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Royalty Financing Agreement (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Carrying Value of the Royalty Financing Agreement

The following table presents the carrying value of the Company’s debt balance as of December 31, 2023 and 2022 (in thousands):

 

			As of December 31,
			2023						2022
Face value of outstanding convertible notes			$	800,000					$	800,000
Debt issuance costs, unamortized			(11,091)						(14,379)
Convertible notes			$	788,909					$	785,621

The following table presents the carrying value of the Company’s Royalty Financing Agreement balance as of December 31, 2023 and 2022 (in thousands):

						December 31,
						2023						2022
Royalty financing agreement liability - beginning balance						$	151,538					$	150,000
Revenue Interest Payments paid and payable						(12,222)						(2,149)
Interest expense recognized						18,846						3,687
Royalty financing agreement liability - ending balance						$	158,162					$	151,538
Royalty financing issuance costs, unamortized - beginning balance						$	(3,523)					$	(3,624)
Amortization of issuance costs						521						101
Other						(126)						—
Deferred issuance costs, unamortized - ending balance						$	(3,128)					$	(3,523)
Royalty Financing Agreement						$	155,034					$	148,015

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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