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Product Revenues, Accounts Receivable, and Reserves for Product Sales | 9 Months Ended
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Sep. 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 table reflects product revenue by major source for the following periods (in thousands):
|  |  |  |  |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | Therapeutic Area |  | Key Indications |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Products: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EMPAVELI |  | Rare Disease |  | PNH, C3G (1), IC-MPGN (1) |  | $ | 26,827 |  |  | $ | 24,611 |  |  | $ | 67,315 |  |  | $ | 74,733 |
SYFOVRE |  | Ophthalmology |  | GA |  |  | 150,928 |  |  |  | 151,960 |  |  |  | 431,727 |  |  |  | 444,049 |
Total Product revenue, net |  |  |  |  |  | $ | 177,755 |  |  | $ | 176,571 |  |  | $ | 499,042 |  |  | $ | 518,782 |
(1) The FDA approved EMPAVELI for the treatment of C3G and IC-MPGN on July 28, 2025. The Company’s accounts receivable balance of $345.5 million as of September 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 $47.4 million and $45.1 million as of September 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 nine months ended September 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 |
Provision related to sales in the current period |  |  | 12,695 |  |  |  | 38,426 |  |  |  | 1,152 |  |  |  | 52,273 |
Adjustments related to prior period sales |  |  | 366 |  |  |  | (12 | ) |  |  | (211 | ) |  |  | 143 |
Credits and payments made |  |  | (12,436 | ) |  |  | (34,730 | ) |  |  | (2,324 | ) |  |  | (49,490 | )
Ending balance at September 30, 2025 |  | $ | 11,085 |  |  | $ | 34,261 |  |  | $ | 2,102 |  |  | $ | 47,448 |
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):
|  | 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 |
Provision related to sales in the current period |  |  | 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 |
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 September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Customer A |  | 13% |  | 12% |  | 12% |  | 13%
Customer C |  | 21% |  | 17% |  | 19% |  | 18%
Customer D |  | 58% |  | 61% |  | 59% |  | 59%
|  | Percent of Product Sales Receivable
|  | As of September 30,
|  | 2025 |  | 2024
Customer A |  | 4% |  | 3%
Customer C |  | 21% |  | 24%
Customer D |  | 67% |  | 61%
Factoring of accounts receivable and associated fees for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Accounts receivable sold |  | $ | — |  |  | $ | 56,590 |  |  | $ | 199,448 |  |  | $ | 56,590 |
Less: factoring fees |  |  | — |  |  |  | (672 | ) |  |  | (2,433 | ) |  |  | (672 | )
Net cash proceeds |  | $ | — |  |  | $ | 55,918 |  |  | $ | 197,015 |  |  | $ | 55,918 |
Accounts receivable sold that remained outstanding as of September 30, 2025 and December 31, 2024 totaled zero and $86.1 million, respectively.

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- Definition Product revenues, accounts receivable, and reserves for product sales. + References No definition available. + Details
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- Definition Product revenues, accounts receivable, and reserves for product sales. + References No definition available. + Details
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