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Product Revenues, Accounts Receivable, and Reserves for Product Sales (Tables) | 9 Months Ended
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Sep. 30, 2024
Product Revenues Accounts Receivable And Reserves For Product Sales [Abstract] |
Schedule of Disaggregation of Product Revenue by Major Source | The table reflects product revenue by major source for the following periods (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Products: |  |  |  |  |  |  |  |  |  |  |  |
EMPAVELI |  | $ | 24,611 |  |  | $ | 23,901 |  |  | $ | 74,733 |  |  | $ | 66,643 |
SYFOVRE |  |  | 151,960 |  |  |  | 75,281 |  |  |  | 444,049 |  |  |  | 160,983 |
Total Product revenue, net |  | $ | 176,571 |  |  | $ | 99,182 |  |  | $ | 518,782 |  |  | $ | 227,626 |
Summary of Product Revenue Allowance and Reserve Categories | The following table summarizes activity in each of the product revenue allowance and reserve categories for the three and nine months ended September 30, 2024 (in thousands):
|  | Chargebacks, Discounts, and Fees |  |  | Government and Other Rebates |  |  | Returns |  |  | Total |
Ending balance at December 31, 2023 |  | $ | 5,674 |  |  | $ | 8,898 |  |  | $ | 2,053 |  |  | $ | 16,625 |
Provision related to sales in the current year |  |  | 9,575 |  |  |  | 13,125 |  |  |  | 1,355 |  |  |  | 24,055 |
Adjustments related to prior period sales |  |  | 146 |  |  |  | (19 | ) |  |  | (96 | ) |  |  | 31 |
Credits and payments made |  |  | (9,724 | ) |  |  | (9,906 | ) |  |  | (1,859 | ) |  |  | (21,489 | )
Ending balance at March 31, 2024 |  | $ | 5,671 |  |  | $ | 12,098 |  |  | $ | 1,453 |  |  | $ | 19,222 |
Provision related to sales in the current year |  |  | 10,025 |  |  |  | 17,777 |  |  |  | 1,039 |  |  |  | 28,841 |
Adjustments related to prior period sales |  |  | (131 | ) |  |  | 354 |  |  |  | (983 | ) |  |  | (760 | )
Credits and payments made |  |  | (9,635 | ) |  |  | (14,640 | ) |  |  | (326 | ) |  |  | (24,601 | )
Ending balance at June 30, 2024 |  | $ | 5,930 |  |  | $ | 15,589 |  |  | $ | 1,183 |  |  | $ | 22,702 |
Provision related to sales in the current year |  |  | 11,455 |  |  |  | 25,364 |  |  |  | 1,380 |  |  |  | 38,199 |
Adjustments related to prior period sales |  |  | 2,332 |  |  |  | 420 |  |  |  | — |  |  |  | 2,752 |
Credits and payments made |  |  | (12,078 | ) |  |  | (17,695 | ) |  |  | (979 | ) |  |  | (30,752 | )
Ending balance at September 30, 2024 |  | $ | 7,639 |  |  | $ | 23,678 |  |  | $ | 1,584 |  |  | $ | 32,901 |
The following table summarizes activity in each of the product revenue allowance and reserve categories for the three and nine months ended September 30, 2023 (in thousands):
|  | Chargebacks, Discounts, and Fees |  |  | Government and other rebates |  |  | Returns |  |  | Total |
Ending balance at December 31, 2022 |  | $ | 164 |  |  | $ | 1,936 |  |  | $ | 251 |  |  | $ | 2,351 |
Provision related to sales in the current year |  |  | 1,466 |  |  |  | 2,566 |  |  | 651 |  |  |  | 4,683 |
Adjustments related to prior period sales |  |  | — |  |  |  | (2 | ) |  |  | (249 | ) |  |  | (251 | )
Credits and payments made |  |  | (184 | ) |  |  | (1,639 | ) |  |  | — |  |  |  | (1,823 | )
Ending balance at March 31, 2023 |  | $ | 1,446 |  |  | $ | 2,861 |  |  | $ | 653 |  |  | $ | 4,960 |
Provision related to sales in the current year |  |  | 3,944 |  |  |  | 5,114 |  |  |  | 1,588 |  |  |  | 10,646 |
Adjustments related to prior period sales |  |  | (84 | ) |  |  | 30 |  |  |  | (416 | ) |  |  | (470 | )
Credits and payments made |  |  | (1,668 | ) |  |  | (2,946 | ) |  |  | (141 | ) |  |  | (4,755 | )
Ending balance at June 30, 2023 |  | $ | 3,638 |  |  | $ | 5,059 |  |  | $ | 1,684 |  |  | $ | 10,381 |
Provision related to sales in the current year |  |  | 4,698 |  |  |  | 7,169 |  |  |  | 1,384 |  |  |  | 13,251 |
Adjustments related to prior period sales |  |  | 39 |  |  |  | (964 | ) |  |  | (1,685 | ) |  |  | (2,610 | )
Credits and payments made |  |  | (4,960 | ) |  |  | (5,778 | ) |  |  | — |  |  |  | (10,738 | )
Ending balance at September 30, 2023 |  | $ | 3,415 |  |  | $ | 5,486 |  |  | $ | 1,383 |  |  | $ | 10,284 |
Schedule of Customer Accounted for 10% of More of Gross Product Revenues and Accounts Receivable | Significant customers - EMPAVELI and SYFOVRE are sold principally through arrangements with specialty pharmacies and specialty distributors, who are the Company’s customers. Gross product revenues and product sales receivable from the Company's customers who individually accounted for 10% or more of total gross product revenues and/or 10% or more of total product sales accounts receivable consisted of the following:
|  | Percent of Total Gross Product Revenues
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Customer A |  | 12% |  | 24% |  | 13% |  | 29%
Customer C |  | 17% |  | 16% |  | 18% |  | 14%
Customer D |  | 61% |  | 56% |  | 59% |  | 52%
|  | Percent of Product Sales Receivable
|  | As of September 30,
|  | 2024 |  | 2023
Customer A |  | 3% |  | 7%
Customer C |  | 24% |  | 19%
Customer D |  | 61% |  | 68%
Schedule of Factoring of Accounts Receivable and Associated Fees | Factoring of accounts receivable and associated fees as of September 30, 2024 and December 31, 2023 were as follows (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Accounts receivable sold |  | $ | 56,590 |  |  | $ | — |
Less: factoring fees |  |  | (672 | ) |  |  | — |
Net cash proceeds |  | $ | 55,918 |  |  | $ | — |

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