Results of Operations The following table summarizes our results of operations for the years ended December 31, 2021 and 2020 (in thousands): Years Ended December 31, 2021 2020 $ Change Product revenues, net $ 49,280 $ 20,155 $ 29,125 Royalty, contract and other revenue 310 280 30 Total revenue 49,590 20,435 29,155 Cost and expenses: Cost of goods sold, excluding amortization of intangible assets 13,318 9,328 3,990 Research and development 25,160 20,921 4,239 Selling, general and administrative 125,718 73,732 51,986 Amortization of intangible assets 550 — 550 Total cost and expenses 164,746 103,981 60,765 Loss from operations (115,156) (83,546) (31,610) Other income (expense): Interest and other income 313 2,965 (2,652) Interest expense (7,180) (10,660) 3,480 Change in fair value of warrants (702) (9) (693) Total other expense (7,569) (7,704) 135 Net loss before benefit from income taxes (122,725) (91,250) (31,475) Benefit from income taxes — 110 (110) Net loss $ (122,725) $ (91,140) $ (31,585) Product revenues, net Product revenues, net were $49.3 million and $20.2 million for the years ended December 31, 2021 and 2020, respectively. The $29.1 million increase is primarily due to an increase in demand and the acquisition of a new product, Keveyis. Cost of goods sold Cost of goods sold were $13.3 million and $9.3 million for the year ended December 31, 2021 and 2020, respectively. The increase of $4.0 million was primarily made up of product cost on increased unit sales of $6.1 million, primarily offset by lower excess and obsolete expenses. Research and development expenses Research and development expenses increased $4.2 million for the year ended December 31, 2021 when compared to the year ended December 31, 2020. The increase was primarily driven by higher pharmaceutical process development and clinical service costs across multiple programs of $4.3 million. Selling, general and administrative expenses Selling, general and administrative costs increased $52.0 million for the year ended December 31, 2021 when compared to the year ended December 31, 2020. Approximately $24.4 million of the increase related to the acquisition of Strongbridge, primarily including restructuring and related employee costs of $11.0 million, transaction costs of $8.4 million and insurance costs of $3.5 million. In addition, we incurred $16.8 million of increased commercial-related costs, including an increase to our sales force of $9.4 million and 81
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