Financials

v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 115,156 $ 71,543
Short-term investments 694,724 998,324
Accounts receivable, net 41,874 30,387
Inventory 3,702 7,296
Income taxes receivable 2,679 11,361
Other current assets 5,489 4,734
Total current assets 863,624 1,123,645
Deferred income taxes, net 26,411 25,608
Intangible assets, net 215,295 210,448
Goodwill 103,369 95,229
Commercial license and other economic rights, net 10,606 20,090
Property and equipment, net 7,883 7,185
Operating lease right-of-use assets 9,689 10,353
Other assets 6,059 2,357
Total assets 1,242,936 1,494,915
Current liabilities:    
Accounts payable 6,103 2,420
Accrued liabilities 12,828 9,836
Current contingent liabilities 1,416 2,607
Deferred revenue 8,917 2,139
Total current liabilities 29,264 17,002
2023 convertible senior notes, net 449,672 638,959
Long-term contingent liabilities 10,005 6,335
Deferred income taxes, net 23,340 32,937
Long-term operating lease liabilities 9,181 9,970
Other long-term liabilities 26,471 22,480
Total liabilities 547,933 727,683
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at June 30, 2020 and December 31, 2019 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 16,071 and 16,823 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively 16 17
Additional paid-in capital 304,404 367,326
Accumulated other comprehensive loss (2,310) (216)
Retained earnings 392,893 400,105
Total stockholders' equity 695,003 767,232
Total liabilities and stockholders' equity $ 1,242,936 $ 1,494,915

Source

v3.20.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Total revenues $ 41,420 $ 24,987 $ 74,581 $ 68,471
Operating costs and expenses:        
Cost of Captisol 7,644 2,405 12,327 6,263
Amortization of intangibles 3,875 3,505 7,410 7,008
Research and development 12,732 12,213 24,623 23,502
General and administrative 10,069 10,994 19,333 22,082
Total operating costs and expenses 34,320 29,117 63,693 58,855
Gain from sale of Promacta license 0 0 0 812,797
Income from operations 7,100 (4,130) 10,888 822,413
Other income (expense):        
Gain (loss) from short-term investments 23,460 (15,061) (7,281) 4,488
Interest income 1,969 9,285 6,699 15,194
Interest expense (6,213) (9,012) (14,761) (17,918)
Other income, net 1,803 890 2,159 508
Total other income (loss), net 21,019 (13,898) (13,184) 2,272
Income (loss) before income taxes 28,119 (18,028) (2,296) 824,685
Income tax benefit (expense) (6,033) 3,609 251 (172,767)
Net income (loss) $ 22,086 $ (14,419) $ (2,045) $ 651,918
Earnings Per Share, Basic and Diluted:        
Basic net income (loss) per share (USD per share) $ 1.38 $ (0.74) $ (0.13) $ 32.60
Shares used in basic per share calculations (shares) 16,055,000 19,558,000 16,292,000 20,000,000
Diluted net income (loss) per share (USD per share) $ 1.32 $ (0.74) $ (0.13) $ 31.34
Shares used in diluted per share calculations (shares) 16,694,000 19,558,000 16,292,000 20,799,000
Royalties        
Revenues:        
Total revenues $ 7,181 $ 6,626 $ 13,746 $ 26,164
Captisol        
Revenues:        
Total revenues 24,468 8,549 45,577 17,508
Service Revenue        
Revenues:        
Total revenues 4,582 4,559 7,939 8,442
Contract Revenue        
Revenues:        
Total revenues $ 5,189 $ 5,253 $ 7,319 $ 16,357

Source

v3.20.2
Condensed Consolidated Statements of Cash Flows
$ in Thousands
6 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Cash flows from operating activities:    
Net income (loss) $ (2,045) $ 651,918
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 (371) 984
Depreciation and amortization of intangible assets 7,869 7,699
Amortization of premium (discount) on investments, net 1,198 (6,023)
Amortization of debt discount and issuance fees 12,442 14,999
Amortization of commercial license and other economic rights 2,733 5,452
Gain on debt extinguishment (659) 0
Share-based compensation 13,012 11,918
Deferred income taxes (8,890) 55,661
Loss (gain) from short-term investments 7,281 (4,488)
Other (1,499) (4,429)
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable, net (11,466) 35,591
Inventory 6,977 (4,573)
Accounts payable and accrued liabilities 2,909 (3,764)
Income tax receivable 8,673 47,455
Other economic rights 0 (12,000)
Other 3,140 597
Net cash provided by (used in ) operating activities 41,304 (15,800)
Cash flows from investing activities:    
Proceeds from sale of Promacta license 0 812,797
Purchase of short-term investments (336,726) (1,281,274)
Proceeds from sale of short-term investments 179,431 43,724
Proceeds from maturity of short-term investments 452,405 791,006
Cash paid for acquisition (15,140) 0
Other 1,809 (5,673)
Net cash provided by investing activities 281,779 360,580
Cash flows from financing activities:    
Repurchase of 2023 Notes (203,210) 0
Net proceeds from stock option exercises and ESPP 1,550 2,643
Taxes paid related to net share settlement of equity awards (1,429) (2,893)
Share repurchase (73,287) (189,917)
Payments to CVR Holders (1,800) 0
Other (1,134) 0
Net cash used in financing activities (279,310) (190,167)
Effect of exchange rate changes on cash (160) 7
Net increase in cash, cash equivalents and restricted cash 43,613 154,620
Cash, cash equivalents and restricted cash at beginning of period 72,273 119,780
Cash, cash equivalents and restricted cash at end of period 115,886 274,400
Supplemental disclosure of cash flow information:    
Interest paid 2,531 2,915
Taxes paid 0 69,703
Restricted cash in other current assets 730 1,353
Supplemental schedule of non-cash activity:    
Accrued fixed asset purchases 292 54
Accrued inventory purchases 3,553 0
Unrealized gain (loss) on AFS investments $ (38) $ 938

Source