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

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Revenue by Source

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

						Three months ended															Nine months ended
						September 30,															September 30,
						2020						2019									2020						2019
Royalties
			Kyprolis			$	6,923					$	7,602								$	16,809					$	16,317
			Evomela			1,802						1,515									4,577						3,570
			Other			280						650									1,365						1,851
			Promacta			—						—									—						14,193
						$	9,005					$	9,767								$	22,751					$	35,931
Captisol						$	23,389					$	6,849								$	68,966					$	24,357
Contract
			Service Revenue			$	7,341					$	4,548								$	15,280					$	12,990
			License Fees			158						243									1,793						3,083
			Milestone			960						2,674									4,766						15,425
			Other			995						727									2,873						1,493
						$	9,454					$	8,192								$	24,712					$	32,991
Total						$	41,848					$	24,808								$	116,429					$	93,279

Schedule of Short-Term Investments

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

			September 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			$	68,226					$	101					$	—					$	68,327					$	411,690					$	188					$	(3)					$	411,875
Corporate bonds			27,125						102						—						27,227						63,818						161						—						63,979
Commercial paper			47,943						60						—						48,003						210,525						43						(16)						210,552
Corporate equity securities			4,484						415						(2,624)						2,275						4,506						416						(1,850)						3,072
Mutual fund			151,513						204						—						151,717						250,635						—						(249)						250,386
Warrants			—						155						—						155						—						125						—						125
			$	299,291					$	1,037					$	(2,624)					$	297,704					$	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):

			September 30, 2020
			Amortized Cost						Fair Value
Within one year			$	121,452					$	121,610
After one year through five years			21,842						21,947
After five years			—						—
Total			$	143,294					$	143,557

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
September 30, 2020
Bank deposits			$	—					$	5,011					$	—					$	—					$	—					$	5,011
Corporate bonds			(0.4)						3,007						—						—						(0.4)						3,007
Total			$	(0.4)					$	8,018					$	—					$	—					$	(0.4)					$	8,018
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):

			September 30,						December 31,
			2020						2019
Goodwill			$	102,136					$	95,229
Definite lived intangible assets
Complete technology			257,317						242,813
Less: accumulated amortization(1)			(59,869)						(50,203)
Trade name			2,642						2,642
Less: accumulated amortization			(1,279)						(1,180)
Customer relationships			40,700						29,600
Less: accumulated amortization			(14,929)						(13,224)
Total goodwill and other identifiable intangible assets, net			$	326,718					$	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):

						September 30, 2020																		December 31, 2019
						Gross						Adjustments(1)						Net						Gross						Adjustments(2)						Net
Aziyo and CorMatrix						$	17,696					$	(9,644)					$	8,052					$	17,696					$	(5,500)					$	12,196
Palvella						10,000						(10,000)						—						10,000						(7,492)						2,508
Selexis and Dianomi						10,602						(7,820)						2,782						10,602						(5,216)						5,386
Total						$	38,298					$	(27,464)					$	10,834					$	38,298					$	(18,208)					$	20,090

(1) Amounts represent accumulated amortization to principal or research and development expenses of $21.5 million and credit loss adjustments of             $6.0 million as of September 30, 2020.

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

Schedule of Other Assets

Other assets consist of the following (in thousands):

						September 30,						December 31,
						2020						2019
Captisol manufacturing ramp up fee						$	9,215					$	—
Long-term investment receivable						2,000						—
Equity investment						813						750
Deposits						138						219
Other						1,538						1,388
Total other assets						$	13,704					$	2,357

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

						September 30,						December 31,
						2020						2019
Compensation						$	4,840					$	1,986
Professional fees						1,226						1,135
Amounts owed to former licensees						407						381
Royalties owed to third parties						805						—
Return reserve						2,835						3,027
Current operating lease liabilities						1,029						1,242
Accrued interest						1,437						690
Other						1,919						1,375
Total accrued liabilities						$	14,498					$	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												Nine months ended
			September 30,												September 30,
			2020						2019						2020						2019
SBC - Research and development expenses			$	3,094					$	2,481					$	8,510					$	7,136
SBC - General and administrative expenses			4,646						3,816						12,242						11,079
			$	7,740					$	6,297					$	20,752					$	18,215

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															Nine months ended
			September 30,															September 30,
			2020						2019									2020						2019
Risk-free interest rate			0.3%						1.6%									1.0%						2.4%
Dividend yield			—						—									—						—
Expected volatility			59%						41%									55%						43%
Expected term			4.9						5.3									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															Nine months ended
			September 30,															September 30,
			2020						2019									2020						2019
Weighted average shares outstanding:			16,082						18,770									16,222						19,586
Dilutive potential common shares:
Restricted stock			—						—									—						35
Stock options			—						—									—						728
Shares used to compute diluted income per share			16,082						18,770									16,222						20,349
Potentially dilutive shares excluded from calculation due to anti-dilutive effect			7,028						11,549									8,330						8,694

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