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Revenue
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

6.

Revenue

 

The Company’s product revenues were mainly generated from the sale of ETUARY. Sales of ETUARY accounted for 99.2% and 98.7% of total revenue for the three months ended March 31, 2024 and 2023, respectively.

 

Sales of Pharmaceutical Products

The Company generates revenue mostly through sales of ETUARY and certain generic drugs. The distributors were the Company’s direct customers, and sales to distributors accounted for 100.0% of revenue from ETUARY. The distributors sell ETUARY to outlets, including hospitals and other medical institutions, as well as pharmacies.

Product returns to date have not been significant and the Company has not considered it necessary to record a reserve for product returns. The Company’s product revenues were recognized at a point in time when the underlying product was delivered to the customer, which was when the customer obtained control of the product. Revenue from sales of pharmaceutical products was $27.2 million and $24.9 million for the three months ended March 31, 2024 and 2023, respectively. All sales are generated in the PRC. Deferred revenue recognized during the quarter ended March 31, 2024 was immaterial.

The Company’s sales by product categories for the three months ended March 31, 2024 and 2023 are as follows (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Sales of Pharmaceutical Products

 

$

27,172

 

 

$

24,931

 

Total

 

$

27,172

 

 

$

24,931