v3.26.1
COLLABORATION AND LICENSING AGREEMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Collaboration and Licensing Agreements  
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 $2,406 
Schedule of Deferred Revenue Balances
The following table presents changes in our current deferred revenue balances by collaboration partner:
20262025
(in thousands)
Current
Kyowa KirinFosun PharmaTotalKyowa KirinFosun PharmaTotal
Deferred revenue balance as of January 1,$— $1,206 $1,206 $10,686 $— $10,686 
Prepaid product supply— 7,529 7,529 227 — 227 
Product supply delivered— (1,997)(1,997)(4,633)— (4,633)
Reclassify amounts to be recognized in the next 12 months— — — — — — 
Deferred revenue balance as of June 30,$— $6,738 $6,738 $6,280 $— $6,280 
The following table presents changes in our non-current deferred revenue balances by collaboration partner:
20262025
(in thousands)
Non-current
Kyowa KirinFosun PharmaTotalKyowa KirinFosun PharmaTotal
Deferred revenue balance as of January 1,$13,699 $— $13,699 $7,232 $— $7,232 
Prepaid product supply— — — 5,063 — 5,063 
Product supply delivered— — — — — — 
Reclassify amounts to be recognized in the next 12 months— — — — — — 
Deferred revenue balance as of June 30,$13,699 $— $13,699 $12,295 $— $12,295