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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 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 |  | Six months ended
|  | June 30, |  | June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Royalties |  |  |  |  |  |  |
| Kyprolis | $ | 5,440 |  |  | $ | 5,481 |  |  | $ | 9,727 |  |  | $ | 9,886 |
| Evomela | 2,193 |  |  | 1,199 |  |  | 4,526 |  |  | 2,775 |
| Other | 983 |  |  | 501 |  |  | 1,475 |  |  | 1,085 |
|  | $ | 8,616 |  |  | $ | 7,181 |  |  | $ | 15,728 |  |  | $ | 13,746 |
Captisol |  | $ | 62,509 |  |  | $ | 24,468 |  |  | $ | 93,781 |  |  | $ | 45,577 |
Contract revenue |  |  |  |  |  |  |
| Service Revenue | $ | 7,360 |  |  | $ | 4,582 |  |  | $ | 12,822 |  |  | $ | 7,939 |
| License Fees | 1,050 |  |  | 660 |  |  | 2,093 |  |  | 1,635 |
| Milestone | 3,600 |  |  | 3,472 |  |  | 12,017 |  |  | 3,806 |
| Other | 1,540 |  |  | 1,057 |  |  | 3,384 |  |  | 1,878 |
|  | $ | 13,550 |  |  | $ | 9,771 |  |  | $ | 30,316 |  |  | $ | 15,258 |
Total | $ | 84,675 |  |  | $ | 41,420 |  |  | $ | 139,825 |  |  | $ | 74,581 |
Schedule of Short-Term Investments | Our short-term investments consist of the following at June 30, 2021 and December 31, 2020 (in thousands):
| June 30, 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 | $ | 33,560 |  |  | $ | 13 |  |  | $ | (2) |  |  | $ | 33,571 |  |  | $ | 84,120 |  |  | $ | 35 |  |  | $ | (1) |  |  | $ | 84,154 |
Corporate bonds | 25,965 |  |  | 62 |  |  | (2) |  |  | 26,025 |  |  | 30,512 |  |  | 99 |  |  | (1) |  |  | 30,610 |
Agency bonds | 2,500 |  |  | — |  |  | (1) |  |  | 2,499 |  |  | 4,499 |  |  | 2 |  |  | — |  |  | 4,501 |
Commercial paper | 19,258 |  |  | 12 |  |  | — |  |  | 19,270 |  |  | 45,459 |  |  | 27 |  |  | (1) |  |  | 45,485 |
Corporate equity securities | 5,807 |  |  | 172 |  |  | (310) |  |  | 5,669 |  |  | 4,466 |  |  | 360 |  |  | (1,388) |  |  | 3,438 |
Mutual fund | 151,949 |  |  | 53 |  |  | — |  |  | 152,002 |  |  | 151,512 |  |  | 386 |  |  | — |  |  | 151,898 |
Treasury bill | — |  |  | — |  |  | — |  |  | — |  |  | 3,999 |  |  | — |  |  | — |  |  | 3,999 |
Warrants | — |  |  | 713 |  |  | — |  |  | 713 |  |  | — |  |  | 393 |  |  | — |  |  | 393 |
| $ | 239,039 |  |  | $ | 1,025 |  |  | $ | (315) |  |  | $ | 239,749 |  |  | $ | 324,567 |  |  | $ | 1,302 |  |  | $ | (1,391) |  |  | $ | 324,478 |
Viking common stock |  |  |  |  |  |  | 40,223 |  |  |  |  |  |  |  |  | 32,763 |
Viking warrants |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  | 6,326 |
Total short-term investments |  |  |  |  |  |  | $ | 279,972 |  |  |  |  |  |  |  |  | $ | 363,567 |
Schedule of Available-for-Sale Debt Securities | The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):
| June 30, 2021
| Amortized Cost |  | Fair Value
Within one year | $ | 57,997 |  |  | $ | 58,050 |
After one year through five years | 23,286 |  |  | 23,316 |
Total | $ | 81,283 |  |  | $ | 81,366 |
Schedule of Goodwill and Other Identifiable Intangible Assets | Goodwill and other identifiable intangible assets consist of the following (in thousands):
| June 30, |  | December 31,
| 2021 |  | 2020
Indefinite-lived intangible assets |  |  |
Goodwill | $ | 190,517 |  |  | $ | 189,662 |
Definite lived intangible assets |  |  |
Complete technology | 277,980 |  |  | 277,740 |
Less: accumulated amortization | (71,276) |  |  | (63,600) |
Trade name | 2,642 |  |  | 2,642 |
Less: accumulated amortization | (1,378) |  |  | (1,312) |
Customer relationships | 40,700 |  |  | 40,700 |
Less: accumulated amortization | (16,932) |  |  | (15,597) |
Contractual relationships | 362,000 |  |  | 362,000 |
Less: accumulated amortization | (21,730) |  |  | (7,243) |
Total goodwill and other identifiable intangible assets, net | $ | 762,523 |  |  | $ | 784,992 |
Schedule of Commercial License and Other Economic Rights | Commercial license and other economic rights consist of the following (in thousands):
|  | June 30, 2021 |  | December 31, 2020
|  | Gross |  | Adjustments(1) |  | Net |  | Gross |  | Adjustments(2) |  | Net
Aziyo and CorMatrix |  | $ | 17,696 |  |  | $ | (9,470) |  |  | $ | 8,226 |  |  | $ | 17,696 |  |  | $ | (9,588) |  |  | $ | 8,108 |
Selexis and Dianomi |  | 10,602 |  |  | (8,190) |  |  | 2,412 |  |  | 10,602 |  |  | (7,731) |  |  | 2,871 |
Total |  | $ | 28,298 |  |  | $ | (17,660) |  |  | $ | 10,638 |  |  | $ | 28,298 |  |  | $ | (17,319) |  |  | $ | 10,979 |
(1) Amounts represent accumulated amortization to principal of $11.7 million and credit loss adjustments of $6.0 million as of June 30, 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):
| June 30, |  | December 31,
| 2021 |  | 2020
Compensation | $ | 3,684 |  |  | $ | 8,810 |
Professional fees | 977 |  |  | 977 |
Amounts owed to former licensees | 446 |  |  | 421 |
Royalties owed to third parties | 52 |  |  | 693 |
Return reserve | 105 |  |  | 687 |
Acquisition related liabilities | 1,500 |  |  | 1,500 |
Subcontractor | — |  |  | 733 |
Supplier | 681 |  |  | 604 |
Accrued interest | 295 |  |  | 464 |
Other | 2,367 |  |  | 3,641 |
Total accrued liabilities | $ | 10,107 |  |  | $ | 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 |  | Six months ended
| June 30, |  | June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
SBC - Research and development expenses | $ | 4,556 |  |  | $ | 3,019 |  |  | $ | 8,495 |  |  | $ | 5,416 |
SBC - General and administrative expenses | 5,660 |  |  | 4,340 |  |  | 10,126 |  |  | 7,596 |
| $ | 10,216 |  |  | $ | 7,359 |  |  | $ | 18,621 |  |  | $ | 13,012 |
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,
| 2021 |  | 2020 |  | 2021 |  | 2020
Risk-free interest rate | 0.9% |  | 0.4% |  | 0.5% |  | 1.1%
Dividend yield | — |  | — |  | — |  | —
Expected volatility | 54% |  | 69% |  | 62% |  | 55%
Expected term | 5.5 |  | 5.1 |  | 5.0 |  | 4.8
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,
| 2021 |  | 2020 |  | 2021 |  | 2020
Weighted average shares outstanding: | 16,659 |  |  | 16,055 |  |  | 16,548 |  |  | 16,292 |
Dilutive potential common shares: |  |  |  |  |  |  |
Restricted stock | 69 |  |  | 40 |  |  | 90 |  |  | — |
Stock options | 444 |  |  | 599 |  |  | 572 |  |  | — |
Shares used to compute diluted income per share | 17,172 |  |  | 16,694 |  |  | 17,210 |  |  | 16,292 |
Potentially dilutive shares excluded from calculation due to anti-dilutive effect | 5,087 |  |  | 7,832 |  |  | 4,684 |  |  | 8,988 |

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