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COLLABORATION AND LICENSING AGREEMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Collaboration and Licensing Agreements  
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 Deferred Revenue Balances
The following table presents changes in our current and non-current deferred revenue balances, which are primarily attributable to Kyowa Kirin:
20252024
(in thousands)CurrentNon-CurrentCurrentNon-Current
Deferred revenue balance as of January 1,
$10,686$7,232$7,182$8,644
Prepaid product supply5286,4672,6548,212
Product supply delivered(4,633)—(6,650)—
Reclassify amounts to be recognized in the next twelve months——4,086(4,086)
Deferred revenue balance as of September 30,$6,581$13,699$7,272$12,770