Revenue recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue recognition

Revenue recognition

a.     Net revenues

The Company’s net revenues by geographic region, based on the patient’s location are summarized as follows:

	Year ended December 31,
	2023		2022		2021
United States	$	349,743	$	406,894	$	353,110
International markets:
Germany	60,210		46,120		93,939
Japan	31,668		32,781		34,640
Other international markets	44,493		30,713		30,577
International markets - Total	136,371		109,614		159,156
Greater China (1)	23,224		21,332		22,765
Total net revenues	$	509,338	$	537,840	$	535,031

(1)    For additional information, see c below.

The company's net revenues by performance period are as follows:

	Year ended December 31,
	2023		2022		2021
Net revenues recognized in the reporting period from performance obligations satisfied in:
Reporting period	$	492,089	$	480,266	$	508,337
Previous periods	17,249		57,574		26,694
Total net revenues	$	509,338	$	537,840	$	535,031

b.     Contract balances

The following table provides information about trade receivables, unbilled receivables and contract liabilities from contracts with customers::

	December 31,
	2023		2022
Trade receivables	$	56,970	$	84,069
Unbilled receivables	$	4,251	$	2,192
Deferred revenues (short-term contract liabilities)	$	(16,224)	$	(18,028)
Deferred revenues (long-term contract liabilities)	$	—	$	(2,878)

During the years ended December 31, 2023, 2022and 2021, the Company recognized $18,028, $17,762 and $17,765, respectively, which were included in the deferred revenues (short-term contract liability) balance at January 1, 2023 , 2022 and 2021.

c.     Zai agreement:

The Company recognizes revenue pursuant to the License Agreement with Zai (see note 12) in accordance with ASC 606, "Revenue Recognition from Customers." The License Fee was deferred and recognized over the performance period commencing September 10, 2018 ("Zai Performance Period"). The potential development and regulatory milestones will be included in the transaction price when the Company concludes that achievement of the milestones is probable, and that recognition of revenue related to the milestones will not result in a significant reversal in amounts recognized in future periods, and as such have been excluded from the transaction price until

such probability is achieved. Revenue from royalty payments are recognized in accordance with ASC 606 in the period accrued. Revenues from sales of product or rendering services are recognized upon shipping the products or rendering the services and satisfying the performance obligation.

During the year ended December 31, 2020, the Company triggered milestone payments of $10,000 in the aggregate, which, along with the License Fee, are deferred and recognized over the remainder of the Zai Performance Period on a straight-line basis. For the three years ended December 31, 2023, no additional milestones were included in the transaction price.