Accounts Receivable

3 Months Ended

Mar. 31, 2025

3. Accounts Receivable

Accounts receivable, net consists of the following (in thousands):


	March 31, 2025			December 31, 2024
Accounts receivable – commercial
Accounts receivable, gross	$	18,406		$	22,879
Wholesaler distribution fees and prompt pay discounts		(3,855	)		(4,186	)
Reserve for returns		(9,719	)		(8,858	)
Total accounts receivable – commercial, net		4,832			9,835
Accounts receivable – collaborations and services(1)		24,068			1,969
Total accounts receivable, net	$	28,900		$	11,804

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(1)

The balance as of December 31, 2024 includes the $1.1 million regulatory milestone payment receivable from Cipla. See Note 9 – Collaborations, Licensing and Other Arrangements – Cipla License and Distribution Agreement.

As of March 31, 2025, the Company had three wholesale distributors representing approximately 86% of commercial accounts receivable and approximately 75% of gross sales during the three months ended March 31, 2025.

As of March 31, 2025, there was no allowance for credit losses for collaborations and services accounts receivable. The Company had one collaboration partner, UT, that comprised 98% of the collaboration and services net accounts receivable as of March 31, 2025 and approximately 98% of gross revenue from collaborations and services for the three months ended March 31, 2025.