| Schedule of Changes Related to Future Royalties and Milestones |
The following table summarizes the carrying amount of the Company's liabilities related to future royalties and milestones, net (in thousands): | | | | | | | | | | | | | | | Amount in thousands | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2023 | | | $ | 170,899 | | Initial recognition of BioNTech liability | | 38,335 | | Proceeds from Blackstone Development Payments received | | 30,000 | | Interest expense accrued on liabilities related to future royalties and milestones, net | | 39,510 | | Cumulative catch-up adjustment | | (30,644) | | Balance at December 31, 2024 | | | $ | 248,100 | | | Interest expense accrued on liabilities related to future royalties and milestones, net | | 42,138 | | | Cumulative catch-up adjustment | | (5,699) | | Revenue share payments | | (4,339) | | Balance at December 31, 2025 | | | $ | 280,200 | |
The following table summarizes the current versus non-current split of the liabilities related to future royalties and milestones, net (in thousands): | | | | | | | | | | | | | | | | | | | December 31, | | | 2025 | | 2024 | | | Current portion of liabilities related to future royalties and milestones, net | | $ | 10,000 | | | $ | 3,500 | | | | Non-current portion of liabilities related to future royalties and milestones, net | | 270,200 | | | 244,600 | | | | | Total Liabilities Related to Future Royalties and Milestones, Net | | $ | 280,200 | | | $ | 248,100 | | | |
|
| Schedule of Units of Accounting from Blackstone Agreement |
The Company allocated the total gross proceeds arising from the BioNTech Securities Purchase Agreement (i.e., the Initial ADSs representing ordinary shares), and the BioNTech License and Option Agreement among the four units of accounting on a relative fair value basis at the time of the transaction as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Units of Accounting | | Gross proceeds (in millions) | | Initial fair value (in millions) | | Allocated consideration based on relative fair value (in millions) | | Net allocated consideration based on relative fair value after transaction costs* (in millions) | Initial ADSs, representing ordinary shares | | $ | 200.0 | | | $ | 200.0 | | | $ | 200.0 | | | $ | 193.8 | | Subsequent ADSs, representing ordinary shares | | $ | — | | | $ | — | | | $ | — | | | $ | — | | BioNTech License and Option Agreement | | $ | 50.0 | | | $ | 50.0 | | | $ | 50.0 | | | $ | 47.9 | | Liabilities related to future royalties and milestones, net (Obe-cel Product Revenue Interest) | | $ | 40.0 | | | $ | 40.0 | | | $ | 40.0 | | | $ | 38.3 | | License Revenue (Binder License) | | $ | 10.0 | | | $ | 10.0 | | | $ | 10.0 | | | $ | 9.6 | | MCSA | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | Total | | $ | 250.0 | | | $ | 250.0 | | | $ | 250.0 | | | $ | 241.7 | | * In addition, the total shared transaction costs of $8.3 million, relating to the BioNTech Agreements have been allocated to the four units of accounting on a relative fair value basis. |
|