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LICENSE, COLLABORATION AND OTHER REVENUE (Tables) | 3 Months Ended
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Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Revenues Recognized from License, Collaboration and Other Significant Agreements | The Company recognized the following revenue from its license, collaboration and other revenue agreements (in thousands):
|  | Three Months Ended March 31, |  |
Entity | Description | 2025 |  | 2024 |  |  |  |
Medice | License and royalties related to the sale of Vafseo in the EU | $ | 7 |  |  | $ | — |  |  |  |  |
MTPC | License and Product Supply of Vafseo in Japan | 369 |  |  | 412 |  |  |  |  |
JT and Torii | License and royalties related to the sale of Riona in Japan | 1,169 |  |  | 1,186 |  |  |  |  |
Total license and other revenue | $ | 1,545 |  |  | $ | 1,598 |  |  |  |  |
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.
Revenue Recognized Resulting from Changes in Contract Assets and Contract Liabilities | The Company recognized the following revenues as a result of changes in the contract asset and contract liability balances in the respective periods (in thousands):
| Three Months Ended March 31, |  |
Revenue Recognized in the Period: | 2025 |  | 2024 |  |  |  |
Deferred revenue — beginning of the period | $ | — |  |  | $ | — |  |  |  |  |

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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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