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v3.23.2

Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 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 |  | Six months ended
| June 30, |  | June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Royalties |  |  |  |  |  |  |
Kyprolis | $ | 8,097 |  |  | $ | 7,127 |  |  | $ | 14,325 |  |  | $ | 11,749 |
Evomela | 2,357 |  |  | 2,394 |  |  | 4,907 |  |  | 5,095 |
Teriparatide injection | 3,613 |  |  | 5,502 |  |  | 7,113 |  |  | 8,413 |
Rylaze | 3,028 |  |  | 2,317 |  |  | 5,637 |  |  | 3,966 |
Other | 3,335 |  |  | 480 |  |  | 5,602 |  |  | 2,029 |
| $ | 20,430 |  |  | $ | 17,820 |  |  | $ | 37,584 |  |  | $ | 31,252 |
Captisol |  |  |  |  |  |  |
Captisol - Core | $ | 5,220 |  |  | $ | 3,325 |  |  | $ | 15,842 |  |  | $ | 9,551 |
Captisol - COVID(1) | — |  |  | 26,220 |  |  | — |  |  | 32,116 |
| $ | 5,220 |  |  | $ | 29,545 |  |  | $ | 15,842 |  |  | $ | 41,667 |
Contract revenue |  |  |  |  |  |  |
License Fees | 508 |  |  | 558 |  |  | 622 |  |  | 2,639 |
Milestone | — |  |  | — |  |  | 15,300 |  |  | 5,993 |
Other | 208 |  |  | 2,203 |  |  | 997 |  |  | 5,091 |
| $ | 716 |  |  | $ | 2,761 |  |  | $ | 16,919 |  |  | $ | 13,723 |
Total | $ | 26,366 |  |  | $ | 50,126 |  |  | $ | 70,345 |  |  | $ | 86,642 |
(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 June 30, 2023 and December 31, 2022 (in thousands):
June 30, 2023 | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Estimated fair value
Bank deposits | $ | 36,327 |  |  |  | $ | 7 |  |  |  | $ | (22) |  |  |  | $ | 36,312 |
Bond fund | 83,695 |  |  |  | — |  |  |  | (808) |  |  |  | 82,887 |
Commercial paper | 18,582 |  |  |  | 1 |  |  |  | (8) |  |  |  | 18,575 |
Corporate bonds | 6,197 |  |  |  | 1 |  |  |  | (39) |  |  |  | 6,159 |
Corporate equity securities | 5,775 |  |  |  | — |  |  |  | (3,436) |  |  |  | 2,339 |
Municipal bonds | 1,016 |  |  |  | — |  |  |  | (10) |  |  |  | 1,006 |
US government securities | 6,916 |  |  |  | 1 |  |  |  | (17) |  |  |  | 6,900 |
Warrants | — |  |  |  | 278 |  |  |  | — |  |  |  | 278 |
| $ | 158,508 |  |  |  | $ | 288 |  |  |  | $ | (4,340) |  |  |  | $ | 154,456 |
Viking common stock |  |  |  |  |  |  |  |  |  | 36,140 |
Total short-term investments |  |  |  |  |  |  |  |  |  | $ | 190,596 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |
Bank deposits | $ | 5,012 |  |  |  | $ | 2 |  |  |  | $ | (34) |  |  |  | $ | 4,980 |
Bond fund | 81,815 |  |  |  | — |  |  |  | (1050) |  |  |  | 80,765 |
Commercial paper | 7,211 |  |  |  | 3 |  |  |  | — |  |  |  | 7,214 |
Corporate bonds | 6,701 |  |  |  | 13 |  |  |  | (58) |  |  |  | 6,656 |
Corporate equity securities | 5,807 |  |  |  | 262 |  |  |  | (4,239) |  |  |  | 1,830 |
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):
| June 30, 2023
| Amortized Cost |  | Fair Value
Within one year | $ | 89,245 |  |  | $ | 89,187 |
After one year through five years | 5,846 |  |  | 5,816 |
Total | $ | 95,091 |  |  | $ | 95,003 |
Schedule of Goodwill and Other Identifiable Intangible Assets | Goodwill and other identifiable intangible assets consist of the following (in thousands):
| June 30, |  | 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 | (24,339) |  |  | (22,560) |
Trade name | 2,642 |  |  | 2,642 |
Less: accumulated amortization | (1,644) |  |  | (1,577) |
Customer relationships | 29,600 |  |  | 29,600 |
Less: accumulated amortization | (18,416) |  |  | (17,670) |
Contractual relationships | 362,000 |  |  | 362,000 |
Less: accumulated amortization | (79,677) |  |  | (65,191) |
Total goodwill and other identifiable intangible assets, net | $ | 431,050 |  |  | $ | 448,128 |
Schedule of Commercial License Rights | Commercial license rights consist of the following (in thousands):
|  | June 30, 2023 |  | December 31, 2022
|  | Gross |  | Adjustments(1) |  | Net |  | Gross |  | Adjustments(2) |  | Net
Aziyo and CorMatrix |  | $ | 17,696 |  |  | $ | (8,691) |  |  | $ | 9,005 |  |  | $ | 17,696 |  |  | $ | (9,538) |  |  | $ | 8,158 |
Selexis and Dianomi |  | 10,602 |  |  | (8,824) |  |  | 1,778 |  |  | 10,602 |  |  | (8,578) |  |  | 2,024 |
Total |  | $ | 28,298 |  |  | $ | (17,515) |  |  | $ | 10,783 |  |  | $ | 28,298 |  |  | $ | (18,116) |  |  | $ | 10,182 |
(1) Amounts represent accumulated amortization to principal of $11.0 million and credit loss adjustments of $6.5 million as of June 30, 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):
| June 30, |  | December 31,
| 2023 |  | 2022
Compensation | $ | 2,343 |  |  | $ | 6,201 |
Subcontractor | 1,756 |  |  | 1,756 |
Professional fees | 807 |  |  | 662 |
Customer deposit | 621 |  |  | 621 |
Supplier | 268 |  |  | 634 |
Royalties owed to third parties | 180 |  |  | 12 |
Amounts owed to former licensees | 45 |  |  | 3,989 |
Other | 1,271 |  |  | 1,806 |
Total accrued liabilities | $ | 7,291 |  |  | $ | 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 |  | Six months ended
| June 30, |  | June 30,
| 2023 |  | 2022(a) |  | 2023 |  | 2022(a)
SBC - Research and development expenses | $ | 2,016 |  |  | $ | 2,447 |  |  | $ | 3,723 |  |  | $ | 4,643 |
SBC - General and administrative expenses | 5,191 |  |  | 4,554 |  |  | 9,415 |  |  | 9,467 |
| $ | 7,207 |  |  | $ | 7,001 |  |  | $ | 13,138 |  |  | $ | 14,110 |
(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 |  | Six months ended
| June 30, |  | June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Risk-free interest rate | 3.9% |  | 3.0% |  | 4.1% |  | 3.0%
Dividend yield | — |  | — |  | — |  | —
Expected volatility | 49.4% |  | 50.0% |  | 52.6% |  | 50.0%
Expected term (years) | 4.8 |  | 4.8 |  | 5.3 |  | 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,
| 2023 |  | 2022 |  | 2023 |  | 2022
Weighted average shares outstanding: | 17,276 |  |  | 16,868 |  |  | 17,170 |  |  | 16,846 |
Dilutive potential common shares: |  |  |  |  |  |  |
Restricted stock | 83 |  |  | 26 |  |  | 85 |  |  | — |
Stock options | 371 |  |  | 164 |  |  | 356 |  |  | — |
2023 convertible senior notes | — |  |  | — |  |  | 240 |  |  | — |
Shares used to compute diluted income per share | 17,730 |  |  | 17,058 |  |  | 17,851 |  |  | 16,846 |
Potentially dilutive shares excluded from calculation due to anti-dilutive effect | 4,862 |  |  | 6,794 |  |  |  |  | 6,400 |

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