v3.26.1
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue
Disaggregation of total revenues by nature is as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)
2026202520262025
Product sales, net$118,129 $90,077 $211,502 $157,891 
Product supply revenue1,976 6,185 2,330 6,439 
Licensing revenue96 20 147 5,040 
Non-cash royalty revenue related to the sale of future royalties676 1,380 1,371 2,406 
Total revenues$120,877 $97,662 $215,350 $171,776 
Total product sales, net was as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)
2026202520262025
Product sales, net
IBSRELA$86,243 $65,045 $156,317 $109,448 
XPHOZAH31,886 25,032 55,185 48,443 
Total product sales, net$118,129 $90,077 $211,502 $157,891 
Product sales, net as a percentage of total revenues
97.7 %92.2 %98.2 %91.9 %
The following table summarizes total revenues by collaboration partner:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Licensing revenue
Fosun Pharma
$95 $— $115 $5,000 
Knight
1 20 32 40 
Total licensing revenue
$96 $20 $147 $5,040 
Product supply revenue
Fosun Pharma
$1,976 $— $2,328 $— 
Kyowa Kirin
— 6,185 2 6,185 
Knight
— — — 254 
Total supply revenue
$1,976 $6,185 $2,330 $6,439 
Non-cash royalty revenue related to the sale of future royalties
Kyowa Kirin
$676 $1,380 $1,371 $2,406 
Schedule of Revenue from Customers as a Percentage of Total Product Revenue, Net
Gross product sales from Customers accounting for more than 10% of total revenues were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Customers(1)
BioRidge Pharma, LLC76.3 %61.1 %80.3 %62.2 %
Cencora, Inc.16.0 %20.5 %16.5 %19.5 %
McKesson Corporation14.4 %20.7 %15.0 %19.1 %
Cardinal Health, Inc.14.4 %23.4 %13.7 %22.8 %
Caremark, LLC13.4 %— %12.8 %— %
(1)The total of the above percentages exceeds 100% as the numerators used in the calculations represent gross product sales for each Customer, as opposed to product sales, net as presented in our condensed statements of operations and comprehensive loss.
Schedule of Gross To Net Adjustments of Revenue
The activities and ending reserve balances for each significant category of GTN adjustments on product sales, net, which constitute variable consideration, were as follows:
(in thousands)
Discounts and Chargebacks
Rebates, Wholesaler and GPO Fees
Copay Assistance and Returns
Total
Balance as of December 31, 2025$1,693 $34,456 $9,274 $45,423 
Provisions(1)
17,983 70,766 25,383 114,132 
Credits/payments(16,957)(58,732)(24,495)(100,184)
Balance as of June 30, 2026$2,719 $46,490 $10,162 $59,371 
(1)Adjustments to prior period provisions recorded in the current period were not material.