v3.26.1
PRODUCT REVENUE AND PROVISIONS FOR VARIABLE CONSIDERATION (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
Product2026202520262025
Vafseo$21,302 $13,279 $37,104 $25,313 
Auryxia(1)
25,463 47,182 61,653 90,939 
Total product revenues$46,765 $60,461 $98,757 $116,252 
(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 and six months ended June 30, 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):
Six Months Ended June 30, 2026
Balance at
Beginning of
Period		AdditionsDeductionsBalance
at End
of Period
Contract assets:
Accounts receivable$194 $12,300 $(9,668)$2,826 
Contract liabilities:
Deferred revenue$2,681 $12,495 $(9,050)$6,126 
Six Months Ended June 30, 2025
Balance at
Beginning of
Period		AdditionsDeductionsBalance
at End
of Period
Contract assets:
Accounts receivable$— $8,662 $(3,294)$5,368 
Contract liabilities:
Deferred revenue$— $8,118 $(2,586)$5,532 
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 June 30,Six Months Ended June 30,
Revenue Recognized in the Period:2026202520262025
Deferred revenue — beginning of the period
$5,616 $1,241 $8,626 $— 
The following tables present changes in the Company’s contract assets and liabilities related to license and other revenue (in thousands):
Six Months Ended June 30, 2026
Balance at
Beginning of
Period		AdditionsDeductionsBalance
at End
of Period
Contract asset:
Accounts receivable(1)
$2,391 $3,948 $(3,792)$2,547 
Contract liability:
Deferred revenue
$— $44 $— $44 
Six Months Ended June 30, 2025
Balance at
Beginning of
Period		AdditionsDeductionsBalance
at End
of Period
Contract assets:
Accounts receivable(1)
$2,010 $3,556 $(3,521)$2,045 
(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 June 30, 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 year3,298 36,600 320 40,218 
Adjustments related to prior year sales26 (4,701)— (4,675)
Credits/payments made(3,416)(30,027)(1,414)(34,857)
Balance at June 30, 2026$1,061 $74,461 $2,257 $77,779 
(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 year1,202 42,323 496 44,021 
Adjustments related to prior year sales69 346 (164)251 
Credits/payments made(2,359)(13,227)(269)(15,855)
Balance at June 30, 2025$348 $45,168 $6,505 $52,021