Financials

v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 14,993 $ 19,522
Short-term investments 189,006 321,586
Accounts receivable, net 41,797 85,453
Inventory 25,614 27,326
Income taxes receivable 0 6,193
Other current assets 4,656 4,671
Total current assets 276,066 464,751
Deferred income taxes, net 35,655 34,482
Intangible assets, net 539,707 551,040
Goodwill 181,206 181,206
Commercial license rights, net 10,121 10,110
Property and equipment, net 24,584 20,511
Operating lease right-of-use assets 15,783 16,542
Financing lease right-of-use assets 15,620 16,207
Other assets 6,442 2,741
Total assets 1,105,184 1,297,590
Current liabilities:    
Accounts payable 6,972 8,403
Accrued liabilities 15,877 17,579
Income taxes liability 5,800 0
Current contingent liabilities 1,524 2,588
Deferred revenue 10,503 10,996
Current operating lease liabilities 1,850 2,053
Current financing lease liabilities 52 46
Total current liabilities 42,578 41,665
2023 convertible senior notes, net 176,540 320,717
Long-term contingent liabilities 7,448 8,483
Deferred income taxes, net 39,480 59,095
Long-term operating lease liabilities 16,758 15,494
Other long-term liabilities 29,188 30,977
Total liabilities 311,992 476,431
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at March 31, 2022 and December 31, 2021 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 16,861 and 16,767 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively 17 17
Additional paid-in capital 325,368 372,969
Accumulated other comprehensive loss (1,031) (917)
Retained earnings 468,838 449,090
Total stockholders' equity 793,192 821,159
Total liabilities and stockholders' equity $ 1,105,184 $ 1,297,590

Source

v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues:    
Total revenues $ 45,693 $ 55,150
Operating costs and expenses:    
Cost of Captisol 4,699 8,153
Amortization of intangibles 11,813 11,786
Research and development 20,307 17,879
General and administrative 18,180 12,617
Total operating costs and expenses 54,999 50,435
Income (loss) from operations (9,306) 4,715
Other income (expense):    
Gain (loss) from short-term investments (12,877) 13,061
Interest income 134 296
Interest expense (789) (5,831)
Other income (expense), net 2,698 (6,477)
Total other income (loss), net (10,834) 1,049
Income (loss) before income taxes (20,140) 5,764
Income tax benefit 4,755 12,342
Net income (loss) $ (15,385) $ 18,106
Earnings Per Share, Basic and Diluted:    
Basic net income (loss) per share (USD per share) $ (0.91) $ 1.10
Shares used in basic per share calculations (in shares) 16,824 16,435
Diluted net income (loss) per share (USD per share) $ (0.91) $ 1.05
Shares used in diluted per share calculations (in shares) 16,824 17,248
Total revenue $ 45,693 $ 55,150
Royalties    
Revenues:    
Total revenues 13,695 7,112
Earnings Per Share, Basic and Diluted:    
Total revenue 13,695 7,112
Captisol    
Revenues:    
Total revenues 12,122 31,272
Earnings Per Share, Basic and Diluted:    
Total revenue 12,122 31,272
Contract revenue    
Revenues:    
Total revenues 19,876 16,766
Earnings Per Share, Basic and Diluted:    
Total revenue $ 19,876 $ 16,766

Source

v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income (loss) $ (15,385) $ 18,106
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Change in estimated fair value of contingent liabilities (1,035) 1,684
Depreciation and amortization of intangible assets 13,655 12,565
Amortization of premium on investments, net 51 150
Amortization of debt discount and issuance fees 326 4,916
Amortization of commercial license rights (11) 528
Loss (gain) on debt extinguishment (1,532) 4,840
Share-based compensation 9,044 8,405
Deferred income taxes (16,180) (12,408)
Loss (gain) from short-term investments 12,877 (13,090)
Other (80) 238
Changes in operating assets and liabilities:    
Accounts receivable, net 43,638 2,411
Inventory 44 (9,670)
Accounts payable and accrued liabilities (2,708) 470
Income tax receivable and payable 11,993 1,072
Deferred revenue (2,453) (5,695)
Other assets and liabilities (233) (3,768)
Net cash provided by operating activities 52,011 10,754
Cash flows from investing activities:    
Purchase of short-term investments (38,190) (72,148)
Proceeds from sale of short-term investments 132,866 109,407
Proceeds from maturity of short-term investments 24,830 31,500
Cash paid for equity method investment (750) 0
Purchase of property and equipment (4,875) (3,404)
Other 0 (240)
Net cash provided by investing activities 113,881 65,115
Cash flows from financing activities:    
Repurchase of 2023 Notes (163,356) (108,822)
Payments under financing lease obligations (13) (3,801)
Proceeds from convertible bond hedge settlement 0 16,855
Payments to convertible bond holders for warrant purchases 0 (16,459)
Net proceeds from stock option exercises and ESPP 347 26,493
Taxes paid related to net share settlement of equity awards (5,862) (5,901)
Payments to CVR Holders (1,416) 0
Other (121) 0
Net cash used in financing activities (170,421) (91,635)
Net decrease in cash, cash equivalents and restricted cash (4,529) (15,766)
Cash, cash equivalents and restricted cash at beginning of period 19,522 47,963
Cash, cash equivalents and restricted cash at end of period 14,993 32,197
Supplemental disclosure of cash flow information:    
Interest paid 359 241
Taxes paid 0 344
Supplemental schedule of non-cash activity:    
Accrued fixed asset purchases 2,574 87
Accrued inventory purchases 306 775
Unrealized loss on AFS investments $ (114) $ (55)

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