Product Revenue, Net

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Product Revenue, Net

Product Revenue, Net

To date, the Company’s only source of product revenue has been from the U.S. sales of Auryxia. Total net product revenue was $177.1 million, $142.2 million, and $128.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. The following table summarizes activity in each of the product revenue allowance and reserve categories for the years ended December 31, 2020, 2021, and 2022 (in thousands):

	Chargebacks and Discounts		Rebates, Fees and other Deductions		Returns		Total
Balance at December 31, 2019	$	738	$	30,552	$	253	$	31,543
Provisions related to sales in current year	10,559		149,472		7,238		167,269
Adjustments related to prior year sales	—		377		—		$	377
Credits/payments made	(10,495)		(140,489)		(6,842)		$	(157,826)
Balance at December 31, 2020	802		39,912		649		41,363
Current provisions related to sales in current year	11,759		133,297		5,852		150,908
Adjustments related to prior year sales	(1)		(1,790)		—		(1,791)
Credits/payments made	(11,282)		(144,794)		(6,026)		(162,102)
Balance at December 31, 2021	$	1,278	$	26,625	$	475	$	28,378
Current provisions related to sales in current year	11,398		89,686		5,131		106,215
Adjustments related to prior year sales	(9)		401		—		392
Credits/payments made	(11,191)		(87,722)		(4,719)		(103,632)
Balance at December 31, 2022	$	1,476	$	28,990	$	887	$	31,353

Chargebacks, discounts and returns are recorded as a direct reduction of revenue on the consolidated statement of operations with a corresponding reduction to accounts receivable on the consolidated balance sheets. Rebates, distribution-related fees, and other sales-related deductions are recorded as a reduction in revenue on the consolidated statement of operations with a corresponding increase to accrued liabilities or accounts payable on the consolidated balance sheets.

Accounts receivable, net related to product sales was approximately $36.2 million and $24.6 million as of December 31, 2022 and 2021, respectively.