v3.26.1
PRODUCT REVENUE AND PROVISIONS FOR VARIABLE CONSIDERATION (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Product Revenues
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.
Schedule of Changes in Contract Assets and Liabilities
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 $— 
The following tables present changes in the Company’s contract assets and liabilities related to license and other revenue (in thousands):
Three Months Ended March 31, 2026
Balance at
Beginning of
Period		AdditionsDeductionsBalance
at End
of Period
Contract asset:    
Accounts receivable(1)
$2,391 $1,552 $(2,282)$1,661 
Three Months Ended March 31, 2025
Balance at
Beginning of
Period		AdditionsDeductionsBalance
at End
of Period
Contract assets:
Accounts receivable(1)
$2,010 $1,545 $(1,989)$1,566 
(1) Excludes accounts receivable related to amounts due to the Company from product sales of Auryxia and Vafseo which are included in the accompanying unaudited condensed consolidated balance sheets as of March 31, 2026 and 2025.
Schedule of Product Revenue Allowance and Provision Categories
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