Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Total revenues $ 66,088 $ 64,835 $ 169,200 $ 204,660
Operating costs and expenses:        
Cost of Captisol 14,153 11,446 31,213 50,192
Amortization of intangibles 11,818 11,827 35,455 35,391
Research and development 22,036 16,938 61,461 50,769
General and administrative 17,445 12,718 50,210 39,747
Other operating income 0 (3,800) 0 (37,600)
Total operating costs and expenses 65,452 49,129 178,339 138,499
Income (loss) from operations 636 15,706 (9,139) 66,161
Other income (expense):        
Gain (loss) from short-term investments (923) 1,937 (15,709) 8,135
Interest income 591 169 1,023 698
Interest expense (332) (4,439) (1,559) (15,154)
Other income (expense), net 885 1,886 5,465 (5,516)
Total other expense, net 221 (447) (10,780) (11,837)
Income (loss) before income taxes 857 15,259 (19,919) 54,324
Income tax benefit (expense) (453) (1,536) 4,043 8,230
Net income (loss) $ 404 $ 13,723 $ (15,876) $ 62,554
Earnings per share        
Basic net income (loss) per share (in USD per share) $ 0.02 $ 0.82 $ (0.94) $ 3.77
Shares used in basic per share calculations (in shares) 16,888 16,688 16,860 16,595
Diluted net income (loss) per share (in USD per share) $ 0.02 $ 0.80 $ (0.94) $ 3.64
Shares used in diluted per share calculations (in shares) 17,132 17,142 16,860 17,187
Royalties        
Revenues:        
Total revenues $ 19,837 $ 15,648 $ 51,491 $ 31,376
Captisol        
Revenues:        
Total revenues 35,949 35,093 77,616 128,875
Contract revenue        
Revenues:        
Total revenues $ 10,302 $ 14,094 $ 40,093 $ 44,409