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Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
During the three and six months ended June 30, 2025, the Company recognized $98.0 million and $191.8 million, respectively (2024: $75.3 million and $145.7 million, respectively) 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 June 30,Six Months Ended June 30,
2025202420252024
United States$64,087 $55,606 $120,694 $105,632 
Europe33,042 15,404 65,846 34,356 
International835 4,337 5,305 5,701 
Revenue from sale of therapies, net
$97,964 $75,347 $191,845 $145,689 

Revenue from sale of therapies, net for the three and six months ended June 30, 2025 included $5.2 million and $12.6 million, respectively (2024: $5.0 million and $7.2 million, respectively), of partnered revenue pursuant to the Company's separate agreements with Medison Pharma Ltd. ("Medison") and Er-Kim Pharmaceuticals Bulgaria EOOD ("Er-Kim"). Revenue from these agreements is allocated between the Company's European and international markets.
Accounts receivable from contracts with customers
Accounts receivable as of June 30, 2025 and December 31, 2024 were $69.8 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 June 30, 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 June 30, 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 period78,009 20,001 7,247 105,257 
Adjustments related to sales in prior periods(5,983)— — (5,983)
Credits and payments made(34,372)(19,578)(6,780)(60,730)
As of June 30, 2025$146,175 $2,461 $832 $149,468 
    
Included in the above are non-current accruals for rebates, chargebacks and returns of $83.4 million and $0 million as of June 30, 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 six months ended June 30, 2025. The adjustments related to prior period sales in the period ended June 30, 2025 were due to changes in estimates primarily related to European pricing negotiations.
Deferred revenue
Current and non-current deferred revenue as of June 30, 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 revenue will be recognized on a straight-line basis over the term of the contract of 10 years from the date of the first commercial sale in the territory. Following the first commercial sale in the territory during the three months ended June 30, 2025, the Company began recognizing this revenue within net revenue from sale of therapies and consequently the Company reclassified the portion of deferred revenue expected to be recognized over the next twelve months as current.