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Liability Related to the Sale of Future Royalties and Milestones (Tables)
 3 Months Ended
Mar. 31, 2025
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 three months ended March 31, 2025 (in thousands):

 

 

 

Period from
December 31, 2024 to
March 31, 2025

 

Liability related to sale of future royalties and milestones - beginning balance

 

$

337,539

 

Non-cash royalty revenue

 

 

(23,556

)

Non-cash interest expense recognized

 

 

12,049

 

Liability related to sale of future royalties and milestones - ending balance

 

 

326,032

 

Less: unamortized transaction costs

 

 

(1,139

)

Liability related to sale of future royalties and milestones, net

 

$

324,893

 

 
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