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

3 Months Ended

Mar. 31, 2022

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,
			2022						2021
Royalties
Kyprolis			$	4,622					$	4,287
Evomela			2,701						2,333
Teriparatide injection			2,911						16
Rylaze			1,649						—
Other			1,812						476
			$	13,695					$	7,112
Captisol
Captisol - Core			$	6,226					$	1,253
Captisol - COVID(1)			5,896						30,019
			$	12,122					$	31,272
Contract revenue
Service Revenue			$	5,146					$	5,462
License Fees			3,086						1,043
Milestone			9,089						8,417
Other			2,555						1,844
			$	19,876					$	16,766
Total			$	45,693					$	55,150

(1) Captisol - COVID represents revenue on Captisol supplied for use in formulation with remdesivir, an antiviral treatment for COVID-19.

Schedule of Short-Term Investments

Our short-term investments consist of the following at March 31, 2022 and December 31, 2021 (in thousands):

			Amortized cost									Gross unrealized gains									Gross unrealized losses									Estimated fair value
March 31, 2022
Bank deposits			$	6,231								$	—								$	(50)								$	6,181
Corporate bonds			4,899									—									(84)									4,815
Commercial paper			—									—									—									—
Corporate equity securities			5,807									344									(3,043)									3,108
Mutual fund			152,253									—									(854)									151,399
US government securities			3,245									—									(74)									3,171
Warrants			—									187									—									187
			$	172,435								$	531								$	(4,105)								$	168,861
Viking common stock																														20,145
Total short-term investments																														$	189,006
December 31, 2021
Bank deposits			$	63,389								$	13								$	(21)								$	63,381
Corporate bonds			29,308									17									(38)									29,287
Commercial paper			36,008									2									(12)									35,998
Corporate equity securities			5,807									402									(2,027)									4,182
Mutual fund			152,136									—									(249)									151,887
US government securities			5,577									—									(23)									5,554
Warrants			—									408									—									408
			$	292,225								$	842								$	(2,370)								$	290,697
Viking common stock																														30,889
Total short-term investments																														$	321,586

Schedule of Available-for-Sale Debt Securities

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

			March 31, 2022
			Amortized Cost						Fair Value
Within one year			$	10,095					$	10,011
After one year through five years			6,523						6,398
Total			$	16,618					$	16,409

Schedule of Goodwill and Other Identifiable Intangible Assets

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

			March 31,						December 31,
			2022						2021
Indefinite-lived intangible assets
Goodwill			$	181,206					$	181,206
Definite lived intangible assets
Complete technology			281,097						280,617
Less: accumulated amortization			(82,861)						(78,991)
Trade name			2,642						2,642
Less: accumulated amortization			(1,477)						(1,444)
Customer relationships			40,700						40,700
Less: accumulated amortization			(18,934)						(18,267)
Contractual relationships			362,000						362,000
Less: accumulated amortization			(43,460)						(36,217)
Total goodwill and other identifiable intangible assets, net			$	720,913					$	732,246

Schedule of Commercial License Rights

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

						March 31, 2022																		December 31, 2021
						Gross						Adjustments(1)						Net						Gross						Adjustments(2)						Net
Aziyo and CorMatrix						$	17,696					$	(9,456)					$	8,240					$	17,696					$	(9,461)					$	8,235
Selexis and Dianomi						10,602						(8,721)						1,881						10,602						(8,727)						1,875
Total						$	28,298					$	(18,177)					$	10,121					$	28,298					$	(18,188)					$	10,110

(1) Amounts represent accumulated amortization to principal of $11.7 million and credit loss adjustments of $6.5 million as of March 31, 2022.

(2) Amounts represent accumulated amortization to principal of $11.7 million and credit loss adjustments of $6.5 million as of December 31, 2021.

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

			March 31,						December 31,
			2022						2021
Compensation			$	3,620					$	6,532
Professional fees			3,974						2,046
Amounts owed to former licensees			2,677						630
Royalties owed to third parties			—						149
Return reserve			—						2,420
Acquisition related liabilities			—						1,000
Subcontractor			1,757						1,759
Supplier			1,697						848
Accrued interest			394						291
Other			1,758						1,904
Total accrued liabilities			$	15,877					$	17,579

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,
			2022						2021
SBC - Research and development expenses			$	3,914					$	3,939
SBC - General and administrative expenses			5,130						4,466
			$	9,044					$	8,405

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,
			2022						2021
Risk-free interest rate			1.6%						0.5%
Dividend yield			—						—
Expected volatility			50%						63%
Expected term (years)			4.7						5

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,
			2022						2021
Weighted average shares outstanding:			16,824						16,435
Dilutive potential common shares:
Restricted stock			—						112
Stock options			—						701
Shares used to compute diluted income per share			16,824						17,248
Potentially dilutive shares excluded from calculation due to anti-dilutive effect			6,001						4,277

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