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v3.26.1

Agreements with Royalty Pharma (Tables) | 3 Months Ended
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Mar. 31, 2026
Debt Instrument [Line Items] |
Summary of Changes of the Fair Value of Liabilities | The following tables summarize the changes of the fair value of t he RP Ulacamten RPA and RP OM Loan (in thousands):
|  | 2026 |  |  | 2025 |
|  | RP Ulacamten RPA |  |  | RP OM Loan |  |  | RP Ulacamten RPA |  |  | RP OM Loan |
Beginning balance, January 1 |  | $ | 13,700 |  |  | $ | 123,500 |  |  | $ | 14,000 |  |  | $ | 123,000 |
Change in fair value |  |  | (200 | ) |  |  | 1,800 |  |  |  | (300 | ) |  |  | (3,600 | )
Ending balance, March 31 |  | $ | 13,500 |  |  | $ | 125,300 |  |  | $ | 13,700 |  |  | $ | 119,400 |
Schedule of Activity within Liabilities Related to Sale of Future Royalties | Changes to the RP Aficamten Liability and the RP OM Liability are as follows (in thousands):
|  | 2026 |  |  | 2025 |
|  | RP Aficamten Liability |  |  | RP OM Liability |  |  | RP Aficamten Liability |  |  | RP OM Liability |
Beginning balance, January 1 |  | $ | 320,764 |  |  | $ | 199,795 |  |  | $ | 262,599 |  |  | $ | 199,593 |
Interest accretion |  |  | 18,816 |  |  |  | — |  |  |  | 14,037 |  |  |  | 41 |
Amortization of issuance costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26 |
Ending balance, March 31 |  | $ | 339,580 |  |  | $ | 199,795 |  |  | $ | 276,636 |  |  | $ | 199,660 |
Summary of Changes of Fair Value of Derivative Liabilities | The following table summarizes the changes of the fair value of the derivative liabilities for the RP Multi Tranche Loan Agreement (in thousands):
|  | RP Multi Tranche Loan Agreement Derivatives |
|  | 2026 |  |  | 2025 |
Beginning balance, January 1 |  | $ | 31,100 |  |  | $ | 11,300 |
Change in fair value |  |  | (1,500 | ) |  |  | 400 |
Ending balance, March 31 |  | $ | 29,600 |  |  | $ | 11,700 |

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