Financials

v3.20.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 117,527 $ 71,543
Short-term investments 621,284 939,989
Investment in Viking 32,879 58,335
Accounts receivable, net 39,506 30,387
Inventory 7,320 7,296
Income taxes receivable 7,271 11,361
Other current assets 4,940 4,734
Total current assets 830,727 1,123,645
Deferred income taxes, net 26,358 25,608
Intangible assets, net 206,520 210,448
Goodwill 94,341 95,229
Commercial license and other economic rights, net 10,381 20,090
Property and equipment, net 6,690 7,185
Operating lease right-of-use assets 9,630 10,353
Other assets 1,270 2,357
Total assets 1,185,917 1,494,915
Current liabilities:    
Accounts payable 3,365 2,420
Accrued liabilities 11,848 9,836
Current contingent liabilities 871 2,607
Deferred revenue 4,354 2,139
Total current liabilities 20,438 17,002
2023 convertible senior notes, net 444,432 638,959
Long-term contingent liabilities 5,811 6,335
Deferred income taxes, net 21,769 32,937
Long-term operating lease liabilities 9,231 9,970
Other long-term liabilities 22,340 22,480
Total liabilities 524,021 727,683
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at March 31, 2020 and December 31, 2019 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 16,050 and 16,823 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively 16 17
Additional paid-in capital 295,940 367,326
Accumulated other comprehensive loss (4,867) (216)
Retained earnings 370,807 400,105
Total stockholders' equity 661,896 767,232
Total liabilities and stockholders' equity $ 1,185,917 $ 1,494,915

Source

v3.20.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues:    
Total revenues $ 33,161 $ 43,484
Operating costs and expenses:    
Cost of Captisol 4,683 3,858
Amortization of intangibles 3,535 3,503
Research and development 11,891 11,289
General and administrative 9,264 11,088
Total operating costs and expenses 29,373 29,738
Gain from sale of Promacta license 0 812,797
Income from operations 3,788 826,543
Other income (expense):    
Gain (loss) from Viking (25,457) 17,293
Interest income 4,730 5,909
Interest expense (8,548) (8,906)
Other expense, net (4,928) 1,874
Total other income (loss), net (34,203) 16,170
Income (loss) before income taxes (30,415) 842,713
Income tax benefit (expense) 6,284 (176,376)
Net income (loss) $ (24,131) $ 666,337
Earnings Per Share, Basic and Diluted:    
Basic net income (loss) per share (USD per share) $ (1.46) $ 32.59
Shares used in basic per share calculations (shares) 16,529 20,447
Diluted net income (loss) per share (USD per share) $ (1.46) $ 31.32
Shares used in diluted per share calculations (shares) 16,529 21,277
Royalties    
Revenues:    
Total revenues $ 6,565 $ 19,538
Captisol    
Revenues:    
Total revenues 21,109 8,959
Service revenue    
Revenues:    
Total revenues 3,357 3,883
Contract revenue    
Revenues:    
Total revenues $ 2,130 $ 11,104

Source

v3.20.1
Condensed Consolidated Statements of Cash Flows
$ in Thousands
3 Months Ended
Mar. 31, 2020
USD ($)
Mar. 31, 2019
USD ($)
Cash flows from operating activities:    
Net income (loss) $ (24,131) $ 666,337
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Gain from sale of Promacta license 0 (812,797)
Change in estimated fair value of contingent liabilities (372) 1,403
Depreciation and amortization of intangible assets 3,422 3,841
Amortization of premium (discount) on investments, net 830 (1,818)
Amortization of debt discount and issuance fees 7,203 7,446
Amortization of commercial license and other economic rights 2,958 2,437
Gain on debt extinguishment (659) 0
Share-based compensation 5,653 5,347
Deferred income taxes (10,419) 62,263
Loss (gain) from investment in Viking 25,456 (17,293)
Other 5,668 (6,160)
Changes in operating assets and liabilities:    
Accounts receivable, net (8,398) 29,235
Inventory 1,251 (2,823)
Accounts payable and accrued liabilities 2,114 (5,873)
Income tax receivable 4,081 113,997
Other 2,265 (284)
Net cash provided by operating activities 16,922 45,258
Cash flows from investing activities:    
Proceeds from sale of Promacta license 0 812,797
Purchase of short-term investments (167,374) (1,047,767)
Proceeds from sale of short-term investments 179,431 341
Proceeds from maturity of short-term investments 297,005 332,647
Other (526) (3,241)
Net cash provided by investing activities 308,536 94,777
Cash flows from financing activities:    
Repurchase of 2023 Notes (203,210) 0
Net proceeds from stock option exercises and ESPP 421 1,904
Taxes paid related to net share settlement of equity awards (1,429) (2,895)
Share repurchase (73,287) (151,585)
Payments to CVR Holders (1,800) 0
Net cash used in financing activities (279,305) (152,576)
Effect of exchange rate changes on cash (169) 130
Net increase (decrease) in cash, cash equivalents and restricted cash 45,984 (12,411)
Cash, cash equivalents and restricted cash at beginning of period 72,273 119,780
Cash, cash equivalents and restricted cash at end of period 118,257 107,369
Supplemental disclosure of cash flow information:    
Interest paid 597 102
Taxes paid 0 60
Restricted cash in other current assets 730 2,256
Supplemental schedule of non-cash activity:    
Accrued fixed asset purchases 63 301
Accrued inventory purchases 1,445 1,959
Unrealized gain (loss) on AFS investments $ (3,541) $ 294

Source