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

6 Months Ended

Jun. 30, 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																					Six months ended
						June 30,																					June 30,
						2020						2019									2020						2019
Royalties
			Kyprolis			$	5,481					$	4,882								$	9,886					$	8,715
			Evomela			1,199						1,144									2,775						2,055
			Other			501						600									1,085						1,201
			Promacta			—						—									—						14,193
						$	7,181					$	6,626								$	13,746					$	26,164
Captisol						$	24,468					$	8,549								$	45,577					$	17,508
Service Revenue									$	4,582					$	4,559								$	7,939					$	8,442
Contract Revenue
			License Fees			$	660					$	1,990								$	1,635					$	2,840
			Milestone			3,472						2,497									3,806						12,751
			Other			1,057						766									1,878						766
						$	5,189					$	5,253								$	7,319					$	16,357
Total									$	41,420					$	24,987								$	74,581					$	68,471

Schedule of Short-Term Investments

Our investments, excluding investment in Viking, consist of the following at June 30, 2020 and December 31, 2019 (in thousands):

			June 30, 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			$	269,114					$	221					$	(56)					$	269,279					$	411,690					$	188					$	(3)					$	411,875
Corporate bonds			55,380						125						(94)						55,411						63,818						161						—						63,979
Commercial paper			163,590						134						—						163,724						210,525						43						(16)						210,552
Corporate equity securities			4,506						634						(2,484)						2,656						4,506						416						(1,850)						3,072
Mutual fund			151,223						—						(97)						151,126						250,635						—						(249)						250,386
Warrants			—						177						—						177						—						125						—						125
			$	643,813					$	1,291					$	(2,731)					$	642,373					$	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):

			June 30, 2020
			Amortized Cost						Fair Value
Within one year			$	414,505					$	414,905
After one year through five years			73,579						73,509
After five years			—						—
Total			$	488,084					$	488,414

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
June 30, 2020
Bank deposits			$	(56)					$	30,015					$	—					$	—					$	(56)					$	30,015
Corporate bonds			(94)						16,022						—						—						(94)						16,022
Total			$	(150)					$	46,037					$	—					$	—					$	(150)					$	46,037
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):

			June 30,						December 31,
			2020						2019
Goodwill			$	103,369					$	95,229
Definite lived intangible assets
Complete technology			244,513						242,813
Less: accumulated amortization(1)			(57,053)						(50,203)
Trade name			2,642						2,642
Less: accumulated amortization			(1,246)						(1,180)
Customer relationships			40,700						29,600
Less: accumulated amortization			(14,261)						(13,224)
Total goodwill and other identifiable intangible assets, net			$	318,664					$	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):

						June 30, 2020																														December 31, 2019
						Gross						Adjustments(1)						Net						Gross						Adjustments(2)						Net
Aziyo and CorMatrix						$	17,696					$	(9,698)					$	7,998					$	17,696					$	(5,500)					$	12,196
Palvella						10,000						(10,000)						—						10,000						(7,492)						2,508
Selexis and Dianomi						10,602						(7,994)						2,608						10,602						(5,216)						5,386
Total						$	38,298					$	(27,692)					$	10,606					$	38,298					$	(18,208)					$	20,090

(1) Amounts represent accumulated amortization to principal or research and development expenses of $21.7 million and credit loss adjustments of   $6.0 million as of June 30, 2020.

(2) Amounts represent accumulated amortization to principal or research and development expenses as of December 31, 2019.

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

						June 30,						December 31,
						2020						2019
Compensation						$	3,457					$	1,986
Professional fees						964						1,135
Amounts owed to former licensees						413						381
Royalties owed to third parties						1,038						—
Return reserve						2,899						3,027
Current operating lease liabilities						1,728						1,242
Accrued interest						471						690
Other						1,858						1,375
Total accrued liabilities						$	12,828					$	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																		Six months ended
			June 30,																		June 30,
			2020						2019						2020						2019
SBC - Research and development expenses			$	3,019					$	2,528					$	5,416					$	4,655
SBC - General and administrative expenses			4,340						4,043						7,596						7,263
			$	7,359					$	6,571					$	13,012					$	11,918

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																					Six months ended
			June 30,																					June 30,
			2020						2019									2020						2019
Risk-free interest rate			0.4%						1.9%									1.1%						2.4%
Dividend yield			—						—									—						—
Expected volatility			69%						40%									55%						43%
Expected term			5.1						5.9									4.8						5.2

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																					Six months ended
			June 30,																					June 30,
			2020						2019									2020						2019
Weighted average shares outstanding:			16,055						19,558									16,292						20,000
Dilutive potential common shares:
Restricted stock			40						—									—						38
Stock options			599						—									—						761
Shares used to compute diluted income per share			16,694						19,558									16,292						20,799
Potentially dilutive shares excluded from calculation due to anti-dilutive effect			7,832						7,457									8,988						7,243

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