v3.26.1
Deferred Royalty Obligation related to the Sale of Future Royalties (Tables)
12 Months Ended
Dec. 31, 2025
Deferred Royalty Obligation [Abstract]  
Schedule of Royalty Obligation transaction

The following table shows the activity of the deferred royalty obligation for the years ended December 31, 2025 and 2024:

 

 

December 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Liability related to sale of future Vaxcyte royalties - beginning balance

 

$

180,809

 

 

$

149,114

 

Non-cash interest expense associated with the sale of future Vaxcyte royalties

 

 

38,208

 

 

 

31,070

 

Amortization of issuance costs

 

 

519

 

 

 

625

 

Liability related to the sale of future Vaxcyte royalties - ending balance

 

$

219,536

 

 

$

180,809