Quarterly report [Sections 13 or 15(d)]

Revenues, net

v3.25.3
Revenues, net
 9 Months Ended
Sep. 30, 2025
Revenue From Contract With Customer [Abstract]  
Revenues, net

NOTE 3 — REVENUES, NET

Revenues, net by category were as follows (in thousands):

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Endari® - US

$

2,122

 

 

$

2,757

 

 

$

6,500

 

 

$

10,575

 

Endari® - International

 

1,234

 

 

 

2,485

 

 

 

1,906

 

 

 

2,362

 

Other

 

22

 

 

 

236

 

 

 

195

 

 

 

424

 

Revenues, net

 

3,378

 

 

 

5,478

 

 

 

8,601

 

 

 

13,361

 

The following table summarizes the revenue allowance and accrual activities for the nine months ended September 30, 2025 and September 30, 2024 (in thousands):

 

 

Trade Discounts, Allowances and Chargebacks

 

 

Government Rebates and Other Incentives

 

 

Returns

 

 

Total

 

Balance as of January 1, 2025

$

1,135

 

 

$

6,812

 

 

$

138

 

 

$

8,085

 

Provision related to sales in the current year

 

589

 

 

 

2,306

 

 

 

81

 

 

 

2,976

 

Adjustments related to prior period sales

 

(2

)

 

 

32

 

 

 

—

 

 

 

30

 

Credits and payments made

 

(741

)

 

 

(1,349

)

 

 

(70

)

 

 

(2,160

)

Balance as of September 30, 2025

$

981

 

 

$

7,801

 

 

$

149

 

 

$

8,931

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of January 1, 2024

$

1,212

 

 

$

5,658

 

 

$

863

 

 

$

7,733

 

Provision related to sales in the current year

 

939

 

 

 

2,530

 

 

 

114

 

 

 

3,583

 

Adjustments related to prior period sales

 

(79

)

 

 

34

 

 

 

47

 

 

 

2

 

Credits and payments made

 

(1,175

)

 

 

(1,683

)

 

 

(913

)

 

 

(3,771

)

Balance as of September 30, 2024

$

897

 

 

$

6,539

 

 

$

111

 

 

$

7,547

 

 

The following table summarizes revenues attributable to each of the customers that accounted for 10% or more of our net revenues in any of the periods shown:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

Customer A

 

9

%

 

 

4

%

 

 

13

%

 

 

25

%

 

Customer B

 

12

%

 

 

6

%

 

 

12

%

 

 

20

%

 

Customer C

 

14

%

 

 

11

%

 

 

15

%

 

 

6

%

 

Customer D

 

21

%

 

 

20

%

 

 

25

%

 

 

17

%

 

Customer E

<1%

 

 

 

27

%

 

<1%

 

 

 

11

%

 

 

On June 15, 2017, the Company entered into a distributor agreement with Telcon RF Pharmaceutical, Inc., or Telcon, pursuant to which it granted Telcon exclusive rights to the Company’s prescription grade L-glutamine (“PGLG”) oral powder for the treatment of diverticulosis in South Korea, Japan and China in exchange for Telcon’s payment of a $10 million upfront fee and agreement to purchase from the Company specified minimum quantities of the PGLG. Telcon had the right to terminate the distributor agreement in certain circumstances for failure to obtain such product registrations, in which event the $10 million upfront fee would become repayable to Telcon. In January 2023, Telcon terminated the distributor agreement, and the upfront fee of $10 million is included in other current liabilities as of September 30, 2025 and December 31, 2024. See Notes 5, 6 and 11 and for additional details of the Company's agreements with Telcon.