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REVENUE | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE Disaggregation of total revenues by nature is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Product sales, net | $ | 105,515 |  |  | $ | 92,090 |  |  | $ | 263,406 |  |  | $ | 208,193 |
Product supply revenue | — |  |  | 5,322 |  |  | 6,439 |  |  | 7,461 |
Licensing revenue | 25 |  |  | 20 |  |  | 5,065 |  |  | 56 |
Non-cash royalty revenue related to the sale of future royalties | 4,789 |  |  | 809 |  |  | 7,195 |  |  | 1,776 |
Total revenues | $ | 110,329 |  |  | $ | 98,241 |  |  | $ | 282,105 |  |  | $ | 217,486 |
Product Sales, Net Total product sales, net was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Product sales, net |  |  |  |  |  |  |
IBSRELA | $ | 78,158 |  |  | $ | 40,638 |  |  | $ | 187,606 |  |  | $ | 104,444 |
XPHOZAH | 27,357 |  |  | 51,452 |  |  | 75,800 |  |  | 103,749 |
Total product sales, net | $ | 105,515 |  |  | $ | 92,090 |  |  | $ | 263,406 |  |  | $ | 208,193 |
Product sales, net as a percentage of total revenues | 95.6 | % |  | 93.7 | % |  | 93.4 | % |  | 95.7 | %
Concentrations Gross product sales from Customers accounting for more than 10% of total revenues were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Customers(1) |  |  |  |  |  |  |
BioRidge Pharma, LLC | 66.3 | % |  | 78.1 | % |  | 63.8 | % |  | 76.0 | %
Cardinal Health | 25.5 | % |  | 12.4 | % |  | 23.9 | % |  | 14.6 | %
McKesson Corporation | 20.7 | % |  | 13.0 | % |  | 19.7 | % |  | 13.9 | %
Cencora (formerly AmerisourceBergen Drug Corporation) | 17.3 | % |  | 13.8 | % |  | 18.6 | % |  | 15.9 | %
(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) | 15,826 |  |  | 74,895 |  |  | 25,929 |  |  | 116,650 |
Credits/payments | (15,615) |  |  | (59,740) |  |  | (25,390) |  |  | (100,745) |
Balance as of September 30, 2025 | $ | 1,854 |  |  | $ | 29,630 |  |  | $ | 11,709 |  |  | $ | 43,193 |
(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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- 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 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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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