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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues and other income:        
Total revenues and other income $ 47,627 $ 41,531 $ 92,960 $ 72,509
Operating costs and expenses:        
Cost of Captisol 2,907 2,906 7,756 5,788
Amortization of intangibles 8,258 8,257 16,515 16,443
Research and development 6,567 5,354 56,652 11,325
General and administrative 20,175 17,623 38,976 28,574
Financial royalty assets impairment 0 26,491 0 26,491
Fair value adjustments to partner program derivatives 1,276 0 833 0
Total operating costs and expenses 39,183 60,631 120,732 88,621
Operating income (loss) 8,444 (19,100) (27,772) (16,112)
Non-operating income and expenses:        
Gain (loss) from short-term investments 939 (14,256) (11,428) 96,516
Interest income 1,621 2,757 3,392 4,777
Interest expense (1,153) (1,268) (2,020) (1,411)
Other non-operating expense, net 1,372 (33,523) (1,129) (35,713)
Total non-operating income (expenses), net 2,779 (46,290) (11,185) 64,169
Income (loss) before income taxes 11,223 (65,390) (38,957) 48,057
Income tax (expense) benefit (6,376) 13,479 1,353 (13,829)
Net income (loss) $ 4,847 $ (51,911) $ (37,604) $ 34,228
Earnings per share        
Basic net income (loss) per share (in USD per share) $ 0.25 $ (2.88) $ (1.95) $ 1.91
Shares used in basic per share calculation (in shares) 19,327 18,028 19,259 17,880
Diluted net income (loss) per share (in USD per share) $ 0.24 $ (2.88) $ (1.95) $ 1.87
Shares used in diluted per share calculation (in shares) 19,926 18,028 19,259 18,282
Royalties        
Revenues and other income:        
Total revenues and other income $ 36,397 $ 23,162 $ 63,886 $ 42,257
Revenue from intangible royalty assets        
Revenues and other income:        
Total revenues and other income 30,084 22,603 51,671 40,960
Income from financial royalty assets        
Revenues and other income:        
Total revenues and other income 6,313 559 12,215 1,297
Captisol        
Revenues and other income:        
Total revenues and other income 8,287 7,500 21,747 16,712
Contract revenue and other income        
Revenues and other income:        
Total revenues and other income $ 2,943 $ 10,869 $ 7,327 $ 13,540