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REVENUE (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue
Disaggregation of total revenues by nature is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)
2025202420252024
Product sales, net
$105,515 $92,090 $263,406 $208,193 
Product supply revenue— 5,322 6,439 7,461 
Licensing revenue25 20 5,065 56 
Non-cash royalty revenue related to the sale of future royalties4,789 809 7,195 1,776 
Total revenues$110,329 $98,241 $282,105 $217,486 
Total product sales, net was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)
2025202420252024
Product sales, net
IBSRELA$78,158 $40,638 $187,606 $104,444 
XPHOZAH27,357 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 %
The following table summarizes total revenues by collaboration partner:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2025202420252024
Licensing revenue
Fosun Pharma
$— $— $5,000 $— 
Knight
25 20 65 56 
Total licensing revenue
$25 $20 $5,065 $56 
Product supply revenue   
Kyowa Kirin
$— $5,322 $6,185 $7,461 
Knight
— — 254 — 
Total supply revenue
$— $5,322 $6,439 $7,461 
Non-cash royalty revenue related to the sale of future royalties   
Kyowa Kirin
$4,789 $809 $7,195 $1,776 
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 September 30,Nine Months Ended September 30,
2025202420252024
Customers(1)
BioRidge Pharma, LLC66.3 %78.1 %63.8 %76.0 %
Cardinal Health25.5 %12.4 %23.9 %14.6 %
McKesson Corporation20.7 %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.
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)
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.