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PRODUCT REVENUE AND RESERVES FOR VARIABLE CONSIDERATION (Tables) | 3 Months Ended
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Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
Summary of Product Revenues | The Company recognized the following revenue from Vafseo and Auryxia (in thousands):
| Three Months Ended March 31,
Product | 2025 |  | 2024
Vafseo | $ | 12,034 |  |  | $ | — |
Auryxia(1) | 43,757 |  |  | 31,009 |
Total product revenues | $ | 55,791 |  |  | $ | 31,009 |
(1) Includes the authorized generic version of Auryxia sold and distributed by the Company's authorized generic distribution partner, Mylan Therapeutics, Inc., or AG Partner, during the three months ended March 31, 2025.
Product Revenue Allowance and Reserve Categories | Product revenue allowance and reserve categories were as follows:
(in thousands) |  | Chargebacks and Discounts |  | Rebates, Fees and other Deductions |  | Product Returns |  | Total
Balance at December 31, 2024 |  | $ | 1,436 |  |  | $ | 15,726 |  |  | $ | 6,442 |  |  | $ | 23,604 |
Current provisions related to sales in current year |  | 380 |  |  | 20,147 |  |  | 387 |  |  | 20,914 |
Adjustments related to prior year sales |  | 69 |  |  | 400 |  |  | (164) |  |  | 305 |
Credits/payments made |  | (1,389) |  |  | (8,822) |  |  | (145) |  |  | (10,356) |
Balance at March 31, 2025 |  | $ | 496 |  |  | $ | 27,451 |  |  | $ | 6,520 |  |  | $ | 34,467 |
(in thousands) |  | Chargebacks and Discounts |  | Rebates, Fees and other Deductions |  | Product Returns |  | Total
Balance at December 31, 2023 |  | $ | 1,607 |  |  | $ | 22,991 |  |  | $ | 6,916 |  |  | $ | 31,514 |
Current provisions related to sales in current year |  | 1,910 |  |  | 10,229 |  |  | 961 |  |  | 13,100 |
Adjustments related to prior year sales |  | (93) |  |  | (1,374) |  |  | (105) |  |  | (1,572) |
Credits/payments made |  | (2,216) |  |  | (18,282) |  |  | (1,974) |  |  | (22,472) |
Balance at March 31, 2024 |  | $ | 1,208 |  |  | $ | 13,564 |  |  | $ | 5,798 |  |  | $ | 20,570 |
Changes in Contract Assets and Liabilities | The following table presents changes in the Company’s contract assets and liabilities related to the Company's sales to its AG Partner (in thousands):
|  | Three Months Ended March 31, 2025
|  | Balance at Beginning of Period |  | Additions |  | Deductions |  | Balance at End of Period
Contract assets: |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  |  | $ | 1,241 |  |  | $ | — |  |  | $ | 1,241 |
Contract liabilities: |  |  |  |  |  |  |  |
Deferred revenue |  | $ | — |  |  | $ | 1,241 |  |  | $ | — |  |  | $ | 1,241 |
The following tables present changes in the Company’s contract assets and liabilities related to license and other revenue (in thousands):
|  | Three Months Ended March 31, 2025
|  | Balance at Beginning of Period |  | Additions |  | Deductions |  | Balance at End of Period
Contract asset: |  |  |  |  |  |  |  |
Accounts receivable(1) |  | $ | 2,010 |  |  | $ | 1,545 |  |  | $ | (1,989) |  |  | $ | 1,566 |
|  | Three Months Ended March 31, 2024
|  | Balance at Beginning of Period |  | Additions |  | Deductions |  | Balance at End of Period
Contract assets: |  |  |  |  |  |  |  |
Accounts receivable(1) |  | $ | 3,333 |  |  | $ | 2,327 |  |  | $ | (2,968) |  |  | $ | 2,692 |
Contract liabilities: |  |  |  |  |  |  |  |
Deferred revenue(2) |  | $ | 43,296 |  |  | $ | 695 |  |  | $ | — |  |  | $ | 43,991 |
(1) Excludes accounts receivable related to amounts due to the Company from product sales of Auryxia and Vafseo which are included in the accompanying unaudited condensed consolidated balance sheets as of March 31, 2025 and 2024. (2) See Note 8, Liability Related to Settlement Royalties, Working Capital Fund Liability and Liability Related to Sale of Future Royalties, for further information.

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 + Details
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