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Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
Product Revenue, Net
During the three and six months ended June 30, 2025, the Company recorded net revenue $1.7 million and $2.7 million, respectively, for the sale of the Company’s product. Net revenue was $0.6 million for the three and six months ended June 30, 2024 following the commercial launch of the Company’s product during the three months ended June 30, 2024.
The following table summarizes the balances and activity in each of the product reserve accounts for the six months ended June 30, 2025.
(in thousands)Rebates and DiscountsCo-Pay AssistanceProduct ReturnsTotal
Beginning balance at December 31, 2024$99 $29 $11 $139 
Provision related to revenue associated with sales processed in the six month period ended June 30, 2025252 55 30 337 
Adjustments related to revenue associated with sales processed in prior periods(16)6 — (10)
Credits and payments made during the period(94)(92)— (186)
Balance as of June 30, 2025$241 $(2)$41 $280 

The provision for contractual discounts provided to the Company’s customer is recorded as a reduction of accounts receivable. The provisions for co-pay assistance payments, contractual rebates and product returns are classified within accrued expenses.

The following table provides a rollforward of accounts receivable for the six months ended June 30, 2025.

(in thousands)Accounts Receivable
Beginning balance at December 31, 2024$1,070 
Increase in accounts receivable for drug product sales2,926 
Decrease in accounts receivable for cash collections(2,851)
Balance as of June 30, 2025$1,145 

License and Other
During the first quarter of 2025, the Company entered into the Norgine Agreement. The Company analyzed the activities required under the Norgine Agreement and concluded that the arrangement was indicative of a vendor-customer relationship and would be accounted for under ASC 606. During the six months ended June 30, 2025, the Company received a one-time, non-refundable, up-front payment of €28.5 million and a regulatory milestone payment of €0.5 million, which are included the transaction price. All other future regulatory-based milestone payments, which represent variable consideration, have been fully constrained as these are not yet considered probable. The Company has also excluded from the transaction price future royalty payments that are based on units sold by Norgine and future cumulative revenue-based milestone payments under the applicable practical expedient.

Under the Norgine Agreement, the Company’s promises include a) the delivery of a license, b) research and development services for certain components of WHIM clinical studies, c) research and development services for the global Phase 3 trial of XOLREMDI for CN, and d) the option for delivery of commercial drug supply pursuant to a manufacturing agreement. The Company assessed the above promises and determined that the option for delivery of commercial drug supply is priced at fair value, and therefore is not a material right or a performance obligation. Revenue from the delivery of manufacturing supply will be recorded when delivered at the pricing agreed to in the contract. The license was considered functional intellectual property as of the inception of the Norgine Agreement and distinct from other promises under the contract, as Norgine can benefit from the license on its own or together with other readily available resources. Each of the research and development services were considered distinct as the customer can benefit from these services together with the license transferred at the inception of the agreement. The research and development services will not modify or customize the initial intellectual property transferred at contract inception due to the late stage of development of the intellectual property. As a result, the Company identified three performance obligations: a) the delivery of the license, b) research and development services for certain components of WHIM clinical studies, and c) research and development services for the global Phase 3 trial of XOLREMDI for CN.

The Company allocated the transaction price of $29.7 million among these three performance obligations based on the Company’s best estimate of stand-alone selling price for each distinct performance obligation. The Company developed the estimated standalone selling price, at inception, for each of the three performance obligations with the objective of determining the price at which the Company would sell such an item if it were to be sold regularly on a standalone basis. The Company developed the estimated standalone selling price for the license primarily based on the probability-weighted present value of expected future cash flows. In developing such estimates, the Company applied judgment in determining the forecasted
revenues, taking into consideration the applicable market conditions and relevant entity-specific factors, the probability of success, the time needed to develop XOLREMDI and the discount rate. The Company developed the estimated standalone selling price for the research and development services based on the amount a third party would pay for these services, which contemplates the level of efforts necessary to perform these services and the costs for full-time equivalent employees and expected resources to be committed plus a reasonable margin.

During the six months ended June 30, 2025, the Company recognized $27.6 million for the delivery of the license and $0.5 million for research and development services. The license performance obligation was satisfied at a point in time upon transfer of the license to Norgine. Control of the license was transferred on the effective date of the Norgine Agreement as Norgine could begin to use and benefit from the license. For the research and development performance obligations, the Company recognizes revenue over time using an input method based on cost incurred during the period relative to the total estimated cost of the obligation. This method, in management’s judgment, is the best measure of progress towards satisfying the performance obligation as the transfer of control occurs as services are performed. The amounts received that have not yet been recognized as revenue are recorded as deferred revenue on the condensed consolidated balance sheet and will be recognized over the remaining period as the performance obligation is satisfied.

The following table summarizes the allocation of transaction price to the three performance obligations in the Norgine Agreement based on the weighting of estimated stand-alone selling price for these performance obligations at the inception of the agreement.

Allocation of Transaction PriceRevenue Recognized
(in thousands)Six Months Ended June 30,
Performance Obligation:20252024
License$27,639 $27,639 $— 
Research and development services: WHIM312 25— 
Research and development services: CN 1,724 430— 
Total$29,675 $28,094 $— 


As of June 30, 2025, deferred revenue related to the Norgine Agreement was $1.6 million, of which $0.8 million was current.