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Revenue Interest Purchase Agreement | 6 Months Ended
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Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Revenue Interest Purchase Agreement | 8. Revenue Interest Purchase Agreement In September 2022, we entered into the Purchase Agreement with OrbiMed Royalty & Credit Opportunities IV, LP (“OrbiMed”), an affiliate of OrbiMed Advisors LLC, as collateral agent and administrative agent for the purchasers party thereto (the “Purchasers”). Pursuant to the Purchase Agreement, we received $125.0 million from the Purchasers at closing, less certain transaction expenses. We are also entitled to receive up to $125.0 million in subsequent installments as follows: (i) $75.0 million upon our request occurring no later than September 12, 2025 and (ii) $50.0 million upon our request in connection with certain permitted acquisitions occurring no later than September 12, 2025, in each case subject to certain funding conditions. As consideration for such payments, the Purchasers have a right to receive certain revenue interests (the “Revenue Interests”) from us based on a percentage of all GAAP revenue. Payments in respect of the Revenue Interests shall be made quarterly within 45 days following the end of each fiscal quarter (each, a “Revenue Interest Payment”). Accounting Treatment We accounted for the transaction as long-term debt recorded at amortized cost using the effective interest rate method. To determine the amortization of the Purchase Agreement obligation, we are required to estimate the amount and timing of future Revenue Interest Payments based on our estimate of the timing and amount of future revenues and calculate an effective interest rate which will amortize the obligation to zero over the amortization period. The calculated effective interest rate as of June 30, 2023 was 11.4%. In connection with the Purchase Agreement, we incurred debt issuance costs of $0.6 million. Debt issuance costs have been recorded to long-term debt and are being amortized over the estimated term of the debt using the effective interest method, adjusted on a prospective basis for changes in the underlying assumptions and inputs. The assumptions used in determining the expected repayment term of the obligation and amortization period of the issuance costs requires that we make estimates that could impact the short- and long-term classification of these costs, as well as the period over which these costs will be amortized. We periodically assess the amount and timing of expected Revenue Interest Payments based on internal forecasts. To the extent such payments are greater or less than our initial estimates or the timing of such payments is materially different than our original estimates, we will prospectively adjust the amortization of the revenue interest liability and the effective interest rate. The following table sets forth the revenue interest liability, net activity during the six months ended June 30, 2023 (in thousands):
Revenue interest liability, net at December 31, 2022 |  | $ | 125,360 |
Interest expense |  |  | 3,531 |
Revenue interest payable |  |  | (1,883 | )
Revenue interest liability, net at March 31, 2023 |  |  | 127,008 |
Interest expense |  |  | 3,605 |
Revenue interest payable |  |  | (2,446 | )
Revenue interest liability, net at June 30, 2023 |  | $ | 128,167 |
The revenue interest payable of $2.4 million was included within the accounts payable balance on the unaudited condensed consolidated balance sheet as of June 30, 2023.

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