Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments And Contingencies Disclosure [Abstract]

Schedule Of Royalty Liability Account Roll Forward

The following table shows the activity within the Royalty Liability account as well as the effective interest rate (dollars in millions):

	Three Months Ended March 31,
	2024
Balance, beginning of period	$	145.8
Amortization of deferred transaction costs		0.1
Non-cash interest expense on liability for sale of future royalties		4.2
Royalty revenue remitted to Sagard by UT		(2.1	)
Balance, end of period	$	148.0
Effective interest rate		11.1	%

Schedule of Lease Term and Discount Rate

Financing liability information was as follows (dollars in thousands):

	March 31, 2024			December 31, 2023
Weighted average remaining lease term (in years)		17.6			17.8
Weighted average discount rate		9.0	%		9.0	%

Lease information was as follows (dollars in thousands):

	March 31, 2024			December 31, 2023
Operating lease right-of-use assets(1)	$	4,392		$	4,685
Operating lease liability-current(2)	$	1,611		$	1,423
Operating lease liability-long-term		3,645			3,925
Total	$	5,256		$	5,348
Weighted average remaining lease term (in years)		3.8			3.7
Weighted average discount rate		7.3	%		7.3	%

_________________________

(1)Operating right-of-use assets related to vehicles, offices and the manufacturing facility are included in other assets in the condensed consolidated balance sheets.

(2)Operating lease liability – current is included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.

Summary of Lease Information

	Three Months Ended March 31,
	2024		2023
Interest expense on financing liability	$	2,447	$	2,424

	Three Months Ended March 31,
	2024		2023
Operating lease costs	$	348	$	422
Variable lease costs		10		36
Cash paid		232		323

Summary of Remaining Financing Liability Payments

The Company's remaining financing liability payments were as follows (in thousands):

	March 31, 2024
Remainder of 2024	$	7,523
2025		10,269
2026		10,533
2027		10,849
2028		11,174
Thereafter		177,278
Total		227,626
Interest payments		(120,923	)
Debt issuance costs		(2,624	)
Total financing liability	$	104,079

Remaining Purchase Commitments and Estimated Capacity Fee Liability Requirements

The Company's remaining purchase commitments and estimated capacity fee liability as of March 31, 2024 were as follows (€ in millions):

	March 31, 2024
	Remaining Purchase Commitments		Estimated Capacity Fees
Remainder of 2024		2.3		—
2025		—		1.5
2026(1)		4.2		2.0
2027		6.0		1.0
2028		6.0		1.0
2029		6.0		1.0
2030		6.0		1.0
2031		8.0		0.5
2032		8.0		0.5
2033		8.0		0.5
2034		4.4		0.5
Total		58.9		9.5

_________________________

If there is a delay in the availability of insulin with FDA approved inclusion bodies and supply does not begin in 2026 as currently expected, the Company will incur a capacity fee of €750,000 per quarter that the product is not available for purchase.

Schedule of Future Minimum Office And Vehicle Lease Payments

The Company's future minimum office and vehicle lease payments were as follows (in thousands):

	March 31, 2024
Remainder of 2024	$	1,224
2025		1,829
2026		1,213
2027		1,135
2028		643
Total		6,044
Interest expense		(788	)
Total operating lease liability	$	5,256