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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Revenue from Significant Partners | Revenue and other income from significant partners, which is defined as 10% or more of our total revenue, was as follows:
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
Partner A | 23% |  | 33% |  | 45%
Partner B | 12% |  | 20% |  | 16%
Partner C | <10% |  | 10% |  | <10%
Schedule of Disaggregation of Revenue | Royalties for 2024, 2023 and 2022 for continuing operations are reported as below (in thousands):
|  | Year ended December 31,
|  | 2024 |  | 2023 |  | 2022
Royalties |  |  |  |  |  |
Kyprolis |  | $ | 38,377 |  |  | $ | 35,640 |  |  | $ | 30,116 |
Rylaze |  | 13,743 |  |  | 13,520 |  |  | 8,796 |
Filspari |  | 12,179 |  |  | 2,655 |  |  | — |
Evomela |  | 8,680 |  |  | 10,212 |  |  | 10,197 |
Teriparatide injection |  | 8,221 |  |  | 11,061 |  |  | 15,785 |
Vaxneuvance |  | 5,184 |  |  | 4,062 |  |  | 1,083 |
Other |  | 8,945 |  |  | 6,760 |  |  | 6,550 |
Revenue from intangible royalty assets |  | 95,329 |  |  | 83,910 |  |  | 72,527 |
Income from financial royalty assets |  | 13,444 |  |  | 1,049 |  |  | 385 |
Total royalties |  | $ | 108,773 |  |  | $ | 84,959 |  |  | $ | 72,912 |
The following table represents disaggregation of Captisol and contract revenue and other income for continuing operations (in thousands):
|  | Year ended December 31,
|  | 2024 |  | 2023 |  | 2022
Captisol |  |  |  |  |  |
Captisol - Core |  | $ | 30,883 |  |  | $ | 28,372 |  |  | $ | 16,429 |
Captisol - COVID(a) |  | — |  |  | — |  |  | 88,066 |
Total Captisol |  | $ | 30,883 |  |  | $ | 28,372 |  |  | $ | 104,495 |
Contract revenue and other income |  |  |  |  |  |
Milestone and other |  | $ | 25,533 |  |  | $ | 17,983 |  |  | $ | 18,838 |
Other income |  | 1,944 |  |  | — |  |  | — |
Total contract revenue and other income |  | $ | 27,477 |  |  | $ | 17,983 |  |  | $ | 18,838 |
(a) Captisol - COVID represents revenue on Captisol supplied for use in formulation with remdesivir, an antiviral treatment for COVID-19.
Schedule of Computation of Basic and Diluted Net Income (Loss) per Share | The following table presents the calculation of weighted average shares used to calculate basic and diluted income (loss) per share (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Weighted average shares outstanding: | 18,290 |  |  | 17,298 |  |  | 16,868 |
Dilutive potential common shares: |  |  |  |  |
Restricted stock | — |  |  | 85 |  |  | — |
Stock options | — |  |  | 255 |  |  | — |
2023 Convertible Senior Notes | — |  |  | 119 |  |  | — |
Shares used to compute diluted income per share | 18,290 |  |  | 17,757 |  |  | 16,868 |
Potentially dilutive shares excluded from calculation due to anti-dilutive effect | 1,530 |  |  | 4,357 |  |  | 6,241 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The information on significant segment expenses that are regularly provided to the CODM, and other segment items included within the reported segment profit or loss measure, is presented in a table below:
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
Total revenues and other income | $ | 167,133 |  |  | $ | 131,314 |  |  | $ | 196,245 |
Share-based compensation | (41,089) |  |  | (25,743) |  |  | (60,285) |
Other segment items: |  |  |  |  |
Amortization of intangibles | (32,959) |  |  | (33,654) |  |  | (34,237) |
Depreciation of property and equipment | (2,300) |  |  | (2,905) |  |  | (3,841) |
Interest income | 8,055 |  |  | 7,711 |  |  | 2,046 |
Interest expense | (3,037) |  |  | (656) |  |  | (1,799) |
Other * | (99,835) |  |  | (22,248) |  |  | (103,348) |
Net income (loss) from continuing operations | $ | (4,032) |  |  | $ | 53,819 |  |  | $ | (5,219) |
* Other items for the years ended December 31, 2024, 2023, and 2022, include the amount of other general, administrative, research and development expenses of $56.7 million, $48.7 million, and $42.0 million (net of share-based compensation and depreciation expenses), respectively, and additional income and expense items that are presented in consolidated statements of operations such as financial royalty assets impairment, Fair value adjustments to partner program derivatives, cost of Captisol and other non-operating income and expenses.

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