XML 33 R21.htm IDEA: XBRL DOCUMENT v3.25.3
Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The table below provides a disaggregation of revenues by type and customer location for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Types of goods and services
Product revenues, net$15,750 $18,016 $51,239 $52,894 
License revenues— — 5,000 — 
Royalties677 448 2,060 1,033 
Total revenue $16,427 $18,464 $58,299 $53,927 
Customer Location
U.S.$15,750 $18,016 $51,239 $52,894 
EMEA(1)
677 448 7,060 1,033 
Total revenue $16,427 $18,464 $58,299 $53,927 
(1) Europe, the Middle East and Africa

Product revenues, net
The table below provides a rollforward of the Company’s accruals related to the gross-to-net (“GTN”) sales adjustments for the three and nine months ended September 30, 2025:

(in thousands)Discarded Drug RebateOther AdjustmentsTotal
Balance as of June 30, 2025$11,692 $2,490 $14,182 
GTN accruals for current period1,547 3,641 5,188 
Prior period adjustments(545)(235)(780)
Credits, payments and reclassifications— (3,810)(3,810)
Balance as of September 30, 2025$12,694 $2,086 $14,780 
Balance as of December 31, 2024$15,103 $2,386 $17,489 
GTN accruals for current period5,516 11,651 17,167 
Prior period adjustments(745)(808)(1,553)
Credits, payments and reclassifications(7,180)(11,143)(18,323)
Balance as of September 30, 2025$12,694 $2,086 $14,780 
The table below provides a rollforward of the Company’s accruals related to the gross-to-net (“GTN”) sales adjustments for the three and nine months ended September 30, 2024:
(in thousands)Discarded Drug RebateOther AdjustmentsTotal
Balance as of June 30, 2024$11,251 $3,257 $14,508 
GTN accruals for current period2,051 4,436 6,487 
Prior period adjustments— (378)(378)
Credits, payments and reclassifications— (4,224)(4,224)
Balance as of September 30, 2024$13,302 $3,091 $16,393 
Balance as of December 31, 2023$7,391 $3,946 $11,337 
GTN accruals for current period5,955 12,653 18,608 
Prior period adjustments(44)(1,398)(1,442)
Credits, payments and reclassifications— (12,110)(12,110)
Balance as of September 30, 2024$13,302 $3,091 $16,393 
The table below provides the classification of the accruals related to the GTN sales adjustment included in the Company’s unaudited condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024.

(in thousands)September 30, 2025December 31, 2024
Accounts receivable, net$1,516 $1,792 
Other current and non-current liabilities13,264 15,697 
$14,780 $17,489 

Customers from which we derive more than 10% of our total product revenues for the three and nine months ended September 30, 2025 and 2024 are as follows:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
McKesson45 %39 %40 %40 %
AmerisourceBergen Corporation(1)
36 %35 %39 %36 %
Cardinal Health19 %26 %21 %24 %
(1) AmerisourceBergen also operates under the name Cencora.

License revenues

The Company is party to an exclusive license agreement with Sobi for the development and commercialization of ZYNLONTA for all hematologic and solid tumor indications outside of the U.S., greater China, Singapore and Japan. Under the terms of the agreement, the Company is eligible to receive regulatory and net sales-based milestones. In March 2025, the Company recognized $5.0 million in license revenue upon ZYNLONTA’s conditional approval by Health Canada for the treatment of relapsed or refractory DLBCL after two or more lines of systemic therapy. The payment was received in the second quarter of 2025.