v3.26.3
Revenue
9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

NOTE 6. REVENUE

Net revenue for the periods presented represents sales of Amtagvi® and Proleukin® as follows (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Amtagvi®

 

$

 

101,602

 

 

$

 

57,482

 

 

$

 

252,545

 

 

$

 

155,127

 

Proleukin®

 

 

 

19,867

 

 

 

 

9,973

 

 

 

 

39,667

 

 

 

 

21,604

 

Total net revenue

 

$

 

121,469

 

 

$

 

67,455

 

 

$

 

292,212

 

 

$

 

176,731

 

 

Revenue from Proleukin® was primarily related to sales made to specialty distributors and authorized treatment centers (“ATCs”) in the U.S. market to support the commercialization of Amtagvi®. Amtagvi® revenue is recognized upon patient infusion, while Proleukin® revenue is recognized upon transfer of control, either upon shipment or upon delivery to customers, which include specialty distributors, clinical manufacturers, research organizations, and ATCs.

Revenue from product sales was recorded net of GTN adjustments. The following table summarizes GTN adjustments for the periods presented (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Gross revenue

 

$

 

122,488

 

 

$

 

68,521

 

 

$

 

295,694

 

 

$

 

179,040

 

GTN adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government rebates and chargebacks

 

 

 

(4

)

 

 

 

(58

)

 

 

 

(307

)

 

 

 

(355

)

Wholesaler fees and cash discounts

 

 

 

(1,336

)

 

 

 

(741

)

 

 

 

(2,908

)

 

 

 

(1,528

)

Other rebates, returns, discounts and adjustments

 

 

 

321

 

 

 

 

(267

)

 

 

 

(267

)

 

 

 

(426

)

Total GTN adjustments

 

 

 

(1,019

)

 

 

 

(1,066

)

 

 

 

(3,482

)

 

 

 

(2,309

)

Net revenue

 

$

 

121,469

 

 

$

 

67,455

 

 

$

 

292,212

 

 

$

 

176,731

 

 

Consolidated net product revenue by geographic area for the periods presented is as follows (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

United States

 

$

 

120,004

 

 

$

 

66,402

 

 

$

 

289,443

 

 

$

 

173,527

 

Rest of world

 

 

 

1,465

 

 

 

 

1,053

 

 

 

 

2,769

 

 

 

 

3,204

 

Net revenue

 

$

 

121,469

 

 

$

 

67,455

 

 

$

 

292,212

 

 

$

 

176,731

 

 

Net product revenue in the U.S. is comprised of Amtagvi® revenue, as well as Proleukin® sales to support the ongoing commercialization of Amtagvi®. Net product revenue to date for the rest of world is comprised of sales of Proleukin® into markets outside of the U.S., primarily into European markets.

The following table summarizes the amount and percentage of gross revenue attributable to customers that represented more than 10% of the Company’s gross revenue and all other customers as a group for the three and nine months ended September 30, 2026 and 2025, respectively (in thousands, except percentages):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2026

 

 

September 30, 2026

 

 

 

$

 

 

%

 

 

$

 

 

%

 

Customer A

 

$

*

 

 

 

0

%

 

$

*

 

 

 

0

%

Other customers

 

 

 

122,488

 

 

 

100

%

 

 

 

295,694

 

 

 

100

%

Gross revenue

 

$

 

122,488

 

 

 

100

%

 

$

 

295,694

 

 

 

100

%

GTN adjustments

 

 

 

(1,019

)

 

 

 

 

 

 

(3,482

)

 

 

 

Net revenue

 

$

 

121,469

 

 

 

 

 

$

 

292,212

 

 

 

 

* Represents customer below 10%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30, 2025

 

 

September 30, 2025

 

 

 

$

 

 

%

 

 

$

 

 

%

 

Customer A

 

$

*

 

 

 

0

%

 

$

*

 

 

 

0

%

Other customers

 

 

 

68,521

 

 

 

100

%

 

 

 

179,040

 

 

 

100

%

Gross revenue

 

$

 

68,521

 

 

 

100

%

 

$

 

179,040

 

 

 

100

%

GTN adjustments

 

 

 

(1,066

)

 

 

 

 

 

 

(2,309

)

 

 

 

Net revenue

 

$

 

67,455

 

 

 

 

 

$

 

176,731

 

 

 

 

* Represents customer below 10%