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Product Revenues, Accounts Receivable, and Reserves for Product Sales | 12 Months Ended
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Dec. 31, 2023
Product Revenues Accounts Receivable And Reserves For Product Sales [Abstract] |
Product Revenues, Accounts Receivable, and Reserves for Product Sales | 3. Product Revenues, Accounts Receivable, and Reserves for Product Sales The Company received FDA approval for the sale of EMPAVELI in the United States in May 2021 and approval for the sale of SYFOVRE in the United States in February 2023. The Company’s product revenues, net of sales discounts and allowances and reserves as of December 31, 2023, 2022 and 2021 totaled $366.3 million, $65.1 million and $15.1 million. The Company’s product revenues consist of sales of EMPAVELI and SYFOVRE to specialty pharmacies and specialty distributors. The table reflects product revenue by major source for the following periods (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Products: |  |  |  |  |  |  |  |  |
EMPAVELI |  | $ | 91,033 |  |  | $ | 65,092 |  |  | $ | 15,147 |
SYFOVRE |  |  | 275,248 |  |  |  | — |  |  |  | — |
Total product revenue, net |  | $ | 366,281 |  |  | $ | 65,092 |  |  | $ | 15,147 |
The Company’s accounts receivable balance of $206.4 million as of December 31, 2023 and $7.7 million as of December 31, 2022 primarily consisted of EMPAVELI and SYFOVRE product sales receivable and licensing and other revenue receivables from its collaboration with Sobi. The Company does not have a reserve related to expected credit losses against its accounts receivable balance and expects to collect its accounts receivable in the ordinary course of business. The Company’s product sales reserves totaled $16.6 million and $2.4 million as of December 31, 2023 and 2022. respectively. These amounts are included in accrued expenses on the Company’s consolidated balance sheet as of December 31, 2023. The following table summarizes activity in each of the product revenue allowance and reserve categories as of December 31, 2023 (in thousands):
|  | Chargebacks, Discounts, and Fees |  |  | Government and other rebates |  |  | Returns |  |  | Total |
Ending balance at December 31, 2021 |  | $ | 67 |  |  | $ | 716 |  |  | $ | 167 |  |  | $ | 951 |
Provision related to sales in the current year |  |  | 614 |  |  |  | 4,569 |  |  |  | 1,185 |  |  |  | 6,368 |
Adjustments related to prior period sales |  |  | (156 | ) |  |  | (246 | ) |  |  | (385 | ) |  |  | (787 | )
Credits and payments made |  |  | (362 | ) |  |  | (3,103 | ) |  |  | (716 | ) |  |  | (4,181 | )
Ending balance at December 31, 2022 |  | $ | 164 |  |  | $ | 1,936 |  |  | $ | 251 |  |  | $ | 2,351 |
Provision related to sales in the current year |  |  | 17,690 |  |  |  | 26,661 |  |  |  | 4,698 |  |  |  | 49,050 |
Adjustments related to prior period sales |  |  | (112 | ) |  |  | (1,223 | ) |  |  | (2,481 | ) |  |  | (3,817 | )
Credits and payments made |  |  | (12,068 | ) |  |  | (18,476 | ) |  |  | (415 | ) |  |  | (30,960 | )
Ending balance at December 31, 2023 |  | $ | 5,674 |  |  | $ | 8,898 |  |  | $ | 2,053 |  |  | $ | 16,625 |
Significant customers - Gross product revenues and product sales receivable from the Company's customers who individually accounted for 10% of more of total gross product revenues and/or 10% or more of total product sales receivable consisted of the following:
|  | Percent of Total Gross Product Revenues |
|  | Year Ended December 31, |
|  | 2023 |  | 2022 |  |  | 2021 |
Customer A |  | 24% |  | 99% |  |  | 99% |
Customer C |  | 16% |  |  | — |  |  |  | — |
Customer D |  | 54% |  | 1% |  |  |  | — |
|  | Percent of Product Sales Receivable |
|  | As of December 31, |
|  | 2023 |  | 2022 |
Customer A |  | 4% |  | 96% |
Customer C |  | 22% |  | 3% |
Customer D |  | 66% |  |  | — |

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