Royalty Pharma's initial agreement with Ascendis Pharma, established in September 2023, provided for a capped royalty stream of 9.15% on U.S. sales of Skytrofa, starting from January 1, 2025. This royalty will cease once a 1.925x return is realized, or a 1.65x return if achieved by the end of 2031. The consistency in structuring these deals reflects Royalty Pharma's commitment to a sustainable and balanced investment strategy.