The following table shows the royalty financing obligations activity for the three and six months ended June 30, 2025 (in thousands) as well as the effective interest rate as of June 30, 2025:


	2020 RPI Royalty Agreement			2021 RPI Royalty Agreement			OMERS Royalty Agreement			Total
Balance as of December 31, 2024	$	180,413		$	181,140		$	152,176		$	513,729
Non-cash Interest expense on Royalty financing obligations	9,756			—			3,758			13,514
Royalty Revenues Payable	(11,818)			(1,021)			(13,486)			(26,325)
Balance as of March 31, 2025	$	178,351		$	180,119		$	142,448		$	500,918
Non-cash Interest expense on Royalty financing obligations	9,804			—			3,598			13,402
Royalty Revenues Payable	(13,798)			(1,193)			(15,746)			(30,737)
Balance as of June 30, 2025	$	174,357		$	178,926		$	130,300		$	483,583

Effective interest rate	21.7		%	—		%	10.1		%