Accounts Receivable

9 Months Ended

Sep. 30, 2025

3. Accounts Receivable

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


	September 30, 2025			December 31, 2024
Accounts receivable – commercial
Accounts receivable, gross	$	17,285		$	22,879
Wholesaler distribution fees and prompt pay discounts		(2,203	)		(4,186	)
Reserve for returns		(10,488	)		(8,858	)
Total accounts receivable – commercial, net		4,594			9,835
Accounts receivable – collaborations and services(1)		12,789			1,969
Total accounts receivable, net	$	17,383		$	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 September 30, 2025, the Company had three wholesale distributors representing approximately 88% of commercial accounts receivable and approximately 77% and 75% of gross sales during the three and nine months ended September 30, 2025, respectively.

As of September 30, 2025, there was no allowance for credit losses for collaborations and services accounts receivable. The Company had one collaboration partner, UT, that comprised 96% of the collaboration and services net accounts receivable as of September 30, 2025 and approximately 98% of gross revenue from collaborations and services for both the three and nine months ended September 30, 2025.