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v3.23.3

Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 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 |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Royalties |  |  |  |  |  |  |
Kyprolis | $ | 10,537 |  |  | $ | 9,123 |  |  | $ | 24,862 |  |  | $ | 20,872 |
Evomela | 2,497 |  |  | 3,123 |  |  | 7,404 |  |  | 8,218 |
Teriparatide injection | 2,800 |  |  | 4,071 |  |  | 9,913 |  |  | 12,484 |
Rylaze | 3,678 |  |  | 2,099 |  |  | 9,315 |  |  | 6,065 |
Other | 4,351 |  |  | 839 |  |  | 9,953 |  |  | 2,868 |
| $ | 23,863 |  |  | $ | 19,255 |  |  | $ | 61,447 |  |  | $ | 50,507 |
Captisol |  |  |  |  |  |  |
Captisol - Core | $ | 8,608 |  |  | $ | 3,582 |  |  | $ | 24,450 |  |  | $ | 13,133 |
Captisol - COVID(1) | — |  |  | 32,367 |  |  | — |  |  | 64,483 |
| $ | 8,608 |  |  | $ | 35,949 |  |  | $ | 24,450 |  |  | $ | 77,616 |
Contract revenue |  |  |  |  |  |  |
Service revenue | 263 |  |  | 90 |  |  | 534 |  |  | 1,047 |
Milestone | — |  |  | 2,658 |  |  | 15,300 |  |  | 8,651 |
Other | 134 |  |  | 1,269 |  |  | 1,482 |  |  | 8,042 |
| $ | 397 |  |  | $ | 4,017 |  |  | $ | 17,316 |  |  | $ | 17,740 |
Total | $ | 32,868 |  |  | $ | 59,221 |  |  | $ | 103,213 |  |  | $ | 145,863 |
(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 September 30, 2023 and December 31, 2022 (in thousands):
September 30, 2023 | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Estimated fair value
Bank deposits | $ | 28,972 |  |  |  | $ | 11 |  |  |  | $ | (11) |  |  |  | $ | 28,972 |
Bond fund | 84,811 |  |  |  | — |  |  |  | (808) |  |  |  | 84,003 |
Commercial paper | 18,935 |  |  |  | — |  |  |  | (4) |  |  |  | 18,931 |
Corporate bonds | 8,077 |  |  |  | 1 |  |  |  | (35) |  |  |  | 8,043 |
Corporate equity securities | 5,775 |  |  |  | — |  |  |  | (4,903) |  |  |  | 872 |
Municipal bonds | 1,027 |  |  |  | — |  |  |  | (6) |  |  |  | 1,021 |
US government securities | 4,702 |  |  |  | — |  |  |  | (19) |  |  |  | 4,683 |
Warrants | — |  |  |  | 22 |  |  |  | — |  |  |  | 22 |
| $ | 152,299 |  |  |  | $ | 34 |  |  |  | $ | (5,786) |  |  |  | $ | 146,547 |
Viking common stock |  |  |  |  |  |  |  |  |  | 24,680 |
Total short-term investments |  |  |  |  |  |  |  |  |  | $ | 171,227 |
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):
| September 30, 2023
| Amortized Cost |  | Fair Value
Within one year | $ | 71,095 |  |  | $ | 71,070 |
After one year through five years | 6,966 |  |  | 6,927 |
Total | $ | 78,061 |  |  | $ | 77,997 |
Schedule of Goodwill and Other Identifiable Intangible Assets | Goodwill and other identifiable intangible assets consist of the following (in thousands):
| September 30, |  | December 31,
| 2023 |  | 2022
Indefinite-lived intangible assets |  |  |
Goodwill | $ | 103,770 |  |  | $ | 105,673 |
Definite lived intangible assets |  |  |
Complete technology | 49,810 |  |  | 55,211 |
Less: accumulated amortization | (20,176) |  |  | (22,560) |
Trade name | 2,642 |  |  | 2,642 |
Less: accumulated amortization | (1,677) |  |  | (1,577) |
Customer relationships | 29,600 |  |  | 29,600 |
Less: accumulated amortization | (18,788) |  |  | (17,670) |
Contractual relationships | 360,000 |  |  | 362,000 |
Less: accumulated amortization | (86,568) |  |  | (65,191) |
Total goodwill and other identifiable intangible assets, net | $ | 418,613 |  |  | $ | 448,128 |
Schedule of Commercial License Rights | Commercial license rights consist of the following (in thousands):
|  | September 30, 2023 |  | December 31, 2022
|  | Gross |  | Adjustments(1) |  | Net |  | Gross |  | Adjustments(2) |  | Net
Elutia and CorMatrix |  | $ | 17,696 |  |  | $ | (11,881) |  |  | $ | 5,815 |  |  | $ | 17,696 |  |  | $ | (9,538) |  |  | $ | 8,158 |
Selexis and Dianomi |  | 10,602 |  |  | (9,815) |  |  | 787 |  |  | 10,602 |  |  | (8,578) |  |  | 2,024 |
Total |  | $ | 28,298 |  |  | $ | (21,696) |  |  | $ | 6,602 |  |  | $ | 28,298 |  |  | $ | (18,116) |  |  | $ | 10,182 |
(1) Amounts represent accumulated amortization to principal of $11.1 million, credit loss adjustments of $9.7 million and impairment of $0.9 million as of September 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):
| September 30, |  | December 31,
| 2023 |  | 2022
Compensation | $ | 2,890 |  |  | $ | 6,201 |
Subcontractor | 1,966 |  |  | 1,756 |
Professional fees | 3,229 |  |  | 662 |
Customer deposit | 621 |  |  | 621 |
Supplier | 303 |  |  | 634 |
Royalties owed to third parties | — |  |  | 12 |
Amounts owed to former licensees | 45 |  |  | 3,989 |
Other | 1,581 |  |  | 1,806 |
Total accrued liabilities | $ | 10,635 |  |  | $ | 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 |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022(a) |  | 2023 |  | 2022(a)
SBC - Research and development expenses | $ | 1,639 |  |  | $ | 3,277 |  |  | $ | 5,362 |  |  | $ | 7,920 |
SBC - General and administrative expenses | 5,245 |  |  | 5,830 |  |  | 14,660 |  |  | 15,297 |
| $ | 6,884 |  |  | $ | 9,107 |  |  | $ | 20,022 |  |  | $ | 23,217 |
(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 |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Risk-free interest rate | 4.3% |  | 2.8% |  | 4.1% |  | 2.9%
Dividend yield | — |  | — |  | — |  | —
Expected volatility | 44.7% |  | 50.0% |  | 51.5% |  | 50.0%
Expected term (years) | 5.2 |  | 4.9 |  | 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 |  | Nine months ended
| September 30, |  | September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Weighted average shares outstanding: | 17,380 |  |  | 16,888 |  |  | 17,241 |  |  | 16,860 |
Dilutive potential common shares: |  |  |  |  |  |  |
Restricted stock | — |  |  | 65 |  |  | 82 |  |  | 54 |
Stock options | — |  |  | 179 |  |  | 302 |  |  | 214 |
2023 convertible senior notes | — |  |  | — |  |  | 159 |  |  | — |
Shares used to compute diluted income per share | 17,380 |  |  | 17,132 |  |  | 17,784 |  |  | 17,128 |
Potentially dilutive shares excluded from calculation due to anti-dilutive effect | 4,762 |  |  | 6,706 |  |  | 4,663 |  |  | 6,503 |

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