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v3.23.1

Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2023
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, |  |
| 2023 |  | 2022 |  |  |  |
Royalties |  |  |  |  |  |  |
Kyprolis | $ | 6,228 |  |  | $ | 4,622 |  |  |  |  |
Evomela | 2,550 |  |  | 2,701 |  |  |  |  |
Teriparatide injection | 3,500 |  |  | 2,911 |  |  |  |  |
Rylaze | 2,609 |  |  | 1,649 |  |  |  |  |
Other | 2,267 |  |  | 1,549 |  |  |  |  |
| $ | 17,154 |  |  | $ | 13,432 |  |  |  |  |
Captisol |  |  |  |  |  |  |
Captisol - Core | $ | 10,622 |  |  | $ | 6,226 |  |  |  |  |
Captisol - COVID(1) | — |  |  | 5,896 |  |  |  |  |
| $ | 10,622 |  |  | $ | 12,122 |  |  |  |  |
Contract revenue |  |  |  |  |  |  |
License Fees | 114 |  |  | 2,081 |  |  |  |  |
Milestone | 15,300 |  |  | 5,993 |  |  |  |  |
Other | 789 |  |  | 2,888 |  |  |  |  |
| $ | 16,203 |  |  | $ | 10,962 |  |  |  |  |
Total | $ | 43,979 |  |  | $ | 36,516 |  |  |  |  |
(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, 2023 and December 31, 2022 (in thousands):
March 31, 2023 | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Estimated fair value
Bank deposits | $ | 19,691 |  |  |  | $ | 3 |  |  |  | $ | (26) |  |  |  | $ | 19,668 |
Corporate bonds | 9,592 |  |  |  | 63 |  |  |  | (37) |  |  |  | 9,618 |
Agency bonds | 979 |  |  |  | 2 |  |  |  | — |  |  |  | 981 |
Commercial paper | 13,461 |  |  |  | 2 |  |  |  | (9) |  |  |  | 13,454 |
Municipal bonds | 1,005 |  |  |  | — |  |  |  | (5) |  |  |  | 1,000 |
Corporate equity securities | 5,775 |  |  |  | — |  |  |  | (4,120) |  |  |  | 1,655 |
Bond fund | 82,678 |  |  |  | — |  |  |  | (807) |  |  |  | 81,871 |
US government securities | 6,243 |  |  |  | 2 |  |  |  | (47) |  |  |  | 6,198 |
Warrants | — |  |  |  | 133 |  |  |  | — |  |  |  | 133 |
| $ | 139,424 |  |  |  | $ | 205 |  |  |  | $ | (5,051) |  |  |  | $ | 134,578 |
Viking common stock |  |  |  |  |  |  |  |  |  | 59,359 |
Total short-term investments |  |  |  |  |  |  |  |  |  | $ | 193,937 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Bank deposits | $ | 5,012 |  |  |  | $ | 2 |  |  |  | $ | (34) |  |  |  | $ | 4,980 |
Corporate bonds | 6,701 |  |  |  | 13 |  |  |  | (58) |  |  |  | 6,656 |
Commercial paper | 7,211 |  |  |  | 3 |  |  |  | — |  |  |  | 7,214 |
Corporate equity securities | 5,807 |  |  |  | 262 |  |  |  | (4,239) |  |  |  | 1,830 |
Bond fund | 81,815 |  |  |  | — |  |  |  | (1050) |  |  |  | 80,765 |
U.S. government securities | 2,232 |  |  |  | — |  |  |  | (70) |  |  |  | 2,162 |
Warrants | — |  |  |  | 135 |  |  |  | — |  |  |  | 135 |
| $ | 108,778 |  |  |  | $ | 415 |  |  |  | $ | (5,451) |  |  |  | $ | 103,742 |
Viking common stock |  |  |  |  |  |  |  |  |  | 63,122 |
Total short-term investments |  |  |  |  |  |  |  |  |  | $ | 166,864 |
Schedule of Available-for-Sale Debt Securities | The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):
| March 31, 2023
| Amortized Cost |  | Fair Value
Within one year | $ | 123,794 |  |  | $ | 123,681 |
After one year through five years | 10,903 |  |  | 10,962 |
Total | $ | 134,697 |  |  | $ | 134,643 |
Schedule of Goodwill and Other Identifiable Intangible Assets | Goodwill and other identifiable intangible assets consist of the following (in thousands):
| March 31, |  | December 31,
| 2023 |  | 2022
Indefinite-lived intangible assets |  |  |
Goodwill | $ | 105,673 |  |  | $ | 105,673 |
Definite lived intangible assets |  |  |
Complete technology | 55,211 |  |  | 55,211 |
Less: accumulated amortization | (23,450) |  |  | (22,560) |
Trade name | 2,642 |  |  | 2,642 |
Less: accumulated amortization | (1,610) |  |  | (1,577) |
Customer relationships | 29,600 |  |  | 29,600 |
Less: accumulated amortization | (18,043) |  |  | (17,670) |
Contractual relationships | 362,000 |  |  | 362,000 |
Less: accumulated amortization | (72,434) |  |  | (65,191) |
Total goodwill and other identifiable intangible assets, net | $ | 439,589 |  |  | $ | 448,128 |
Schedule of Commercial License Rights | Commercial license rights consist of the following (in thousands):
|  | March 31, 2023 |  | December 31, 2022
|  | Gross |  | Adjustments(1) |  | Net |  | Gross |  | Adjustments(2) |  | Net
Aziyo and CorMatrix |  | $ | 17,696 |  |  | $ | (9,122) |  |  | $ | 8,574 |  |  | $ | 17,696 |  |  | $ | (9,538) |  |  | $ | 8,158 |
Selexis and Dianomi |  | 10,602 |  |  | (8,745) |  |  | 1,857 |  |  | 10,602 |  |  | (8,578) |  |  | 2,024 |
Total |  | $ | 28,298 |  |  | $ | (17,867) |  |  | $ | 10,431 |  |  | $ | 28,298 |  |  | $ | (18,116) |  |  | $ | 10,182 |
(1) Amounts represent accumulated amortization to principal of $11.4 million and credit loss adjustments of $6.5 million as of March 31, 2023. (2) Amounts represent accumulated amortization to principal of $11.6 million and credit loss adjustments of $6.5 million as of December 31, 2022.
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands):
| March 31, |  | December 31,
| 2023 |  | 2022
Compensation | $ | 1,729 |  |  | $ | 6,201 |
Professional fees | 834 |  |  | 662 |
Amounts owed to former licensees | 45 |  |  | 3,989 |
Royalties owed to third parties | 7,700 |  |  | 12 |
Supplier | 678 |  |  | 634 |
Other | 3,991 |  |  | 4,183 |
Total accrued liabilities | $ | 14,977 |  |  | $ | 15,681 |
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, |  |  |  |
| 2023 |  | 2022(a) |  |  |  |  |  |  |  |
SBC - Research and development expenses | $ | 1,707 |  |  | $ | 2,196 |  |  |  |  |  |  |  |  |
SBC - General and administrative expenses | 4,224 |  |  | 4,913 |  |  |  |  |  |  |  |  |
| $ | 5,931 |  |  | $ | 7,109 |  |  |  |  |  |  |  |  |
(a) Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.
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, |  |  |  |
| 2023 |  | 2022 |  |  |  |  |  |  |  |
Risk-free interest rate | 4.1% |  | 1.6% |  |  |  |  |  |  |  |
Dividend yield | — |  | — |  |  |  |  |  |  |  |
Expected volatility | 53% |  | 50% |  |  |  |  |  |  |  |
Expected term (years) | 5.3 |  | 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, |  |  |  |
| 2023 |  | 2022 |  |  |  |  |  |  |  |
Weighted average shares outstanding: | 17,063 |  |  | 16,824 |  |  |  |  |  |  |  |  |
Dilutive potential common shares: |  |  |  |  |  |  |  |  |  |  |
Restricted stock | 86 |  |  | — |  |  |  |  |  |  |  |  |
Stock options | 341 |  |  | — |  |  |  |  |  |  |  |  |
2023 convertible senior notes | 484 |  |  | — |  |  |  |  |  |  |  |  |
Shares used to compute diluted income per share | 17,974 |  |  | 16,824 |  |  |  |  |  |  |  |  |
Potentially dilutive shares excluded from calculation due to anti-dilutive effect | 4,359 |  |  | 6,001 |  |  |  |  |  |  |  |  |

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