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Financial Royalty Assets, net (Tables) | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Financial Royalty Assets | Financial royalty assets consist of the following (in thousands):
|  | September 30, 2025 |  | December 31, 2024
|  | Gross carrying value(2) |  | Allowance (1) |  | Net carrying value (2) |  | Gross carrying value(2) |  | Allowance (1) |  | Net carrying value
Qarziba |  | $ | 112,052 |  |  | $ | (517) |  |  | $ | 111,535 |  |  | $ | 105,329 |  |  | $ | (484) |  |  | $ | 104,845 |
Agenus Bot/Bal (see Note 3) |  | 40,815 |  |  | (408) |  |  | 40,407 |  |  | 40,815 |  |  | (408) |  |  | 40,407 |
Tolerance Therapeutics (Tzield®) |  | 25,363 |  |  | (99) |  |  | 25,264 |  |  | 25,613 |  |  | (101) |  |  | 25,512 |
Ohtuvayre inventors |  | 15,608 |  |  | (142) |  |  | 15,466 |  |  | 15,969 |  |  | (157) |  |  | 15,812 |
Elutia (CorMatrix) |  | 8,466 |  |  | (1,316) |  |  | 7,150 |  |  | 9,418 |  |  | (2,268) |  |  | 7,150 |
AT220 (Tyenne) |  | 4,751 |  |  | (143) |  |  | 4,608 |  |  | — |  |  | — |  |  | — |
UGN-301 (Urogen) |  | 4,144 |  |  | (41) |  |  | 4,103 |  |  | — |  |  | — |  |  | — |
Primrose mRNA |  | 3,281 |  |  | (98) |  |  | 3,183 |  |  | — |  |  | — |  |  | — |
Others |  | 7,224 |  |  | (192) |  |  | 7,032 |  |  | 1,443 |  |  | (120) |  |  | 1,323 |
Total financial royalty assets, net |  | $ | 221,704 |  |  | $ | (2,956) |  |  | $ | 218,748 |  |  | $ | 198,587 |  |  | $ | (3,538) |  |  | $ | 195,049 |
(1) The amounts of allowance include accumulated allowance for changes in expected cash flows and current expected credit losses. (2) The amounts include current portion of financial royalty assets which represents an estimation for current quarter royalty receipts that are to be collected during the subsequent quarter. The current portion of financial royalty assets amounted to $12.4 million and $10.0 million were presented in a separate line on our condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively.

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