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Product Revenues, Accounts Receivable, and Reserves for Product Sales (Tables)

9 Months Ended

Sep. 30, 2025

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,
		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.

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, 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

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% 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%

Schedule of Factoring of Accounts Receivable and Associated Fees

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

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Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

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Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer.

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