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COLLABORATION AND LICENSING AGREEMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Collaboration and Licensing Agreements  
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 Deferred Revenue Balances
The following table presents changes in our current and non-current deferred revenue balances, which are all attributable to Kyowa Kirin:
20252024
(in thousands)CurrentNon-CurrentCurrentNon-Current
Deferred revenue balance as of January 1,
$10,686$7,232$7,182$8,644
Prepaid product supply2275,0637315,213
Product supply delivered(4,633)—(1,328)—
Reclassify amounts to be recognized in the next twelve months——4,244(4,244)
Deferred revenue balance as of June 30,$6,280$12,295$10,829$9,613