Note 2 - Revenue

3 Months Ended

Mar. 31, 2025

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 2 - REVENUE

As discussed in Note 1 - Organization and Summary of Significant Accounting Policies, revenues are recognized under guidance within ASC 606. The following table presents our disaggregated revenue for the periods presented (in thousands):

(in thousands)	Three months Ended March 31,
	2025		2024
Total product revenue, net	$	119,655	$	50,488
License Revenue		38		38
Milestone Revenue		—		12,500
Royalty Revenue		605		33
Other Revenue		558		415
Total Revenue	$	120,856	$	63,474

Product Revenue, net

For the three months ended March 31, 2025, our only source of product revenue has been from U.S. sales of BRIUMVI, which we began shipping to our customers in January 2023. As of March 31, 2025, approximately $41.5 million of gross-to-net accruals are included within accounts receivable, net, accounts payable and accrued expenses on the condensed consolidated balance sheets.

As of March 31, 2025, gross-to-net accruals of approximately $13.4 million and $28.1 million are included on the condensed consolidated balance sheets within accounts receivable, net, and accounts payable and accrued expenses, respectively.

License, Milestone, Royalty and Other Revenue

License, milestone, royalty and other revenue consist of recognition of consideration received under the ex-U.S. commercialization agreement (the Commercialization Agreement) with Neuraxpharm. Refer to Note 9 - License Agreements for a description of the Commercialization Agreement and for further information of the accounting in accordance with ASC 606.