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REVENUE (Tables) | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Revenue | Disaggregation of total revenues by nature is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Product sales, net | $ | 90,077 |  |  | $ | 72,591 |  |  | $ | 157,891 |  |  | $ | 116,103 |
Product supply revenue | 6,185 |  |  | 13 |  |  | 6,439 |  |  | 2,139 |
Licensing revenue | 20 |  |  | 19 |  |  | 5,040 |  |  | 36 |
Non-cash royalty revenue related to the sale of future royalties | 1,380 |  |  | 599 |  |  | 2,406 |  |  | 967 |
Total revenues | $ | 97,662 |  |  | $ | 73,222 |  |  | $ | 171,776 |  |  | $ | 119,245 |
Total product sales, net was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Product sales, net |  |  |  |  |  |  |
IBSRELA | $ | 65,045 |  |  | $ | 35,445 |  |  | $ | 109,448 |  |  | $ | 63,806 |
XPHOZAH | 25,032 |  |  | 37,146 |  |  | 48,443 |  |  | 52,297 |
Total product sales, net | $ | 90,077 |  |  | $ | 72,591 |  |  | $ | 157,891 |  |  | $ | 116,103 |
Product sales, net as a percentage of total revenues | 92.2 | % |  | 99.1 | % |  | 91.9 | % |  | 97.4 | %
The following table summarizes total revenues by collaboration partner:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Licensing revenue |  |  |  |  |  |  |
Fosun Pharma | $ | — |  |  | $ | — |  |  | $ | 5,000 |  |  | $ | — |
Knight | 20 |  |  | 19 |  |  | 40 |  |  | 36 |
Total licensing revenue | $ | 20 |  |  | $ | 19 |  |  | $ | 5,040 |  |  | $ | 36 |
Product supply revenue |  |  |  |  |  |  |
Kyowa Kirin | $ | 6,185 |  |  | $ | 13 |  |  | $ | 6,185 |  |  | $ | 2,139 |
Knight | — |  |  | — |  |  | 254 |  |  | — |
Total supply revenue | $ | 6,185 |  |  | $ | 13 |  |  | $ | 6,439 |  |  | $ | 2,139 |
Non-cash royalty revenue related to the sale of future royalties |  |  |  |  |  |  |
Kyowa Kirin | $ | 1,380 |  |  | $ | 599 |  |  | $ | 2,406 |  |  | $ | 967 |
Schedule of Revenue from Customers as a Percentage of Total Product Revenue, Net | Gross product sales from Customers accounting for more than 10% of total revenues were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Customers(1) |  |  |  |  |  |  |
BioRidge Pharma, LLC | 61.1 | % |  | 80.3 | % |  | 62.2 | % |  | 74.2 | %
Cardinal Health | 23.4 | % |  | 14.6 | % |  | 22.8 | % |  | 16.4 | %
Cencora (formerly AmerisourceBergen Drug Corporation) | 20.5 | % |  | 15.3 | % |  | 19.5 | % |  | 17.7 | %
McKesson Corporation | 20.7 | % |  | 14.0 | % |  | 19.1 | % |  | 14.7 | %
(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.
Schedule of Chargebacks, Discounts and Reserve Balances | 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) | 9,533 |  |  | 45,046 |  |  | 15,449 |  |  | 70,028 |
Credits/payments | (9,657) |  |  | (38,520) |  |  | (17,076) |  |  | (65,253) |
Balance as of June 30, 2025 | $ | 1,519 |  |  | $ | 21,001 |  |  | $ | 9,543 |  |  | $ | 32,063 |
(1) Provisions included approximately $3.8 million of favorable adjustment in the 2025 first quarter, resulting from changes in prior periods’ estimated product returns for XPHOZAH.

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