6. PRODUCT REVENUES, NET, ACCOUNTS RECEIVABLE, NET, AND RESERVES FOR PRODUCT REVENUES

Net product revenues, which includes revenues associated with the PMO Products and ELEVIDYS, consisted of the following:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
PMO Products
United States	$	202,922	$	204,248	$	388,750	$	393,915
Rest of World		28,350		34,579		79,060		70,460
Total PMO product revenues, net	$	231,272	$	238,827	$	467,810	$	464,375
ELEVIDYS
United States		281,851		121,721		656,836		255,657
Total ELEVIDYS product revenue, net	$	281,851	$	121,721	$	656,836	$	255,657
Total product revenues, net	$	513,123	$	360,548	$	1,124,646	$	720,032

For the three and six months ended June 30, 2025 and 2024, no individual country outside the U.S. exceeded 10% of total net product revenues.

The following table summarizes the Company's net product revenues, by customer, for those customers that exceeded 10% for the periods indicated:


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Product revenues, net
Customer 1		25	%		35	%		22	%		35	%
Customer 2		15	%		21	%		13	%		20	%

As of June 30, 2025 and December 31, 2024, the Company's accounts receivable, net were $527.3 million and $602.0 million, respectively, both of which were related to product sales, net of discounts and allowances. As of June 30, 2025, the majority of the Company’s accounts receivable arose from product sales in the U.S. and all customers have standard payment terms that generally require payment within 65 to 90 days. Outside of the U.S., the majority of the Company’s customers have payment terms ranging between 90 and 150 days.

The following tables summarize an analysis of the change in reserves for discounts and allowances for each of the periods indicated:


	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2024	$	45,904		$	107,843		$	5,941		$	34,611		$	194,299
Provision		131,842			109,973			10,965			45,012			297,792
Adjustments relating to prior periods		—			(9,497	)		—			(625	)		(10,122	)
Payments/credits		(130,222	)		(64,359	)		(11,251	)		(43,412	)		(249,244	)
Balance, as of June 30, 2025	$	47,524		$	143,960		$	5,655		$	35,586		$	232,725


	Chargebacks			Rebates			Prompt Pay			Other Accruals			Total
	(in thousands)
Balance, as of December 31, 2023	$	27,486		$	98,194		$	3,831		$	35,261		$	164,772
Provision		41,935			72,684			8,585			35,527			158,731
Adjustments relating to prior periods		783			(5,171	)		—			(88	)		(4,476	)
Payments/credits		(54,393	)		(62,647	)		(8,462	)		(33,210	)		(158,712	)
Balance, as of June 30, 2024	$	15,811		$	103,060		$	3,954		$	37,490		$	160,315