Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.22.1
REVENUES
 3 Months Ended
Mar. 31, 2022
REVENUES  
REVENUES

3.

Revenues

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Revenues disaggregated by category were as follows (in thousands):

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​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 

​

​

​

2022

    

2021

​

Product sales:

​

​

​

​

​

​

​

Gross product sales

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$

22,618

​

$

16,109

​

Discounts and allowances

​

​

(6,421)

​

​

(3,733)

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Total product sales, net

​

​

16,197

​

​

12,376

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Revenues from collaborations:

​

​

​

​

​

​

​

License revenues

​

​

208

​

​

64,618

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Research and development services and others

​

​

330

​

​

1,024

​

Total revenues from collaborations

​

​

538

​

​

65,642

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Government contract

​

​

—

​

​

3,000

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Total revenues

​

$

16,735

​

$

81,018

​

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Our net product sales include sales of TAVALISSE in the US, net of chargebacks, discounts and fees, government and other rebates and returns. The following tables summarize the activities in chargebacks, discounts and fees, government and other rebates and returns that were accounted for within other accrued liabilities, for each of the periods presented (in thousands):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Chargebacks,

​

Government

​

​

​

​

​

​

Discounts and

​

and Other

​

​

​

​

​

​

Fees

​

Rebates

​

Returns

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Total

Balance as of January 1, 2022

    

$

3,404

​

$

2,494

​

$

2,017

​

$

7,915

Provision related to current period sales

​

​

4,345

​

​

1,397

​

​

378

​

​

6,120

Credit or payments made during the period

​

​

(3,322)

​

​

(1,227)

​

​

(31)

​

​

(4,580)

Balance as of March 31, 2022

 

$

4,427

​

$

2,664

​

$

2,364

​

$

9,455

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Chargebacks,

​

Government

​

​

​

​

​

​

​

​

Discounts and

​

and Other

​

​

​

​

​

​

​

​

Fees

​

Rebates

​

Returns

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Total

Balance as of January 1, 2021

    

$

2,461

 

$

2,115

​

$

1,489

​

$

6,065

Provision related to current period sales

​

​

1,952

​

​

1,146

​

​

201

​

​

3,299

Credit or payments made during the period

​

​

(2,727)

​

​

(988)

​

​

(243)

​

​

(3,958)

Balance as of March 31, 2021

 

$

1,686

​

$

2,273

​

$

1,447

​

$

5,406

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Of the $6.4 million discounts and allowances from gross product sales for the three months ended March 31, 2022, $6.1 million was accounted for as additions to other accrued liabilities and $0.3 million as reductions in accounts receivable (as it relates to allowance for prompt pay discount) and prepaid and other current assets (as it relates to certain chargebacks and other fess that were prepaid) in the condensed balance sheet.

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Of the $3.7 million discounts and allowances from gross product sales for the three months ended March 31, 2021, $3.3 million was accounted for as additions to other accrued liabilities and $0.4 million as reductions in accounts receivable (as it relates to allowance for prompt pay discount) and prepaid and other current assets (as it relates to certain chargebacks and other fess that were prepaid) in the condensed balance sheet.

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For detailed discussions of our revenues from collaboration and government contract, see “Note 4 – Sponsored Research and License Agreements and Government Contract” below.

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The following table summarizes the percentages of revenues from each of our customers who individually accounted for 10% or more (wherein * denotes less than 10%) of the total net product sales and revenues from collaborations:

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​

​

​

​

​

​

​

​

Three Months Ended March 31, 

​

​

2022

    

2021

McKesson Specialty Care Distribution Corporation

​

​

38%

​

​

*

ASD Healthcare and Oncology Supply

​

​

31%

​

​

*

Cardinal Healthcare

​

​

28%

​

​

*

Lilly

​

​

*

​

​

78%

​