| Schedule of Disaggregation of Product Revenue by Major Source |
The table reflects net product revenue by major source for the following periods (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
Products: |
|
|
|
|
|
|
|
|
|
EMPAVELI |
|
$ |
98,091 |
|
|
$ |
91,033 |
|
|
$ |
65,092 |
|
SYFOVRE |
|
|
611,863 |
|
|
|
275,248 |
|
|
|
— |
|
Total product revenue, net |
|
$ |
709,954 |
|
|
$ |
366,281 |
|
|
$ |
65,092 |
|
|
| Summary of Product Revenue Allowance and Reserve Categories |
The following table summarizes activity in each of the product revenue allowance and reserve categories as of December 31, 2024 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and patient assistance |
|
|
Government and other rebates |
|
|
Returns |
|
|
Total |
|
Ending balance at December 31, 2022 |
|
$ |
164 |
|
|
$ |
1,936 |
|
|
$ |
251 |
|
|
$ |
2,351 |
|
Provision related to sales in the current year |
|
|
17,690 |
|
|
|
26,661 |
|
|
|
4,698 |
|
|
|
49,050 |
|
Adjustments related to prior period sales |
|
|
(112 |
) |
|
|
(1,223 |
) |
|
|
(2,481 |
) |
|
|
(3,817 |
) |
Credits and payments made |
|
|
(12,068 |
) |
|
|
(18,476 |
) |
|
|
(415 |
) |
|
|
(30,960 |
) |
Ending balance at December 31, 2023 |
|
$ |
5,674 |
|
|
$ |
8,898 |
|
|
$ |
2,053 |
|
|
$ |
16,625 |
|
Provision related to sales in the current year |
|
|
46,506 |
|
|
|
89,094 |
|
|
|
3,936 |
|
|
|
139,536 |
|
Adjustments related to prior period sales |
|
|
1,461 |
|
|
|
(19 |
) |
|
|
(96 |
) |
|
|
1,346 |
|
Credits and payments made |
|
|
(42,052 |
) |
|
|
(66,440 |
) |
|
|
(3,870 |
) |
|
|
(112,362 |
) |
Ending balance at December 31, 2024 |
|
$ |
11,589 |
|
|
$ |
31,533 |
|
|
$ |
2,023 |
|
|
$ |
45,145 |
|
|
| Schedule of Customer Accounted for 10% of More of Gross Product Revenues and Accounts Receivable |
Significant customers - Gross product revenues and product sales receivable from the Company's customers who individually accounted for 10% of more of total gross product revenues and/or 10% or more of total product sales receivable consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
Percent of Total Gross Product Revenues |
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
2023 |
|
2022 |
|
Customer A |
|
13% |
|
24% |
|
99% |
|
Customer C |
|
19% |
|
16% |
|
|
— |
|
Customer D |
|
59% |
|
54% |
|
1% |
|
|
|
|
|
|
|
|
Percent of Product Sales Receivable |
|
|
As of December 31, |
|
|
2024 |
|
2023 |
Customer A |
|
3% |
|
4% |
Customer C |
|
29% |
|
22% |
Customer D |
|
55% |
|
66% |
|
| Schedule of Factoring of Accounts Receivable and Associated Fees |
Factoring of accounts receivable and associated fees for the years ended December 31, 2024 and 2023 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
Accounts receivable sold |
|
$ |
142,698 |
|
|
$ |
— |
|
|
$ |
— |
|
Less: factoring fees |
|
|
(1,700 |
) |
|
|
— |
|
|
|
— |
|
Net cash proceeds |
|
$ |
140,998 |
|
|
$ |
— |
|
|
$ |
— |
|
The accounts receivable sold that remained outstanding as of December 31, 2024 and 2023 was
|