v3.26.1
Agreements with Royalty Pharma (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Instrument [Line Items]  
Summary of Changes of the Fair Value of Liabilities

The following tables summarize the changes of the fair value of the RP Ulacamten RPA and RP OM Loan (in thousands):

 

 

2026

 

 

2025

 

 

 

RP Ulacamten RPA

 

 

RP OM Loan

 

 

RP Ulacamten RPA

 

 

RP OM Loan

 

Beginning balance, January 1

 

$

13,700

 

 

$

123,500

 

 

$

14,000

 

 

$

123,000

 

Change in fair value

 

 

(200

)

 

 

1,800

 

 

 

(300

)

 

 

(3,600

)

Ending balance, March 31

 

 

13,500

 

 

 

125,300

 

 

 

13,700

 

 

 

119,400

 

Change in fair value

 

 

(300

)

 

 

(2,100

)

 

 

300

 

 

 

14,300

 

Ending balance, June 30

 

$

13,200

 

 

$

123,200

 

 

$

14,000

 

 

$

133,700

 

 
Schedule of Activity within Liabilities Related to Sale of Future Royalties Changes to the RP Aficamten Liability and the RP OM Liability are as follows (in thousands):

 

 

2026

 

 

2025

 

 

 

RP Aficamten Liability

 

 

RP OM Liability

 

 

RP Aficamten Liability

 

 

RP OM Liability

 

Beginning balance, January 1

 

$

320,764

 

 

$

199,795

 

 

$

262,599

 

 

$

199,593

 

Interest accretion

 

 

18,816

 

 

 

—

 

 

 

14,037

 

 

 

41

 

Amortization of issuance costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

26

 

Ending balance, March 31

 

 

339,580

 

 

 

199,795

 

 

 

276,636

 

 

 

199,660

 

Interest accretion

 

 

20,177

 

 

 

—

 

 

 

13,140

 

 

 

41

 

Amortization of issuance costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

26

 

Royalty payment

 

 

(214

)

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance, June 30

 

$

359,543

 

 

$

199,795

 

 

$

289,776

 

 

$

199,727

 
Summary of Changes in Fair Value of Derivative Liabilities

The following table summarizes the changes in the fair value of the derivative liabilities for the RP Multi Tranche Loan Agreement (in thousands):

 

 

RP Multi Tranche Loan Agreement Derivatives

 

 

 

2026

 

 

2025

 

Beginning balance, January 1

 

$

31,100

 

 

$

11,300

 

Change in fair value

 

 

(1,500

)

 

 

400

 

Ending balance, March 31

 

 

29,600

 

 

 

11,700

 

Settlement

 

 

—

 

 

 

(3,900

)

Initial measurement

 

 

—

 

 

 

12,800

 

Change in fair value

 

 

1,100

 

 

 

(3,000

)

Ending balance, June 30

 

$

30,700

 

 

$

17,600