v3.26.1
PURCHASE AND SALE OF THE REVENUE PARTICIPATION RIGHT (Tables)
6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The outstanding balance of the Notes as of June 30, 2026 consisted of the following:

June 30, 2026
(in thousands)
Principal amount$250,000 
Unamortized debt discount and issuance costs(7,841)
Convertible notes, net$242,159 
The following table summarizes the activity of the liability related to the sale of future revenue for the six months ended June 30, 2026 (in thousands):
Carrying value as of December 31, 2025
$34,244 
Milestone achieved75,000 
Interest expense4,398 
Carrying value as of June 30, 2026
$113,642 
Schedule of Derivative Liabilities at Fair Value
The following table presents the activity of the derivative liability for the six months ended June 30, 2026 (in thousands):
Carrying value as of December 31, 2025
$20,030 
Change in fair value(6,340)
Carrying value as of June 30, 2026
$13,690