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Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

6.

Revenue

 

The Company’s product revenues are mainly generated from the sale of ETUARY®. The Company launched two new products: Contiva® (avatrombopag maleate tablets), which commenced commercialization in March 2025, and Etorel®, which commenced commercialization in June 2025.

The following table summarizes the composition of product revenues for the three and nine months ended September 30, 2025 and 2024:

 

 

 

For the Three Months Ended September 30,

 

 

For the nine months ended September 30,

 

Product Revenue Composition

 

2025

 

 

2024

 

 

2025

 

 

2024

 

ETUARY®

 

$

27,694

 

 

90.6

%

 

$

25,285

 

 

99.2

%

 

$

72,916

 

 

91.8

%

 

$

77,290

 

 

99.2

%

Contiva®

 

 

1,245

 

 

4.1

%

 

 

—

 

 

—

%

 

 

3,024

 

 

3.8

%

 

 

—

 

 

—

%

Etorel®

 

 

1,544

 

 

5.1

%

 

 

—

 

 

—

%

 

 

3,140

 

 

4.0

%

 

 

—

 

 

—

%

Other Products

 

 

81

 

 

0.2

%

 

 

203

 

 

0.8

%

 

 

313

 

 

0.4

%

 

 

595

 

 

0.8

%

Total

 

$

30,564

 

 

100.0

%

 

$

25,488

 

 

100.0

%

 

$

79,393

 

 

100.0

%

 

$

77,885

 

 

100.0

%

 

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 $30.6 million and $25.5 million for the three months ended September 30, 2025 and 2024, respectively. Revenue from sales of pharmaceutical products was $79.4 million and $77.9 million for the nine months ended September 30, 2025 and 2024, respectively. All sales are generated in the PRC. Contract liabilities recognized for the three and nine months ended September 30, 2025 were immaterial.