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Revenue Recognition
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregation of Revenues
The following table disaggregates our product revenue, net by product and geographic region and disaggregates our other revenues by geographic region (in thousands):
 Three Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
 U.S.Non U.S.TotalU.S.Non U.S.Total
Product revenue, net     
HEPLISAV-B$64,959 $- $64,959 $46,699 $1,146 $47,845 
Total product revenue, net64,959 - 64,959 46,699 1,146 47,845 
Other revenue2,847 358 3,205 2,802 143 2,945 
Total revenues$67,806 $358 $68,164 $49,501 $1,289 $50,790 
Revenues from Major Customers and Collaboration Partners
HEPLISAV-B product sales in the U.S. are to certain wholesalers and specialty distributors whose principal customers include integrated delivery networks, retail pharmacies, independent hospitals and clinics, public health clinics and prisons, the Department of Defense, and the Department of Veterans Affairs. HEPLISAV-B product sales in Germany are to one distributor.
The following table summarizes HEPLISAV-B product revenue from each of our three largest customers (as a percentage of total HEPLISAV-B net product revenue):
 Three Months Ended
March 31,
 20252024
Largest customer31 %27 %
Second largest customer20 %19 %
Third largest customer18 %18 %
Contract Balances
The following table summarizes balances and activities in HEPLISAV-B product revenue allowance and reserve categories for the three months ended March 31, 2025 (in thousands):
 
Balance at
Beginning
of Period
Provisions
related to
current
period sales
Credit or
payments
made during
the period
Adjustments (3)
Balance
at End of
Period
Three months ended March 31, 2025:
Accounts receivable reserves (1)
$9,317 $19,695 $(19,034)$21 $9,999 
Revenue reserve accruals (2)
$31,479 $12,485 $(13,420)$(4,570)$25,974 
(1)Reserves are for chargebacks, discounts and other fees.
(2)Accruals are for returns, rebates and other fees.
(3)Adjustments for $4.6 million in connection to revenue reserve accruals primarily result from a change in estimate for product returns.
When we perform services under our agreement with the DoD, we recognize product revenue and a corresponding contract asset as our right to consideration is conditioned on something other than the passage of time. See
Note 6 for further discussion. The following table summarizes balances and activities in our contract asset account (in thousands):
 
Balance at
Beginning
of Period
Additions
Subtractions
Balance
at End of
Period
Three months ended March 31, 2025
Contract asset, included in other current assets (1)
$351 $2,847 $(1,613)$1,585 
Contract asset, included in other assets (long term) (2)
$71,307 $— $(10,970)$60,337 
(1)The $1.6 million of contract asset is derived from our agreement with the DoD.
(2)The Clover contract asset was included in non-current assets to reflect the timing of expected long term demand for CpG 1018 adjuvant for Clover Product. During the three months ended March 31, 2025, we recorded an allowance for doubtful accounts of approximately $11.0 million relating to the contract asset recognized for Clover. See Note 6 for further discussion.