Financials

v3.22.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 5,280 $ 19,522
Short-term investments 142,655 321,586
Accounts receivable, net 62,308 85,453
Inventory 24,773 27,326
Income taxes receivable 964 6,193
Other current assets 7,804 4,671
Total current assets 243,784 464,751
Deferred income taxes, net 35,654 34,482
Intangible assets, net 528,364 551,040
Goodwill 181,206 181,206
Commercial license rights, net 10,267 10,110
Property and equipment, net 30,954 20,511
Operating lease right-of-use assets 24,711 16,542
Financing lease right-of-use assets 15,032 16,207
Other assets 6,316 2,741
Total assets 1,076,288 1,297,590
Current liabilities:    
Accounts payable 19,153 8,403
Accrued liabilities 14,551 17,579
Income taxes payable 3,782 0
Current contingent liabilities 2,258 2,588
Deferred revenue 10,584 10,996
Current operating lease liabilities 2,501 2,053
Current financing lease liabilities 50 46
2023 convertible senior notes, net 114,974 0
Total current liabilities 167,853 41,665
2023 convertible senior notes, net 0 320,717
Long-term contingent liabilities 6,961 8,483
Deferred income taxes, net 42,669 59,095
Long-term operating lease liabilities 27,088 15,494
Long-term deferred revenue 7,428 9,270
Other long-term liabilities 21,924 21,707
Total liabilities 273,923 476,431
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at June 30, 2022 and December 31, 2021 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 16,882 and 16,767 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively 17 17
Additional paid-in capital 335,471 372,969
Accumulated other comprehensive loss (1,066) (917)
Retained earnings 467,943 449,090
Total stockholders' equity 802,365 821,159
Total liabilities and stockholders' equity $ 1,076,288 $ 1,297,590

Source

v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues:        
Total revenues $ 57,419 $ 84,675 $ 103,112 $ 139,825
Operating costs and expenses:        
Cost of Captisol 12,361 30,593 17,060 38,746
Amortization of intangibles 11,824 11,779 23,637 23,565
Research and development 19,118 15,953 39,425 33,832
General and administrative 14,585 14,711 32,765 27,028
Other operating income 0 (34,100) 0 (33,800)
Total operating costs and expenses 57,888 38,936 112,887 89,371
Income (loss) from operations (469) 45,739 (9,775) 50,454
Other income (expense):        
Gain (loss) from short-term investments (1,909) (6,864) (14,786) 6,197
Interest income 298 233 432 529
Interest expense (438) (4,883) (1,227) (10,714)
Other income (expense), net 1,882 (924) 4,580 (7,401)
Total other expense, net (167) (12,438) (11,001) (11,389)
Income (loss) before income taxes (636) 33,301 (20,776) 39,065
Income tax benefit (expense) (259) (2,576) 4,496 9,766
Net (loss) income $ (895) $ 30,725 $ (16,280) $ 48,831
Earnings per share        
Basic net (loss) income per share (USD per share) $ (0.05) $ 1.84 $ (0.97) $ 2.95
Shares used in basic per share calculations (shares) 16,868 16,659 16,846 16,548
Diluted net (loss) income per share (USD per share) $ (0.05) $ 1.79 $ (0.97) $ 2.84
Shares used in diluted per share calculations (shares) 16,868 17,172 16,846 17,210
Royalties        
Revenues:        
Total revenues $ 17,959 $ 8,616 $ 31,654 $ 15,728
Captisol        
Revenues:        
Total revenues 29,545 62,509 41,667 93,781
Contract        
Revenues:        
Total revenues $ 9,915 $ 13,550 $ 29,791 $ 30,316

Source

v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
6 Months Ended
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Cash flows from operating activities:    
Net (loss) income $ (16,280) $ 48,831
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Change in estimated fair value of contingent liabilities (1,266) (33,502)
Depreciation and amortization of intangible assets 26,921 25,179
Amortization of premium on investments, net 44 109
Amortization of debt discount and issuance fees 501 9,073
Amortization of commercial license rights (190) 206
Loss (gain) on debt extinguishment (3,326) 7,175
Share-based compensation 18,543 18,621
Deferred income taxes (12,925) (9,766)
Loss (gain) from short-term investments 14,786 (6,197)
Lease amortization expense 3,054 2,113
Other (67) 595
Changes in operating assets and liabilities:    
Accounts receivable, net 23,208 (2,659)
Inventory 9,740 (2,326)
Accounts payable and accrued liabilities (4,357) (4,340)
Income tax receivable and payable 9,011 (2,477)
Deferred revenue (2,254) (14,605)
Other assets and liabilities (1,254) (4,899)
Net cash provided by operating activities 63,889 31,131
Cash flows from investing activities:    
Purchase of short-term investments (38,472) (96,136)
Proceeds from sale of short-term investments 177,554 150,648
Proceeds from maturity of short-term investments 24,830 34,600
Cash paid for equity method investment (750) 0
Purchase of property and equipment (11,463) (4,794)
Other 33 135
Net cash provided by investing activities 151,732 84,453
Cash flows from financing activities:    
Repurchase of 2023 Notes (223,303) (153,381)
Payments under financing lease obligations (27) (9,188)
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 1,011 27,584
Taxes paid related to net share settlement of equity awards (5,922) (5,901)
Payments to CVR Holders (1,416) (1,050)
Payments for OmniAb transaction costs (206) 0
Net cash used in financing activities (229,863) (141,540)
Net decrease in cash, cash equivalents and restricted cash (14,242) (25,956)
Cash, cash equivalents and restricted cash at beginning of period 19,522 47,963
Cash, cash equivalents and restricted cash at end of period 5,280 22,007
Supplemental disclosure of cash flow information:    
Interest paid 1,038 1,737
Taxes paid 20 3,552
Restricted cash in other current assets 0 144
Supplemental schedule of non-cash activity:    
Accrued fixed asset purchases 3,800 359
Accrued inventory purchases 9,161 12,695
Unrealized loss on AFS investments $ (149) $ (60)

Source