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Product Revenues, Accounts Receivable, and Reserves for Product Sales | 6 Months Ended
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Jun. 30, 2025
Product Revenues Accounts Receivable And Reserves For Product Sales [Abstract] |
Product Revenues, Accounts Receivable, and Reserves for Product Sales | Product Revenues, Accounts Receivable, and Reserves for Product Sales The Company’s product revenues recorded in the United States, net of sales discounts, allowances and reserves, for the three months ended June 30, 2025 and 2024 were $171.4 million and $179.1 million, respectively. The Company’s product revenues consist of sales of EMPAVELI and SYFOVRE to specialty pharmacies and specialty distributors. The Company’s product revenues recorded in the United States, net of sales discounts, allowances and reserves, for the six months ended June 30, 2025 and 2024 were $321.3 million and $342.2 million, respectively. 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):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Products: |  |  |  |  |  |  |  |  |  |  |  |
EMPAVELI |  | $ | 20,762 |  |  | $ | 24,512 |  |  | $ | 40,488 |  |  | $ | 50,122 |
SYFOVRE |  |  | 150,625 |  |  |  | 154,624 |  |  |  | 280,799 |  |  |  | 292,089 |
Total Product revenue, net |  | $ | 171,387 |  |  | $ | 179,136 |  |  | $ | 321,287 |  |  | $ | 342,211 |
The Company’s accounts receivable balance of $214.1 million as of June 30, 2025 and $264.9 million as of December 31, 2024, consisted of EMPAVELI and SYFOVRE product sales receivable. 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 $44.5 million and $45.1 million as of June 30, 2025 and December 31, 2024, respectively. These amounts are included in accrued expenses on the Company’s unaudited condensed consolidated balance sheets. Th e following table summarizes activity in each of the product revenue allowance and reserve categories for the three and six months ended June 30, 2025 (in thousands):
|  | Fees and patient assistance |  |  | Government and other rebates |  |  | Returns |  |  | Total |
Ending balance at December 31, 2024 |  | $ | 11,589 |  |  | $ | 31,533 |  |  | $ | 2,023 |  |  | $ | 45,145 |
Provision related to sales in the current period |  |  | 10,277 |  |  |  | 24,139 |  |  |  | 976 |  |  |  | 35,392 |
Adjustments related to prior period sales |  |  | 439 |  |  |  | (13 | ) |  |  | (382 | ) |  |  | 44 |
Credits and payments made |  |  | (13,084 | ) |  |  | (28,467 | ) |  |  | (126 | ) |  |  | (41,677 | )
Ending balance at March 31, 2025 |  | $ | 9,221 |  |  | $ | 27,192 |  |  | $ | 2,491 |  |  | $ | 38,904 |
Provision related to sales in the current period |  |  | 12,138 |  |  |  | 30,823 |  |  |  | 1,083 |  |  |  | 44,044 |
Adjustments related to prior period sales |  |  | (66 | ) |  |  | 185 |  |  |  | 852 |  |  |  | 971 |
Credits and payments made |  |  | (10,833 | ) |  |  | (27,623 | ) |  |  | (941 | ) |  |  | (39,397 | )
Ending balance at June 30, 2025 |  | $ | 10,460 |  |  | $ | 30,577 |  |  | $ | 3,485 |  |  | $ | 44,522 |
The following table summarizes activity in each of the product revenue allowance and reserve categories for the three and six months ended June 30, 2024 (in thousands):
|  | Fees and patient assistance |  |  | 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 period |  |  | 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 period |  |  | 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 |
Significant 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 receivable consisted of the following:
|  | Percent of Total Gross Product Revenues
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Customer A |  | 11% |  | 13% |  | 11% |  | 14%
Customer C |  | 17% |  | 19% |  | 18% |  | 19%
Customer D |  | 62% |  | 58% |  | 60% |  | 58%
|  | Percent of Product Sales Receivable
|  | As of June 30,
|  | 2025 |  | 2024
Customer A |  | 3% |  | 2%
Customer C |  | 28% |  | 20%
Customer D |  | 54% |  | 67%
Factoring of accounts receivable and associated fees for the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Accounts receivable sold |  | $ | 99,712 |  |  | $ | — |  |  | $ | 199,448 |  |  | $ | — |
Less: factoring fees |  |  | (1,222 | ) |  |  | — |  |  |  | (2,433 | ) |  |  | — |
Net cash proceeds |  | $ | 98,490 |  |  | $ | — |  |  | $ | 197,015 |  |  | $ | — |
Accounts receivable sold that remained outstanding as of June 30, 2025 and December 31, 2024 totaled $99.7 million and $86.1 million, respectively.

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