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Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

6.

Revenue

 

The Company’s product revenues are mainly generated from the sale of ETUARY®. Sales of ETUARY® accounted for 87.8% and 99.3% of total revenue for the three months ended June 30, 2025 and 2024, respectively. Sales of ETUARY® accounted for 92.6% and 99.3% of total revenue for the six months ended June 30, 2025 and 2024, respectively. The Company launched two new products: Contiva (avatrombopag maleate tablets), which commenced commercialization in March 2025, and Etorel, which commenced commercialization in June 2025. For the three months ended June 30, 2025, sales of Contiva and Etorel represented 5.6% and 6.0% of total revenue, respectively. For the six months ended June 30, 2025, sales of Contiva and Etorel represented 3.6% and 3.3% of total revenue, respectively.

 

Sales of Pharmaceutical Products

The Company generates revenue mostly through sales of ETUARY®, Contiva, Etorel and certain generic drugs. The distributors are the Company’s direct customers, and sales to distributors account for 100.0% of revenue. The distributors sell pharmaceutical products 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 $26.8 million and $25.2 million for the three months ended June 30, 2025 and 2024, respectively. Revenue from sales of pharmaceutical products was $48.8 million and $52.4 million for the six months ended June 30, 2025 and 2024, respectively. All sales are generated in the PRC. Contract liabilities recognized for the three and six months ended June 30, 2025 were immaterial.