Note 12 - Revenue From Product Sales |
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| Revenue from Contract with Customer [Text Block] |
Note 12 – Revenue From Product Sales
Net product sales consist of the following for the three and six months ended June 30, 2026 and 2025 (in thousands):
All product sales of Jelmyto and Zusduri are recognized through the Company's arrangements with customers as defined by ASC 606, both of which are third-party national specialty distributors. The Company's largest customer comprised approximately 52% and over 75% of product sales for the three months ended June 30, 2026 and June 30, 2025, respectively, and approximately 52% and over 80% of product sales for the six months ended June 30, 2026 and June 30, 2025, respectively. The Company's largest customer comprised approximately 34% and 59% of accounts receivable at June 30, 2026 and December 31, 2025, respectively. Net revenue recognized includes gross revenue and management’s estimate of returns, consideration paid to the customers, such as rebates, chargebacks relating to differences between the wholesale acquisition cost and the contracted price offered to the end consumer, chargebacks relating to 340B drug pricing programs and other government sponsored programs, Medicaid drug rebate programs, the Company’s copay assistance program, and Medicare refunds for discarded drug. The Company does not anticipate any Medicare refunds for discarded drug for Zusduri. The Company estimates these elements of variable consideration based on the contractual or statutory terms governing the arrangements and the Company’s historical experience, and constrains the net revenue recognized for product sales to the value that is not probable to be reversed when the uncertainty associated with the variable consideration is subsequently resolved. Reserves for chargebacks and returns are net settled and recognized as contra accounts receivable while the remaining reserves are recognized within other current liabilities on the condensed consolidated balance sheets. The following table shows the activity with respect to sales reserves for the period ended June 30, 2026 and 2025 (in thousands):
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