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Liability Related to the Sale of Future Royalties and Milestones (Tables) | 9 Months Ended
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Sep. 30, 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 nine months ended September 30, 2025 (in thousands):
|  | Period from December 31, 2024 to September 30, 2025 |
Liability related to sale of future royalties and milestones - beginning balance |  | $ | 337,539 |
Non-cash royalty revenue |  |  | (77,535 | )
Non-cash interest expense recognized |  |  | 36,243 |
Liability related to sale of future royalties and milestones - ending balance |  |  | 296,247 |
Less: unamortized transaction costs |  |  | (1,074 | )
Liability related to sale of future royalties and milestones, net |  | $ | 295,173 |
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 |

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