XML 26 R11.htm IDEA: XBRL DOCUMENT v3.25.1
REVENUE
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregation of total revenues by nature is as follows:
Three Months Ended March 31,
(in thousands)
20252024
Product sales, net
$67,814 $43,512 
Licensing revenue5,020 17 
Non-cash royalty revenue related to the sale of future royalties1,026 368 
Product supply revenue254 2,126 
Total revenues$74,114 $46,023 
Product Sales, Net
Total product sales, net was as follows:
Three Months Ended March 31,
(in thousands)
20252024
Product sales, net
IBSRELA$44,403 $28,361 
XPHOZAH23,411 15,151 
Total product sales, net$67,814 $43,512 
Product sales, net approximated 91.5% and 94.5% of total revenues in the 2025 and 2024 first quarters, respectively.
Concentrations
Gross product sales from Customers accounting for more than 10% of total revenues were as follows:
Three Months Ended March 31,
20252024
Customers(1)
BioRidge Pharma, LLC63.8 %64.6 %
Cardinal Health22.2 %19.2 %
Cencora (formerly AmerisourceBergen Drug Corporation)
18.2 %21.6 %
McKesson Corporation16.9 %16.0 %
(1)The total of the above percentages exceeds 100% as the numerators used in the calculations represent gross product sales for each Customer, as opposed to product sales, net as presented in our condensed statements of operations and comprehensive loss.
GTN Adjustments
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, 2024$1,643 $14,475 $11,170 $27,288 
Provisions(1)
4,143 18,835 5,940 28,918 
Credits/payments(4,681)(18,405)(8,334)(31,420)
Balance as of March 31, 2025$1,105 $14,905 $8,776 $24,786 
(1) Provisions included approximately $3.8 million of favorable adjustment resulting from changes in prior periods’ estimated product returns for XPHOZAH.