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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues and other income:        
Total revenues and other income $ 115,461 $ 51,812 $ 208,421 $ 124,321
Operating costs and expenses:        
Cost of Captisol 3,801 2,449 11,557 8,237
Amortization of intangibles 8,097 8,258 24,612 24,701
Research and development 21,019 5,675 77,671 17,000
General and administrative 28,446 24,475 67,422 53,049
Financial royalty assets impairment 0 0 0 26,491
Fair value adjustments to partner program derivatives (833) 7,812 0 7,812
Total operating costs and expenses 60,530 48,669 181,262 137,290
Operating income (loss) 54,931 3,143 27,159 (12,969)
Non-operating income and expenses:        
Gain (loss) from short-term investments 7,798 2,407 (3,630) 98,923
Gain (loss) from change in fair value of equity-method investments and other investments 75,887 (3,029) 75,887 (34,601)
Interest income 3,874 1,347 7,266 6,124
Interest expense (910) (741) (2,930) (2,154)
Other non-operating expense, net (443) (9,466) (1,572) (13,605)
Total non-operating income (expenses), net 86,206 (9,482) 75,021 54,687
Income (loss) before income taxes 141,137 (6,339) 102,180 41,718
Income tax expense (23,864) (833) (22,511) (14,662)
Net income (loss) $ 117,273 $ (7,172) $ 79,669 $ 27,056
Earnings per share        
Basic net income (loss) per share (in USD per share) $ 5.99 $ (0.39) $ 4.11 $ 1.50
Shares used in basic per share calculation (in shares) 19,578 18,419 19,367 18,061
Diluted net income (loss) per share (in USD per share) $ 5.68 $ (0.39) $ 3.95 $ 1.46
Shares used in diluted per share calculation (in shares) 20,629 18,419 20,170 18,574
Royalties        
Revenues and other income:        
Total revenues and other income $ 46,586 $ 31,709 $ 110,472 $ 73,966
Revenue from intangible royalty assets        
Revenues and other income:        
Total revenues and other income 40,161 26,552 91,832 67,512
Income from financial royalty assets        
Revenues and other income:        
Total revenues and other income 6,425 5,157 18,640 6,454
Captisol        
Revenues and other income:        
Total revenues and other income 10,672 6,255 32,419 22,967
Contract revenue and other income        
Revenues and other income:        
Total revenues and other income $ 58,203 $ 13,848 $ 65,530 $ 27,388