As of March 31, 2025 and December 31, 2024, the carrying value of the liability related to the sale of future royalties was $1.42 billion, net of closing costs of $8.9 million, and $1.45 billion, net of closing costs of $9.1 million, respectively. The carrying value of the liability related to the sale of future royalties approximates fair value as of March 31, 2025 and is based on our current estimates of future royalties expected to be paid over the life of the arrangement, which are considered Level 3 inputs.

The following table shows the activity with respect to the liability related to the sale of future royalties, in thousands:


Carrying value as of December 31, 2024	$	1,447,371
Interest expense	34,962
Payments	(61,719)
Carrying value as of March 31, 2025	$	1,420,614