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Deferred royalty obligation | 9 Months Ended
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Sep. 30, 2025
Other Liabilities Disclosure [Abstract] |
Deferred royalty obligation | Deferred royalty obligation On August 25, 2021, the Company entered into a royalty purchase agreement with certain entities managed by HCR for up to $325.0 million. Under the terms of the agreement, the Company received gross proceeds of $225.0 million upon closing (the “First Investment Amount”) and received an additional $75.0 million during the year ended December 31, 2023 upon the first commercial sale of ZYNLONTA in the United Kingdom or any European Union country (the “Second Investment Amount”) and together with the First Investment Amount, the “Investment Amount”). The table below provides a rollforward of the Company’s debt obligation relating to the royalty purchase agreement.
(in thousands) |  |
Liability balance at January 1, 2024 |  | $ | 309,613 |
Less: royalty payments |  | 5,384 |
Plus: interest expense |  | 33,608 |
Less: cumulative catch-up adjustment, Other, net |  | 11,178 |
Liability balance at December 31, 2024 |  | 326,659 |
Less: royalty payments |  | 4,816 |
Plus: interest expense |  | 26,164 |
Less: cumulative catch-up adjustment, Other, net |  | 517 |
Liability balance at September 30, 2025 |  | $ | 347,490 |

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