Avadel is a single-product specialty pharmaceutical company focused entirely on LUMRYZ, an extended-release, once-at-bedtime formulation of sodium oxybate for treating narcolepsy. Sodium oxybate is an established narcolepsy treatment, but older products require patients to wake in the middle of the night for a second dose. LUMRYZ eliminates that second dose using Avadel's proprietary MICROPUMP drug delivery technology, and the FDA recognized this once-nightly dosing as a "major contribution to patient care." LUMRYZ is protected by Orphan Drug Exclusivity through May 2030 for adults and October 2031 for pediatric patients, plus 30 Orange Book-listed patents expiring between 2037 and 2042. Avadel sells LUMRYZ exclusively in the U.S. through three specialty pharmacies, accessed via its RYZUP patient support program. Prescribers must complete REMS certification before prescribing, and Avadel uses REMS enrollment as a signal of physician prescribing intent. Revenue is driven by the number of patients on therapy and net revenue per patient, which Avadel targets at roughly $100,000 annually. LUMRYZ carries gross margins above 90%, and the cost base is largely fixed commercial operations — sales force, field reimbursement, and nurse navigators — creating meaningful operating leverage as the patient base grows. Beyond narcolepsy, Avadel is running a Phase 3 trial in idiopathic hypersomnia with topline data expected in early 2026, and is developing a low/no-sodium once-nightly formulation to address sodium-sensitive patients.