In 2012, the Company entered into the Ligand License Agreement for a worldwide sublicense to develop, manufacture and commercialize FILSPARI. As consideration for the license, the Company is required to make substantial payments upon the achievement of certain milestones, totaling up to $114.1 million. Through June 30, 2026 the Company has capitalized $48.7 million for contractual milestones achieved under the Ligand License Agreement. Pursuant to the Ligand License Agreement, the Company is obligated to pay to Ligand (and Bristol-Myers Squibb Company) an escalating royalty between 15% and 17% of net sales of FILSPARI and any other products containing FILSPARI or related compounds, with payments due quarterly. The Company began incurring costs associated with such royalties following the February 2023 approval of FILSPARI for IgAN. For the three and six months ended June 30, 2026, the Company capitalized royalties owed on net sales of FILSPARI to intangible assets of $25.4 million and $43.4 million, respectively and $11.4 million and $20.3 million for the three and six months ended June 30, 2025, respectively. The cost of historical milestones paid and royalty payments are being amortized to royalty expense on a straight-line basis through the estimated useful life.

In 2014, the Company entered into the Mission License Agreement, pursuant to which it obtained an exclusive, royalty-bearing license to market, sell and commercialize Thiola (tiopronin) in the United States and Canada, and a non-exclusive license to use know-how relating to Thiola to the extent necessary to market Thiola. Under the terms of the Mission License Agreement, as subsequently amended, which runs through May 2029, the Company is obligated to pay Mission the greater of $2.1 million, representing the guaranteed minimum royalty, or 20% of its Thiola net sales generated globally during each calendar year. The Company capitalized a total of $188.4 million related to the Thiola intangible asset. For the three and six months ended June 30, 2025, the Company capitalized royalties owed on net sales of Thiola to intangible assets of $3.7 million and $6.9 million, respectively. The cost of the milestone payments and royalty payments were fully amortized to royalty expense on a straight-line basis through March 31, 2026. During the second quarter of 2026, the Company began expensing royalty payments during the period incurred.