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Commitments and Contingencies (Tables) | 3 Months Ended
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Mar. 31, 2024
Commitments And Contingencies Disclosure [Abstract] |
Schedule Of Royalty Liability Account Roll Forward | The following table shows the activity within the Royalty Liability account as well as the effective interest rate (dollars in millions):
| Three Months Ended March 31, |
| 2024 |
Balance, beginning of period | $ | 145.8 |
Amortization of deferred transaction costs |  | 0.1 |
Non-cash interest expense on liability for sale of future royalties |  | 4.2 |
Royalty revenue remitted to Sagard by UT |  | (2.1 | )
Balance, end of period | $ | 148.0 |
Effective interest rate |  | 11.1 | %
Schedule of Lease Term and Discount Rate | Financing liability information was as follows (dollars in thousands):
|  | March 31, 2024 |  |  | December 31, 2023 |
Weighted average remaining lease term (in years) |  |  | 17.6 |  |  |  | 17.8 |
Weighted average discount rate |  |  | 9.0 | % |  |  | 9.0 | %
Lease information was as follows (dollars in thousands):
|  | March 31, 2024 |  |  | December 31, 2023 |
Operating lease right-of-use assets(1) |  | $ | 4,392 |  |  | $ | 4,685 |
Operating lease liability-current(2) |  | $ | 1,611 |  |  | $ | 1,423 |
Operating lease liability-long-term |  |  | 3,645 |  |  |  | 3,925 |
Total |  | $ | 5,256 |  |  | $ | 5,348 |
Weighted average remaining lease term (in years) |  |  | 3.8 |  |  |  | 3.7 |
Weighted average discount rate |  |  | 7.3 | % |  |  | 7.3 | %
_________________________ (1) Operating right-of-use assets related to vehicles, offices and the manufacturing facility are included in other assets in the condensed consolidated balance sheets. (2) Operating lease liability – current is included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.
Summary of Lease Information |
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Interest expense on financing liability |  | $ | 2,447 |  |  | $ | 2,424 |
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Operating lease costs |  | $ | 348 |  |  | $ | 422 |
Variable lease costs |  |  | 10 |  |  |  | 36 |
Cash paid |  |  | 232 |  |  |  | 323 |
Summary of Remaining Financing Liability Payments | The Company's remaining financing liability payments were as follows (in thousands):
|  | March 31, 2024 |
Remainder of 2024 |  | $ | 7,523 |
2025 |  |  | 10,269 |
2026 |  |  | 10,533 |
2027 |  |  | 10,849 |
2028 |  |  | 11,174 |
Thereafter |  |  | 177,278 |
Total |  |  | 227,626 |
Interest payments |  |  | (120,923 | )
Debt issuance costs |  |  | (2,624 | )
Total financing liability |  | $ | 104,079 |
Remaining Purchase Commitments and Estimated Capacity Fee Liability Requirements | The Company's remaining purchase commitments and estimated capacity fee liability as of March 31, 2024 were as follows (€ in millions):
| March 31, 2024 |
| Remaining Purchase Commitments |  |  | Estimated Capacity Fees |
Remainder of 2024 |  | 2.3 |  |  |  | — |
2025 |  | — |  |  |  | 1.5 |
2026(1) |  | 4.2 |  |  |  | 2.0 |
2027 |  | 6.0 |  |  |  | 1.0 |
2028 |  | 6.0 |  |  |  | 1.0 |
2029 |  | 6.0 |  |  |  | 1.0 |
2030 |  | 6.0 |  |  |  | 1.0 |
2031 |  | 8.0 |  |  |  | 0.5 |
2032 |  | 8.0 |  |  |  | 0.5 |
2033 |  | 8.0 |  |  |  | 0.5 |
2034 |  | 4.4 |  |  |  | 0.5 |
Total |  | 58.9 |  |  |  | 9.5 |
_________________________ If there is a delay in the availability of insulin with FDA approved inclusion bodies and supply does not begin in 2026 as currently expected, the Company will incur a capacity fee of €750,000 per quarter that the product is not available for purchase.
Schedule of Future Minimum Office And Vehicle Lease Payments | The Company's future minimum office and vehicle lease payments were as follows (in thousands):
|  | March 31, 2024 |
Remainder of 2024 |  | $ | 1,224 |
2025 |  |  | 1,829 |
2026 |  |  | 1,213 |
2027 |  |  | 1,135 |
2028 |  |  | 643 |
Total |  |  | 6,044 |
Interest expense |  |  | (788 | )
Total operating lease liability |  | $ | 5,256 |

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