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Revenues and Trade Receivables, Net (Tables) | 3 Months Ended
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Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | The Company's revenues were comprised of the following:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Manufacture and supply revenue | $ | 7,193 |  |  | $ | 10,518 |  |  |  |  |
License and royalty revenue | 790 |  |  | 1,132 |  |  |  |  |
Co-development and research fees | 418 |  |  | 403 |  |  |  |  |
Proprietary product revenue, net | 319 |  |  | — |  |  |  |  |
Total revenues | $ | 8,720 |  |  | $ | 12,053 |  |  |  |  |
Disaggregation of Revenue | The following table provides disaggregated net revenue by geographic area:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
United States | $ | 5,201 |  |  | $ | 10,427 |  |  |  |  |
Ex-United States | 3,519 |  |  | 1,626 |  |  |  |  |
Total revenues | $ | 8,720 |  |  | $ | 12,053 |  |  |  |  |
Trade and Other Receivables, Net | Trade and other receivables, net consist of the following:
| March 31, 2025 |  | December 31, 2024
Trade receivables | $ | 8,308 |  |  | $ | 4,919 |
Contract and other receivables | 2,213 |  |  | 2,473 |
Less: sales-related allowances | (77) |  |  | (48) |
Trade and other receivables, net | $ | 10,444 |  |  | $ | 7,344 |
Contract and other receivables totaled $2,213 and $2,473 as of March 31, 2025 and December 31, 2024, respectively, consisting primarily of contract assets and other receivables. Contract assets consist of products and services provided under specific contracts to customers for which earnings processes have been met prior to shipment of goods or full delivery of completed services, as well as estimated receivables from contracts with third parties. Other receivables include the current portion related to the Monetization royalty receivable and other receivables. Sales-related allowances as of March 31, 2025 were estimated in relation to revenues recognized for sales of Libervant for patients between two to five years of age. Allowance for Credit Losses The Company maintains an allowance for credit losses on accounts receivable, which is recorded as a reduction to accounts receivable. Changes in the allowance are classified as Selling, general and administrative expenses in the Statements of Operations and Comprehensive Loss. The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when it identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status. It also considers customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. On an ongoing basis, management evaluates the adequacy of these reserves. The allowance for credit losses was $0 as of March 31, 2025 and December 31, 2024. The following tables provides a summary of activity with respect to sales-related allowances:
| March 31, 2025 |  | December 31, 2024
Balance at beginning of period | $ | 48 |  |  | $ | — |
Provision | 45 |  |  | 71 |
Payments / credits | (16) |  |  | (23) |
Balance at end of period | $ | 77 |  |  | $ | 48 |
Changes in Allowance for Bad Debt | The following table presents the changes in the allowance for credit losses:
| March 31, 2025 |  | December 31, 2024
Balance at beginning of the period | $ | — |  |  | $ | 14 |
Allowance reduction | — |  |  | (14) |
Balance at end of the period | $ | — |  |  | $ | — |

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