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

3 Months Ended

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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