| Revenue |
Revenue The table below provides a disaggregation of revenues by type and customer location for the three and six months ended June 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | | Types of goods and services | | | | | | | | | | Product revenues, net | | $ | 18,085 | | | $ | 17,030 | | | $ | 35,489 | | | $ | 34,878 | | | License revenues | | — | | | — | | | 5,000 | | | — | | | Royalties | | 754 | | | 380 | | | 1,383 | | | 585 | | | Total revenue | | $ | 18,839 | | | $ | 17,410 | | | $ | 41,872 | | | $ | 35,463 | | | | | | | | | | | | Customer Location | | | | | | | | | | U.S. | | $ | 18,085 | | | $ | 17,030 | | | $ | 35,489 | | | $ | 34,878 | | EMEA(1) | | 754 | | | 380 | | | 6,383 | | | 585 | | | | | | | | | | | | Total revenue | | $ | 18,839 | | | $ | 17,410 | | | $ | 41,872 | | | $ | 35,463 | |
(1) Europe, the Middle East and Africa
Product revenues, net The table below provides a rollforward of the Company’s accruals related to the gross-to-net (“GTN”) sales adjustments for the three and six months ended June 30, 2025:
| | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Discarded Drug Rebate | | Other Adjustments | | Total | | Balance as of April 1, 2025 | | $ | 9,672 | | | $ | 2,367 | | | $ | 12,039 | | | GTN accruals for current period | | 2,020 | | | 3,904 | | | 5,924 | | | Prior period adjustments | | — | | | (241) | | | (241) | | | Credits, payments and reclassifications | | — | | | (3,540) | | | (3,540) | | | Balance as of June 30, 2025 | | $ | 11,692 | | | $ | 2,490 | | | $ | 14,182 | | | | | | | | | | Balance as of January 1, 2025 | | $ | 15,103 | | | $ | 2,386 | | | $ | 17,489 | | | GTN accruals for current period | | 3,969 | | | 8,010 | | | 11,979 | | | Prior period adjustments | | (200) | | | (573) | | | (773) | | | Credits, payments and reclassifications | | (7,180) | | | (7,333) | | | (14,513) | | | Balance as of June 30, 2025 | | $ | 11,692 | | | $ | 2,490 | | | $ | 14,182 | |
The table below provides a rollforward of the Company’s accruals related to the gross-to-net (“GTN”) sales adjustments for the three and six months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Discarded Drug Rebate | | Other Adjustments | | Total | | Balance as of April 1, 2024 | | $ | 9,393 | | | $ | 3,768 | | | $ | 13,161 | | | GTN accruals for current period | | 1,858 | | | 3,759 | | | 5,617 | | | Prior period adjustments | | — | | | (791) | | | (791) | | | Credits, payments and reclassifications | | — | | | (3,479) | | | (3,479) | | | Balance as of June 30, 2024 | | $ | 11,251 | | | $ | 3,257 | | | $ | 14,508 | | | | | | | | | | Balance as of January 1, 2024 | | $ | 7,391 | | | $ | 3,946 | | | $ | 11,337 | | | GTN accruals for current period | | 3,904 | | | 8,217 | | | 12,121 | | | Prior period adjustments | | (44) | | | (1,020) | | | (1,064) | | | Credits, payments and reclassifications | | — | | | (7,886) | | | (7,886) | | | Balance as of June 30, 2024 | | $ | 11,251 | | | $ | 3,257 | | | $ | 14,508 | |
The table below provides the classification of the accruals related to the GTN sales adjustment included in the Company’s unaudited condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024.
| | | | | | | | | | | | | | | | (in thousands) | | June 30, 2025 | | December 31, 2024 | | Accounts receivable, net | | $ | 1,844 | | | $ | 1,792 | | | Other current and non-current liabilities | | 12,338 | | | 15,697 | | | | $ | 14,182 | | | $ | 17,489 | |
Customers from which we derive more than 10% of our total product revenues for the three and six months ended June 30, 2025 and 2024 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | McKesson | | 40 | % | | 37 | % | | 37 | % | | 40 | % | AmerisourceBergen Corporation(1) | | 39 | % | | 35 | % | | 40 | % | | 36 | % | | Cardinal Health | | 21 | % | | 28 | % | | 23 | % | | 24 | % |
(1) AmerisourceBergen also operates under the name Cencora.
License revenues
The Company is party to an exclusive license agreement with Sobi for the development and commercialization of ZYNLONTA for all hematologic and solid tumor indications outside of the U.S., greater China, Singapore and Japan. Under the terms of the agreement, the Company is eligible to receive regulatory and net sales-based milestones. In March 2025, the Company recognized $5.0 million in license revenue upon ZYNLONTA’s conditional approval by Health Canada for the treatment of relapsed or refractory DLBCL after two or more lines of systemic therapy. The payment was received in the second quarter of 2025.
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