v3.26.1
PRODUCT REVENUE AND PROVISIONS FOR VARIABLE CONSIDERATION
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
PRODUCT REVENUE AND PROVISIONS FOR VARIABLE CONSIDERATION PRODUCT REVENUE AND PROVISIONS FOR VARIABLE CONSIDERATION
The following table presents net product revenue for Vafseo and Auryxia (in thousands): 
Three Months Ended March 31,
Product20262025
Vafseo$15,802 $12,034 
Auryxia(1)
36,190 43,757 
Total product revenues$51,992 $55,791 
(1) Includes the authorized generic version of Auryxia sold and distributed by the Company's authorized generic distribution partner, Mylan Therapeutics, Inc., or AG Distributor, during the three months ended March 31, 2026 and 2025.
The following tables present changes in the Company’s contract assets and liabilities related to the Company's sales to its AG Distributor (in thousands):
Three Months Ended March 31, 2026
Balance at
Beginning of
Period		AdditionsDeductionsBalance
at End
of Period
Contract assets:
Accounts receivable$194 $— $— $194 
Contract liabilities:
Deferred revenue$2,681 $4,826 $(3,011)$4,496 
Three Months Ended March 31, 2025
Balance at
Beginning of
Period		AdditionsDeductionsBalance
at End
of Period
Contract assets:
Accounts receivable$— $1,241 $— $1,241 
Contract liabilities:
Deferred revenue$— $1,241 $— $1,241 
The Company recognized the following revenues related to the Company's sales to its AG Distributor as a result of changes in the contract asset and contract liability balances in the respective periods (in thousands): 
Three Months Ended March 31,
Revenue Recognized in the Period:20262025
Deferred revenue — beginning of the period
$3,011 $— 
Product revenue allowance and provision categories were as follows: 
(in thousands)Chargebacks
and Discounts		Rebates, Fees
and Other
Deductions		Product ReturnsTotal
Balance at December 31, 2025$1,153 $72,589 $3,351 $77,093 
Current provisions related to sales in current year1,458 20,270 159 21,887 
Adjustments related to prior year sales26 (1,483)— (1,457)
Credits/payments made(1,639)(12,449)(872)(14,960)
Balance at March 31, 2026$998 $78,927 $2,638 $82,563 
(in thousands)Chargebacks
and Discounts
Rebates, Fees
and Other
Deductions
Product ReturnsTotal
Balance at December 31, 2024$1,436 $15,726 $6,442 $23,604 
Current provisions related to sales in current year380 20,147 387 20,914 
Adjustments related to prior year sales69 400 (164)305 
Credits/payments made(1,389)(8,822)(145)(10,356)
Balance at March 31, 2025$496 $27,451 $6,520 $34,467 
Chargebacks, discounts and estimated product returns are recorded as a reduction of revenue in the period the related product revenue is recognized in the unaudited condensed consolidated statements of operations and comprehensive income (loss). Chargebacks are recorded as a reduction to accounts receivable while discounts, rebates, fees and other deductions are recorded with a corresponding increase to accrued expenses and other current liabilities or accounts payable on the condensed consolidated balance sheets. Estimated product returns on product sales that are not expected to be returned within one year are recorded as other long-term liabilities in the unaudited condensed consolidated balance sheets.
Accounts receivable, net related to product sales, was approximately $60.9 million and $44.4 million as of March 31, 2026 and December 31, 2025, respectively.