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Liabilities Related to the Sales of Future Royalties (Tables) | 12 Months Ended
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Dec. 31, 2020
Liability Related To Sale Of Potential Future Royalties [Abstract] |
Summary of Liability Related to Potential Future Royalties | The following table shows the activity within the liability account during the year ended December 31, 2020 and for the period from the inception of the 2012 Purchase and Sale Agreement on February 24, 2012 (inception) and the 2020 Purchase and Sale Agreement on December 30, 2020 to December 31, 2020 (in thousands):
| Year-Ended December 31, 2020 |  | Period from inception to December 31, 2020
| 2012 Purchase and Sale Agreement |  | 2020 Purchase and Sale Agreement |  | Total |  | 2012 Purchase and Sale Agreement |  | 2020 Purchase and Sale Agreement |  | Total
Liability related to the sale of future royalties—beginning balance | $ | 73,551 |  |  | $ | — |  |  | $ | 73,551 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Royalty monetization proceeds | — |  |  | 150,000 |  |  | 150,000 |  |  | 124,000 |  |  | 150,000 |  |  | 274,000 |
Non-cash royalty revenue | (37,938) |  |  | (10,625) |  |  | (48,563) |  |  | (245,080) |  |  | (10,625) |  |  | (255,705) |
Non-cash interest expense | 30,267 |  |  | — |  |  | 30,267 |  |  | 196,960 |  |  | — |  |  | 196,960 |
Payments to RPI | — |  |  | — |  |  | — |  |  | (10,000) |  |  | — |  |  | (10,000) |
Liability related to the sale of future royalties – ending balance | 65,880 |  |  | 139,375 |  |  | 205,255 |  |  | 65,880 |  |  | 139,375 |  |  | 205,255 |
Less: unamortized transaction costs | (1,165) |  |  | (3,750) |  |  | (4,915) |  |  | (1,165) |  |  | (3,750) |  |  | (4,915) |
Liability related to the sale of future royalties, net | $ | 64,715 |  |  | $ | 135,625 |  |  | $ | 200,340 |  |  | $ | 64,715 |  |  | $ | 135,625 |  |  | $ | 200,340 |
The following table presents our estimates of the annual interest rates over the lives of the agreements and the resulting prospective interest rates used to recognize non-cash interest expense for the years ended December 31, 2020, 2019 and 2018.
| 2012 Purchase and Sale Agreement |  | 2020 Purchase and Sale Agreement
| Year-Ended December 31, |  | Year-Ended December 31,
| 2020 |  | 2019 |  | 2018 |  | 2020
Interest rates - end of period presented |  |  |  |  |  |  |
Implicit interest rate over the life of the agreement | 20.2 | % |  | 19.5 | % |  | 18.7 | % |  | 16.0 | %
Prospective effective interest rate | 48.0 | % |  | 38.0 | % |  | 29.0 | % |  | 16.0 | %

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