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DEFERRED ROYALTY OBLIGATION RELATED TO THE SALE OF FUTURE ROYALTIES | 3 Months Ended
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Mar. 31, 2025
Advance Royalties [Abstract] |
DEFERRED ROYALTY OBLIGATION RELATED TO THE SALE OF FUTURE ROYALTIES | DEFERRED ROYALTY OBLIGATION RELATED TO THE SALE OF FUTURE ROYALTIES We and HCR have an agreement in which HCR agreed to pay up to $20.0 million in exchange for royalty payments and commercial milestone payments that we may receive under our Kyowa Kirin Agreement. See Note 8. Deferred Royalty Obligation Related to the Sale of Future Royalties of our 2024 Form 10-K for further discussion on the nature, purpose, significant rights and obligations of the parties, as well as our accounting policies regarding the HCR Agreement. A summary of financial information related to the HCR Agreement is as follows:
| Three Months Ended March 31, |  |
($ in thousands) | 2025 |  | 2024 |  |  |  |
Non-cash interest expense related to the sale of future royalties | $ | (2,071) |  |  | $ | (1,702) |  |  |  |  |
Effective interest rate | 32.5 | % |  | 33.7 | % |  |  |  |
(in thousands) | 2025 |  | 2024
Deferred royalty obligation balance as of January 1, | $ | 25,527 |  |  | $ | 20,179 |
Non-cash interest expense related to sale of future royalties | 2,071 |  |  | 1,702 |
Royalty distributed to HCR | (1,076) |  |  | — |
Deferred royalty obligation balance as of March 31, | $ | 26,522 |  |  | $ | 21,881 |

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/410-20/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 20 -Topic 410 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-2 + Details
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