Factoring agreement |
3 Months Ended |
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Mar. 31, 2024 | |
Receivables [Abstract] | |
Factoring agreement | Factoring agreement The company sells rights to future revenues associated with invoices issued upon delivery of drug product to QTCs. The upfront payments are treated as a short-term liability, presented as due to factor on our consolidated balance sheets until the right to consideration from the customer is deemed unconditional. The remaining invoice amount payable to the Company at infusion is considered a beneficial interest in the factored invoice and represents the extent of our continued involvement in the sale of invoices. Due to Factor For the three months ending March 31, 2024, the Company collected $15.1 million in cash receipts prior to an unconditional right to consideration and derecognized $15.1 million of due to factor amounts as a result of patient drug product infusions. Amounts presented as due to factor on the consolidated balance sheets would be subject to payment based on the repurchase requirements that exist prior to the infusion date in the factoring agreement. Due from Factor For the three months ending March 31, 2024, the company obtained $1.6 million of beneficiary interest in invoices and collected $1.1 million in cash receipts. Uncollected amounts presented as due from factor on the consolidated balance sheets are net of accrued fees of $0.1 million. The maximum loss exposure is $1.1 million at March 31, 2024. The total loss from the sale of customer invoices is estimated on the patient infusion date of the drug product and was $0.3 million for the three months ending March 31, 2024. In addition to the loss from the sale of invoices the Company has incurred $0.4 million in servicing fees.
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