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Revenue | 12 Months Ended
--- | ---
Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | REVENUE Disaggregation of total revenues by nature is as follows:
| Year Ended December 31, |  |  |  |
(in thousands) | 2024 |  | 2023 |  | 2022 |  |  |  |  |  |  |
Product sales, net | $ | 319,196 |  |  | $ | 82,526 |  |  | $ | 15,600 |  |  |  |  |  |  |  |  |
Product supply revenue | 11,649 |  |  | 6,121 |  |  | 1,527 |  |  |  |  |  |  |  |  |
Licensing revenue | 78 |  |  | 35,809 |  |  | 35,031 |  |  |  |  |  |  |  |  |
Non-cash royalty revenue related to the sale of future royalties | 2,692 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Total revenues | $ | 333,615 |  |  | $ | 124,456 |  |  | $ | 52,158 |  |  |  |  |  |  |  |  |
Product Sales, Net Total product sales, net was as follows:
| Year Ended December 31, |  |  |  |
(in thousands) | 2024 |  | 2023 |  | 2022 |  |  |  |  |  |  |
Product sales, net |  |  |  |  |  |  |  |  |  |  |  |  |
IBSRELA | $ | 158,286 |  |  | $ | 80,062 |  |  | $ | 15,600 |  |  |  |  |  |  |  |  |
XPHOZAH | 160,910 |  |  | 2,464 |  |  | — |  |  |  |  |  |  |  |  |
Total product sales, net | $ | 319,196 |  |  | $ | 82,526 |  |  | $ | 15,600 |  |  |  |  |  |  |  |  |
Product sales, net approximated 95.7%, 66.3% and 29.9% of total revenues in 2024, 2023 and 2022, respectively. Products are primarily sold to wholesalers, GPOs and specialty pharmacies, and to a lesser extent, directly to retailers, hospitals, clinics and government agencies. Customer orders are generally fulfilled within a few days from receipt. Contractual performance obligations are fulfilled once control of product is transferred to our customer, which occurs when our customer receives the product and obtains legal title. At this point, our customers are able to direct the use of and obtain substantially all of the remaining benefits of the product. GTN Adjustments Wholesalers, GPOs and specialty pharmacies are initially invoiced at contract list prices. Wholesalers and GPOs may also receive prompt pay discounts for payment within a specified period, generally approximating two percent of the invoiced sales price. Our payment terms are generally 30 to 60 days. At the time of recognition, revenue is reduced from contract list price for estimates of variable consideration related to GTN adjustments for chargebacks and cash discounts, rebates, wholesaler and GPO fees, and copay assistance and returns. These GTN adjustments are attributed to governmental programs such as Medicare, Medicaid and the 340B program, which involve various pricing implications, including mandatory discounts and discounts when Medicare Part D beneficiaries are in the coverage gap. Chargebacks and specialty pharmacies fees are reflected as reductions to receivables and are typically settled within contractual terms through credits to our customers. All other GTN adjustments are reflected as a liability and settled through cash payments to our customer or government payor program, typically over various time periods that may span for multiple quarters. Significant judgment is required to estimate certain of our GTN adjustments, considering factors such as legal interpretations of applicable laws and regulations, historical experience, payor mix (e.g., Medicare or Medicaid), current contract prices under applicable programs, unbilled claims, processing time lags and inventory levels in the distribution channel. The activities and ending reserve balances for each significant category of GTN adjustments on product sales, net, which constitute variable consideration, were as follows:
(in thousands) | Discounts and chargebacks |  | Rebates, wholesaler and GPO fees |  | Copay assistance and returns |  | Total
Balance as of December 31, 2022 | $ | 142 |  |  | $ | 1,444 |  |  | $ | 1,258 |  |  | $ | 2,844 |
Provisions | 5,341 |  |  | 15,365 |  |  | 10,629 |  |  | 31,335 |
Credits/payments | (5,005) |  |  | (12,575) |  |  | (7,971) |  |  | (25,551) |
Balance as of December 31, 2023 | 478 |  |  | 4,234 |  |  | 3,916 |  |  | 8,628 |
Provisions | 15,099 |  |  | 65,833 |  |  | 28,925 |  |  | 109,857 |
Credits/payments | (13,934) |  |  | (55,592) |  |  | (21,671) |  |  | (91,197) |
Balance as of December 31, 2024 | $ | 1,643 |  |  | $ | 14,475 |  |  | $ | 11,170 |  |  | $ | 27,288 |
Adjustments to prior period provisions recorded in the current period were not material. Geographic Information and Concentrations Revenues are attributed to geographical areas based on the location at which we earned revenue for product sales of IBSRELA and XPHOZAH or the domicile of our collaboration partners. A summary of our revenues by geographic area is as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
United States(1) | $ | 319,196 |  |  | $ | 83,276 |  |  | $ | 15,600 |
International |  |  |  |  |
Asia Pacific(2) | 14,341 |  |  | 41,121 |  |  | 36,527 |
North America(3) | 78 |  |  | 59 |  |  | 31 |
Total revenues | $ | 333,615 |  |  | $ | 124,456 |  |  | $ | 52,158 |
(1)Revenues from the United States are primarily comprised of amounts earned from sales of IBSRELA and XPHOZAH, as well as the upfront license fee from the METiS Agreement. (2)Revenues from Asia Pacific are primarily comprised of amounts earned in accordance with the Kyowa Kirin Agreement and the Fosun Agreement. (3)Revenues from North America are comprised of amounts earned from Canada in accordance with the Knight Agreement. Gross product sales from Customers and revenues from collaboration partners, each accounting for more than 10% of total revenues, were as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Customers |  |  |  |  |
BioRidge Pharma, LLC | 75.4 | % |  | 24.0 | % |  | 3.2 | %
Cencora | 16.4 | % |  | 19.1 | % |  | 11.1 | %
Cardinal Health | 14.5 | % |  | 19.8 | % |  | 9.6 | %
McKesson Corporation | 14.1 | % |  | 15.7 | % |  | 8.9 | %
Collaboration partners |  |  |  |  |
Kyowa Kirin | 4.3 | % |  | 29.0 | % |  | 70.0 | %

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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