Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues:        
Total revenues $ 84,675 $ 41,420 $ 139,825 $ 74,581
Operating costs and expenses:        
Cost of Captisol 30,593 7,644 38,746 12,327
Amortization of intangibles 11,779 3,875 23,565 7,410
Research and development 15,953 12,732 33,832 24,623
General and administrative 14,711 10,069 27,028 19,333
Other operating income (34,100) 0 (33,800) 0
Total operating costs and expenses 38,936 34,320 89,371 63,693
Income from operations 45,739 7,100 50,454 10,888
Other income (expense):        
Gain (loss) from short-term investments (6,864) 23,460 6,197 (7,281)
Interest income 233 1,969 529 6,699
Interest expense (4,883) (6,213) (10,714) (14,761)
Other income (expense), net (924) 1,803 (7,401) 2,159
Total other income (loss), net (12,438) 21,019 (11,389) (13,184)
Income (loss) before income taxes 33,301 28,119 39,065 (2,296)
Income tax benefit (expense) (2,576) (6,033) 9,766 251
Net income (loss) $ 30,725 $ 22,086 $ 48,831 $ (2,045)
Earnings Per Share, Basic and Diluted:        
Basic net income (loss) per share (USD per share) $ 1.84 $ 1.38 $ 2.95 $ (0.13)
Shares used in basic per share calculations (in shares) 16,659 16,055 16,548 16,292
Diluted net income (loss) per share (USD per share) $ 1.79 $ 1.32 $ 2.84 $ (0.13)
Shares used in diluted per share calculations (in shares) 17,172 16,694 17,210 16,292
Royalties        
Revenues:        
Total revenues $ 8,616 $ 7,181 $ 15,728 $ 13,746
Captisol        
Revenues:        
Total revenues 62,509 24,468 93,781 45,577
Contract revenue        
Revenues:        
Total revenues $ 13,550 $ 9,771 $ 30,316 $ 15,258