Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2018

Schedule of Provisions for Allowances and Accruals

Our U.S. Auryxia product sales for the three and six months ended June 30, 2018 and 2017 were offset by provisions for allowances and accruals as set forth in the tables below.



(in thousands)	Three months ended June 30, 2018		Percent of gross Auryxia product sales	Three months ended June 30, 2017		Percent of gross Auryxia product sales
Gross Auryxia product sales	$	46,821		$	26,029
Less provision for product sales allowances and accruals:
Trade allowances	4,957		11%	2,463		9%
Rebates, chargebacks and discounts	16,135		35%	8,784		34%
Product returns	572		1%	346		2%
Other incentives⁽¹⁾	1,052		2%	320		1%
Total	22,716		49%	11,913		46%
Net U.S. Auryxia product sales	$	24,105		$	14,116


⁽¹⁾	Includes co-pay assistance and voucher rebates.



(in thousands)	Six months ended June 30, 2018		Percent of gross Auryxia product sales	Six months ended June 30, 2017		Percent of gross Auryxia product sales
Gross Auryxia product sales	$	87,960		$	43,983
Less provision for product sales allowances and accruals:
Trade allowances	9,140		10%	4,228		9%
Rebates, chargebacks and discounts	30,928		35%	14,114		32%
Product returns	736		1%	278		1%
Other incentives⁽¹⁾	2,429		3%	742		2%
Total	43,233		49%	19,362		44%
Net U.S. Auryxia product sales	$	44,727		$	24,621


⁽¹⁾	Includes co-pay assistance and voucher rebates.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents amounts that were excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect:



(in thousands)	June 30, 2018	June 30, 2017
Options to purchase common stock	11,044	12,469
Shares issuable upon conversion of convertible senior notes	35,582	33,422
Shares issuable under Notes Conversion Agreement⁽¹⁾	4,000	—
	50,626	45,891

⁽¹⁾ See Note 14 - Strategic Merger with Akebia Therapeutics, Inc.

Customer Who Represented 10% Or More Total Account Receivable

The following table sets forth Customers who represented 10% or more of our total accounts receivable, net as of June 30, 2018 and December 31, 2017.



	June 30, 2018		December 31, 2017
Fresenius Medical Care Rx	29	%	34	%
AmerisourceBergen Drug Corporation	20	%	20	%
Cardinal Health, Inc.	17	%	25	%
DaVita Rx	16	%	—	%
McKesson Corporation	14	%	17	%