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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of 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:
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Total revenues and other income | $ | 47,627 |  |  | $ | 41,531 |  |  | $ | 92,960 |  |  | $ | 72,509 |
Share-based compensation | (9,997) |  |  | (11,060) |  |  | (17,833) |  |  | (18,394) |
Other segment items: |  |  |  |  |  |  |
Amortization of intangibles | (8,258) |  |  | (8,257) |  |  | (16,515) |  |  | (16,443) |
Depreciation of property and equipment | (264) |  |  | (596) |  |  | (777) |  |  | (1,175) |
Interest income | 1,621 |  |  | 2,757 |  |  | 3,392 |  |  | 4,777 |
Interest expense | (1,153) |  |  | (1,268) |  |  | (2,020) |  |  | (1,411) |
Other * | (24,729) |  |  | (75,018) |  |  | (96,811) |  |  | (5,635) |
Net income (loss) | $ | 4,847 |  |  | $ | (51,911) |  |  | $ | (37,604) |  |  | $ | 34,228 |
* Other items for the three months ended June 30, 2025 include the amount of other general, administrative, research and development expenses of $16.5 million (net of share-based compensation and depreciation expenses), and additional income and expense items that are presented in the unaudited condensed statements of operations such as fair value adjustments to partner program derivatives, cost of Captisol and other non-operating income and expenses. Other items for the six months ended June 30, 2025 include the amount of other general, administrative, research and development expenses of $77.0 million (including a $44.3 million one-time research and development expense in connection with the Castle Creek Transaction, and net of share-based compensation and depreciation expenses ), and additional income and expense items that are presented in the unaudited condensed statements of operations such as fair value adjustments to partner program derivatives, cost of Captisol and other non-operating income and expenses. Other items for the three months ended June 30, 2024 include the amount of other general, administrative, research and development expenses of $11.3 million (net of share-based compensation and depreciation expenses), and additional operating income and expense items that are presented in the unaudited condensed statements of operations such as financial royalty assets impairment of $26.5 million, cost of Captisol and other non-operating income and expenses (including $31.6 million fair value adjustment to Primrose Bio securities investments and impairment to equity method investment in Primrose Bio). Other items for the six months ended June 30, 2024 include the amount of other general, administrative, research and development expenses of $20.3 million (net of share-based compensation and depreciation expenses), and additional income and expense items that are presented in the unaudited condensed statements of operations such as financial royalty assets impairment of $26.5 million, cost of Captisol and other non-operating income and expenses (including $31.6 million fair value adjustment to Primrose Bio securities investments and impairment to equity method investment in Primrose Bio).
Schedule of Revenue by Source | The following table represents disaggregation of royalties, Captisol and contract revenue and other income (in thousands):
| Three months ended |  | Six months ended
| June 30, |  | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Royalties |  |  |  |  |  |  |
Kyprolis | $ | 8,803 |  |  | $ | 8,998 |  |  | $ | 13,526 |  |  | $ | 15,630 |
Evomela | 1,465 |  |  | 2,733 |  |  | 3,446 |  |  | 4,130 |
Teriparatide injection | 2,298 |  |  | 2,103 |  |  | 3,489 |  |  | 4,144 |
Rylaze | 2,864 |  |  | 3,232 |  |  | 5,983 |  |  | 6,184 |
Filspari | 6,578 |  |  | 2,424 |  |  | 11,879 |  |  | 4,196 |
Vaxneuvance | 2,643 |  |  | 1,109 |  |  | 3,928 |  |  | 2,496 |
Other | 5,433 |  |  | 2,004 |  |  | 9,420 |  |  | 4,180 |
Revenue from intangible royalty assets | 30,084 |  |  | 22,603 |  |  | 51,671 |  |  | 40,960 |
Qarziba | 5,885 |  |  | — |  |  | 11,327 |  |  | — |
Other | 428 |  |  | 559 |  |  | 888 |  |  | 1,297 |
Income from financial royalty assets | 6,313 |  |  | 559 |  |  | 12,215 |  |  | 1,297 |
Total royalties | 36,397 |  |  | 23,162 |  |  | 63,886 |  |  | 42,257 |
Captisol | 8,287 |  |  | 7,500 |  |  | 21,747 |  |  | 16,712 |
Contract revenue and other income |  |  |  |  |  |  |
Milestone and other | 1,926 |  |  | 10,869 |  |  | 6,310 |  |  | 11,596 |
Other income | 1,017 |  |  | — |  |  | 1,017 |  |  | 1,944 |
Contract revenue and other income | 2,943 |  |  | 10,869 |  |  | 7,327 |  |  | 13,540 |
Total | $ | 47,627 |  |  | $ | 41,531 |  |  | $ | 92,960 |  |  | $ | 72,509 |
Schedule of Short-Term Investments | Our short-term investments consist of the following at June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025 | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Estimated fair value
U.S. Treasuries | $ | 64,585 |  |  |  | $ | 1 |  |  |  | $ | (16) |  |  |  | $ | 64,570 |
Commercial paper | 54,436 |  |  |  | 3 |  |  |  | (29) |  |  |  | 54,410 |
Corporate notes/bonds | 17,138 |  |  |  | 13 |  |  |  | (11) |  |  |  | 17,140 |
Corporate equity securities | 7,828 |  |  |  | 2,077 |  |  |  | (1,915) |  |  |  | 7,990 |
Certificates of Deposit | 6,741 |  |  |  | 1 |  |  |  | (1) |  |  |  | 6,741 |
| $ | 150,728 |  |  |  | $ | 2,095 |  |  |  | $ | (1,972) |  |  |  | 150,851 |
Viking common stock |  |  |  |  |  |  |  |  |  | 26,500 |
Total short-term investments |  |  |  |  |  |  |  |  |  | $ | 177,351 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |
U.S. Treasuries | $ | 78,442 |  |  |  | $ | 19 |  |  |  | $ | (13) |  |  |  | $ | 78,448 |
Commercial paper | 23,483 |  |  |  | 5 |  |  |  | (6) |  |  |  | 23,482 |
Certificates of Deposit | 22,812 |  |  |  | 12 |  |  |  | (4) |  |  |  | 22,820 |
Corporate notes/bonds | 15,496 |  |  |  | 21 |  |  |  | (8) |  |  |  | 15,509 |
Corporate equity securities | 9,954 |  |  |  | — |  |  |  | (6,595) |  |  |  | 3,359 |
| $ | 150,187 |  |  |  | $ | 57 |  |  |  | $ | (6,626) |  |  |  | 143,618 |
Viking common stock |  |  |  |  |  |  |  |  |  | 40,240 |
Total short-term investments |  |  |  |  |  |  |  |  |  | $ | 183,858 |
Schedule of Available-for-Sale Debt Securities | The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):
| June 30, 2025
| Amortized Cost |  | Fair Value
Within one year | $ | 136,824 |  |  | $ | 136,780 |
After one year through five years | 6,076 |  |  | 6,081 |
Total | $ | 142,900 |  |  | $ | 142,861 |
Schedule of Goodwill and Other Identifiable Intangible Assets | Goodwill and other identifiable intangible assets consist of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Indefinite-lived intangible assets |  |  |
Goodwill | $ | 101,541 |  |  | $ | 105,250 |
Definite lived intangible assets |  |  |
Complete technology | 39,249 |  |  | 39,249 |
Less: accumulated amortization | (20,984) |  |  | (19,710) |
Trade name | 2,642 |  |  | 2,642 |
Less: accumulated amortization | (1,910) |  |  | (1,843) |
Customer relationships | 29,600 |  |  | 29,600 |
Less: accumulated amortization | (21,398) |  |  | (20,652) |
Contractual relationships | 360,000 |  |  | 360,000 |
Less: accumulated amortization | (137,066) |  |  | (122,638) |
Total definite lived intangible assets | 250,133 |  |  | 266,648 |
Total goodwill and other identifiable intangible assets, net | $ | 351,674 |  |  | $ | 371,898 |
Schedule of Derivative Assets | Derivative assets consist of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Agenus Partner Programs | $ | 5,841 |  |  | $ | 6,326 |
Primrose mRNA | 2,836 |  |  | 3,451 |
Castle Creek Milestone | 2,100 |  |  | — |
Agenus Warrant | 1,706 |  |  | 806 |
Castle Creek Warrant | 5,475 |  |  | — |
Total noncurrent derivative assets | $ | 17,958 |  |  | $ | 10,583 |
Schedule of Other Investment | Other investments consist of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Equity securities in Primrose Bio | $ | 6,712 |  |  | $ | 6,712 |
InvIOs investment | 4,196 |  |  | 4,196 |
Total other investments | $ | 10,908 |  |  | $ | 10,908 |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Royalties owed to third parties | $ | 5,633 |  |  | $ | 6,500 |
Professional fees | 4,507 |  |  | 4,858 |
UK value-added tax | 1,045 |  |  | 5,159 |
Compensation | 2,514 |  |  | 5,522 |
Subcontractor | 1,756 |  |  | 1,756 |
Customer deposit | 621 |  |  | 621 |
Other | 1,388 |  |  | 3,490 |
Total accrued liabilities | $ | 17,464 |  |  | $ | 27,906 |
Schedule of Other Long Term Liabilities | Other long-term liabilities consist of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Unrecognized tax benefits | $ | 14,316 |  |  | $ | 14,160 |
Novan (Pelthos) contract liability | — |  |  | 15,938 |
Other long-term liabilities | 53 |  |  | 65 |
Total other long-term liabilities | $ | 14,369 |  |  | $ | 30,163 |
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,
| 2025 |  | 2024 |  | 2025 |  | 2024
SBC - Research and development expenses | $ | 955 |  |  | $ | 928 |  |  | $ | 1,859 |  |  | $ | 1,606 |
SBC - General and administrative expenses | 9,042 |  |  | 10,132 |  |  | 15,974 |  |  | 16,788 |
Total SBC expenses | $ | 9,997 |  |  | $ | 11,060 |  |  | $ | 17,833 |  |  | $ | 18,394 |
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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Risk-free interest rate | 4.1% |  | 4.3% |  | 4.0% |  | 4.3%
Dividend yield | — |  | — |  | — |  | —
Expected volatility | 43.1% |  | 45.5% |  | 45.6% |  | 44.7%
Expected term (years) | 4.7 |  | 4.7 |  | 4.2 |  | 4.7
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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average shares outstanding: | 19,327 |  |  | 18,028 |  |  | 19,259 |  |  | 17,880 |
Dilutive potential common shares: |  |  |  |  |  |  |
Restricted stock | 179 |  |  | — |  |  | — |  |  | 124 |
Stock options | 420 |  |  | — |  |  | — |  |  | 278 |
Shares used to compute diluted income (loss) per share | 19,926 |  |  | 18,028 |  |  | 19,259 |  |  | 18,282 |
Potentially dilutive shares excluded from calculation due to anti-dilutive effect | 1,360 |  |  | 2,347 |  |  | 1,062 |  |  | 2,177 |

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