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Deferred Royalty Obligations, Net (Tables)

6 Months Ended

Jun. 30, 2025

Deferred Royalty Obligations [Abstract]

Schedule of Deferred Royalty Obligations, Net

The carrying value balances of our deferred royalty obligations, net under the Funding Agreement and the Royalty Purchase Agreement consisted of the following:


		June 30, 2025
		Funding Agreement				Royalty Purchase Agreement				Total
		(in thousands)
Carrying value of deferred royalty obligations, net		$	544,840			$	299,321			$	844,161
Fair value of embedded derivative liability			35,592				—				35,592
Unamortized debt discount and issuance costs			(62,790	)			(3,004	)			(65,794	)
Deferred royalty obligations, net		$	517,642			$	296,317			$	813,959


		December 31, 2024
		Funding Agreement
		(in thousands)
Carrying value of deferred royalty obligation, net		$	507,114
Fair value of embedded derivative liability			41,091
Unamortized debt discount and issuance costs			(69,114	)
Deferred royalty obligation, net		$	479,091