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Deerfield warrants | 9 Months Ended
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Sep. 30, 2025
Other Liabilities Disclosure [Abstract] |
Deerfield warrants | Deerfield warrants Pursuant to the Exchange Agreement with Deerfield entered into on August 15, 2022, the Company issued warrants to purchase an aggregate of 4,412,840 common shares. The warrants consisted of warrants to purchase an aggregate of 2,631,578 common shares at an exercise price of $24.70 per share and warrants to purchase an aggregate of 1,781,262 common shares at an exercise price of $28.07 per share. Each warrant was exercisable, on a cash or a cashless basis, at the option of the holder, at any time on or prior to May 19, 2025. The warrant obligation, which was included in other long-term liabilities in the unaudited condensed consolidated balance sheets, was remeasured to fair value at the end of each reporting period. Changes in the fair value losses of the warrant obligation at the end of each period were recorded in the unaudited condensed consolidated statements of operations. During the three and nine months ended September 30, 2025, the Company did not recognize any expense or income as a result of changes in the fair value of the warrant obligation. For the three and nine months ended September 30, 2024, the Company recognized income of $1.1 million and $0.3 million, respectively. This amount was recorded to Other, net in the unaudited condensed consolidated statements of operations. The warrants expired on May 19, 2025 in accordance with their terms and therefore, there were no warrants outstanding as of September 30, 2025. The fair value of the warrant obligation as of December 31, 2024 was $0. See Note 16, "Other income (expense)" for further information. The Company valued the Deerfield warrant obligation using a Black-Scholes option-pricing model. Key inputs for the valuation of the warrant obligation as of December 31, 2024 were as follows:
|  |  | As of
|  |  | December 31, 2024
Exercise price in $ |  |  | 24.70 and 28.07
Share price in $ |  |  | 1.99 |
Risk-free interest rate |  |  | 4.3 | %
Expected volatility |  |  | 83.0 | %
Expected term (years) |  |  | 0.4 years
Dividend yield |  |  | — |
Black-Scholes value in $ |  |  | nil and nil

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