v3.26.3
Revenue
 9 Months Ended
Sep. 30, 2026
Revenues [Abstract]  
REVENUE
NOTE 2 - REVENUE
As discussed in Note 1 - Organization and Summary of Significant Accounting Policies, revenues are recognized under guidance within ASC 606. The following table presents the Company’s disaggregated revenue for the periods presented (in thousands):
Three months ended September 30,Nine months ended September 30,
2026202520262025
Total product revenue, net$240,043 $159,317 $677,145 $417,815 
License, milestone, royalty and other revenue19,893 2,392 28,044 5,898 
Total Revenue$259,936 $161,709 $705,189 $423,713 
Product Revenue, net
For the three and nine months ended September 30, 2026, product revenue consists of U.S. sales of BRIUMVI of $232.6 million and $655.1 million, respectively. Also included in product revenue for the three and nine months ended September 30, 2026 are sales of BRIUMVI to the Company’s ex-U.S. licensing partner, Neuraxpharm, of $7.4 million and $22.0 million, respectively.
As of September 30, 2026 and 2025, gross-to-net accruals recorded as a reduction to accounts receivable, net were $30.7 million and $16.7 million, respectively. Accruals classified as current liabilities within accounts payable and accrued expenses as of September 30, 2026 and 2025 were $70.7 million and $34.9 million, respectively.
The Company primarily sells BRIUMVI through specialty distributors. The following table summarizes the customers that represent 10% or more of gross product revenue for the three and nine months ended September 30, 2026 and 2025:
Three months ended September 30,Nine months ended September 30,
2026202520262025
Customer 146%47%43%43%
Customer 226%24%27%27%
Customer 317%17%18%17%
Customer 410%11%10%12%
The following table summarizes the customers with amounts due that represent 10% or more of the accounts receivable associated with the Company’s product sales as of September 30, 2026 and December 31, 2025:
September 30, 2026December 31, 2025
Customer 141%38%
Customer 220%18%
Customer 326%27%
Customer 411%15%
License, Milestone, Royalty and Other Revenue
License, milestone, royalty and other revenue consists primarily of recognition of consideration received under the ex-U.S. commercialization agreement (the Commercialization Agreement) with Neuraxpharm. Refer to Note 9 - License Agreements for a description of the Commercialization Agreement and for further information of the accounting in accordance with ASC 606.