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Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Revenue by Source

The following table represents disaggregation of royalties, Captisol, service revenue and contract revenue (in thousands):

						Three months ended
						March 31,
						2020						2019
Royalties
			Kyprolis			$	4,405					$	3,833
			Evomela			1,576						911
			Other			584						601
			Promacta			—						14,193
						$	6,565					$	19,538
Captisol						$	21,109					$	8,959
Service Revenue									$	3,357					$	3,883
Contract Revenue
			License Fees			$	975					$	850
			Milestone			334						10,254
			Other			821						—
						$	2,130					$	11,104
Total									$	33,161					$	43,484

Schedule of Short-Term Investments

Our investments consist of the following at March 31, 2020 and December 31, 2019 (in thousands):

			March 31, 2020																																										December 31, 2019
			Amortized cost						Gross unrealized gains						Gross unrealized losses						Estimated fair value						Amortized cost						Gross unrealized gains						Gross unrealized losses						Estimated fair value
Short-term investments
Bank deposits			$	284,855					$	157					$	(1,398)					$	283,614					$	411,690					$	188					$	(3)					$	411,875
Corporate bonds			62,191						21						(1,666)						60,546						63,818						161						—						63,979
Commercial paper			127,928						5						(273)						127,660						210,525						43						(16)						210,552
Corporate equity securities			4,506						430						(3,483)						1,453						4,506						416						(1,850)						3,072
Mutual fund			150,747						—						(2,794)						147,953						250,635						—						(249)						250,386
Warrants			—						58						—						58						—						125						—						125
			$	630,227					$	671					$	(9,614)					$	621,284					$	941,174					$	933					$	(2,118)					$	939,989

Schedule of Available-for-Sale Debt Securities

The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):

			March 31, 2020
			Amortized Cost						Fair Value
Within one year			$	401,338					$	400,627
After one year through five years			73,636						71,193
After five years			—						—
Total			$	474,974					$	471,820

The following table summarizes our available-for-sale debt securities in an unrealized loss position (in thousands):

			Less than 12 months																		12 months or greater																		Total
			Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value
March 31, 2020
Bank deposits			$	(1,398)					$	214,597					$	—					$	—					$	(1,398)					$	214,597
Corporate bonds			(1,666)						40,460						—						—						(1,666)						40,460
Commercial paper			(273)						110,666						—						—						(273)						110,666
Total			$	(3,337)					$	365,723					$	—					$	—					$	(3,337)					$	365,723
December 31, 2019
Bank deposits			$	(3)					$	58,584					$	—					$	—					$	(3)					$	58,584
Commercial paper			(16)						79,363						—						—						(16)						79,363
Total			$	(19)					$	137,947					$	—					$	—					$	(19)					$	137,947

Schedule of Goodwill and Other Identifiable Intangible Assets

Goodwill and other identifiable intangible assets consist of the following (in thousands):

			March 31,						December 31,
			2020						2019
Goodwill			$	94,341					$	95,229
Definite lived intangible assets
Complete technology			242,813						242,813
Less: accumulated amortization(1)			(53,728)						(50,203)
Trade name			2,642						2,642
Less: accumulated amortization			(1,213)						(1,180)
Customer relationships			29,600						29,600
Less: accumulated amortization			(13,594)						(13,224)
Total goodwill and other identifiable intangible assets, net			$	300,861					$	305,677
(1) accumulated amortization for complete technology includes immaterial amount of foreign currency translation adjustments for the complete technology acquired from the Vernalis acquisition.

Schedule of Commercial License Rights

Commercial license and other economic rights consist of the following (in thousands):

			March 31,						December 31,
			2020						2019
Aziyo and CorMatrix			$	17,696					$	17,696
Palvella			10,000						10,000
Selexis			8,602						8,602
Dianomi			2,000						2,000
			38,298						38,298
Less: accumulated amortization attributed to principal or research and development			(21,939)						(18,208)
Less: credit loss adjustments			(5,978)						—
Total commercial license and other economic rights, net			$	10,381					$	20,090

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

						March 31,						December 31,
						2020						2019
Compensation						$	2,321					$	1,986
Professional fees						690						1,135
Amounts owed to former licensees						383						381
Royalties owed to third parties						1,062						—
Return reserve						2,899						3,027
Current operating lease liabilities						1,483						1,242
Accrued interest						1,437						690
Other						1,573						1,375
Total accrued liabilities						$	11,848					$	9,836

Schedule of Accounting for Share-Based Compensation

The following table summarizes share-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands):

			Three months ended
			March 31,
			2020						2019
Share-based compensation expense as a component of:
Research and development expenses			$	2,397					$	2,127
General and administrative expenses			3,256						3,220
			$	5,653					$	5,347

Schedule of Fair-Value Options Awarded to Employees and Directors

The fair-value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:

			Three months ended
			March 31,
			2020						2019
Risk-free interest rate			1.4%						2.5%
Dividend yield			—						—
Expected volatility			47%						44%
Expected term			4.7						5.1

Schedule of Computation of Basic and Diluted Earnings per Share

The following table presents the calculation of weighted average shares used to calculate basic and diluted earnings per share (in thousands):

			Three months ended
			March 31,
			2020						2019
Weighted average shares outstanding:			16,529						20,447
Dilutive potential common shares:
Restricted stock			—						45
Stock options			—						785
Shares used to compute diluted income per share			16,529						21,277
Potentially dilutive shares excluded from calculation due to anti-dilutive effect			10,144						7,015

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