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PRODUCT REVENUE AND PROVISIONS FOR VARIABLE CONSIDERATION | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
PRODUCT REVENUE AND PROVISIONS FOR VARIABLE CONSIDERATION | PRODUCT REVENUE AND PROVISIONS FOR VARIABLE CONSIDERATION Until Vafseo's market entry in January 2025, the Company’s only source of product revenue was from the U.S. sales of Auryxia. The following table presents net product revenue for Vafseo and Auryxia (in thousands):
|  | Years Ended December 31,
Product |  | 2025 |  | 2024 |  | 2023
Vafseo |  | $ | 45,790 |  |  | $ | — |  |  | $ | — |
Auryxia(1) |  | 181,542 |  |  | 152,180 |  |  | 170,301 |
Total product revenues |  | $ | 227,332 |  |  | $ | 152,180 |  |  | $ | 170,301 |
(1) Includes the authorized generic version of Auryxia sold and distributed by the Company's authorized generic distribution partner, Mylan Therapeutics, Inc., or AG Distributor, during the year ended December 31, 2025. The following table presents changes in the Company’s contract assets and liabilities related to the Company's sales to its AG Distributor (in thousands):
|  | Year Ended December 31, 2025
|  | Balance at Beginning of Period |  | Additions |  | Deductions |  | Balance at End of Period
Contract assets: |  |  |  |  |  |  |  |
Accounts receivable |  | $ | — |  |  | $ | 12,006 |  |  | $ | (11,812) |  |  | $ | 194 |
Contract liabilities: |  |  |  |  |  |  |  |
Deferred revenue |  | $ | — |  |  | $ | 10,675 |  |  | $ | (7,994) |  |  | $ | 2,681 |
Product revenue allowance and provision categories were as follows:
(in thousands) |  | Chargebacks and Discounts |  | Rebates, Fees and other Deductions |  | Returns |  | Total
Balance at December 31, 2022 |  | $ | 1,259 |  |  | $ | 26,252 |  |  | $ | 10,923 |  |  | $ | 38,434 |
Provisions related to sales in current year |  | 11,138 |  |  | 79,648 |  |  | 6,181 |  |  | $ | 96,967 |
Adjustments related to prior year sales |  | (304) |  |  | (1,506) |  |  | 1,648 |  |  | $ | (162) |
Credits/payments made |  | (10,486) |  |  | (81,403) |  |  | (11,836) |  |  | $ | (103,725) |
Balance at December 31, 2023 |  | $ | 1,607 |  |  | $ | 22,991 |  |  | $ | 6,916 |  |  | $ | 31,514 |
Current provisions related to sales in current year |  | 9,225 |  |  | 44,914 |  |  | 4,862 |  |  | 59,001 |
Adjustments related to prior year sales |  | (94) |  |  | (2,056) |  |  | (540) |  |  | (2,690) |
Credits/payments made |  | (9,302) |  |  | (50,123) |  |  | (4,796) |  |  | (64,221) |
Balance at December 31, 2024 |  | $ | 1,436 |  |  | $ | 15,726 |  |  | $ | 6,442 |  |  | $ | 23,604 |
Current provisions related to sales in current year |  | 4,051 |  |  | 81,019 |  |  | 634 |  |  | 85,704 |
Adjustments related to prior year sales |  | 69 |  |  | 143 |  |  | (1,631) |  |  | (1,419) |
Credits/payments made |  | (4,403) |  |  | (24,299) |  |  | (2,094) |  |  | (30,796) |
Balance at December 31, 2025 |  | $ | 1,153 |  |  | $ | 72,589 |  |  | $ | 3,351 |  |  | $ | 77,093 |
Chargebacks, discounts and estimated product returns are recorded as a reduction of revenue in the period the related product revenue is recognized in the consolidated statements of operations and comprehensive loss. Chargebacks are recorded as a reduction to accounts receivable while discounts, rebates, fees and other deductions are recorded with a corresponding increase to accrued expenses and other current liabilities or accounts payable in the consolidated balance sheets. Estimated product returns on product sales that are not expected to be returned within one year are recorded as other long-term liabilities in the consolidated balance sheets. Accounts receivable, net related to product sales was approximately $44.4 million and $32.4 million as of December 31, 2025 and 2024, respectively.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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