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Product Revenues, Accounts Receivable, and Reserves for Product Sales (Tables)
12 Months Ended
Dec. 31, 2024
Product Revenues Accounts Receivable And Reserves For Product Sales [Abstract]  
Schedule of Disaggregation of Product Revenue by Major Source

The table reflects net product revenue by major source for the following periods (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Products:

 

 

 

 

 

 

 

 

 

 EMPAVELI

 

$

98,091

 

 

$

91,033

 

 

$

65,092

 

 SYFOVRE

 

 

611,863

 

 

 

275,248

 

 

 

 

 Total product revenue, net

 

$

709,954

 

 

$

366,281

 

 

$

65,092

 

Summary of Product Revenue Allowance and Reserve Categories

The following table summarizes activity in each of the product revenue allowance and reserve categories as of December 31, 2024 (in thousands):

 

 

 

Fees and patient assistance

 

 

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

 

 

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

 

 Provision related to sales in the current year

 

 

46,506

 

 

 

89,094

 

 

 

3,936

 

 

 

139,536

 

Adjustments related to prior period sales

 

 

1,461

 

 

 

(19

)

 

 

(96

)

 

 

1,346

 

 Credits and payments made

 

 

(42,052

)

 

 

(66,440

)

 

 

(3,870

)

 

 

(112,362

)

 Ending balance at December 31, 2024

 

$

11,589

 

 

$

31,533

 

 

$

2,023

 

 

$

45,145

 

Schedule of Customer Accounted for 10% of More of Gross Product Revenues and Accounts Receivable

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,

 

 

 

2024

 

2023

 

2022

 

 Customer A

 

13%

 

24%

 

99%

 

 Customer C

 

19%

 

16%

 

 

 

 Customer D

 

59%

 

54%

 

1%

 

 

 

 

Percent of Product Sales Receivable

 

 

As of December 31,

 

 

2024

 

2023

 Customer A

 

3%

 

4%

 Customer C

 

29%

 

22%

 Customer D

 

55%

 

66%

Schedule of Factoring of Accounts Receivable and Associated Fees

Factoring of accounts receivable and associated fees for the years ended December 31, 2024 and 2023 were as follows (in thousands):

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 Accounts receivable sold

 

$

142,698

 

 

$

 

 

$

 

 Less: factoring fees

 

 

(1,700

)

 

 

 

 

 

 

 Net cash proceeds

 

$

140,998

 

 

$

 

 

$

 

The accounts receivable sold that remained outstanding as of December 31, 2024 and 2023 was