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Revenue (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue
Disaggregation of total revenues by nature is as follows:
Year Ended December 31,
(in thousands)202420232022
Product sales, net
$319,196 $82,526 $15,600 
Product supply revenue11,649 6,121 1,527 
Licensing revenue78 35,809 35,031 
Non-cash royalty revenue related to the sale of future royalties2,692 — — 
Total revenues$333,615 $124,456 $52,158 
Total product sales, net was as follows:
Year Ended December 31,
(in thousands)202420232022
Product sales, net
IBSRELA$158,286 $80,062 $15,600 
XPHOZAH160,910 2,464 — 
Total product sales, net$319,196 $82,526 $15,600 
The following table summarizes total revenue by collaboration partner:
Year Ended December 31,
(in thousands)202420232022
Licensing revenue
Kyowa Kirin
$— $30,000 $35,000 
Fosun Pharma
— 5,000 — 
METiS
— 750 — 
Knight
78 59 31 
Total licensing revenue
$78 $35,809 $35,031 
Product supply revenue   
Kyowa Kirin
11,649 6,092 1,518 
Fosun Pharma
— 29 9 
Total supply revenue
$11,649 $6,121 $1,527 
Non-cash royalty revenue related to the sale of future royalties   
Kyowa Kirin
$2,692 $— $— 
Schedule of Gross To Net Adjustments of Revenue
The activities and ending reserve balances for each significant category of GTN adjustments on product sales, net, which constitute variable consideration, were as follows:
(in thousands)
Discounts and chargebacks
Rebates, wholesaler and GPO fees
Copay assistance and returns
Total
Balance as of December 31, 2022$142 $1,444 $1,258 $2,844 
Provisions5,341 15,365 10,629 31,335 
Credits/payments(5,005)(12,575)(7,971)(25,551)
Balance as of December 31, 2023478 4,234 3,916 8,628 
Provisions15,099 65,833 28,925 109,857 
Credits/payments(13,934)(55,592)(21,671)(91,197)
Balance as of December 31, 2024$1,643 $14,475 $11,170 $27,288 
Schedule of Revenue by Geographic Areas A summary of our revenues by geographic area is as follows:
Year Ended December 31,
(in thousands)202420232022
United States(1)
$319,196 $83,276 $15,600 
International
Asia Pacific(2)
14,341 41,121 36,527 
North America(3)
78 59 31 
Total revenues$333,615 $124,456 $52,158 
(1)Revenues from the United States are primarily comprised of amounts earned from sales of IBSRELA and XPHOZAH, as well as the upfront license fee from the METiS Agreement.
(2)Revenues from Asia Pacific are primarily comprised of amounts earned in accordance with the Kyowa Kirin Agreement and the Fosun Agreement.
(3)Revenues from North America are comprised of amounts earned from Canada in accordance with the Knight Agreement.
Schedule of Revenue from Customers as a Percentage of Total Product Revenue, Net
Gross product sales from Customers and revenues from collaboration partners, each accounting for more than 10% of total revenues, were as follows:
Year Ended December 31,
202420232022
Customers
BioRidge Pharma, LLC75.4 %24.0 %3.2 %
Cencora
16.4 %19.1 %11.1 %
Cardinal Health14.5 %19.8 %9.6 %
McKesson Corporation14.1 %15.7 %8.9 %
Collaboration partners
Kyowa Kirin4.3 %29.0 %70.0 %