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Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 9 Months Ended
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 endedNine months ended
September 30,September 30,
2023202220232022
Royalties
Kyprolis$10,537 $9,123 $24,862 $20,872 
Evomela2,497 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 
Other4,351 839 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 revenue263 90 534 1,047 
Milestone— 2,658 15,300 8,651 
Other134 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, 2023Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
     Bank deposits$28,972 $11 $(11)$28,972 
     Bond fund84,811 — (808)84,003 
     Commercial paper18,935 — (4)18,931 
     Corporate bonds8,077 1 (35)8,043 
     Corporate equity securities5,775 — (4,903)872 
     Municipal bonds1,027 — (6)1,021 
US government securities4,702 — (19)4,683 
     Warrants— 22 — 22 
$152,299 $34 $(5,786)$146,547 
      Viking common stock24,680 
Total short-term investments$171,227 
December 31, 2022
     Bank deposits$5,012 $2 $(34)$4,980 
     Bond fund81,815 — (1050)80,765 
     Commercial paper7,211 3 — 7,214 
     Corporate bonds6,701 13 (58)6,656 
     Corporate equity securities5,807 262 (4,239)1,830 
     U.S. government securities2,232 — (70)2,162 
     Warrants— 135 — 135 
$108,778 $415 $(5,451)$103,742 
     Viking common stock63,122 
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 CostFair Value
Within one year$71,095 $71,070 
After one year through five years6,966 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,
20232022
Indefinite-lived intangible assets
     Goodwill$103,770 $105,673 
Definite lived intangible assets
     Complete technology49,810 55,211 
          Less: accumulated amortization(20,176)(22,560)
     Trade name2,642 2,642 
          Less: accumulated amortization(1,677)(1,577)
     Customer relationships29,600 29,600 
          Less: accumulated amortization(18,788)(17,670)
     Contractual relationships360,000 362,000 
          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, 2023December 31, 2022
Gross
Adjustments(1)
NetGross
Adjustments(2)
Net
Elutia and CorMatrix$17,696 $(11,881)$5,815 $17,696 $(9,538)$8,158 
Selexis and Dianomi10,602 (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,
20232022
Compensation$2,890 $6,201 
Subcontractor1,966 1,756 
Professional fees3,229 662 
Customer deposit621 621 
Supplier303 634 
Royalties owed to third parties— 12 
Amounts owed to former licensees45 3,989 
Other1,581 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 endedNine 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 expenses5,245 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 endedNine months ended
September 30,September 30,
2023202220232022
Risk-free interest rate4.3%2.8%4.1%2.9%
Dividend yield————
Expected volatility44.7%50.0%51.5%50.0%
Expected term (years)5.24.95.34.8
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 endedNine months ended
September 30,September 30,
2023202220232022
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 share17,380 17,132 17,784 17,128 
Potentially dilutive shares excluded from calculation due to anti-dilutive effect4,762 6,706 4,663 6,503