Revenue Interest Financing Liability - Additional Information (Details) - USD ($)
$ in Thousands |
|
|
|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
Sep. 30, 2026 |
Nov. 28, 2023 |
Oct. 31, 2022 |
May 03, 2022 |
Sep. 30, 2026 |
Sep. 30, 2025 |
Sep. 30, 2026 |
Sep. 30, 2025 |
Sep. 30, 2029 |
Sep. 30, 2028 |
Sep. 30, 2027 |
Dec. 31, 2025 |
Oct. 01, 2026 |
Dec. 31, 2024 |
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investors right to receive royalties termination description |
|
|
|
|
|
|
The investors’ right to receive royalties on net sales will terminate when the investors have received aggregate payments equal to 200% of the Investment Amount. In addition, at any time after April 30, 2024, the Company has the right to make a cap payment equal to 200% of the Investment Amount less any royalties already paid, at which time the agreement will terminate.
|
|
|
|
|
|
|
|
| Investors receipt description |
|
|
|
|
|
|
If the investors have not received aggregate payments of at least 100% of the Investment Amount by December 31, 2028, and at least 200% of the Investment Amount by December 31, 2037, each a Minimum Amount, then the Company will be obligated to make a cash payment to the investors in an amount sufficient to gross the investors up to the applicable Minimum Amount. As of September 30, 2026, the aggregate payments made to investors under the Revenue Interest Financing Agreement equaled $36.4 million.
|
|
|
|
|
|
|
|
| Default obligation description |
|
|
|
|
|
|
Upon the occurrence of an event of default taking place between April 1, 2025 and April 1, 2028, or after April 1, 2028, the Company is obligated to pay 1.65 times the Investment Amount and 2.0 times the Investment Amount, respectively, less any amounts the Company previously paid pursuant to the agreement.
|
|
|
|
|
|
|
|
| Revenue interest financing liability, effective interest rate |
10.17%
|
|
|
|
10.17%
|
|
10.17%
|
|
|
|
|
|
|
|
| Gross proceeds |
|
|
|
|
|
|
$ 0
|
|
|
|
|
$ 0
|
|
|
| Transaction costs |
|
|
|
|
|
|
0
|
|
|
|
|
0
|
|
|
| Revenue interest financing liability |
$ 387,493
|
|
|
|
$ 387,493
|
|
387,493
|
|
|
|
|
377,371
|
|
$ 353,038
|
| Interest expense with revenue interest finance liability |
|
|
|
|
10,000
|
$ 8,700
|
29,138
|
$ 30,100
|
|
|
|
$ 39,052
|
|
|
| Subsequent Event |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minimum required cash to be compliance with agreement |
|
|
|
|
|
|
|
|
|
|
|
|
$ 119,300
|
|
| Minimum Cash Requirement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minimum Cash Covenant, Amount |
30,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minimum Cash Requirement (50%) | Forecast |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minimum Cash Covenant, Percentage |
|
|
|
|
|
|
|
|
|
|
50.00%
|
|
|
|
| Minimum Cash Requirement (75%) | Forecast |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minimum Cash Covenant, Percentage |
|
|
|
|
|
|
|
|
|
75.00%
|
|
|
|
|
| Minimum Cash Requirement (100%) | Forecast |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minimum Cash Covenant, Percentage |
|
|
|
|
|
|
|
|
100.00%
|
|
|
|
|
|
| Revenue Interest Financing Agreement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of investors and additional Investor share of royalty in net sales |
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
| Percentage of aggregate payments on investment amount to investors on net sales |
|
|
|
200.00%
|
|
|
|
|
|
|
|
|
|
|
| Aggregate payments made to investors |
36,400
|
|
|
|
36,400
|
|
36,400
|
|
|
|
|
|
|
|
| Revenue Interest Financing Agreement Upon Occurrence of Event of Default between April 1, 2025, and April 1, 2028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of aggregate payment on investment amount to investors |
|
|
|
1.65%
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Agreement Upon Occurrence of Event of Default after April 1, 2028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of aggregate payments on investment amount to investors on net sales |
|
|
|
2.00%
|
|
|
|
|
|
|
|
|
|
|
| Initial Investors NQ, Sagard, and Hercules | Revenue Interest Financing Agreement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Funds received from initial closing |
|
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
| Initial Investors NQ, Sagard, and Hercules | Revenue Interest Financing Agreement Funding Commitment On During the Fourth Quarter of 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investors additional funding amount upon FDA approval of vonoprazan for treatment of erosive esophagitis |
|
$ 160,000
|
|
|
|
|
|
|
|
|
|
|
|
|
| Initial Investors And CO Finance L V S X X X V I I L L C And Hercules [Member] | Revenue Interest Financing Agreement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aggregate investment amount |
275,000
|
|
|
|
275,000
|
|
275,000
|
|
|
|
|
|
|
|
| Additional funding available |
$ 0
|
|
|
|
$ 0
|
|
$ 0
|
|
|
|
|
|
|
|
| Initial Investors And CO Finance L V S X X X V I I L L C And Hercules [Member] | Joinder Agreement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Additional funding achievement of sales milestone |
|
|
$ 25,000
|
|
|
|
|
|
|
|
|
|
|
|
| Initial Investors And CO Finance L V S X X X V I I L L C And Hercules [Member] | Joinder Agreement Additional Funding Upon FDA Approval or During the Fourth Quarter of 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investors additional funding amount upon FDA approval of vonoprazan for treatment of erosive esophagitis |
|
|
$ 15,000
|
|
|
|
|
|
|
|
|
|
|
|
| Maximum | Initial Investors NQ, Sagard, and Hercules | Revenue Interest Financing Agreement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investors funding amount |
|
|
|
$ 260,000
|
|
|
|
|
|
|
|
|
|
|
| Minimum | Revenue Interest Financing Agreement Percentage on Investment Amount On December December 31, 2028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of aggregate payment on investment amount to investors |
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
| Minimum | Revenue Interest Financing Agreement Percentage On Investment Amount by December 31, 2037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Interest Financing Liability [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of aggregate payment on investment amount to investors |
|
|
|
200.00%
|
|
|
|
|
|
|
|
|
|
|