,831	70,020	66,097
Goodwill impairment	0	163,243	0	163,243
Stock-based compensation	13,978	13,230	44,003	38,905
Amortization of acquired intangible assets	14,322	14,322	42,966	42,966
Changes in contingent consideration	625	(3,244)	(2,407)	(5,541)
Legal settlement	0	0	7,000	0
Legal judgment	(23,148)	0	(23,148)	0
Impairment of acquired IPR&D	25,866	0	25,866	0
Other	4,599	862	15,080	5,641
Total operating expenses	173,154	308,100	512,687	611,788
Adjusted other income (expense)	3,162	671	(548)	9,443
Income (loss) before income taxes	9,524	(138,856)	16,303	(88,632)
Income tax expense	(4,092)	(4,610)	(10,906)	(26,969)
Net income (loss)	$ 5,432	$ (143,466)	$ 5,397	$ (115,601)

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company’s goodwill arose from the GQ Bio Acquisition in February 2025. As discussed below, the Company previously had goodwill resulting from the acquisition of Pacira Pharmaceuticals, Inc. (the Company’s California operating subsidiary) from SkyePharma Holding, Inc. (now a subsidiary of Vectura Group plc, a subsidiary of Molex Asia Holdings Ltd.) in 2007, the MyoScience Acquisition in 2019 and the Flexion Acquisition in 2021. The change in the carrying value of the Company’s goodwill is summarized as follows (in thousands):


	Carrying Value
Balance at December 31, 2023	$	163,243
Goodwill impairment	(163,243)
Balance at December 31, 2024	—
Goodwill arising from the GQ Bio Acquisition	18,099
Foreign currency adjustments	2,218
Balance at September 30, 2025	$	20,317

Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired in a business combination and is subject to impairment testing at least annually or upon the occurrence of a triggering event that could indicate a potential impairment. During the three months ended September 30, 2024, the U.S. Food and Drug Administration, or FDA, approved a generic competitor to EXPAREL and a U.S. District Court ruled that one of the Company’s patents was not valid. The Company determined that these events, combined with a subsequent decrease in the Company’s common stock price, indicated that it was more likely than not that the fair value of goodwill may be less than its carrying value, which required the Company to perform a quantitative impairment test. This was performed by comparing the fair value of the Company to its carrying value. If the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, impairment is indicated, requiring recognition of a goodwill impairment charge up to the carrying value of goodwill. The fair value of the Company was calculated through an income approach, in which the Company calculated the fair value based on the present value of estimated future cash flows. Considerable management judgment is necessary to evaluate the impact of operating and macroeconomic changes and to estimate the future cash flows used to assume fair value. The Company’s estimates of future cash flows consider past performance, current and anticipated market conditions, internal projections and operating plans which incorporate estimates for sales growth and future margins. Additional assumptions include forecasted growth rates, estimated discount rates and the probability of success for the Company’s product pipeline candidate products. The assumptions also reflect current and anticipated market conditions and are consistent with those that would be used by other marketplace participants for similar valuation purposes. Such assumptions are subject to change due to changing economic and competitive conditions. The conclusion of the income approach as of September, 30, 2024 resulted in the carrying value of the Company exceeding its fair value by more than the goodwill balance. As a result, the then-goodwill balance of $163.2 million was fully impaired during the three months ended September 30, 2024.

Intangible Assets


September 30, 2025	Gross Carrying Value		Foreign Currency Adjustments		Accumulated Amortization		Intangible Assets, Net		Weighted-Average Useful Lives
Developed technologies	$	590,000	$	—	$	(241,893)	$	348,107	10 years, 5 months
Customer relationships	90		—		(58)		32		10 years
Total finite-lived intangible assets, net	590,090		—		(241,951)		348,139
Acquired IPR&D	31,500		2,757		—		34,257
Total intangible assets, net	$	621,590	$	2,757	$	(241,951)	$	382,396


December 31, 2024	Gross Carrying Value		Accumulated Amortization		Intangible Assets, Net		Weighted-Average Useful Lives
Developed technologies	$	590,000	$	(198,934)	$	391,066	10 years, 5 months
Customer relationships	90		(52)		38		10 years
Total finite-lived intangible assets, net	590,090		(198,986)		391,104
Acquired IPR&D	34,866		—		34,866
Total intangible assets, net	$	624,956	$	(198,986)	$	425,970

Amortization expense on intangible assets was $14.3 million for both the three months ended September 30, 2025 and 2024. Amortization expense on intangible assets was $43.0 million for both the nine months ended September 30, 2025 and 2024.

Assuming no changes in the gross carrying amount of these intangible assets, the future estimated amortization expense on the finite-lived intangible assets will be $14.3 million for the remaining three months of 2025, $57.3 million each year from 2026 to 2030, $37.4 million in 2031, $7.9 million in 2032 and $2.2 million in 2033.

As part of the GQ Bio Acquisition, the Company recognized $22.5 million of acquired IPR&D in February 2025. See Note 3, GQ Bio Therapeutics Acquisition, for information on the GQ Bio Acquisition.

The Company reviews its indefinite-lived intangible assets for impairment annually and whenever an event or change in circumstances arises that indicates the carrying amount of an indefinite-lived intangible asset is at risk of not being recoverable. During the three months ended September 30, 2025, the Company determined the fair value of the ZILRETTA acquired IPR&D for the treatment of shoulder OA pain may be at risk of impairment due to revised completion timelines for clinical trials and commercial availability which directly impacted revenue forecasts, among other factors. The Company determined that these events indicated that it was more likely than not that the fair value of the acquired IPR&D may be less than its fair value. The impairment assessment was conducted through a recoverability test by comparing the $33.9 million carrying value of the asset against the fair value through a discounted cash flow model based on new facts and circumstances. The assessment resulted in a fair value of $8.0 million. An impairment of $25.9 million was recognized within contingent consideration charges (gains), acquisition-related expenses, restructuring and other in the consolidated statements of operations for the three and nine months ended September 30, 2025 based on the amount its previous carrying value exceeded its updated fair value.

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In November 2025, the Company and AmacaThera, Inc., or AmacaThera, a clinical-stage biotechnology company specializing in drug delivery, announced an exclusive worldwide license agreement for the development and commercialization of AMT-143, a long-acting formulation of the non-opioid analgesic ropivacaine for postsurgical pain. In a Phase 1 study, AMT-143 demonstrated sustained release of ropivacaine through 14 days. The Company and AmacaThera expect to initiate a Phase 2 program in 2026. Under the terms of the agreement, AmacaThera will receive an upfront payment of $5.0 million with the potential for future development- and sales-based milestone payments and a tiered royalty on future net product sales.

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Significant Expense Categories

The table below reconciles the significant expense categories provided to the CODM to the Company’s expenses as disclosed under GAAP (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues	$	179,516	$	168,573	$	529,538	$	513,713
Less:
Adjusted cost of goods sold	32,772		37,355		98,025		126,646
Adjusted research and development	22,489		17,310		70,276		52,158
Adjusted selling and marketing	58,471		43,191		165,006		121,673
Adjusted general and administrative	23,180		21,831		70,020		66,097
Goodwill impairment	—		163,243		—		163,243
Stock-based compensation	13,978		13,230		44,003		38,905
Amortization of acquired intangible assets	14,322		14,322		42,966		42,966
Changes in the fair value of contingent consideration	625		(3,244)		(2,407)		(5,541)
Legal settlement	—		—		7,000		—
Legal judgment	(23,148)		—		(23,148)		—
Impairment of acquired IPR&D	25,866		—		25,866		—
Other	4,599		862		15,080		5,641
Total operating expenses	173,154		308,100		512,687		611,788

Total other income (expense), net	3,162		671		(548)		9,443
Income (loss) before income taxes	9,524		(138,856)		16,303		(88,632)
Income tax expense	(4,092)		(4,610)		(10,906)		(26,969)
Net income (loss)	$	5,432	$	(143,466)	$	5,397	$	(115,601)

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Rule 10b5-1 Trading Plans

The following table shows the “Rule 10b5-1 trading arrangements” and “non-Rule 10b5-1 trading arrangements” (as each term is defined in Item 408(a) of Regulation S-K) adopted by our directors and executive officers during the quarter ended September 30, 2025. No trading arrangements were terminated by our directors and executive officers during the quarter ended September 30, 2025.

Trading Arrangement

Name and Position

Action

Date

Rule
10b5-1*

Non-Rule
10b5-1**

Total Number of
Shares to be Sold

Expiration
Date

Jonathan Slonin

Chief Medical Officer

Adopt

8/12/2025

10,261

8/28/2026

Kristen Williams

Chief Administrative Officer and Secretary

Adopt

9/10/2025

To Be Determined (1)

6/5/2026

* Intended to satisfy the affirmative defense of Rule 10b5-1(c).

** Not intended to satisfy the affirmative defense of Rule 10b5-1(c).

(1) The aggregate number of shares to be sold pursuant to the trading arrangements listed above are dependent on, among other things, sale prices under the trading arrangements and the amount of tax withholding required upon the vesting of restricted stock units, and, therefore, is indeterminable at this time.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Jonathan Slonin [Member]

Trading Arrangements, by Individual

Name

Jonathan Slonin

Title

Chief Medical Officer

Rule 10b5-1 Arrangement Adopted

true

8/12/2025

8/28/2026

381 days

10,261

Kristen Williams [Member]

Trading Arrangements, by Individual

Name

Kristen Williams

Title

Chief Administrative Officer and Secretary

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

9/10/2025

Expiration Date

6/5/2026

Arrangement Duration

268 days

FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands	Jun. 30, 2025 USD ($)	Nov. 30, 2021 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) wholesaler	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) wholesaler	Aug. 31, 2022 USD ($)
Concentration Risk [Line Items]
Changes in contingent consideration					$ (2,407)	$ (5,541)
Interest receivable			$ 200		$ 200		$ 500
Number of major customers \| wholesaler					3		3
Convertible Note Receivable
Concentration Risk [Line Items]
Convertible note receivable	$ 1,300
Major Customer One \| Accounts Receivable \| Customer concentration
Concentration Risk [Line Items]
Concentration risk					33.00%		34.00%
Major Customer Two \| Accounts Receivable \| Customer concentration
Concentration Risk [Line Items]
Concentration risk					22.00%		18.00%
Major Customer Three \| Accounts Receivable \| Customer concentration
Concentration Risk [Line Items]
Concentration risk					17.00%		16.00%
iovera°
Concentration Risk [Line Items]
Amount of allowance for doubtful accounts			600		$ 600		$ 400
Equity Investment And Convertible Note Receivable
Concentration Risk [Line Items]
Impairments					11,000
Flexion Acquisition
Concentration Risk [Line Items]
Acquisition-related contingent consideration		$ 372,300	17,800		17,800		$ 20,200	$ 425,500
Payment term		60 days
Changes in contingent consideration			$ 600	$ (3,200)	$ (2,400)	$ (5,500)
Flexion Acquisition \| Weighted Average \| Level 3 \| Contingent Consideration \| Discount rates
Concentration Risk [Line Items]
Key assumptions			0.075		0.075

GQ BIO THERAPEUTICS ACQUISITION - Schedule of Indicates the Consideration Transferred to Effect the Acquisition of GQ Bio (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		7 Months Ended	9 Months Ended
	Feb. 28, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Feb. 27, 2025	Dec. 31, 2024	Dec. 31, 2023
LIABILITIES ASSUMED
Goodwill		$ 20,317		$ 20,317	$ 20,317			$ 0	$ 163,243
Measurement Period Adjustments
Impairment of acquired IPR&D		25,866	$ 0		25,866	$ 0
Acquired IPR&D
Measurement Period Adjustments
Impairment of acquired IPR&D		25,900			25,900
GQ Bio Acquisition
ASSETS ACQUIRED
Cash and cash equivalents		1,884		1,884	1,884		$ 1,884
Accounts receivable		900		900	900		900
Prepaid expenses and other assets		503		503	503		120
Fixed assets		364		364	364		364
Right-of-use assets		1,374		1,374	1,374		1,374
In-process research and development (IPR&D)		22,500		22,500	22,500		22,500
Other noncurrent assets		56		56	56		56
Total assets		27,581		27,581	27,581		27,198
LIABILITIES ASSUMED
Accounts payable		998		998	998		1,037
Accrued expenses		282		282	282		91
Lease liabilities		1,374		1,374	1,374		1,374
Deferred tax liability		4,086		4,086	4,086		6,750
Other liabilities		49		49	49		49
Total liabilities		6,789		6,789	6,789		9,301
Total identifiable net assets acquired		20,792		20,792	20,792		17,897
Goodwill		18,099		18,099	18,099		20,763
Total fair value of the GQ Bio Acquisition		$ 38,891		38,891	$ 38,891		$ 38,660
Measurement Period Adjustments
Cash and cash equivalents				0
Accounts receivable				0
Prepaid expenses and other assets				383
Fixed assets				0
Right-of-use assets				0
In-process research and development (IPR&D)				0
Other noncurrent assets				0
Total assets				383
Accounts payable				(39)
Accrued expenses				191
Lease liabilities				0
Deferred tax liability				(2,664)
Other liabilities				0
Total liabilities				(2,512)
Total identifiable net assets acquired				2,895
Goodwill				(2,664)
Total fair value of the GQ Bio Acquisition				$ 231
Impairment of acquired IPR&D	$ 22,500

REVENUE (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table represents disaggregated net product sales in the periods presented as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net product sales:
EXPAREL	$	139,902	$	132,004	$	419,348	$	401,286
ZILRETTA	28,982		28,420		83,654		84,966
iovera°	6,465		5,655		17,176		16,359
Bupivacaine liposome injectable suspension	2,691		1,643		5,803		7,322
Total net product sales	$	178,040	$	167,722	$	525,981	$	509,933

CONTINGENT CONSIDERATION CHARGES (GAINS), ACQUISITION-RELATED EXPENSES, RESTRUCTURING AND OTHER

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONTINGENT CONSIDERATION CHARGES (GAINS), ACQUISITION-RELATED EXPENSES, RESTRUCTURING AND OTHER

Contingent consideration charges (gains), acquisition-related expenses, restructuring and other for the nine months ended September 30, 2025 and 2024 summarized below (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Contingent consideration charges (gains)	$	625	$	(3,244)	$	(2,407)	$	(5,541)
Restructuring charges	3,728		1,193		3,728		7,724

Acquisition-related expenses	(280)		285		2,222		689
Legal settlement	—		—		7,000		—
Legal judgment	(23,148)		—		(23,148)		—
Impairment of acquired IPR&D	25,866		—		25,866		—



Total contingent consideration charges (gains), acquisition-related expenses, restructuring and other	$	6,791	$	(1,766)	$	13,261	$	2,872

Flexion Acquisition Contingent Consideration

The Company recognized charges of $0.6 million and gains of $2.4 million related to contingent consideration arising from the Flexion Acquisition during the three and nine months ended September 30, 2025, respectively. The Company recognized gains of $3.2 million and $5.5 million related to contingent consideration during the three and nine months ended September 30, 2024, respectively. See Note 10, Financial Instruments, for information regarding the method and key assumptions used in the fair value measurements of contingent consideration and more information regarding the changes in fair value.

2025 Restructuring Charges

In July 2025, as a result of improving manufacturing efficiencies for EXPAREL, the Company instituted a reduction in force at its Science Center Campus in San Diego, California. The Company’s enhanced efficiencies are the result of its multi-year investment in two large-scale 200+ liter EXPAREL batch manufacturing suites located in San Diego and Swindon, U.K., which commenced commercial production in 2024 and 2021, respectively.

These two large-scale manufacturing suites are capable of producing bulk EXPAREL volumes that are approximately four-fold greater than the Company’s 45-liter batch manufacturing process. The Company believes these larger manufacturing suites provide ample capacity for meeting the growing demand and improving gross margins for EXPAREL through a meaningfully more favorable cost structure and manufacturing yields versus the 45-liter batch process. As a result, the Company decommissioned its 45-liter EXPAREL batch manufacturing suite located in San Diego and reduce its workforce accordingly. The reduction impacted 71 employees or approximately 8% of the Company’s then-total workforce.

During both the three and nine months ended September 30, 2025, the Company recognized $3.7 million of employee termination benefit charges, under ASC 420—Liabilities for Exit or Restructuring Activities. These employee termination benefits consist of garden leave under California employment law, severance, healthcare benefits, and, to a lesser extent, other one-time termination benefits.

As noted in Note 5, Inventories, and Note 6, Fixed Assets, the Company reserved $1.0 million of inventory and recognized $5.5 million of accelerated depreciation expense during the nine months ended September 30, 2025 associated with the decommission of the 45-liter manufacturing assets, which was recognized as costs of goods sold in the condensed consolidated statements of operations.

The Company’s 2025 restructuring charges, including the beginning and ending liability balances, are summarized below (in thousands):


	Employee Termination Benefits
Balance at December 31, 2024	$	—
Charges incurred	3,728
Cash payments made / settled	(2,772)
Balance at September 30, 2025	$	956

2024 Restructuring Charges

In February 2024, the Company initiated a restructuring plan designed to ensure it is well positioned for long-term growth. The restructuring plan included: (i) reshaping the executive team, (ii) reallocating efforts and resources from its ex-U.S. and certain early-stage development programs to its U.S. commercial portfolio in the U.S. market and (iii) reprioritizing investments to enhance key commercial capabilities and expand EXPAREL utilization. The Company recognized $1.2 million and $7.7 million of restructuring charges for the three and nine months ended September 30, 2024, respectively, related to employee termination benefits, such as the acceleration of share-based compensation, severance, and, to a lesser extent, other employment-related termination costs, as well as contract termination costs.

The Company’s 2024 restructuring charges, including the beginning and ending liability balances, are summarized below (in thousands):


	Employee Termination Benefits (1)		Contract Termination Costs		Total
Balance at December 31, 2023	$	—	$	—	$	—
Charges incurred	3,220		1,709		4,929

Cash payments made / settled	(1,985)		(20)		(2,005)
Balance at December 31, 2024	1,235		1,689		2,924


Cash payments made / settled	(1,225)		(1,689)		(2,914)
Balance at September 30, 2025	$	10	$	—	$	10
(1) During the year ended December 31, 2024, there was $3.6 million of employee termination benefits related to share-based compensation excluded from the table above as they are non-cash and recorded against additional paid-in capital.

Acquisition-Related Expenses

The Company recognized an acquisition-related credit of $0.3 million and costs of $2.2 million during the three and nine months ended September 30, 2025, respectively. These costs primarily related to third-party services and legal fees associated with the GQ Bio Acquisition. See Note 3, GQ Bio Therapeutics Acquisition, for more information.

The Company recognized acquisition-related expenses of $0.3 million and $0.7 million during the three and nine months ended September 30, 2024, respectively. These costs primarily related to vacant and underutilized Flexion leases that were assumed from the Flexion Acquisition.

Legal Settlement

The Company recognized $7.0 million of costs during the nine months ended September 30, 2025 related to the patent infringement suits against eVenus, Jiangsu Hengrui and Fresenius (each as defined below). For more information, see Note 16, Commitments and Contingencies.

Legal Judgment

The Company recognized other income of $23.1 million during both the three and nine months ended September 30, 2025 upon receipt of a cash payment associated with the U.S. District Court for the District of Nevada issuing judgment declaring that the Research Development Foundation was required to repay the Company the royalties on EXPAREL sales that the Company previously paid under protest. For more information, see Note 16, Commitments and Contingencies.

Impairment of Acquired IPR&D

The Company recognized an impairment of $25.9 million during the three and nine months ended September 30, 2025, for an acquired IPR&D intangible asset related to ZILRETTA for the treatment of OA pain of the shoulder based on the amount that its previous carrying value of $33.9 million exceeded its current fair value of $8.0 million. See Note 8, Goodwill and Intangible Assets, for more information.

FIXED ASSETS - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
FIXED ASSETS - Narrative (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
FIXED ASSETS
Depreciation expense	$ 6,900,000	$ 6,000,000.0	$ 26,700,000	$ 14,600,000
Capitalized interest (Note 6)	0	$ (470,000)	(149,000)	$ (1,869,000)
Accelerated depreciation expense			5,500,000
Disposals			27,300,000
Fixed assets, net	147,388,000		147,388,000		$ 167,169,000
Asset retirement obligation	3,800,000		3,800,000		4,200,000
Leasehold improvements \| Outside of the U.S.
FIXED ASSETS
Fixed assets, net	$ 43,800,000		$ 43,800,000		$ 51,100,000

REVENUE

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

Revenue from Contracts with Customers

The Company’s net product sales consist of (i) EXPAREL in the U.S., the European Union, or E.U., and the U.K.; (ii) ZILRETTA in the U.S.; (iii) iovera° in the U.S., Canada, the E.U., and the U.K. and (iv) sales of its bupivacaine liposome injectable suspension for veterinary use. Royalty revenues are related to a collaborative licensing agreement from the sale of the Company’s bupivacaine liposome injectable suspension for veterinary use. The Company does not consider revenue from sources other than sales of EXPAREL and ZILRETTA to be material sources of its consolidated revenue. As such, the following disclosure is limited to revenue associated with net product sales of EXPAREL and ZILRETTA.

Net Product Sales

The Company sells EXPAREL through a drop-ship program under which orders are processed through wholesalers based on orders of the product placed by end-users, namely hospitals, ambulatory surgery centers and healthcare provider offices. EXPAREL is delivered directly to the end-user without the wholesaler ever taking physical possession of the product. The Company primarily sells ZILRETTA to specialty distributors and specialty pharmacies, who then subsequently resell ZILRETTA to physicians, clinics and certain medical centers or hospitals. The Company also contracts directly with healthcare providers and intermediaries such as group purchasing organizations, or GPOs. Product revenue is recognized when control of the promised goods are transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods. EXPAREL and ZILRETTA revenue is recorded at the time the products are transferred to the customer.

Revenues from sales of products are recorded net of returns allowances, prompt payment discounts, service fees, government rebates, volume rebates and chargebacks. These reserves are based on estimates of the amounts earned or to be claimed on the related sales. These amounts are treated as variable consideration, estimated and recognized as a reduction of the transaction price at the time of the sale, using the most likely amount method, except for returns, which is based on the expected value method. The Company includes these estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transaction will not occur, or when the uncertainty associated with the variable consideration is resolved.

Chargebacks for fees and discounts represent the estimated obligations resulting from contractual commitments to sell products to Department of Veteran Affairs hospitals, participating GPO members, 340B qualified entities and other contracted customers at prices lower than the list price. The 340B Drug Discount Program is a U.S. federal government program that requires participating drug manufacturers to provide outpatient drugs to eligible health care organizations and covered entities at reduced prices. Customers claim the difference between the amount invoiced and the discounted selling price through a chargeback issued by a wholesaler. Reserves are established in the same period that the related revenue is recognized, resulting in a reduction of product revenue and trade receivables, net. Chargeback amounts are determined at the time of sale and the Company generally issues credits for such amounts within weeks of receiving notification from a wholesaler. Reserves for chargebacks consist of anticipated credits the Company expects to issue based on expected units sold and chargebacks that customers have claimed for which credits have not yet been issued.

The calculation for some of these items requires management to make estimates based on sales data, historical return data, contracts, statutory requirements and other related information that may become known in the future. The adequacy of these provisions is reviewed on a quarterly basis.

Accounts Receivable

The majority of accounts receivable arise from product sales and represent amounts due from wholesalers, hospitals, ambulatory surgery centers, specialty distributors, specialty pharmacies and individual physicians. Payment terms generally range from zero to four months from the date of the transaction, and accordingly, there is no significant financing component.

Performance Obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in Accounting Standards Codification, or ASC, 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

At contract inception, the Company assesses the goods promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a good that is distinct. When identifying individual performance obligations, the Company considers all goods promised in the contract regardless of whether explicitly stated in the customer contract or implied by customary business practices. The Company’s contracts with customers require it to transfer an individual distinct product, which represents a single performance obligation. The Company’s performance obligation with respect to its product sales is satisfied at a point in time, which transfers control upon delivery of EXPAREL and ZILRETTA to its customers. The Company considers control to have transferred upon delivery because the customer has legal title to the asset, physical possession of the asset has been transferred, the customer has significant risks and rewards of ownership of the asset and the Company has a present right to payment at that time.

Disaggregated Revenue

The following table represents disaggregated net product sales in the periods presented as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net product sales:
EXPAREL	$	139,902	$	132,004	$	419,348	$	401,286
ZILRETTA	28,982		28,420		83,654		84,966
iovera°	6,465		5,655		17,176		16,359
Bupivacaine liposome injectable suspension	2,691		1,643		5,803		7,322
Total net product sales	$	178,040	$	167,722	$	525,981	$	509,933

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance			$ 0	$ 163,243	$ 163,243
Goodwill impairment	$ 0	$ (163,243)	0	$ (163,243)	(163,243)
Foreign currency adjustments			2,218
Goodwill, ending balance	20,317		20,317		$ 0
GQ Bio Acquisition
Goodwill [Roll Forward]
Goodwill arising from the GQ Bio Acquisition			18,099
Goodwill, ending balance	$ 18,099		$ 18,099

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

STOCK PLANS - Schedule of Stock Based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock-based compensation from:
Total	$ 13,978	$ 13,230	$ 44,003	$ 38,905
Stock options
Stock-based compensation from:
Total	3,403	4,767	12,152	17,292
Restricted stock units
Stock-based compensation from:
Total	10,383	8,276	30,670	21,003
Employee stock purchase plan share options
Stock-based compensation from:
Total	192	187	1,181	610
Cost of goods sold
Stock-based compensation from:
Total	1,506	1,509	4,904	3,896
Research and development
Stock-based compensation from:
Total	2,326	1,794	6,974	5,522
Selling, general and administrative
Stock-based compensation from:
Total	10,146	9,137	32,125	25,970
Contingent consideration charges (gains), acquisition-related expenses, restructuring and other
Stock-based compensation from:
Total	$ 0	$ 790	$ 0	$ 3,517

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	May 31, 2024	Mar. 31, 2023	Jul. 31, 2020
Debt Instrument [Line Items]
Total debt, net of deferred financing costs	$ 376,721	$ 585,321
Term Loan \| Term loan A facility maturing March 2028
Debt Instrument [Line Items]
Long-term debt		105,313
Deferred financing costs		(821)
Discount on debt		(281)		$ (400)
Total debt, net of deferred financing costs	$ 0	104,211
Unsecured Debt \| 2.125% Convertible senior notes due May 2029
Debt Instrument [Line Items]
Stated rate	2.125%		2.125%
Long-term debt	$ 287,500	287,500
Deferred financing costs	(6,779)	(8,166)
Total debt, net of deferred financing costs	$ 280,721	279,334
Unsecured Debt \| 0.750% Convertible senior notes due August 2025
Debt Instrument [Line Items]
Stated rate	0.75%				0.75%
Long-term debt		202,500
Deferred financing costs		(724)
Total debt, net of deferred financing costs	$ 0	$ 201,776

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company is managed and operated as a single business focused on the development, manufacture, marketing, distribution and sale of non-opioid pain therapies. The Company is managed by a single management team, and consistent with its organizational structure, the Chief Executive Officer—who is the Company’s chief operating decision maker, or CODM—manages and allocates resources at a consolidated level. Accordingly, the Company views its business as one operating segment and one reportable segment to evaluate its performance, allocate resources, set operational targets and forecast its future financial results.

The key measure of the Company is GAAP net income. The CODM uses this measure to evaluate its performance, allocate resources, set operational targets and forecast its future financial results.

There are significant expense categories and amounts that are regularly provided to the CODM. These expense categories differ from what is disclosed in the Company’s financial results. The table below reconciles the significant expense categories provided to the CODM to the Company’s expenses as disclosed under GAAP (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues	$	179,516	$	168,573	$	529,538	$	513,713
Less:
Adjusted cost of goods sold	32,772		37,355		98,025		126,646
Adjusted research and development	22,489		17,310		70,276		52,158
Adjusted selling and marketing	58,471		43,191		165,006		121,673
Adjusted general and administrative	23,180		21,831		70,020		66,097
Goodwill impairment	—		163,243		—		163,243
Stock-based compensation	13,978		13,230		44,003		38,905
Amortization of acquired intangible assets	14,322		14,322		42,966		42,966
Changes in the fair value of contingent consideration	625		(3,244)		(2,407)		(5,541)
Legal settlement	—		—		7,000		—
Legal judgment	(23,148)		—		(23,148)		—
Impairment of acquired IPR&D	25,866		—		25,866		—
Other	4,599		862		15,080		5,641
Total operating expenses	173,154		308,100		512,687		611,788

Total other income (expense), net	3,162		671		(548)		9,443
Income (loss) before income taxes	9,524		(138,856)		16,303		(88,632)
Income tax expense	(4,092)		(4,610)		(10,906)		(26,969)
Net income (loss)	$	5,432	$	(143,466)	$	5,397	$	(115,601)

For information on the Company’s fixed assets located outside of the U.S., refer to Note 6, Fixed Assets.

- 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

CONTINGENT CONSIDERATION CHARGES (GAINS), ACQUISITION-RELATED EXPENSES, RESTRUCTURING AND OTHER (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Acquisition-Related Charges (Gain), Restructuring Charges and Other

Contingent consideration charges (gains), acquisition-related expenses, restructuring and other for the nine months ended September 30, 2025 and 2024 summarized below (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Contingent consideration charges (gains)	$	625	$	(3,244)	$	(2,407)	$	(5,541)
Restructuring charges	3,728		1,193		3,728		7,724

Acquisition-related expenses	(280)		285		2,222		689
Legal settlement	—		—		7,000		—
Legal judgment	(23,148)		—		(23,148)		—
Impairment of acquired IPR&D	25,866		—		25,866		—



Total contingent consideration charges (gains), acquisition-related expenses, restructuring and other	$	6,791	$	(1,766)	$	13,261	$	2,872

Schedule of Restructuring Charges

The Company’s 2025 restructuring charges, including the beginning and ending liability balances, are summarized below (in thousands):


	Employee Termination Benefits
Balance at December 31, 2024	$	—
Charges incurred	3,728
Cash payments made / settled	(2,772)
Balance at September 30, 2025	$	956

The Company’s 2024 restructuring charges, including the beginning and ending liability balances, are summarized below (in thousands):


	Employee Termination Benefits (1)		Contract Termination Costs		Total
Balance at December 31, 2023	$	—	$	—	$	—
Charges incurred	3,220		1,709		4,929

Cash payments made / settled	(1,985)		(20)		(2,005)
Balance at December 31, 2024	1,235		1,689		2,924


Cash payments made / settled	(1,225)		(1,689)		(2,914)
Balance at September 30, 2025	$	10	$	—	$	10
(1) During the year ended December 31, 2024, there was $3.6 million of employee termination benefits related to share-based compensation excluded from the table above as they are non-cash and recorded against additional paid-in capital.

FIXED ASSETS

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

FIXED ASSETS

Fixed assets, net, summarized by major category, consist of the following (in thousands):


	September 30,		December 31,
	2025		2024
Machinery and equipment	$	163,980	$	160,643
Leasehold improvements	76,343		86,034
Computer equipment and software	25,814		23,473
Office furniture and equipment	2,131		1,952
Construction in progress	11,785		27,996
Total	280,053		300,098
Less: accumulated depreciation	(132,665)		(132,929)
Fixed assets, net	$	147,388	$	167,169

For the three months ended September 30, 2025 and 2024, depreciation expense was $6.9 million and $6.0 million, respectively. For the three months ended September 30, 2025 and 2024, there was none and $0.5 million of capitalized interest on the construction of manufacturing sites, respectively.

For the nine months ended September 30, 2025 and 2024, depreciation expense was $26.7 million and $14.6 million, respectively. For the nine months ended September 30, 2025 and 2024, there was $0.1 million and $1.9 million of capitalized interest on the construction of manufacturing sites, respectively.

In July 2025, the Company announced it decommissioned its 45-liter EXPAREL batch manufacturing suite located at its Science Center Campus in San Diego, California, and reduced its workforce accordingly. As a result, the Company recognized $5.5 million of accelerated depreciation expense and disposed of $27.3 million of fully-depreciated leasehold improvements, machinery and equipment and, to a lesser extent, computer equipment and software associated with its 45-liter EXPAREL batch

manufacturing suite during the nine months ended September 30, 2025. The Company continues to operate its 200-liter EXPAREL batch manufacturing suite at the same facility.

As of September 30, 2025 and December 31, 2024, total fixed assets, net, includes manufacturing process equipment and leasehold improvements located outside of the U.S. in the amount of $43.8 million and $51.1 million, respectively.

As of September 30, 2025 and December 31, 2024, the Company had asset retirement obligations of $3.8 million and $4.2 million, respectively, included in accrued expenses and other liabilities on its condensed consolidated balance sheets, for costs associated with returning leased spaces to their original condition upon the termination of certain of its lease agreements.

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of (Loss) Income Before Income Taxes and Income Tax Expense

Income (loss) before income taxes and income tax expense are as follows (dollar amounts in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Income (loss) before income taxes:
Domestic	$	10,497		$	(140,309)		$	16,956		$	(89,656)
Foreign	(973)			1,453			(653)			1,024
Total income (loss) before income taxes	$	9,524		$	(138,856)		$	16,303		$	(88,632)

Income tax expense	$	4,092		$	4,610		$	10,906		$	26,969
Effective tax rate	43		%	(3)		%	67		%	(30)		%

REVENUE - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total net product sales	$ 179,516	$ 168,573	$ 529,538	$ 513,713
Total net product sales
Disaggregation of Revenue [Line Items]
Total net product sales	178,040	167,722	525,981	509,933
EXPAREL
Disaggregation of Revenue [Line Items]
Total net product sales	139,902	132,004	419,348	401,286
ZILRETTA
Disaggregation of Revenue [Line Items]
Total net product sales	28,982	28,420	83,654	84,966
iovera°
Disaggregation of Revenue [Line Items]
Total net product sales	6,465	5,655	17,176	16,359
Bupivacaine liposome injectable suspension
Disaggregation of Revenue [Line Items]
Total net product sales	$ 2,691	$ 1,643	$ 5,803	$ 7,322

- 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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- 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.

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+ Details

FINANCIAL INSTRUMENTS - Schedule of Change in Contingent Consideration Recorded at Fair Value Using Level 3 Measurements (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value adjustments and accretion	$ (39)	$ (236)
Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	20,241	24,698
Fair value adjustments and accretion	(2,407)	(4,457)
Ending balance	$ 17,834	$ 20,241

NET INCOME (LOSS) PER COMMON SHARE - Schedule of Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net income (loss)	$ 5,432	$ (143,466)	$ 5,397	$ (115,601)
Denominator:
Weighted average common shares outstanding - basic (in shares)	44,038	46,134	45,257	46,269
Weighted average number of shares outstanding - diluted (in shares)	44,459	46,134	45,729	46,269
Net income (loss) per common share:
Basic net income (loss) per common share (in dollars per share)	$ 0.12	$ (3.11)	$ 0.12	$ (2.50)
Diluted net income (loss) per common share (in dollars per share)	$ 0.12	$ (3.11)	$ 0.12	$ (2.50)
Stock options
Denominator:
Dilutive effect of share based compensation arrangements (in shares)	37	0	32	0
Restricted stock units
Denominator:
Dilutive effect of share based compensation arrangements (in shares)	383	0	429	0
Weighted average ESPP share options
Denominator:
Dilutive effect of share based compensation arrangements (in shares)	1	0	11	0

NET INCOME (LOSS) PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per common share for the three and nine months ended September 30, 2025 and 2024 (in thousands, except per common share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss)	$	5,432	$	(143,466)	$	5,397	$	(115,601)








Denominator:
Weighted average common shares outstanding—basic	44,038		46,134		45,257		46,269
Computation of diluted securities:

Dilutive effect of stock options	37		—		32		—
Dilutive effect of RSUs	383		—		429		—
Dilutive effect of ESPP share options	1		—		11		—
Weighted average common shares outstanding—diluted	44,459		46,134		45,729		46,269
Net income (loss) per common share:
Basic and diluted net income (loss) per common share	$	0.12	$	(3.11)	$	0.12	$	(2.50)

Schedule of Potential Dilutive Effect of the Securities Excluded from the Calculation of Diluted Loss Per Share

The following table summarizes the outstanding stock options, RSUs, ESPP share options and convertible senior notes that were excluded from the diluted net income (loss) per common share calculation because the effects of including these potential shares were antidilutive in the periods presented (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Weighted average number of stock options	6,488	6,925	6,573	7,305
2025 Notes	972	2,821	2,205	4,184
Weighted average number of RSUs	1,531	2,637	1,831	1,935
Weighted average ESPP share options	—	47	—	51
Total	8,991	12,430	10,609	13,475

GQ BIO THERAPEUTICS ACQUISITION - Narrative (Details) $ in Thousands		3 Months Ended	4 Months Ended	9 Months Ended
	Feb. 27, 2025 USD ($) employee	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Sep. 30, 2025 USD ($)	Feb. 25, 2025
Business Combination [Line Items]
Key employee holdback recognition year one	50.00%
Key employee holdback recognition year two	30.00%
Key employee holdback recognition year three	20.00%
Key employee holdback expenses				$ 2,600
GQ Bio Acquisition
Business Combination [Line Items]
Acquisition agreement	$ 30,600
Key employee holdback agreement	$ 7,800
Number of employee compensation \| employee	2
Key employee holdback agreement payment period			3 years
Indemnification holdback	$ 5,676		$ 5,700
Indemnification repayment period			18 months
GQ Bio Acquisition \| Acquired IPR&D \| Probability of successful development and commercialization
Business Combination [Line Items]
Acquired identifiable IPR&D assets discount	0.200
GQ Bio Acquisition \| GQ Bio Acquisition
Business Combination [Line Items]
Percentage of voting interests acquired	81.00%				81.00%
Ownership	19.00%
Key employee holdback expenses		$ 1,200

LEASES - Schedule of Operating Lease Expense and Other Operating Lease Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Total operating lease expense, net
Fixed lease costs	$ 3,139	$ 3,459	$ 9,673	$ 10,416
Variable lease costs	642	562	1,757	1,345
Sublease income	0	(56)	(76)	(248)
Total	$ 3,781	$ 3,965	11,354	11,513
Supplemental cash flow information related to operating leases
Cash paid for operating lease liabilities, net of lease incentives			9,650	9,686
Right-of-use assets recorded in exchange for lease obligations			$ 2,043	$ 0
Weighted average remaining lease term (in years)	4 years 6 months 21 days	5 years 4 months 9 days	4 years 6 months 21 days	5 years 4 months 9 days
Weighted average discount rate (in percent)	6.91%	6.99%	6.91%	6.99%

DEBT - Schedule of Interest Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
DEBT - Schedule of Interest Expense (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Debt Disclosure [Abstract]
Contractual interest expense	$ 3,597,000	$ 4,296,000	$ 11,282,000	$ 11,404,000
Amortization of debt issuance costs	626,000	840,000	2,320,000	2,284,000
Amortization of debt discount	56,000	23,000	101,000	70,000
Capitalized interest (Note 6)	0	(470,000)	(149,000)	(1,869,000)
Total	$ 4,279,000	$ 4,689,000	$ 13,554,000	$ 11,889,000
Effective interest rate on total debt (in percent)	3.57%	3.03%	3.24%	3.00%

REVENUE - Narrative (Details)	9 Months Ended
REVENUE - Narrative (Details)	Sep. 30, 2025
Minimum
Disaggregation of Revenue [Line Items]
Payment terms	0 days
Maximum
Disaggregation of Revenue [Line Items]
Payment terms	4 months

- 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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+ Details

NET INCOME (LOSS) PER COMMON SHARE

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER COMMON SHARE

Basic and diluted net income (loss) per common share is calculated by dividing the net income (loss) attributable to common shares by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is calculated by dividing the net income (loss) attributable to common shares by the weighted average number of common shares outstanding plus dilutive potential common shares outstanding during the period.

Potential common shares include the shares of common stock issuable upon the exercise of outstanding stock options, the vesting of RSUs and the purchase of shares from the ESPP (using the treasury stock method), if applicable. Potential common shares associated with convertible senior notes are treated under the if-converted method. Adjustments are made to the diluted net income (loss) per common share calculation as if the Company had converted the convertible senior notes on the first day of each period presented. Adjustments to the numerator are made to add back the interest expense associated with the convertible senior notes on a post-tax basis. Adjustments to the denominator reflect the number of shares assumed to be convertible at the beginning of the period.

Potential common shares are excluded from the diluted net income (loss) per common share computation to the extent they would be antidilutive.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss)	$	5,432	$	(143,466)	$	5,397	$	(115,601)








Denominator:
Weighted average common shares outstanding—basic	44,038		46,134		45,257		46,269
Computation of diluted securities:

Dilutive effect of stock options	37		—		32		—
Dilutive effect of RSUs	383		—		429		—
Dilutive effect of ESPP share options	1		—		11		—
Weighted average common shares outstanding—diluted	44,459		46,134		45,729		46,269
Net income (loss) per common share:
Basic and diluted net income (loss) per common share	$	0.12	$	(3.11)	$	0.12	$	(2.50)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Weighted average number of stock options	6,488	6,925	6,573	7,305
2025 Notes	972	2,821	2,205	4,184
Weighted average number of RSUs	1,531	2,637	1,831	1,935
Weighted average ESPP share options	—	47	—	51
Total	8,991	12,430	10,609	13,475

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 5,432	$ (143,466)	$ 5,397	$ (115,601)
Other comprehensive income (loss):
Net unrealized gain (loss) on investments, net of tax	29	597	(102)	437
Foreign currency translation adjustments	32	(24)	3,882	(6)
Total other comprehensive income	61	573	3,780	431
Comprehensive income (loss)	$ 5,493	$ (142,893)	$ 9,177	$ (115,170)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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+ Details

FIXED ASSETS (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Fixed Assets Summarized by Major Category

Fixed assets, net, summarized by major category, consist of the following (in thousands):


	September 30,		December 31,
	2025		2024
Machinery and equipment	$	163,980	$	160,643
Leasehold improvements	76,343		86,034
Computer equipment and software	25,814		23,473
Office furniture and equipment	2,131		1,952
Construction in progress	11,785		27,996
Total	280,053		300,098
Less: accumulated depreciation	(132,665)		(132,929)
Fixed assets, net	$	147,388	$	167,169

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Operating activities:
Net income (loss)	$ 5,432	$ (143,466)	$ 5,397	$ (115,601)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Goodwill impairment	0	163,243	0	163,243	$ 163,243
Indefinite-lived intangible asset impairment			25,866	0
Investment impairment			11,000	0
Deferred taxes			10,221	17,113
Depreciation of fixed assets and amortization of intangible assets			69,681	57,542
Amortization of debt issuance costs	626	840	2,320	2,284
Amortization of debt discount	56	23	101	70
Loss (gain) on early extinguishment of debt	(983)	0	(983)	7,518
Stock-based compensation			44,003	38,905
Changes in contingent consideration			(2,407)	(5,541)
Other net gains			(5,887)	(53)
Changes in operating assets and liabilities:
Accounts receivable, net			(1,943)	4,903
Inventories, net			(32,384)	(7,512)
Prepaid expenses and other assets			(13,911)	(6,338)
Accounts payable			(2,669)	3,409
Accrued expenses and income taxes payable			(7,145)	12,546
Other liabilities			5,079	(1,195)
Net cash provided by operating activities			108,305	156,257
Investing activities:
Acquisition of GQ Bio Therapeutics GmbH (net of cash acquired)			(16,702)	0
Purchases of fixed assets			(15,115)	(8,518)
Purchases of available-for-sale investments			(113,450)	(207,017)
Sales of available-for-sale investments			226,665	132,627
Purchases of debt investments			(1,250)	0
Net cash provided by (used in) investing activities			80,148	(82,908)
Financing activities:
Proceeds from exercises of stock options			12	0
Proceeds from shares issued under employee stock purchase plan			1,569	1,364
Payment of employee withholding taxes on restricted stock unit vests			(5,474)	(414)
Purchase of treasury stock, inclusive of broker fees			(100,080)	(25,000)
Proceeds from 2029 convertible senior notes			0	287,500
Proceeds from Revolving Credit Facility			101,000	0
Repayment of Revolving Credit Facility			(5,000)	0
Purchase of capped call transactions			0	(26,709)
Payment of debt issuance and financing costs			(2,203)	(9,350)
Net cash (used in) provided by financing activities			(317,975)	19,318
Effect of exchange rate changes on cash and cash equivalents			337	0
Net (decrease) increase in cash and cash equivalents			(129,185)	92,667
Cash and cash equivalents, beginning of period			276,774	153,298	153,298
Cash and cash equivalents, end of period	147,589	245,965	147,589	245,965	$ 276,774
Supplemental cash flow information:
Cash paid for interest			10,390	10,191
Net cash paid for income taxes			8,944	9,575
Non-cash investing and financing activities:
Fixed assets included in accounts payable and accrued liabilities			1,116	415
Excise tax on share repurchases included in accrued liabilities	$ 341	$ 121	341	121
3.375% Convertible senior notes due May 2024
Financing activities:
Payment of debt			0	(8,641)
0.750% Convertible senior notes due August 2025
Financing activities:
Payment of debt			(202,487)	(190,994)
Term Loan A Facility
Financing activities:
Repayment of Term loan A facility			$ (105,312)	$ (8,438)

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income

The following tables illustrate the changes in the balances of the Company’s accumulated other comprehensive income for the periods presented (in thousands):


	Net Unrealized Gain (Loss) From Available-For-Sale Investments		Unrealized Foreign Currency Translation		Accumulated Other Comprehensive Income
Balance at December 31, 2024	$	190	$	153	$	343
Net unrealized loss on investments, net of tax (1)	(102)		—		(102)
Foreign currency translation adjustments	—		3,882		3,882

Balance at September 30, 2025	$	88	$	4,035	$	4,123


	Net Unrealized Gain From Available-For-Sale Investments		Unrealized Foreign Currency Translation		Accumulated Other Comprehensive Income
Balance at December 31, 2023	$	124	$	123	$	247
Net unrealized gain on investments, net of tax (1)	437		—		437
Foreign currency translation adjustments	—		(6)		(6)
Balance at September 30, 2024	$	561	$	117	$	678

(1) Net of a nominal and $0.1 million tax benefit for the nine months ended September 30, 2025 and 2024, respectively.

Share Repurchase Programs

On May 7, 2024, the Company announced that its Board of Directors approved a share repurchase program which authorized the Company to repurchase up to an aggregate of $150.0 million of its outstanding common stock. On May 9, 2024, concurrently with the pricing of the offering of the 2029 Notes, the Company entered into separate privately negotiated agreements with certain of the initial purchasers of the 2029 Notes or their respective affiliates and/or certain other financial institutions to repurchase 837,240 shares of the Company’s common stock for a total cost of $25.1 million, inclusive of $0.1 million of accrued excise tax. The repurchase occurred on May 10, 2024.

On April 17, 2025, the Company announced that its Board of Directors approved a new share repurchase program, which replaced the previously authorized share repurchase program and was effective immediately, which authorizes the Company to repurchase up to an aggregate of $300.0 million of its outstanding common stock. Repurchases under this program may be made at management’s discretion on the open market or through privately negotiated transactions, including plans that comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The share repurchase program may be suspended or

discontinued at any time by the Company and has an expiration date of December 31, 2026. During the nine months ended September 30, 2025, the Company repurchased 3,932,106 shares of its common stock through open market transactions for $100.4 million which included $0.1 million of broker fees and was inclusive of $0.3 million of accrued excise tax. As of September 30, 2025, $200.0 million remains available for future repurchases under this authorization (which excludes the broker fees and excise tax incurred). Refer to Part II Item 2. Unregistered Sales of Equity Securities and Use of Proceeds of this Quarterly Report on Form 10-Q for more information on repurchases occurring during the third quarter of 2025.

Repurchases of the Company’s common stock are accounted for at cost and recorded as treasury stock. The broker fees incurred and excise tax on repurchases of the Company’s common stock are recorded as a cost of acquiring treasury stock. Any reissued treasury stock will be accounted for at average cost. Gains or losses on reissued treasury stock arising from the difference between the average cost and the fair value of the award will be recorded in additional paid-in capital.

In addition to the Company’s share repurchase plan, during the nine months ended September 30, 2025, the Company withheld 210,423 shares of its common stock to cover employee tax withholding obligations on restricted stock unit vests for $5.5 million. All shares of common stock withheld to cover employee tax withholding obligations are retired and are done so pursuant to the terms of the Company’s stock incentive plans and related equity grant agreements rather than the Company’s share repurchase plan. Retired shares of common stock are not available for future issuance under the Company’s stock incentive plans.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 8A
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+ Details

STOCK PLANS - Narrative (Details)	1 Months Ended				9 Months Ended
STOCK PLANS - Narrative (Details)	Jun. 30, 2025 shares	Jan. 31, 2025 shares	Sep. 30, 2024 shares	Dec. 31, 2023 shares	Sep. 30, 2025 offeringPeriod $ / shares shares	Dec. 31, 2024 shares	Apr. 30, 2014 shares
Stock Incentive Plans
Additional shares (in shares)	2,500,000
Weighted average fair value (in dollars per share) \| $ / shares					$ 13.73
Purchase price of common stock, ESPP (as a percent)					85.00%
Common stock issued under employee stock purchase plan (in shares)					100,728
Weighted average ESPP share options
Stock Incentive Plans
Number of offering periods for ESPP \| offeringPeriod					2
ESPP purchasing period					6 months
Inducement Plan 2014
Stock Incentive Plans
Additional shares (in shares)		785,000	707,907	642,093
Stock incentive plan, awards reserved for issuance (in shares)		2,310,000					175,000
Number of shares reserved for issuance (in shares)						1,525,000
Number of shares remain available for issuance (in shares)		115,107

CONTINGENT CONSIDERATION CHARGES (GAINS), ACQUISITION-RELATED EXPENSES, RESTRUCTURING AND OTHER - Schedule of Acquisition-Related Charges (Gain), Restructuring Charges and Other (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Contingent consideration charges (gains)			$ (2,407)	$ (5,541)
Restructuring charges	$ 3,728	$ 1,193	3,728	7,724
Acquisition-related expenses	(280)	285	2,222	689
Legal settlement	0	0	7,000	0
Legal judgment	(23,148)	0	(23,148)	0
Impairment of acquired IPR&D	25,866	0	25,866	0
Total contingent consideration charges (gains), acquisition-related expenses, restructuring and other	6,791	(1,766)	13,261	2,872
Flexion
Restructuring Cost and Reserve [Line Items]
Contingent consideration charges (gains)	625	(3,244)	(2,407)	(5,541)
Acquisition-related expenses	$ (300)	$ 300	$ 2,200	$ 700

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + 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

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)	May 10, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Apr. 17, 2025	May 07, 2024
Stockholders' Equity Note [Abstract]
Aggregate purchase						$ 300,000,000	$ 150,000,000
Purchase of treasury stock, inclusive of excise tax (in shares)	837,240			3,932,106
Purchase of treasury stock, inclusive of excise tax	$ 25,100,000	$ 50,028,000		$ 100,422,000	$ 25,121,000
Accrued excise tax	$ 100,000			300,000
Broker fees				100,000
Remaining available for future purchases		200,000,000.0		$ 200,000,000.0
Withheld shares in common stock (in shares)				210,423
Common stock withheld for employee tax		$ 7,000	$ 32,000	$ 5,474,000	$ 414,000

GOODWILL AND INTANGIBLE ASSETS - Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Carrying Value	$ 590,090	$ 590,090
Accumulated Amortization	(241,951)	(198,986)
Intangible Assets, Net	348,139	391,104
Foreign Currency Adjustments	2,757
Gross Carrying Value	621,590	624,956
Intangible Assets, Net	382,396	425,970
Acquired IPR&D
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Carrying Value	31,500	34,866
Foreign Currency Adjustments	2,757
Intangible Assets, Net	31,500	34,866
Intangible Assets, Net	34,257
Developed technologies
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Carrying Value	590,000	590,000
Accumulated Amortization	(241,893)	(198,934)
Intangible Assets, Net	$ 348,107	$ 391,066
Weighted-Average Useful Lives	10 years 5 months	10 years 5 months
Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Gross Carrying Value	$ 90	$ 90
Accumulated Amortization	(58)	(52)
Intangible Assets, Net	$ 32	$ 38
Weighted-Average Useful Lives	10 years	10 years

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	1 Months Ended				3 Months Ended		9 Months Ended		12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Oct. 31, 2025 certificate manufacturer	Jul. 31, 2025	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2025 USD ($) notice	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) notice	Sep. 30, 2024 USD ($)	Dec. 31, 2017 USD ($)	Apr. 07, 2025 period	Aug. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Payment received					$ 23,148	$ 0	$ 23,148	$ 0
Volumes distributed in US market in duration period										12 months
Increasing modestly period \| period										2
Agreement period of volumes distributed in market										3 years
Legal settlement					0	$ 0	7,000	$ 0
Non-cancelable contractual commitment remaining three months of 2025					2,400		2,400
Non-cancelable contractual commitment 2026					5,500		5,500
Baylor College of Medicine (Baylor) \| Minimum
Loss Contingencies [Line Items]
Range of milestone payment									$ 100
Baylor College of Medicine (Baylor) \| Maximum
Loss Contingencies [Line Items]
Range of milestone payment									$ 600
Johnson & Johnson MedTech \| ZILRETTA
Loss Contingencies [Line Items]
Option extended term		12 months
Research Development Foundation
Loss Contingencies [Line Items]
Repayments for royalties			$ 23,100		$ 23,100		23,100
Expect to receive partial summary judgment											$ 23,100
Additional interest payment			$ 5,200				5,200
Payment received							$ 28,300
Number of notices are filed \| notice					2		2
MyoScience Milestone Litigation
Loss Contingencies [Line Items]
Repayments for royalties				$ 5,200			$ 5,200
Subsequent Event
Loss Contingencies [Line Items]
Number of paragraph certification \| certificate	2
Number of generic drug manufacturers \| manufacturer	2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

These interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP, and in accordance with the rules and regulations of the United States Securities and Exchange Commission, for interim reporting. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in complete annual financial statements have been condensed or omitted. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”).

The condensed consolidated financial statements at September 30, 2025, and for the three and nine-month periods ended September 30, 2025 and 2024, are unaudited, but include all adjustments (consisting of only normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial information set forth herein in accordance with GAAP. The condensed consolidated balance sheet at December 31, 2024 is derived from the audited consolidated financial statements included in the Company’s 2024 Annual Report. The accounts of wholly-owned subsidiaries are included in the condensed consolidated financial statements. The condensed consolidated financial statements as presented reflect certain reclassifications from previously issued financial statements to conform to the current presentation. Intercompany accounts and transactions have been eliminated in consolidation.

The results of operations for these interim periods are not necessarily indicative of results that may be expected for any other interim periods or for the full year.

Concentration of Major Customers

The table below includes the percentage of revenues comprised by the Company’s three largest wholesalers in each period presented:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Largest wholesaler	31%	35%	32%	35%
Second largest wholesaler	25%	23%	26%	23%
Third largest wholesaler	21%	20%	21%	20%
Total	77%	78%	79%	78%

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The ASU amendment improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. The new segment disclosure requirements apply for entities with a single reportable segment. The Company adopted the standard for its interim and annual reporting which was applied retrospectively for all prior periods presented. The ASU’s amendment is effective for interim periods in fiscal years beginning after December 15, 2024. Refer to Note 17, Segment Information, for more information.

Recent Accounting Pronouncements Not Adopted as of September 30, 2025

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The ASU amendment addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The ASU’s amendments are effective for fiscal years beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses. The ASU amendment improves financial reporting by requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU’s amendments are effective for annual reporting periods beginning after December 31, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. This ASU amendment can be applied on a prospective basis or retrospectively. The Company is currently evaluating the impact of adopting ASU 2024-03 on its footnote disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software. The ASU amendment removed all references to prescriptive and sequential software development stages (referred to as project stages) throughout Subtopic 350-40. This had been replaced by the requirement to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding a software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). The ASU’s amendments are effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The ASU’s amendments may be adopted on a prospective, modified transition approach that is based on the status of a current project and whether software costs were capitalized before the date of adoption or retrospective basis. The Company is currently evaluating the impact of adopting ASU 2025-06 on its consolidated financial statements.

FINANCIAL INSTRUMENTS - Schedule of Key Assumptions used in the Valuation of Contingent Consideration (Details) - Level 3 - Flexion Acquisition - Contingent Consideration	Sep. 30, 2025
Minimum \| Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Key assumptions	0.072
Minimum \| Probability of payment for remaining regulatory milestone
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Key assumptions	0
Maximum \| Discount rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Key assumptions	0.078

DEBT (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The carrying value of the Company’s outstanding debt is summarized as follows (in thousands):


	September 30,		December 31,
	2025		2024
Term loan A facility maturing March 2028 (1)	$	—	$	104,211
2.125% Convertible senior notes due May 2029	280,721		279,334
0.750% Convertible senior notes due August 2025 (2)	—		201,776
Revolving Credit Facility (1)	96,000		—
Total	$	376,721	$	585,321

(2) The 0.750% convertible senior notes matured and were repaid on August 1, 2025.

Schedule of Composition of the Company's Debt and Financing Obligations

The total debt composition of the TLA Term Loan was as follows (in thousands):


	December 31,
	2024
Term loan A facility maturing March 2028 (1)	$	105,313
Deferred financing costs	(821)
Discount on debt	(281)
Total debt, net of debt discount and deferred financing costs	$	104,211

The total debt composition of the 2029 Notes is as follows (in thousands):


	September 30,		December 31,
	2025		2024
2.125% convertible senior notes due May 2029	$	287,500	$	287,500
Deferred financing costs	(6,779)		(8,166)

Total debt, net of deferred financing costs	$	280,721	$	279,334

The total debt composition of the 2025 Notes was as follows (in thousands):


	December 31,
	2024
0.750% convertible senior notes due August 2025	$	202,500
Deferred financing costs	(724)

Total debt, net of deferred financing costs	$	201,776

Schedule of Total Interest Expense Recognized Related to the Notes

The following table sets forth the total interest expense recognized in the periods presented (dollar amounts in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Contractual interest expense	$	3,597		$	4,296		$	11,282		$	11,404
Amortization of debt issuance costs	626			840			2,320			2,284
Amortization of debt discount	56			23			101			70
Capitalized interest (Note 6)	—			(470)			(149)			(1,869)
Total	$	4,279		$	4,689		$	13,554		$	11,889

Effective interest rate on total debt	3.57		%	3.03		%	3.24		%	3.00		%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Total revenues	$ 179,516	$ 168,573	$ 529,538	$ 513,713
Operating expenses:
Cost of goods sold	34,278	38,864	109,450	130,542
Research and development	25,966	19,104	79,859	57,680
Selling, general and administrative	91,797	74,333	267,151	214,485
Amortization of acquired intangible assets	14,322	14,322	42,966	42,966
Goodwill impairment	0	163,243	0	163,243
Contingent consideration charges (gains), acquisition-related expenses, restructuring and other	6,791	(1,766)	13,261	2,872
Total operating expenses	173,154	308,100	512,687	611,788
Income (loss) from operations	6,362	(139,527)	16,851	(98,075)
Other income (expense):
Interest income	8,534	5,482	20,437	14,134
Interest expense	(4,279)	(4,689)	(13,554)	(11,889)
(Loss) gain on early extinguishment of debt	(983)	0	(983)	7,518
Other, net	(110)	(122)	(6,448)	(320)
Total other income (expense), net	3,162	671	(548)	9,443
Income (loss) before income taxes	9,524	(138,856)	16,303	(88,632)
Income tax expense	(4,092)	(4,610)	(10,906)	(26,969)
Net income (loss)	$ 5,432	$ (143,466)	$ 5,397	$ (115,601)
Net income (loss) per common share:
Basic net income (loss) per common share (in dollars per share)	$ 0.12	$ (3.11)	$ 0.12	$ (2.50)
Diluted net income (loss) per common share (in dollars per share)	$ 0.12	$ (3.11)	$ 0.12	$ (2.50)
Weighted average common shares outstanding:
Basic (in shares)	44,038	46,134	45,257	46,269
Diluted (in shares)	44,459	46,134	45,729	46,269
Net product sales
Revenues:
Total revenues	$ 178,040	$ 167,722	$ 525,981	$ 509,933
Royalty revenue
Revenues:
Total revenues	$ 1,476	$ 851	$ 3,557	$ 3,780

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company has been and may again become involved in legal proceedings arising in the ordinary course of its business, including those related to its patents and intellectual property, product liability and government investigations. Except as described below, the Company is not presently a party to any legal proceedings that it believes to be material, and is not aware of any pending or threatened litigation against the Company which it believes could have a material adverse effect on its business, operating results, financial condition or cash flows. The Company is not in a position to assess the likelihood of any potential losses or adverse effect on its financial condition or to estimate the amount or range of potential losses, if any, from the following actions at this time. MyoScience Milestone Litigation In August 2020, the Company and its subsidiary, Pacira CryoTech, Inc. (“Pacira CryoTech”), filed a lawsuit in the Court of Chancery of the State of Delaware against Fortis Advisors LLC (“Fortis”), solely in its capacity as representative for the former securityholders of MyoScience, Inc. and certain other defendants, seeking declaratory judgment with respect to certain terms of the merger agreement for the MyoScience Acquisition (the “MyoScience Merger Agreement”), specifically related to the achievement of certain milestone payments under the MyoScience Merger Agreement. In October 2020, Fortis filed an answer and counterclaim against the Company and Pacira CryoTech seeking to recover certain milestone payments under the MyoScience Merger Agreement. A trial was conducted in September 2023. In January 2025, the Court issued its decision, finding that the disputed milestones were not met and therefore granted judgment to the Company in full. In March 2025, the Company filed a motion to recover attorney fees, and the parties subsequently agreed to settle the amount of expenses owed to the Company, whereby Fortis agreed to pay the Company $5.2 million and waived its rights to appeal the decision. A final judgment and order was entered in April 2025. The $5.2 million payment received was accounted for as a recovery of losses and recorded against selling, general and administrative expense in the nine months ended September 30, 2025 within the condensed consolidated statement of operations, consistent to where the previous expenses were recorded. eVenus Pharmaceutical Laboratories Litigations In October 2021, December 2021, April 2023 and May 2024, the Company received Notice Letters advising that eVenus Pharmaceutical Laboratories, Inc., or eVenus, of Princeton, New Jersey, submitted to the FDA an Abbreviated New Drug Application, or ANDA, with a Paragraph IV certification seeking authorization for the manufacturing and marketing of a generic bupivacaine liposome injectable suspension in the U.S. prior to the expiration of certain of the Company’s U.S. patents. Beginning in November 2021, the Company filed various patent infringement suits against eVenus, its parent company (Jiangsu Hengrui Pharmaceuticals, Co. Ltd., or Jiangsu Hengrui) and Fresenius Kabi USA, LLC, or Fresenius, (together, the “eVenus ANDA Filers”) in the U.S. District Court for the District of New Jersey asserting infringement of U.S. Patent No. 11,033,495 (the ‘495 patent) (21-cv-19829), U.S. Patent No. 11,179,336 (the ‘336 patent) (22-cv-00718), U.S. Patent No. 11,426,348 (the ‘348 patent) (23-cv-02367), U.S. Patent Nos. 11,819,574 (the ‘574 patent) and 11,819,575 (the ‘575 patent) (24-cv-06294), and U.S. Patent No. 11,925,706 (the ‘706 patent) (24-cv-07680). In December 2024, the Company filed a patent infringement suit against Fresenius and Jiangsu Hengrui in the Northern District of Illinois (24-cv-12416) asserting that the ANDA products will infringe U.S. Patent No. 12,156,940 (the ‘940 patent). Also in December 2024, the eVenus ANDA Filers filed an action for declaratory judgment of non-infringement and invalidity with respect to the ‘940 patent in the District Court of New Jersey (24-cv-11014). On April 7, 2025, the Company, along with its operating subsidiary, Pacira Pharmaceuticals, Inc., entered into a settlement agreement with the eVenus ANDA Filers with respect to the litigations noted above. Pursuant to the settlement agreement, the eVenus ANDA Filers will be enjoined from marketing a generic bupivacaine liposome injectable suspension before the expiration of the patents-in-suit, except as provided for in the settlement agreement, as described below. In settlement of all outstanding claims in the litigations, the Company agreed to provide the eVenus ANDA Filers with a license to the Company’s patents required to manufacture and sell certain volume-limited amounts of a generic bupivacaine liposome injectable suspension in the U.S. beginning on a confidential date that is sometime in early 2030. While the agreed-upon volume-limited percentages are confidential, they begin at a high single-digit percentage of the total volumes distributed in the U.S. market and increase gradually in each 12-month period following the volume-limited entry date until reaching a percentage in the low thirties in 2033 and increasing modestly in each of the next two 12-month periods before reaching a maximum percentage in the high thirties of the total volumes distributed in the U.S. for the final three years of the agreement. In addition, the Company has agreed to provide the eVenus ANDA Filers with a license to its patents required to manufacture and sell an unlimited quantity of a generic bupivacaine liposome injectable suspension in the U.S. beginning on a confidential date in 2039. In addition, in recognition of the Company’s expected savings with respect to, among other things, the avoidance of fees, costs, time and resources associated with continuing the litigations, the Company paid the eVenus ANDA Filers $7.0 million. This legal settlement cost was recorded within contingent consideration charges (gains), acquisition-related expenses, restructuring and other in the nine months ended September 30, 2025 in the Company’s condensed consolidated statement of operations. Paragraph IV Certification Notices In October 2025, the Company received two separate Paragraph IV Certifications from two Chinese generic drug manufacturers (The WhiteOak Group, Inc., or WhiteOak, of Rockville, Maryland (a subsidiary of Zhejiang Haichang Biotechnology Co., Ltd.) and Qilu Pharmaceutical (Hainan) Co., Ltd., or Qilu), each advising that they had submitted an ANDA to the FDA seeking authorization from the FDA to manufacture, use or sell a generic version of EXPAREL in the U.S. Each letter alleged that EXPAREL patents listed in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations (the “Orange Book”) are not valid, not enforceable, and/or will not be infringed by the commercial manufacture, use or sale of the proposed products described in these ANDA submissions. The Company is currently assessing these notification letters and has 45 days from the applicable date of receipt to commence patent infringement lawsuits against these generic challengers if it believes they are infringing its intellectual property. In the event that the Company files one or more patent infringement lawsuit(s), the FDA would enter a 30-month stay of final approval of the ANDA(s). The Company intends to vigorously defend its intellectual property rights relating to EXPAREL. Argentum Request for Ex Parte Reexamination of ‘495 Patent On October 3, 2024, Argentum Pharmaceuticals LLC, or Argentum, filed a Request for Ex Parte Reexamination of the ‘495 patent. Specifically, Argentum alleged that claims 1, 7 and 8 of the ‘495 patent are obvious and cite to U.S. Patent No. 9,585,838 (the ‘838 patent) and the Physician’s Desk Reference in support of its allegation. In response, the Company submitted rebuttal evidence, certain claim amendments, and new claims. Claim 7 was withdrawn from the reexamination due to the finality of the judgment in the eVenus litigation, and claim 1 was canceled. The USPTO agreed with the Company’s position and issued a Reexamination Certificate in August 2025. Securities Class Action On January 13, 2025, Leandro Alvarez filed a putative class action on behalf of Company shareholders between August 2, 2023 and August 8, 2024 against the Company and certain of its officers, in the District Court of New Jersey (25-cv-322). The complaint alleges that the Company made materially false and misleading statements and/or concealed material adverse facts concerning EXPAREL patents. The case is in the pleadings stage and the Company is unable to predict the outcome of this litigation at this time. Shareholder Derivative Action On June 16, 2025, a Shareholder Derivative suit, Young v. Lee, et al, was filed in the District of New Jersey (25-cv-11841). The complaint alleges that certain officers and members of the Company’s board of directors breached their fiduciary duties by making materially false and misleading statements and/or concealed material adverse facts concerning EXPAREL patents. The case is in the pleadings stage and the Company is unable to predict the outcome of this litigation at this time. Research Development Foundation Pursuant to an agreement with the Research Development Foundation, or RDF, the Company was required to pay RDF a low single-digit royalty on the collection of revenues from certain products for as long as certain patents assigned to the Company under the agreement remain valid. RDF has the right to terminate the agreement for an uncured material breach by the Company, in connection with its bankruptcy or insolvency or if it directly or indirectly opposes or disputes the validity of the assigned patent rights. The Company’s ‘495 patent was issued on June 15, 2021. Thereafter, RDF asserted that the issuance of that patent extends the Company’s royalty obligations under the agreement until 2041. The Company believes that the royalty period under the agreement ended on December 24, 2021 with the expiration of the ‘838 patent. Because of the disagreement over the interpretation of the agreement, in December 2021, the Company filed a declaratory judgment lawsuit in the U.S. District Court for the District of Nevada (21-cv-02241). The lawsuit sought a declaration from the court that the Company owed no royalties to RDF with respect to its EXPAREL product after December 24, 2021. In August 2023, the U.S. District Court, District of Nevada granted the Company’s motion for partial summary judgment in respect to the Company’s claim for a declaration that it no longer owes royalties for EXPAREL made under its 45-liter batch manufacturing process as of December 24, 2021. A trial as to whether royalties were owed on EXPAREL made under the Company’s enhanced, larger-scale manufacturing process was conducted in September 2024. In April 2025, the Court issued judgment in favor of the Company. As a result, the low single-digit royalty that the Company had been paying RDF is eliminated, and the Company sought repayment of up to $23.1 million, plus interest, from RDF, representing the royalties that the Company paid to RDF under protest on the collection of revenues of EXPAREL that occurred after December 24, 2021. In June 2025, the U.S. District Court for the District of Nevada issued judgment in favor of the company declaring that RDF is required to repay Pacira $23.1 million in royalties on EXPAREL sales that were previously paid under protest. The Nevada Court also awarded Pacira an additional interest payment of $5.2 million in statutory interest on the royalties paid under protest. In July 2025, the Company received a $28.3 million cash payment for which $23.1 million was recorded within contingent consideration charges (gains), acquisition-related expenses, restructuring and other and $5.2 million was recorded within interest income in the nine months ended September 30, 2025 in the Company’s condensed consolidated statements of operations. In May and September 2025, RDF filed two notices of appeal which are pending. Other Commitments and Contingencies Johnson & Johnson MedTech In July 2025, the Company entered into a co-promotion agreement (the “J&J Agreement”), with Johnson & Johnson MedTech, or J&J MedTech, to market and promote the use of ZILRETTA for OA knee pain in the U.S. J&J MedTech’s specialized early intervention sales force will extend the reach of ZILRETTA beyond orthopedic practices, into multiple new physician specialties, including sports medicine, osteopathy, pain management and rheumatology. Under the J&J Agreement, J&J MedTech is the exclusive third-party co-promoter for ZILRETTA in the U.S. The initial term of the J&J Agreement extends through 2031 with an option to extend under mutual agreement. The Company will continue to recognize all revenue from sales of ZILRETTA. As compensation for its promotional efforts, for the first 12 months of the J&J Agreement the Company will pay J&J MedTech a minimum monthly commission. For the remaining term of the agreement, Pacira will pay a tier-based commission with higher commission percentages earned at higher annual ZILRETTA sales levels. J&J MedTech will receive a tiered commission ranging from low single digits to double digits. The Company and J&J MedTech have mutual termination rights under the J&J Agreement, subject to certain terms, conditions and advance notice requirements, provided that the Company or J&J MedTech generally may not terminate the J&J Agreement, without cause, within one year of the effective date of the J&J Agreement. The Company also has additional unilateral termination rights under certain circumstances. The J&J Agreement contains customary representations, warranties, covenants and confidentiality provisions, as well as mutual indemnification obligations. J&J MedTech is also subject to certain obligations and restrictions, including required compliance with certain laws and regulations and the Company’s policies, in connection with fulfilling their obligations under the J&J Agreement. Pediatric Trial Commitments The FDA, as a condition of EXPAREL approval, has required the Company to study EXPAREL for infiltration and as a brachial plexus block in pediatric patients. The Company was granted deferrals for the required pediatric trials until after the indications were approved in adults. Similarly, in Europe, the Company agreed with the European Medicines Agency, or EMA, on a Pediatric Investigation Plan as a prerequisite for submitting a Marketing Authorization Application (MAA) in the E.U. Despite the U.K.’s withdrawal from the E.U., the agreed pediatric plan is applicable in the U.K. The Company has received notification from both the FDA and EMA that its pediatric studies requirement had been waived for the indications of brachial plexus interscalene nerve block, lower extremity nerve block, sciatic nerve block in the popliteal fossa and adductor canal block indications to produce postsurgical regional analgesia in pediatric patients. The Company is still working with the FDA, EMA and Medicines and Healthcare Regulatory Agency (MHRA) to finalize the regulatory pathways for its remaining pediatric commitments. The Company has successfully completed Part 1 of a pediatric study in children aged two to less than six years of age and has initiated enrollment for Part 2 of the study in children aged six months to less than two years of age using the same dosage that was utilized in Part 1. Contingent Milestone Payments Refer to Note 10, Financial Instruments, for information on potential contingent milestone payments related to the Flexion Acquisition. PCRX-201 PCRX-201 (enekinragene inzadenovec) is a novel, locally administered gene therapy vector platform product candidate that boosts cellular production of the anti-inflammatory protein interleukin-1 receptor antagonist (IL-1Ra) for treating OA pain in the knee and was added to the Company’s portfolio as part of the Flexion Acquisition in November 2021. In 2017, in an agreement between The Baylor College of Medicine, or BCM, and GQ Bio, the Company (through the Flexion Acquisition) became the direct licensee of certain underlying BCM patents and other proprietary rights related to PCRX-201. The license agreement grants the Company an exclusive, royalty-bearing, world-wide right and license under its patent and other proprietary rights directly related to PCRX-201. The license agreement with BCM includes a low single-digit royalty on net product sales of PCRX-201. Milestone payments range from $0.1 million up to $0.6 million based on the completion of a Phase 1 FDA trial up to a Phase 3 clinical trial. In February 2024, the FDA granted a Regenerative Medicine Advanced Therapy (RMAT) designation to PCRX-201 for the treatment of OA pain of the knee. Purchase Obligations During the three months ended September 2025, the Company entered into a non-cancelable contractual commitment of approximately $2.4 million for the remaining three months of 2025 and $5.5 million in 2026.

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 05, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-35060
Entity Registrant Name	PACIRA BIOSCIENCES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0619477
Entity Address, Address Line One	2000 Sierra Point Parkway, Suite 900
Entity Address, City or Town	Brisbane
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94005
City Area Code	650
Local Phone Number	242-8052
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PCRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,021,275
Entity Central Index Key	0001396814
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

INVENTORIES

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

INVENTORIES

The components of inventories, net are as follows (in thousands):


	September 30,		December 31,
	2025		2024
Raw materials	$	46,428	$	50,800
Work-in-process	18,840		27,384
Finished goods	92,412		47,098
Total	$	157,680	$	125,282

In July 2025, the Company announced it decommissioned its 45-liter EXPAREL batch manufacturing suite located at its Science Center Campus in San Diego, California, and reduced its workforce accordingly. As a result, the Company reserved $1.0 million of raw materials related to that equipment during the nine months ended September 30, 2025.

STOCKHOLDERS' EQUITY - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 757,767	$ 879,278	$ 778,348	$ 870,130
Net unrealized gain (loss) on investments, net of tax	29	597	(102)	437
Foreign currency translation adjustments	32	(24)	3,882	(6)
Balance at ending of period	727,214	749,583	727,214	749,583
Tax benefit			0	100
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	4,062	105	343	247
Balance at ending of period	4,123	678	4,123	678
Net Unrealized Gain (Loss) From Available-For-Sale Investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			190	124
Net unrealized gain (loss) on investments, net of tax			(102)	437
Balance at ending of period	88	561	88	561
Unrealized Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			153	123
Foreign currency translation adjustments			3,882	(6)
Balance at ending of period	$ 4,035	$ 117	$ 4,035	$ 117

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation These interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP, and in accordance with the rules and regulations of the United States Securities and Exchange Commission, for interim reporting. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in complete annual financial statements have been condensed or omitted. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”). The condensed consolidated financial statements at September 30, 2025, and for the three and nine-month periods ended September 30, 2025 and 2024, are unaudited, but include all adjustments (consisting of only normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial information set forth herein in accordance with GAAP. The condensed consolidated balance sheet at December 31, 2024 is derived from the audited consolidated financial statements included in the Company’s 2024 Annual Report. The accounts of wholly-owned subsidiaries are included in the condensed consolidated financial statements. The condensed consolidated financial statements as presented reflect certain reclassifications from previously issued financial statements to conform to the current presentation. Intercompany accounts and transactions have been eliminated in consolidation. The results of operations for these interim periods are not necessarily indicative of results that may be expected for any other interim periods or for the full year.
Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Adopted	Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The ASU amendment improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on an interim and annual basis. The new segment disclosure requirements apply for entities with a single reportable segment. The Company adopted the standard for its interim and annual reporting which was applied retrospectively for all prior periods presented. The ASU’s amendment is effective for interim periods in fiscal years beginning after December 15, 2024. Refer to Note 17, Segment Information, for more information. Recent Accounting Pronouncements Not Adopted as of September 30, 2025 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The ASU amendment addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The ASU’s amendments are effective for fiscal years beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), Disaggregation of Income Statement Expenses. The ASU amendment improves financial reporting by requiring public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The ASU’s amendments are effective for annual reporting periods beginning after December 31, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. This ASU amendment can be applied on a prospective basis or retrospectively. The Company is currently evaluating the impact of adopting ASU 2024-03 on its footnote disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software. The ASU amendment removed all references to prescriptive and sequential software development stages (referred to as project stages) throughout Subtopic 350-40. This had been replaced by the requirement to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding a software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). The ASU’s amendments are effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The ASU’s amendments may be adopted on a prospective, modified transition approach that is based on the status of a current project and whether software costs were capitalized before the date of adoption or retrospective basis. The Company is currently evaluating the impact of adopting ASU 2025-06 on its consolidated financial statements.

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income tax payable	$ 5.1	$ 5.1
Accrued income taxes	$ 0.6	0.7
Gross deferred tax assets		$ 124.6

LEASES

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

LEASES

The Company leases all of its facilities, including its EXPAREL and iovera° handpiece manufacturing facility at its Science Center Campus in San Diego, California. In April 2025, the Company moved its principal executive offices to Brisbane, California. The Company also has two embedded leases with Thermo Fisher Scientific Pharma Services in Swindon, U.K. for the production of EXPAREL and ZILRETTA. A portion of the associated monthly base fees have been allocated to the lease components based on a relative fair value basis. As part of the GQ Bio Acquisition in February 2025, the Company’s European offices were assumed and include a research and development lab and offices in Luckenwalde, Germany and administrative offices in Hamburg, Germany and each of Eupen and Liège, Belgium.

The Company had been recognizing sublease income for laboratory space leased in Woburn, Massachusetts from leases that were assumed as part of the Flexion Acquisition. In February 2024, the lease and sublease term concluded for the laboratory space in Woburn and in April 2025, a lease and sublease term concluded for office space in Burlington, Massachusetts.

The operating lease costs for the facilities include lease and non-lease components, such as common area maintenance and other common operating expenses, along with executory costs such as insurance and real estate taxes. Total operating lease expense, net is as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Fixed lease costs	$	3,139	$	3,459	$	9,673	$	10,416
Variable lease costs	642		562		1,757		1,345
Sublease income	—		(56)		(76)		(248)
Total	$	3,781	$	3,965	$	11,354	$	11,513

Supplemental cash flow information related to operating leases is as follows (in thousands):


	Nine Months Ended
	September 30,
	2025		2024
Cash paid for operating lease liabilities, net of lease incentives	$	9,650	$	9,686
Right-of-use assets recorded in exchange for lease obligations	$	2,043	$	—

The Company has elected to net the amortization of the right-of-use asset and the reduction of the lease liability principal in other liabilities in the condensed consolidated statements of cash flows.

The Company has measured its operating lease liabilities at an estimated discount rate at which it could borrow on a collateralized basis over the remaining term for each operating lease. The weighted average remaining lease terms and the weighted average discount rates are summarized as follows:


	September 30,
	2025		2024
Weighted average remaining lease term	4.56 years		5.36 years
Weighted average discount rate	6.91	%	6.99	%

Maturities of the Company’s operating lease liabilities are as follows (in thousands):


Year	Aggregate Minimum Payments Due
2025 (remaining three months)	$	3,198
2026	12,789
2027	12,336
2028	11,188
2029	11,076
Thereafter	6,384
Total future lease payments	56,971
Less: imputed interest	(8,384)
Total operating lease liabilities	$	48,587