v3.25.1
Product Revenues, Accounts Receivable, and Reserves for Product Sales (Tables)
3 Months Ended
Mar. 31, 2025
Product Revenues Accounts Receivable And Reserves For Product Sales [Abstract]  
Schedule of Disaggregation of Product Revenue by Major Source

The table reflects product revenue by major source for the following periods (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 Products:

 

 

 

 

 

 

 EMPAVELI

 

$

19,726

 

 

$

25,610

 

 SYFOVRE

 

 

130,174

 

 

 

137,465

 

 Total Product revenue, net

 

$

149,900

 

 

$

163,075

 

Summary of Product Revenue Allowance and Reserve Categories

The following table summarizes activity in each of the product revenue allowance and reserve categories for the three months ended March 31, 2025 and 2024 (in thousands):

 

 

 

Fees and patient assistance

 

 

Government and other rebates

 

 

Returns

 

 

Total

 

 Ending balance at December 31, 2024

 

$

11,589

 

 

$

31,533

 

 

$

2,023

 

 

$

45,145

 

 Provision related to sales in the current year

 

 

10,277

 

 

 

24,139

 

 

 

976

 

 

 

35,392

 

 Adjustments related to prior period sales

 

 

439

 

 

 

(13

)

 

 

(382

)

 

 

44

 

 Credits and payments made

 

 

(13,084

)

 

 

(28,467

)

 

 

(126

)

 

 

(41,677

)

 Ending balance at March 31, 2025

 

$

9,221

 

 

$

27,192

 

 

$

2,491

 

 

$

38,904

 

 

 

 

Fees and patient assistance

 

 

Government and other rebates

 

 

Returns

 

 

Total

 

 Ending balance at December 31, 2023

 

$

5,674

 

 

$

8,898

 

 

$

2,053

 

 

$

16,625

 

 Provision related to sales in the current year

 

 

9,575

 

 

 

13,125

 

 

 

1,355

 

 

 

24,055

 

 Adjustments related to prior period sales

 

 

146

 

 

 

(19

)

 

 

(96

)

 

 

31

 

 Credits and payments made

 

 

(9,724

)

 

 

(9,906

)

 

 

(1,859

)

 

 

(21,489

)

 Ending balance at March 31, 2024

 

$

5,671

 

 

$

12,098

 

 

$

1,453

 

 

$

19,222

 

Schedule of Customer Accounted for 10% of More of Gross Product Revenues and Accounts Receivable

Significant customers - Gross product revenues and product sales receivable from the Company's customers who individually accounted for 10% of more of total gross product revenues and/or 10% or more of total product sales receivable consisted of the following:

 

 

 

Percent of Total Gross Product Revenues

 

 

Three Months Ended March 31,

 

 

2025

 

2024

 Customer A

 

11%

 

15%

 Customer C

 

18%

 

19%

 Customer D

 

58%

 

59%

 

 

 

Percent of Product Sales Receivable

 

 

As of March 31,

 

 

2025

 

2024

 Customer A

 

4%

 

3%

 Customer C

 

31%

 

21%

 Customer D

 

49%

 

67%

Schedule of Factoring of Accounts Receivable and Associated Fees

Factoring of accounts receivable and associated fees for the period ended March 31, 2025 and 2024 were as follows (in thousands):

 

 

 

For the Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

 Accounts receivable sold

 

$

99,735

 

 

$

 

 Less: factoring fees

 

 

(1,212

)

 

 

 

 Net cash proceeds

 

$

98,523

 

 

$