Product Revenue, Net

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Product Revenue, Net

PRODUCT REVENUE, NET

We received approval from the FDA in September 2019 to market IBSRELA, the first and only NHE3 inhibitor for the treatment of IBS-C in adults, in the U.S. We began selling IBSRELA in the U.S. in March 2022. We recorded net revenue for IBSRELA of $1.6 million and $2.0 million during the three and six months ended June 30, 2022, respectively.

Sales to AmerisourceBergen Drug Corporation, Cardinal Health, and McKesson Corporation made up 40.2%, 22.7%, and 24.6% of our gross product revenue during the three months ended June 30, 2022 and 35.1%, 21.7%, and 22.5% during the six months ended June 30, 2022.

The activities and ending reserve balances for each significant category of discounts and allowances, which constitute variable consideration, were as follows (in thousands):

	Discounts and Chargebacks		Rebates		Other Fees, Copay and Returns		Total
Balance as of December 31, 2021	$	—	$	—	$	—	$	—
Activity related to 2022 sales	84		329		322		735
Credits/deductions issued	(41)		(15)		(133)		(189)
Balance as of June 30, 2022	$	43	$	314	$	189	$	546

There were no product sales or gross-to-net accruals during the three and six months ended June 30, 2021.