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COLLABORATION AND LICENSING AGREEMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Collaboration and Licensing Agreements |
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 Deferred Revenue Balances | The following table presents changes in our current and non-current deferred revenue balances, which are all attributable to Kyowa Kirin:
| 2025 |  | 2024
(in thousands) | Current |  | Non-Current |  | Current |  | Non-Current
Deferred revenue balance as of January 1, | $ | 10,686 |  | $ | 7,232 |  | $ | 7,182 |  | $ | 8,644
Prepaid product supply | 227 |  | 5,063 |  | 731 |  | 5,213
Product supply delivered | (4,633) |  | — |  | (1,328) |  | —
Reclassify amounts to be recognized in the next twelve months | — |  | — |  | 4,244 |  | (4,244)
Deferred revenue balance as of June 30, | $ | 6,280 |  | $ | 12,295 |  | $ | 10,829 |  | $ | 9,613

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