Revenue Components

12 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

The following table provides information about the Company’s revenues (in thousands):


	Year Ended March 31,
	2022		2021		2020
Revenues:
Product revenue, net:
ORGOVYX	$	82,959	$	3,630	$	—
MYFEMBREE	6,355		—		—
Richter product supply and royalties	4,995		—		—
Total product revenue, net	94,309		3,630		—
Pfizer collaboration revenue:
Amortization of upfront payment	83,897		22,354		—
Amortization of regulatory milestone	21,099		—		—
Total Pfizer collaboration revenue	104,996		22,354		—
Richter license and milestone revenue	31,667		33,333		—
Total revenues	$	230,972	$	59,317	$	—

Product Revenue, net

The Company began generating product revenue from sales of ORGOVYX and MYFEMBREE in the U.S. in January 2021 and June 2021, respectively. The Company records product revenue net of estimated discounts, chargebacks, rebates, product returns, and other gross-to-net revenue deductions.

For the year ended March 31, 2022, product revenue, net also includes revenues related to product supply to Richter to support their European launches of RYEQO of $4.7 million, as well as royalties on net sales of RYEQO in Richter’s Territory of $0.3 million. There were no such revenues recorded for the years ended March 31, 2021, and 2020.

Product revenue, net by geography consisted of the following (in thousands):


	Year Ended March 31,
	2022		2021		2020
United States	$	89,314	$	3,630	$	—
Europe	4,995		—		—
Total product revenue, net	$	94,309	$	3,630	$	—

The activities and ending balances for each significant category of discounts and allowances (which constitutes variable consideration) for the years ended March 31, 2022 and 2021 were as follows (in thousands):


	Reserve -government and other incentives		Chargebacks and administrative fees		Returns		Sales Discounts		Total
Balance as of March 31, 2020	$	—	$	—	$	—	$	—	$	—
Provision related to sales in the current year	1,351		363		109		109		1,932
Credits and payments made during the current year	(508)		—		—		(30)		(538)
Balance as of March 31, 2021	843		363		109		79		1,394
Provision related to sales in the current year	38,910		13,384		2,919		2,377		57,590
Adjustments related to prior year sales	(305)		(124)		—		—		(429)
Credits and payments made during the current year	(25,714)		(10,995)		—		(1,970)		(38,679)
Balance as of March 31, 2022	$	13,734	$	2,628	$	3,028	$	486	$	19,876

The total reserves described above are summarized as components of the Company’s consolidated balance sheets as follows (in thousands):


	March 31,
	2022		2021
Reduction of accounts receivable, net	$	486	$	79
Component of accrued expenses and other current liabilities	19,390		1,315
Total revenue-related reserves	$	19,876	$	1,394

Pfizer Collaboration Revenue

For the year ended March 31, 2022, Pfizer collaboration revenue consists of the partial recognition of the upfront payment the Company received from Pfizer upon entering into the Pfizer Collaboration and License Agreement in December 2020 and of the regulatory milestone payment from Pfizer that was triggered upon the FDA approval of MYFEMBREE for the management of heavy menstrual bleeding associated with uterine fibroids on May 26, 2021. For the year ended March 31, 2021, Pfizer collaboration revenue consists of the partial recognition of the upfront payment the Company received from Pfizer in December 2020. There was no Pfizer collaboration revenue for the year ended March 31, 2020. See Note 13(B) for additional information regarding the Pfizer Collaboration and License Agreement.

Richter License and Milestone Revenue

Richter license and milestone revenue for the year ended March 31, 2022 was $31.7 million, consisting of the recognition of a $15.0 million regulatory milestone payment from Richter that was triggered upon the EC approval of RYEQO for the treatment of moderate to severe symptoms of uterine fibroids in adult women of reproductive age and $16.7 million of previously deferred revenue that was recognized upon completion of the Company’s delivery of the remaining substantive relugolix combination tablet data packages to Richter. Richter license and milestone revenue for the year ended March 31, 2021 consists of the recognition of $33.3 million of the upfront and regulatory milestone payments the Company received from Richter in March 2020 and April 2020, respectively. There was no Richter license and milestone revenue for the year ended March 31, 2020. See Note 13(A) for additional information regarding the Richter Development and Commercialization Agreement.