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Liability Related to the Sale of Future Royalties and Milestones (Tables)

12 Months Ended

Dec. 31, 2024

Liability Related To Sale Of Future Royalties And Milestones [Abstract]

Schedule of Liability Account

The following table shows the activity within the liability account in the year ended December 31, 2024 and for the period from the inception of the royalty transactions to December 31, 2024 (in thousands):


		Year ended December 31, 2024				Period from inception to December 31, 2024
Liability related to sale of future royalties and milestones - beginning balance		$	257,296			$	—
Proceeds from sale of future royalties and milestones			63,879				268,879
Non-cash royalty and milestone revenue			(100,978	)			(400,468	)
Non-cash interest expense recognized			117,342				469,128
Liability related to sale of future royalties and milestones - ending balance			337,539				337,539
Less: unamortized transaction costs			(1,172	)			(1,172	)
Liability related to sale of future royalties and milestones, net		$	336,367			$	336,367

Schedule of Gross Proceeds Allocated to Identified Components

The $75.0 million in gross proceeds was allocated to the identified components as follows (in thousands):


Liability related to sale of future royalties and milestones		$	63,879
Ligand Warrant			7,098
Purchaser Upsize Option			4,023
Total Ligand Purchase Agreement gross proceeds		$	75,000