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v3.24.1.u1

Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2024
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, |  |
| 2024 |  | 2023 |  |  |  |
Royalties |  |  |  |  |  |  |
Kyprolis | $ | 6,632 |  |  | $ | 6,228 |  |  |  |  |
Evomela | 1,397 |  |  | 2,550 |  |  |  |  |
Teriparatide injection | 2,041 |  |  | 3,500 |  |  |  |  |
Rylaze | 2,952 |  |  | 2,609 |  |  |  |  |
Filspari | 1,772 |  |  | — |  |  |  |  |
Vaxneuvance | 1,387 |  |  | 638 |  |  |  |  |
Other | 2,176 |  |  | 1,629 |  |  |  |  |
Revenue from intangible royalty assets | 18,357 |  |  | 17,154 |  |  |  |  |
Income from financial royalty assets | 738 |  | 493 |  |  |  |
| $ | 19,095 |  |  | $ | 17,647 |  |  |  |  |
Captisol | $ | 9,212 |  |  | $ | 10,622 |  |  |  |  |
Contract revenue and other income |  |  |  |  |  |  |
Milestone and other | 727 |  |  | 15,710 |  |  |  |  |
Other income | 1,944 |  |  | — |  |  |  |  |
Contract revenue and other income | $ | 2,671 |  |  | $ | 15,710 |  |  |  |  |
Total | $ | 30,978 |  |  | $ | 43,979 |  |  |  |  |
Schedule of Short-Term Investments | Our short-term investments consist of the following at March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024 | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Estimated fair value
Bond fund | $ | 92,721 |  |  |  | $ | — |  |  |  | $ | (474) |  |  |  | $ | 92,247 |
Bank deposits | 24,584 |  |  |  | 6 |  |  |  | (8) |  |  |  | 24,582 |
Corporate bonds | 23,664 |  |  |  | 14 |  |  |  | (22) |  |  |  | 23,656 |
Commercial paper | 21,346 |  |  |  | 1 |  |  |  | (12) |  |  |  | 21,335 |
U.S. government securities | 14,409 |  |  |  | — |  |  |  | (26) |  |  |  | 14,383 |
Corporate equity securities | 6,551 |  |  |  | — |  |  |  | (5,271) |  |  |  | 1,280 |
Municipal bonds | 1,018 |  |  |  | — |  |  |  | (1) |  |  |  | 1,017 |
| $ | 184,293 |  |  |  | $ | 21 |  |  |  | $ | (5,814) |  |  |  | $ | 178,500 |
Viking common stock |  |  |  |  |  |  |  |  |  | 82,000 |
Total short-term investments |  |  |  |  |  |  |  |  |  | $ | 260,500 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Bond fund | $ | 63,763 |  |  |  | $ | — |  |  |  | $ | (537) |  |  |  | $ | 63,226 |
Bank deposits | 17,165 |  |  |  | 12 |  |  |  | (1) |  |  |  | 17,176 |
Corporate bonds | 14,850 |  |  |  | 40 |  |  |  | (2) |  |  |  | 14,888 |
Commercial paper | 11,578 |  |  |  | 9 |  |  |  | (1) |  |  |  | 11,586 |
U.S. government securities | 6,736 |  |  |  | 18 |  |  |  | (3) |  |  |  | 6,751 |
Municipal bonds | 1,007 |  |  |  | — |  |  |  | (4) |  |  |  | 1,003 |
Corporate equity securities | 5,775 |  |  |  | — |  |  |  | (5,235) |  |  |  | 540 |
| $ | 120,874 |  |  |  | $ | 79 |  |  |  | $ | (5,783) |  |  |  | $ | 115,170 |
Viking common stock |  |  |  |  |  |  |  |  |  | 32,185 |
Total short-term investments |  |  |  |  |  |  |  |  |  | $ | 147,355 |
Schedule of Available-for-Sale Debt Securities | The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):
| March 31, 2024
| Amortized Cost |  | Fair Value
Within one year | $ | 109,615 |  |  | $ | 109,577 |
After one year through five years | 18,355 |  |  | 18,339 |
Total | $ | 127,970 |  |  | $ | 127,916 |
Schedule of Goodwill and Other Identifiable Intangible Assets | Goodwill and other identifiable intangible assets consist of the following (in thousands):
| March 31, |  | December 31,
| 2024 |  | 2023
Indefinite-lived intangible assets |  |  |
Goodwill | $ | 105,250 |  |  | $ | 103,370 |
Definite lived intangible assets |  |  |
Complete technology | 42,911 |  |  | 42,911 |
Less: accumulated amortization | (21,460) |  |  | (20,894) |
Trade name | 2,642 |  |  | 2,642 |
Less: accumulated amortization | (1,743) |  |  | (1,710) |
Customer relationships | 29,600 |  |  | 29,600 |
Less: accumulated amortization | (19,534) |  |  | (19,161) |
Contractual relationships | 360,000 |  |  | 360,000 |
Less: accumulated amortization | (100,996) |  |  | (93,782) |
Total goodwill and other identifiable intangible assets, net | $ | 396,670 |  |  | $ | 402,976 |
Schedule of Other Investment | Other investments consist of the following (in thousands):
| March 31, |  | December 31,
| 2024 |  | 2023
Equity securities in Primrose Bio | $ | 32,500 |  |  | $ | 32,726 |
Neuritek warrants | 3,000 |  |  | 3,000 |
Palvella Series C preferred stock | 1,000 |  |  | 1,000 |
Total other investments | $ | 36,500 |  |  | $ | 36,726 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands):
| March 31, |  | December 31,
| 2024 |  | 2023
Compensation | $ | 1,904 |  |  | $ | 4,682 |
Subcontractor | 1,756 |  |  | 1,756 |
Professional fees | 2,736 |  |  | 2,394 |
Customer deposit | 621 |  |  | 621 |
Supplier | 276 |  |  | 303 |
Royalties owed to third parties | 1,252 |  |  | 900 |
Amounts owed to former licensees | — |  |  | 45 |
Acquisition related liabilities | 2,118 |  |  | — |
Other | 1,767 |  |  | 1,766 |
Total accrued liabilities | $ | 12,430 |  |  | $ | 12,467 |
Schedule of Other Long Term Liabilities | Other long-term liabilities consist of the following (in thousands):
| March 31, |  | December 31,
| 2024 |  | 2023
Unrecognized tax benefits | $ | 14,047 |  |  | $ | 14,039 |
Novan contract liability | 13,700 |  |  | 13,700 |
Other long-term liabilities | 33 |  |  | 19 |
| $ | 27,780 |  |  | $ | 27,758 |
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, |  |
| 2024 |  | 2023 |  |  |  |
SBC - Research and development expenses | $ | 678 |  |  | $ | 1,707 |  |  |  |  |
SBC - General and administrative expenses | 6,656 |  |  | 4,224 |  |  |  |  |
| $ | 7,334 |  |  | $ | 5,931 |  |  |  |  |
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, |  |
| 2024 |  | 2023 |  |  |  |
Risk-free interest rate | 4.3% |  | 4.1% |  |  |  |
Dividend yield | — |  | — |  |  |  |
Expected volatility | 44.6% |  | 53.0% |  |  |  |
Expected term (years) | 4.7 |  | 5.3 |  |  |  |
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, |  |
| 2024 |  | 2023 |  |  |  |
Weighted average shares outstanding: | 17,732 |  |  | 17,063 |  |  |  |  |
Dilutive potential common shares: |  |  |  |  |  |  |
Restricted stock | 118 |  |  | 86 |  |  |  |  |
Stock options | 272 |  |  | 341 |  |  |  |  |
2023 convertible senior notes | — |  |  | 484 |  |  |  |  |
Shares used to compute diluted income per share | 18,122 |  |  | 17,974 |  |  |  |  |
Potentially dilutive shares excluded from calculation due to anti-dilutive effect | 2,007 |  |  | 4,359 |  |  |  |  |

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