Revenue recognition

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue recognition

Revenue recognition

a.     Net revenues

The Company’s net revenues by geographic region, based on the patient’s location are summarized as follows:

	Year ended December 31,
	2024		2023		2022
United States	$	391,801	$	349,743	$	406,894
International markets:
Germany	65,263		60,210		46,120
France	55,730		11,736		—
Japan	32,569		31,668		32,781
Other international markets	42,471		32,757		30,713
International markets - Total	196,033		136,371		109,614
Greater China (1)	17,386		23,224		21,332
Total net revenues	$	605,220	$	509,338	$	537,840

(1)    For additional information, see c below.

The company's net revenues by performance period are as follows:

	Year ended December 31,
	2024		2023		2022
Net revenues recognized in the reporting period from performance obligations satisfied in:
Reporting period	$	568,819	$	492,089	$	480,266
Previous periods	36,401		17,249		57,574
Total net revenues	$	605,220	$	509,338	$	537,840

b.     Contract balances

The following table provides information about trade receivables, unbilled receivables and contract liabilities from contracts with customers::

	December 31,
	2024		2023
Trade receivables	$	68,501	$	56,970
Unbilled receivables	$	5,725	$	4,251
Deferred revenues (short-term contract liabilities)	$	(14,225)	$	(16,224)

During the years ended December 31, 2024, 2023and 2022, the Company recognized $16,224, $18,028 and $17,762, respectively, which were included in the deferred revenues (short-term contract liability) balance at January 1, 2024 , 2023 and 2022.

c.     Zai agreement:

The Company recognizes revenue pursuant to the License Agreement with Zai (see note 12) in accordance with ASC 606, "Revenue Recognition from Customers." The License Fee was deferred and recognized over the performance period commencing September 10, 2018 ("Zai Performance Period"). The potential development and regulatory milestones will be included in the transaction price when the Company concludes that achievement of the milestones is probable, and that recognition of revenue related to the milestones will not result in a significant reversal in amounts recognized in future periods, and as such have been excluded from the transaction price until

such probability is achieved. Revenue from royalty payments are estimated and recognized in accordance with ASC 606. Revenues from sales of product or rendering services are recognized upon shipping the products or rendering the services and satisfying the performance obligation.

During the year ended December 31, 2020, the Company triggered milestone payments of $10,000 in the aggregate, which, along with the License Fee, were deferred and recognized over the remainder of the Zai Performance Period on a straight-line basis. For the three years ended December 31, 2024, no additional milestones were included in the transaction price.