Financial Royalty Assets, net (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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.