Intangible Assets

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Intangible Asset

In connection with the May 2018 acquisition of F-star Gamma Limited ("F-star Gamma") and related license arrangements, the Company is obligated to make contingent payments upon the achievement of specified preclinical, clinical, regulatory and commercial milestones. Additional information regarding these arrangements is included in Note 4, “Acquisition, License Agreement and Research and Development Funding Collaboration Agreement,” to the consolidated financial statements included in the Company’s 2025 Annual Report on Form 10-K.

In March 2026, following the U.S. Food and Drug Administration’s accelerated approval of AVLAYAH, a $36.0 million milestone payment became due under this arrangement. The amount was capitalized as an intangible asset and is amortized on a straight-line basis over its estimated useful life. The Company paid $28.8 million of the milestone payment during the three months ended June 30, 2026, and the remaining $7.2 million is included in accounts payable in the Condensed Consolidated Balance Sheet as of June 30, 2026.

The Company recognized amortization expense of $0.7 million for the three and six months ended June 30, 2026. As of June 30, 2026, the accumulated amortization expense was $0.7 million, and the carrying value of the intangible asset was $35.3 million.

Future annual amortization expense for the unamortized intangible assets is as follows (in thousands):


Years Ending December 31:	Amount
2026 (six months)	$	1,500
2027	3,000
2028	3,000
2029	3,000
2030	3,000
Thereafter	21,750
Total	$	35,250

In addition to the U.S. regulatory milestone described above, the Company may be required to make additional contingent consideration payments of up to $174.0 million, composed of $24.0 million due upon regulatory approval of AVLAYAH in the European Union, and up to $150.0 million in commercial contingent payments.