v3.26.1
Royalty Monetization Liabilities (Tables)
6 Months Ended
Jun. 30, 2026
Royalty Monetization Liabilities [Line Items]  
Schedule of Royalty Monetization Liabilities

Royalty monetization liabilities are accounted for as debt and consist of the following (in thousands):

 

 

 

June 30, 2026

 

 

December 31, 2025

 

2020 Royalty Purchase Agreement

 

$

11,807

 

 

$

29,672

 

2025 Royalty Bond

 

 

169,704

 

 

 

157,345

 

Total

 

$

181,511

 

 

$

187,017

 

 

 

 

 

 

 

 

Current portion of royalty monetization liabilities

 

$

26,765

 

 

$

39,609

 

Non-current portion of royalty monetization liabilities

 

 

154,746

 

 

 

147,408

 

Total

 

$

181,511

 

 

$

187,017

 

2020 Royalty Purchase Agreement  
Royalty Monetization Liabilities [Line Items]  
Schedule of Changes in Royalty Monetization Liability

The following table presents the changes in the royalty monetization liability under the 2020 Royalty Purchase Agreement with HCR (in thousands):

 

 

 

2020 Royalty

 

 

 

Purchase Agreement

 

Balance at December 31, 2025

 

$

29,672

 

Novartis royalties paid to HCR

 

 

(21,943

)

Interest expense recognized

 

 

4,078

 

Balance at June 30, 2026

 

 

11,807

 

Current portion

 

 

(11,807

)

Non-current portion

 

$

 

2025 Royalty Bond  
Royalty Monetization Liabilities [Line Items]  
Schedule of Changes in Royalty Monetization Liability

The following table presents the changes in the royalty monetization liability under the 2025 Royalty Bond with HCR (in thousands):

 

 

 

2025 Royalty Bond

 

Balance at December 31, 2025

 

$

157,345

 

Unpaid interest accrued to principal

 

 

11,642

 

Amortization of debt discount and issuance costs

 

 

717

 

Balance at June 30, 2026

 

 

169,704

 

Current portion

 

 

(14,958

)

Non-current portion

 

$

154,746