RevenueThe table below provides a disaggregation of revenues by type and customer location for the years ended December 31, 2025 and 2024:
| | | | | | | | | | | | | | | | |
| | Years ended December 31, |
| (in thousands) | | 2025 | | 2024 | | |
| Types of goods and services | | | | | | |
| Product revenues, net | | $ | 73,551 | | | $ | 69,280 | | | |
| License revenues | | 5,000 | | | — | | | |
| Royalties | | 2,806 | | | 1,557 | | | |
| Total revenue | | $ | 81,357 | | | $ | 70,837 | | | |
| | | | | | |
| Customer Location | | | | | | |
| U.S. | | $ | 73,551 | | | $ | 69,280 | | | |
EMEA(1) | | 7,806 | | | 1,557 | | | |
| | | | | | |
| Total revenue | | $ | 81,357 | | | $ | 70,837 | | | |
(1) Europe, the Middle East and Africa
Product revenue, net
The table below provides a rollforward of the Company’s accruals related to the GTN sales adjustments for the years ended December 31, 2025 and 2024.
| | | | | | | | | | | | | | | | | | | | |
| (in thousands) | | Discarded Drug Rebate | | Other Adjustments | | Total |
| Balance as of December 31, 2023 | | $ | 7,391 | | | $ | 3,946 | | | $ | 11,337 | |
| GTN accruals for current period | | 7,756 | | | 16,218 | | | 23,974 | |
| Prior period adjustments | | (44) | | | (1,971) | | | (2,015) | |
| Credits, payments and reclassifications | | — | | | (15,807) | | | (15,807) | |
| Balance as of December 31, 2024 | | $ | 15,103 | | | $ | 2,386 | | | $ | 17,489 | |
| GTN accruals for current period | | 7,964 | | | 16,570 | | | 24,534 | |
| Prior period adjustments | | (745) | | | (807) | | | (1,552) | |
| Credits, payments and reclassifications | | (14,358) | | | (15,435) | | | (29,793) | |
| Balance as of December 31, 2025 | | $ | 7,964 | | | $ | 2,714 | | | $ | 10,678 | |
The table below provides the classification of the accruals related to the GTN sales adjustment included in the Company’s consolidated balance sheets as of December 31, 2025 and 2024.
| | | | | | | | | | | | | | |
| (in thousands) | | December 31, 2025 | | December 31, 2024 |
| Accounts receivable, net | | $ | 1,658 | | | $ | 1,792 | |
| Other current liabilities | | 9,020 | | | 15,697 | |
| | $ | 10,678 | | | $ | 17,489 | |
Customers from which we derive more than 10% of our total product revenues are as follows:
| | | | | | | | | | | | | |
| Years ended December 31, |
| 2025 | | 2024 | | |
| McKesson | 39 | % | | 41 | % | | |
AmerisourceBergen Corporation(1) | 39 | % | | 35 | % | | |
| Cardinal Health | 22 | % | | 24 | % | | |
(1) AmerisourceBergen also operates under the name Cencora
License revenues
The Company is party to an exclusive license agreement with Sobi for the development and commercialization of ZYNLONTA for all hematologic and solid tumor indications outside of the U.S., greater China, Singapore and Japan. Under the terms of the agreement, the Company is eligible to receive regulatory and net sales-based milestones. In March 2025, the Company recognized $5.0 million in license revenue upon ZYNLONTA’s conditional approval by Health Canada for the treatment of relapsed or refractory DLBCL after two or more lines of systemic therapy. The payment was received in the second quarter of 2025.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.