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Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
During the three months ended March 31, 2025, the Company recognized $93.9 million (2024: $70.3 million) of net revenue from sale of therapies relating to the sale of KIMMTRAK primarily in the United States and Europe after estimated deductions for rebates, chargebacks and returns, which are recognized in Accrued expenses and other current liabilities and Accrued expenses, non-current, as set out in the Company’s accounting policies included in the Annual Report.
Revenue from sale of therapies, net is presented by country / region based on the location of the end customer below (in thousands):
Three Months Ended March 31,
20252024
United States$56,607 $50,026 
Europe32,804 18,952 
International4,470 1,364 
Revenue from sale of therapies, net$93,881 $70,342 
Revenue from sale of therapies, net for the three months ended March 31, 2025 includes $7.3 million (2024: $2.2 million), of partnered revenue under the Company's agreement with Medison Pharma Ltd. ("Medison"), and such revenue is split between its European and international markets.
Accounts receivable from contracts with customers
Accounts receivable as of March 31, 2025 and December 31, 2024 were $63.1 million and $63.0 million, respectively. An allowance for lifetime expected credit losses on accounts receivable is measured using historical credit loss experience, conditions at the end of each reporting period, and reasonable and supportable forecasts that affect collectability. Expected credit losses as of March 31, 2025 and December 31, 2024 were immaterial.
Accruals for rebates, chargebacks and returns
Current and non-current accruals for rebates, chargebacks and returns as of March 31, 2025 were as follows (in thousands):
RebatesChargebacksReturnsTotal
As of December 31, 2024$108,521 $2,038 $365 $110,924 
Provisions related to sales in the period30,983 8,542 2,771 42,296 
Adjustments related to sales in prior periods(5,983)— — (5,983)
Credits and payments made(14,828)(8,805)(2,310)(25,943)
As of March 31, 2025$118,693 $1,775 $826 $121,294 
    
Included in the above are non-current accruals for rebates, chargebacks and returns of $61.8 million and $0 million as of March 31, 2025 and December 31, 2024, respectively, which are not required to be paid in the twelve months from the balance sheet date following additional information received in the three months ended March 31, 2025. The adjustments related to prior period sales in the period ended March 31, 2025 were due to changes in estimates primarily related to European pricing negotiations.

Deferred revenue
Non-current deferred revenue as of March 31, 2025 and December 31, 2024 relates to a revised distribution agreement with Medison entered into in November 2022. Under the revised agreement, the Company received a non-refundable payment of $5.0 million in exchange for granting Medison exclusive distribution rights in South America. The Company has determined that the deferred revenue relates to the Company’s single, combined performance obligation to supply KIMMTRAK to Medison and to grant Medison the exclusive right to distribute KIMMTRAK in South America. The Company expects to recognize this revenue within net revenue from sale of therapies following first commercial sale in the territory. As of March 31, 2025, the Company estimates that revenue recognition of this non-current deferred revenue will commence after one year or later.