Changes to the liability related to future royalties were as follows for the six months ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2026 | | 2025 | | | Liability related to future royalties - beginning balance | $ | 70,000 | | | $ | — | | | | Proceeds from sale of future royalties | — | | | 70,000 | | | | Derecognition of original liability upon extinguishment | (68,238) | | | — | | | | New liability recognized at fair value upon extinguishment | 181,000 | | | — | | | | Deferred transaction costs | — | | | (327) | | | | Non-cash royalty revenue | (13,495) | | | — | | | | Non-cash interest expense recognized | 8,880 | | | 587 | | | | Liability related to future royalties - ending balance | 178,147 | | | 70,260 | | | | Liability related to future royalties - current portion | 14,992 | | | — | | | | Liability related to future royalties, net of current portion | $ | 163,155 | | | $ | 70,260 | | |
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