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PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE, NET, AND RESERVES FOR PRODUCT REVENUES | 6 Months Ended
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Jun. 30, 2024
Receivables, Net, Current [Abstract] |
PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE, NET, AND RESERVES FOR PRODUCT REVENUES | 6. PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE, NET, AND RESERVES FOR PRODUCT REVENUES Net product revenues, which includes revenues associated with the PMO Products and ELEVIDYS, consisted of the following:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |
PMO Products |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 204,248 |  |  | $ | 203,895 |  |  | $ | 393,915 |  |  | $ | 404,346 |
Rest of World |  |  | 34,579 |  |  |  | 35,093 |  |  |  | 70,460 |  |  |  | 66,137 |
Total PMO product revenues, net |  | $ | 238,827 |  |  | $ | 238,988 |  |  | $ | 464,375 |  |  | $ | 470,483 |
ELEVIDYS |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 121,721 |  |  |  | — |  |  |  | 255,657 |  |  |  | — |
Total ELEVIDYS product revenue, net |  | $ | 121,721 |  |  | $ | — |  |  | $ | 255,657 |  |  | $ | — |
Total product revenues, net |  | $ | 360,548 |  |  | $ | 238,988 |  |  | $ | 720,032 |  |  | $ | 470,483 |
For the three and six months ended June 30, 2024 and 2023, no individual country outside the U.S. exceeded 10% of total net product revenues. The following table summarizes the Company's net product revenues, by customer, for those customers that exceeded 10% for the periods indicated:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Product revenues, net |  |  |  |  |  |  |  |  |  |  |  |
Customer 1 |  |  | 35 | % |  |  | 47 | % |  |  | 35 | % |  |  | 48 | %
Customer 2 |  |  | 21 | % |  |  | 33 | % |  |  | 20 | % |  |  | 32 | %
As of June 30, 2024 and December 31, 2023, the Company's accounts receivable, net were $360.0 million and $400.3 million, respectively, both of which were related to product sales, net of discounts and allowances. As of June 30, 2024, the majority of the Company’s accounts receivable arose from product sales in the U.S. and all customers have standard payment terms that generally require payment within 65 to 90 days. Outside of the U.S., the majority of the Company’s customers have payment terms ranging between 90 and 150 days. Please refer to Note 2, Summary of Significant Accounting Policies for discussion of the credit risk associated with accounts receivable, net. The following tables summarize an analysis of the change in reserves for discounts and allowances for each of the periods indicated:
|  | Chargebacks |  |  | Rebates |  |  | Prompt Pay |  |  | Other Accruals |  |  | Total |
|  | (in thousands) |
Balance, as of December 31, 2023 |  | $ | 27,486 |  |  | $ | 98,194 |  |  | $ | 3,831 |  |  | $ | 35,261 |  |  | $ | 164,772 |
Provision |  |  | 41,935 |  |  |  | 72,684 |  |  |  | 8,585 |  |  |  | 35,527 |  |  |  | 158,731 |
Adjustments relating to prior periods |  |  | 783 |  |  |  | (5,171 | ) |  |  | — |  |  |  | (88 | ) |  |  | (4,476 | )
Payments/credits |  |  | (54,393 | ) |  |  | (62,647 | ) |  |  | (8,462 | ) |  |  | (33,210 | ) |  |  | (158,712 | )
Balance, as of June 30, 2024 |  | $ | 15,811 |  |  | $ | 103,060 |  |  | $ | 3,954 |  |  | $ | 37,490 |  |  | $ | 160,315 |
|  | Chargebacks |  |  | Rebates |  |  | Prompt Pay |  |  | Other Accruals |  |  | Total |
|  | (in thousands) |
Balance, as of December 31, 2022 |  | $ | 417 |  |  | $ | 67,493 |  |  | $ | 3,343 |  |  | $ | 23,445 |  |  | $ | 94,698 |
Provision |  |  | 6,287 |  |  |  | 60,824 |  |  |  | 7,228 |  |  |  | 32,220 |  |  |  | 106,559 |
Adjustments relating to prior periods |  |  | — |  |  |  | (3,437 | ) |  |  | — |  |  |  | — |  |  |  | (3,437 | )
Payments/credits |  |  | (6,434 | ) |  |  | (45,592 | ) |  |  | (6,976 | ) |  |  | (24,820 | ) |  |  | (83,822 | )
Balance, as of June 30, 2023 |  | $ | 270 |  |  | $ | 79,288 |  |  | $ | 3,595 |  |  | $ | 30,845 |  |  | $ | 113,998 |
The following table summarizes the total reserves above included in the Company’s unaudited condensed consolidated balance sheets for each of the periods indicated:
|  | As of June 30, 2024 |  |  | As of December 31, 2023 |
|  | (in thousands) |
Reduction to accounts receivable |  | $ | 55,663 |  |  | $ | 64,697 |
Component of accrued expenses |  |  | 104,652 |  |  |  | 100,075 |
Total reserves |  | $ | 160,315 |  |  | $ | 164,772 |

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