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Note 2 - Revenue
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

NOTE 2 - REVENUE

 

As discussed in Note 1 - Organization and Summary of Significant Accounting Policies, revenues are recognized under guidance within ASC 606. The following table presents the Company’s disaggregated revenue for the periods presented (in thousands):

 

  

Three months ended June 30,

  

Six months ended June 30,

 
  

2026

  

2025

  

2026

  

2025

 

Total product revenue, net

 $235,794  $138,843  $437,102  $258,498 

License, milestone, royalty and other revenue

  4,541   2,305   8,151   3,506 

Total Revenue

 $240,335  $141,148  $445,253  $262,004 

 

Product Revenue, net

 

For the three and six months ended June 30, 2026, product revenue consists of U.S. sales of BRIUMVI, of $227.7 million and $422.5 million, respectively. Also included in product revenue for the three and six months ended June 30, 2026 are sales of BRIUMVI to the Company’s ex-U.S. licensing partner, Neuraxpharm, of $8.1 million and $14.6 million, respectively.

 

As of June 30, 2026, gross-to-net accruals of approximately $29.2 million and $69.3 million are included on the condensed consolidated balance sheets within accounts receivable, net, and accounts payable and accrued expenses, respectively. As of June 30, 2025, gross-to-net accruals of approximately $16.1 million and $33.3 million are included on the condensed consolidated balance sheets within accounts receivable, net, and accounts payable and accrued expenses, respectively.

 

The Company primarily sells BRIUMVI through specialty distributors. The following table summarizes the customers that represent 10% or more of gross product revenue for the three and six months ended June 30, 2026 and 2025:

 

  

Three months ended June 30,

  

Six months ended June 30,

 
  

2026

  

2025

  

2026

  

2025

 

Customer 1

  40%  42%  41%  41%

Customer 2

  29%  25%  28%  29%

Customer 3

  19%  19%  19%  17%

Customer 4

  12%  13%  11%  12%

 

The following table summarizes the customers with amounts due that represent 10% or more of the accounts receivable associated with the Company’s product sales as of  June 30, 2026 and  December 31, 2025:

 

  

June 30, 2026

  

December 31, 2025

 

Customer 1

  36%  38%

Customer 2

  23%  18%

Customer 3

  28%  27%

Customer 4

  12%  15%

 

License, Milestone, Royalty and Other Revenue

 

License, milestone, royalty and other revenue consist primarily of recognition of consideration received under the ex-U.S. commercialization agreement (the Commercialization Agreement) with Neuraxpharm. Refer to Note 9 - License Agreements for a description of the Commercialization Agreement and for further information of the accounting in accordance with ASC 606.