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Royalty-Linked Notes | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Royalty-Linked Notes | 12. Royalty-Linked Notes Liability Related to Sale of Future Royalties On January 21, 2020, as part of the Private Placement, the Company issued 2,579,400 RLNs to a group of accredited investors. On September 8, 2020, as part of the 2020 Rights Offering, the Company issued 11,000 RLNs to existing shareholders. The RLNs will entitle the holders thereof to payments, at the applicable payment rate, based solely on a percentage of the Company’s net revenues from U.S. sales of specified sulopenem products earned through December 31, 2045, but will not entitle the holders thereof to any payments unless the Company earns net revenues on such approved sulopenem product. If any portion of the principal amount of the outstanding RLNs, equal to $0.04 per RLN, has not been paid as of the end date on December 31, 2045, Iterum Bermuda must pay the unpaid portion of the principal amount. The RLNs will earn default interest if the Company breaches certain obligations under the RLN Indenture (but do not otherwise bear interest) and will be subject to a maximum return amount, including all principal and payments and certain default interest in respect of uncurable defaults, of $160.00 (or 4,000 times the principal amount of such note). The RLNs will be redeemable at the Company’s option, subject to the terms of the RLN Indenture. In accordance with exceptions allowed under ASC 815-10, Derivatives and Hedging (ASC 815), this transaction was initially accounted for as a debt liability under ASC 470, Debt. Subsequent to the listing of the RLNs on the Bermuda Stock Exchange in January 2021, the RLNs are accounted for as a derivative and are remeasured to fair value at each reporting date. In accordance with ASC 815, the fair value of the RLNs is determined using DCF analysis, without consideration of transaction costs, which represents a Level 3 basis of fair value measurement. Fair value measurements are highly sensitive to changes in inputs and significant changes to inputs can result in a significantly higher or lower fair value. The Company periodically assesses the revenue forecasts of the specified sulopenem products and the related payments. The Company has no obligation to pay any amount to the noteholders until the net revenue of the specified products are earned. The balance of the RLNs at each reporting date is as follows:
|  | September 30, 2025 |
Total liability related to the sale of future royalties, on inception |  | $ | 10,990 |
Liability related to the sale of future royalties, arising from the 2020 Rights Offering |  |  | 51 |
Amortization of discount and debt issuance costs |  |  | 3,666 |
Adjustments to fair value |  |  | (2,129 | )
Repayments |  |  | (58 | )
Total liability related to the sale of future royalties at Sept 30, 2025 |  | $ | 12,520 |
Current Portion |  |  | 281 |
Long-term Portion |  | $ | 12,239 |
|  | December 31, 2024 |
Total liability related to the sale of future royalties, on inception |  | $ | 10,990 |
Liability related to the sale of future royalties, arising from the 2020 Rights Offering |  |  | 51 |
Amortization of discount and debt issuance costs |  |  | 3,666 |
Adjustments to fair value |  |  | (3,936 | )
Total liability related to the sale of future royalties at December 31, 2024 |  | $ | 10,771 |
Current Portion |  |  | — |
Long-term Portion |  | $ | 10,771 |

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