Other current assets consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Prepaid research and development expenses	$	48,150	$	16,540
Interest and other non-trade receivables		4,756		1,779
Other prepaid expenses		2,155		2,195
Total other current assets	$	55,061	$	20,514

Other assets consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Long-term prepaid research and development expenses	$	8,669	$	4,244
Operating lease right-of-use assets		2,581		2,941
Property and equipment, net		1,678		2,060
Equity method investment in Gannet BioChem		1,422		3,491
Other long-term assets		2,316		1,404
Total other assets	$	16,666	$	14,140

Accrued expenses consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued research and development expenses	$	9,168	$	13,980
Accrued compensation		7,033		2,940
Accrued contract termination costs		3,505		2,632
Other accrued expenses		3,682		2,719
Total accrued expenses	$	23,388	$	22,271

In 2012 and 2020, we sold to RPI Finance Trust (RPI) and entities managed by Healthcare Royalty Management, LLC (HCR), respectively, our rights to receive royalties under our license and manufacturing agreements with certain pharmaceutical partners under the 2012 Purchase and Sale Agreement and the 2020 Purchase and Sale Agreement, respectively. We account for these transactions as debt and recognize non-cash royalty revenue and non-cash interest expense to amortize the proceeds over the lives of the respective arrangements. We periodically update our prospective non-cash interest rate based on our estimates of future royalties. As of June 30, 2026, our imputed interest rate for the arrangement with HCR was 46%.

The following is a reconciliation of the changes in our liabilities related to the sales of future royalties for the six months ended June 30, 2026 (in thousands):


	Six Months Ended June 30, 2026
	2012 Purchase and Sale Agreement			2020 Purchase and Sale Agreement			Total
Liabilities related to the sales of future royalties, net – beginning balance	$	2,070		$	61,087		$	63,157
Non-cash royalty revenue		(2,626	)		(18,366	)		(20,992	)
Non-cash interest expense		885			14,263			15,148
Amortization of transaction costs		—			65			65
Liabilities related to the sales of future royalties, net – ending balance	$	329		$	57,049		$	57,378