6. PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE, NET AND RESERVES FOR PRODUCT REVENUES

Net product revenues, which includes revenues associated with the PMO Products and ELEVIDYS, consisted of the following:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)
PMO Products
United States	$	198,605	$	202,922	$	387,394	$	388,750
Rest of World		31,959		28,350		71,720		79,060
Total PMO product revenues, net	$	230,564	$	231,272	$	459,114	$	467,810
ELEVIDYS
United States	$	98,125	$	281,851	$	200,090	$	656,836
Total ELEVIDYS product revenues, net	$	98,125	$	281,851	$	200,090	$	656,836
Total product revenues, net	$	328,689	$	513,123	$	659,204	$	1,124,646

For the three and six months ended June 30, 2026 and 2025, no individual country outside the U.S. exceeded 10% of total net product revenues.

The following table summarizes the Company's net product revenues, by customer, for those customers that exceeded 10% for the periods indicated:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2026			2025			2026			2025
Product revenues, net
Customer 1		35	%		25	%		37	%		22	%
Customer 2		22	%		15	%		21	%		13	%

As of June 30, 2026 and December 31, 2025, the Company's accounts receivable, net were $376.8 million and $398.2 million, respectively, both of which were related to product sales, net of discounts and allowances. As of June 30, 2026, the majority of the Company’s accounts receivable arose from product sales in the U.S. and all customers have standard payment terms that generally require payment within 65 to 90 days. Outside of the U.S., the majority of the Company’s customers have payment terms ranging between 90 and 150 days.

The following tables summarize an analysis of the change in reserves for discounts and allowances for each of the periods indicated:


	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2025	$	25,563		$	116,585		$	3,831		$	54,057		$	200,036
Provision		48,056			78,427			7,598			42,201			176,282
Adjustments relating to prior periods		—			(4,486	)		(1,429	)		(21	)		(5,936	)
Payments/credits		(52,925	)		(72,801	)		(5,994	)		(53,066	)		(184,786	)
Balance, as of June 30, 2026	$	20,694		$	117,725		$	4,006		$	43,171		$	185,596


	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2024	$	45,904		$	107,843		$	5,941		$	34,611		$	194,299
Provision		131,842			109,973			10,965			45,012			297,792
Adjustments relating to prior periods		—			(9,497	)		—			(625	)		(10,122	)
Payments/credits		(130,222	)		(64,359	)		(11,251	)		(43,412	)		(249,244	)
Balance, as of June 30, 2025	$	47,524		$	143,960		$	5,655		$	35,586		$	232,725