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REVENUE (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue
Disaggregation of total revenues by nature is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)
2025202420252024
Product sales, net
$90,077 $72,591 $157,891 $116,103 
Product supply revenue6,185 13 6,439 2,139 
Licensing revenue20 19 5,040 36 
Non-cash royalty revenue related to the sale of future royalties1,380 599 2,406 967 
Total revenues$97,662 $73,222 $171,776 $119,245 
Total product sales, net was as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)
2025202420252024
Product sales, net
IBSRELA$65,045 $35,445 $109,448 $63,806 
XPHOZAH25,032 37,146 48,443 52,297 
Total product sales, net$90,077 $72,591 $157,891 $116,103 
Product sales, net as a percentage of total revenues
92.2 %99.1 %91.9 %97.4 %
The following table summarizes total revenues by collaboration partner:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Licensing revenue
Fosun Pharma
$— $— $5,000 $— 
Knight
20 19 40 36 
Total licensing revenue
$20 $19 $5,040 $36 
Product supply revenue   
Kyowa Kirin
$6,185 $13 $6,185 $2,139 
Knight
— — 254 — 
Total supply revenue
$6,185 $13 $6,439 $2,139 
Non-cash royalty revenue related to the sale of future royalties   
Kyowa Kirin
$1,380 $599 $2,406 $967 
Schedule of Revenue from Customers as a Percentage of Total Product Revenue, Net
Gross product sales from Customers accounting for more than 10% of total revenues were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Customers(1)
BioRidge Pharma, LLC61.1 %80.3 %62.2 %74.2 %
Cardinal Health23.4 %14.6 %22.8 %16.4 %
Cencora (formerly AmerisourceBergen Drug Corporation)
20.5 %15.3 %19.5 %17.7 %
McKesson Corporation20.7 %14.0 %19.1 %14.7 %
(1)The total of the above percentages exceeds 100% as the numerators used in the calculations represent gross product sales for each Customer, as opposed to product sales, net as presented in our condensed statements of operations and comprehensive loss.
Schedule of Chargebacks, Discounts and Reserve Balances
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, 2024$1,643 $14,475 $11,170 $27,288 
Provisions(1)
9,533 45,046 15,449 70,028 
Credits/payments(9,657)(38,520)(17,076)(65,253)
Balance as of June 30, 2025$1,519 $21,001 $9,543 $32,063 
(1) Provisions included approximately $3.8 million of favorable adjustment in the 2025 first quarter, resulting from changes in prior periods’ estimated product returns for XPHOZAH.