Note 2 - Revenue |
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| Revenue from Contract with Customer [Text Block] |
NOTE 2 - REVENUE
As discussed in Note 1 - Organization and Summary of Significant Accounting Policies, revenues are recognized under guidance within ASC 606. The following table presents the Company’s disaggregated revenue for the periods presented (in thousands):
Product Revenue, net
For the three months ended March 31, 2026, product revenue consists of U.S. sales of BRIUMVI, of $194.8 million. Also included in product revenue for the three months ended March 31, 2026 are sales of BRIUMVI to the Company’s ex-U.S. licensing partner, Neuraxpharm, of $6.5 million.
As of March 31, 2026, gross-to-net accruals of approximately $27.2 million and $59.0 million are included on the condensed consolidated balance sheets within accounts receivable, net, and accounts payable and accrued expenses, respectively. As of March 31, 2025, gross-to-net accruals of approximately $13.4 million and $28.1 million are included on the condensed consolidated balance sheets within accounts receivable, net, and accounts payable and accrued expenses, respectively.
The Company primarily sells BRIUMVI through specialty distributors. The following table summarizes the customers that represent 10% or more of gross product revenue for the three months ended March 31, 2026 and 2025:
The following table summarizes the customers with amounts due that represent 10% or more of the accounts receivable associated with the Company’s product sales as of March 31, 2026 and December 31, 2025:
License, Milestone, Royalty and Other Revenue
License, milestone, royalty and other revenue consist primarily of recognition of consideration received under the ex-U.S. commercialization agreement (the Commercialization Agreement) with Neuraxpharm. Refer to Note 9 - License Agreements for a description of the Commercialization Agreement and for further information of the accounting in accordance with ASC 606.
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