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Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
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 endedSix months ended
June 30,June 30,
2025202420252024
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 income1,621 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 endedSix months ended
June 30,June 30,
2025202420252024
Royalties
Kyprolis$8,803 $8,998 $13,526 $15,630 
Evomela1,465 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 
Filspari6,578 2,424 11,879 4,196 
Vaxneuvance2,643 1,109 3,928 2,496 
Other5,433 2,004 9,420 4,180 
Revenue from intangible royalty assets30,084 22,603 51,671 40,960 
Qarziba5,885 — 11,327 — 
Other428 559 888 1,297 
Income from financial royalty assets6,313 559 12,215 1,297 
Total royalties36,397 23,162 63,886 42,257 
Captisol8,287 7,500 21,747 16,712 
Contract revenue and other income
Milestone and other1,926 10,869 6,310 11,596 
Other income1,017 — 1,017 1,944 
Contract revenue and other income2,943 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 costGross unrealized gainsGross unrealized lossesEstimated fair value
     U.S. Treasuries$64,585 $1 $(16)$64,570 
     Commercial paper54,436 3 (29)54,410 
     Corporate notes/bonds17,138 13 (11)17,140 
     Corporate equity securities7,828 2,077 (1,915)7,990 
     Certificates of Deposit6,741 1 (1)6,741 
$150,728 $2,095 $(1,972)150,851 
      Viking common stock26,500 
Total short-term investments$177,351 
December 31, 2024
     U.S. Treasuries$78,442 $19 $(13)$78,448 
     Commercial paper23,483 5 (6)23,482 
     Certificates of Deposit22,812 12 (4)22,820 
     Corporate notes/bonds15,496 21 (8)15,509 
     Corporate equity securities9,954 — (6,595)3,359 
$150,187 $57 $(6,626)143,618 
     Viking common stock40,240 
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 CostFair Value
Within one year$136,824 $136,780 
After one year through five years6,076 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, 2025December 31, 2024
Indefinite-lived intangible assets
     Goodwill$101,541 $105,250 
Definite lived intangible assets
     Complete technology39,249 39,249 
          Less: accumulated amortization(20,984)(19,710)
     Trade name2,642 2,642 
          Less: accumulated amortization(1,910)(1,843)
     Customer relationships29,600 29,600 
          Less: accumulated amortization(21,398)(20,652)
    Contractual relationships360,000 360,000 
          Less: accumulated amortization(137,066)(122,638)
    Total definite lived intangible assets250,133 266,648 
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, 2025December 31, 2024
Agenus Partner Programs$5,841 $6,326 
Primrose mRNA2,836 3,451 
Castle Creek Milestone2,100 — 
Agenus Warrant1,706 806 
Castle Creek Warrant5,475 — 
     Total noncurrent derivative assets
$17,958 $10,583 
Schedule of Other Investment
Other investments consist of the following (in thousands):
June 30, 2025December 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, 2025December 31, 2024
Royalties owed to third parties$5,633 $6,500 
Professional fees4,507 4,858 
UK value-added tax1,045 5,159 
Compensation2,514 5,522 
Subcontractor1,756 1,756 
Customer deposit621 621 
Other1,388 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, 2025December 31, 2024
Unrecognized tax benefits$14,316 $14,160 
Novan (Pelthos) contract liability
— 15,938 
Other long-term liabilities53 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 endedSix months ended
June 30,June 30,
2025202420252024
SBC - Research and development expenses$955 $928 $1,859 $1,606 
SBC - General and administrative expenses9,042 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 endedSix months ended
June 30,June 30,
2025202420252024
Risk-free interest rate4.1%4.3%4.0%4.3%
Dividend yield————
Expected volatility43.1%45.5%45.6%44.7%
Expected term (years)4.74.74.24.7
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 endedSix months ended
June 30,June 30,
2025202420252024
Weighted average shares outstanding:19,327 18,028 19,259 17,880 
Dilutive potential common shares:
     Restricted stock179 — — 124 
     Stock options420 — — 278 
Shares used to compute diluted income (loss) per share19,926 18,028 19,259 18,282 
Potentially dilutive shares excluded from calculation due to anti-dilutive effect1,360 2,347 1,062 2,177