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REVENUES | 6 Months Ended
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Jun. 30, 2024
REVENUES |
REVENUES |
3. | Revenues
Revenues disaggregated by category were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | ​ | 2024 |  | 2023 | ​ | 2024 |  | 2023
Product sales: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gross product sales | ​ | $ | 48,980 | ​ | $ | 33,456 | ​ | $ | 87,406 | ​ | $ | 66,654
Discounts and allowances | ​ | ​ | (15,530) | ​ | ​ | (9,575) | ​ | ​ | (27,953) | ​ | ​ | (19,028)
Total product sales, net | ​ | ​ | 33,450 | ​ | ​ | 23,881 | ​ | ​ | 59,453 | ​ | ​ | 47,626
Revenues from collaborations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Delivery of drug supplies, royalty and others | ​ | ​ | 3,391 | ​ | ​ | 2,005 | ​ | ​ | 6,922 | ​ | ​ | 4,330
Total revenues from collaborations | ​ | ​ | 3,391 | ​ | ​ | 2,005 | ​ | ​ | 6,922 | ​ | ​ | 4,330
Government contracts | ​ | ​ | — | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 1,000
Total revenues | ​ | $ | 36,841 | ​ | $ | 26,886 | ​ | $ | 66,375 | ​ | $ | 52,956
​ Revenue from product sales are related to sales of our commercial products to our specialty distributors. For detailed discussions of our revenues from collaborations and government contracts, see “Note 4 – Sponsored Research, License Agreements and Government Contracts.” Our net product sales include gross product sales, net of chargebacks, discounts and fees, government and other rebates and returns. Of the total discounts and allowances from gross product sales for the six months ended June 30, 2024 and 2023, $27.6 million and $18.6 million, respectively, was accounted for as additions to revenue reserves and refund liability, and $0.4 million and $0.4 million, respectively, as reductions in accounts receivable (as it relates to allowance for prompt pay discount) and prepaid and other current assets (as it relates to certain chargebacks and other fees that were prepaid) in the condensed balance sheet. The following tables summarize the activities in chargebacks, discounts and fees, government and other rebates and returns that were accounted for within revenue reserves and refund liability, for each of the periods presented (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Chargebacks, | ​ | Government | ​ | ​ | ​ | ​
​ | ​ | Discounts and | ​ | and Other | ​ | ​ | ​ | ​
​ | ​ | Fees | ​ | Rebates | ​ | Returns | ​ | Total
Balance as of January 1, 2024 |  | $ | 8,236 | ​ | $ | 3,517 | ​ | $ | 3,931 | ​ | $ | 15,684
Provision related to current period sales | ​ | ​ | 21,770 | ​ | ​ | 5,259 | ​ | ​ | 522 | ​ | ​ | 27,551
Credit or payments made during the period | ​ | ​ | (20,165) | ​ | ​ | (4,441) | ​ | ​ | (82) | ​ | ​ | (24,688)
Balance as of June 30, 2024 |  | $ | 9,841 | ​ | $ | 4,335 | ​ | $ | 4,371 | ​ | $ | 18,547
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Chargebacks, | ​ | Government | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Discounts and | ​ | and Other | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fees | ​ | Rebates | ​ | Returns | ​ | Total
Balance as of January 1, 2023 |  | $ | 6,213 | ​ | $ | 2,636 | ​ | $ | 3,296 | ​ | $ | 12,145
Provision related to current period sales | ​ | ​ | 14,439 | ​ | ​ | 3,725 | ​ | ​ | 395 | ​ | ​ | 18,559
Credit or payments made during the period | ​ | ​ | (13,139) | ​ | ​ | (3,765) | ​ | ​ | (116) | ​ | ​ | (17,020)
Balance as of June 30, 2023 |  | $ | 7,513 | ​ | $ | 2,596 | ​ | $ | 3,575 | ​ | $ | 13,684
The following table summarizes the percentages of revenues from each of our customers who individually accounted for 10% or more of the total net product sales and revenues from collaborations: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | ​ | Six Months Ended June 30,
​ | ​ | 2024 |  | 2023 | ​ | ​ | 2024 |  | 2023
McKesson Corporation | ​ | ​ | 49% | ​ | ​ | 44% | ​ | ​ | ​ | 46% | ​ | ​ | 45%
Cardinal Health, Inc. | ​ | ​ | 21% | ​ | ​ | 28% | ​ | ​ | ​ | 22% | ​ | ​ | 26%
Cencora Inc. (formerly ASD Healthcare) | ​ | ​ | 20% | ​ | ​ | 19% | ​ | ​ | ​ | 21% | ​ | ​ | 21%
​

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