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

3 Months Ended

Mar. 31, 2021

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
						March 31,
						2021						2020
Royalties
			Kyprolis			$	4,287					$	4,405
			Evomela			2,333						1,576
			Other			492						584
						$	7,112					$	6,565
Captisol						$	31,272					$	21,109
Contract revenue
			Service Revenue			$	5,462					$	3,357
			License Fees			1,043						975
			Milestone			8,417						334
			Other			1,844						821
						$	16,766					$	5,487
Total						$	55,150					$	33,161

Schedule of Short-Term Investments

Our short-term investments consist of the following at March 31, 2021 and December 31, 2020 (in thousands):

			March 31, 2021															December 31, 2020
			Amortized cost						Gross unrealized gains						Gross unrealized losses						Estimated fair value						Amortized cost						Gross unrealized gains						Gross unrealized losses						Estimated fair value
Bank deposits			$	51,232					$	25					$	(4)					$	51,253					$	84,120					$	35					$	(1)					$	84,154
Corporate bonds			25,853						72						(8)						25,917						30,512						99						(1)						30,610
Agency bonds			4,501						—						(4)						4,497						4,499						2						—						4,501
Commercial paper			19,815						9						—						19,824						45,459						27						(1)						45,485
Corporate equity securities			4,456						3,736						—						8,192						4,466						360						(1,388)						3,438
Mutual fund			151,830						53						—						151,883						151,512						386						—						151,898
Treasury bill			—						—						—						—						3,999						—						—						3,999
Warrants			—						1,422						—						1,422						—						393						—						393
			$	257,687					$	5,317					$	(16)					$	262,988					$	324,567					$	1,302					$	(1,391)					$	324,478
Viking common stock																					44,366																								32,763
Viking warrants																					—																								6,326
Total short-term investments																					$	307,354																							$	363,567

Schedule of Available-for-Sale Debt Securities

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

			March 31, 2021
			Amortized Cost						Fair Value
Within one year			$	77,913					$	77,981
After one year through five years			23,488						23,509
Total			$	101,401					$	101,490

Schedule of Goodwill and Other Identifiable Intangible Assets

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

			March 31,						December 31,
			2021						2020
Indefinite-lived intangible assets
Goodwill			$	190,515					$	189,662
Definite lived intangible assets
Complete technology			277,980						277,740
Less: accumulated amortization			(67,441)						(63,600)
Trade name			2,642						2,642
Less: accumulated amortization			(1,345)						(1,312)
Customer relationships			40,700						40,700
Less: accumulated amortization			(16,264)						(15,597)
Contractual relationships			362,000						362,000
Less: accumulated amortization			(14,487)						(7,243)
Total goodwill and other identifiable intangible assets, net			$	774,300					$	784,992

Schedule of Commercial License and Other Economic Rights

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

						March 31, 2021																		December 31, 2020
						Gross						Adjustments(1)						Net						Gross						Adjustments(2)						Net
Aziyo and CorMatrix						$	17,696					$	(9,530)					$	8,166					$	17,696					$	(9,588)					$	8,108
Selexis and Dianomi						10,602						(8,317)						2,285						10,602						(7,731)						2,871
Total						$	28,298					$	(17,847)					$	10,451					$	28,298					$	(17,319)					$	10,979

(1) Amounts represent accumulated amortization to principal of $11.9 million and credit loss adjustments of $6.0 million as of March 31, 2021.

(2) Amounts represent accumulated amortization to principal of $11.3 million and credit loss adjustments of $6.0 million as of December 31, 2020.

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

			March 31,						December 31,
			2021						2020
Compensation			$	3,347					$	8,810
Professional fees			958						977
Amounts owed to former licensees			468						421
Royalties owed to third parties			102						693
Return reserve			682						687
Acquisition related liabilities			1,500						1,500
Subcontractor			1,034						733
Supplier			788						604
Accrued interest			1,086						464
Other			2,145						3,641
Total accrued liabilities			$	12,110					$	18,530

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,
			2021						2020
SBC - Research and development expenses			$	3,939					$	2,397
SBC - General and administrative expenses			4,466						3,256
			$	8,405					$	5,653

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,
			2021						2020
Risk-free interest rate			0.5%						1.4%
Dividend yield			—						—
Expected volatility			63%						47%
Expected term			5.0						4.7

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,
			2021						2020
Weighted average shares outstanding:			16,435						16,529
Dilutive potential common shares:
Restricted stock			112						—
Stock options			701						—
Shares used to compute diluted income per share			17,248						16,529
Potentially dilutive shares excluded from calculation due to anti-dilutive effect			4,277						10,144

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