Financials

v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 21,863 $ 47,619
Short-term investments 279,972 363,567
Accounts receivable, net 58,156 56,847
Inventory 39,946 26,487
Income taxes receivable 4,694 2,217
Other current assets 6,270 3,822
Total current assets 410,901 500,559
Deferred income taxes, net 27,882 24,320
Intangible assets, net 572,006 595,330
Goodwill 190,517 189,662
Commercial license and other economic rights, net 10,638 10,979
Property and equipment, net 17,628 14,434
Operating lease right-of-use assets 6,500 6,892
Financing lease right-of-use assets 17,383 15,842
Other assets 2,828 4,267
Total assets 1,256,283 1,362,285
Current liabilities:    
Accounts payable 17,273 3,784
Accrued liabilities 10,107 18,530
Current contingent liabilities 5,650 39,884
Deferred revenue 17,147 29,435
Current operating lease liabilities 2,275 1,885
Current financing lease liabilities 45 6,593
Total current liabilities 52,497 100,111
2023 convertible senior notes, net 315,318 442,293
Long-term contingent liabilities 9,121 9,249
Deferred income taxes, net 60,053 64,598
Long-term operating lease liabilities 4,771 5,643
Other long-term liabilities 28,006 30,866
Total liabilities 469,766 652,760
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at June 30, 2021 and December 31, 2020 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 16,676 and 16,080 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively 17 16
Additional paid-in capital 346,578 318,358
Accumulated other comprehensive loss (861) (801)
Retained earnings 440,783 391,952
Total stockholders' equity 786,517 709,525
Total liabilities and stockholders' equity $ 1,256,283 $ 1,362,285

Source

v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues:        
Total revenues $ 84,675 $ 41,420 $ 139,825 $ 74,581
Operating costs and expenses:        
Cost of Captisol 30,593 7,644 38,746 12,327
Amortization of intangibles 11,779 3,875 23,565 7,410
Research and development 15,953 12,732 33,832 24,623
General and administrative 14,711 10,069 27,028 19,333
Other operating income (34,100) 0 (33,800) 0
Total operating costs and expenses 38,936 34,320 89,371 63,693
Income from operations 45,739 7,100 50,454 10,888
Other income (expense):        
Gain (loss) from short-term investments (6,864) 23,460 6,197 (7,281)
Interest income 233 1,969 529 6,699
Interest expense (4,883) (6,213) (10,714) (14,761)
Other income (expense), net (924) 1,803 (7,401) 2,159
Total other income (loss), net (12,438) 21,019 (11,389) (13,184)
Income (loss) before income taxes 33,301 28,119 39,065 (2,296)
Income tax benefit (expense) (2,576) (6,033) 9,766 251
Net income (loss) $ 30,725 $ 22,086 $ 48,831 $ (2,045)
Earnings Per Share, Basic and Diluted:        
Basic net income (loss) per share (USD per share) $ 1.84 $ 1.38 $ 2.95 $ (0.13)
Shares used in basic per share calculations (in shares) 16,659 16,055 16,548 16,292
Diluted net income (loss) per share (USD per share) $ 1.79 $ 1.32 $ 2.84 $ (0.13)
Shares used in diluted per share calculations (in shares) 17,172 16,694 17,210 16,292
Royalties        
Revenues:        
Total revenues $ 8,616 $ 7,181 $ 15,728 $ 13,746
Captisol        
Revenues:        
Total revenues 62,509 24,468 93,781 45,577
Contract revenue        
Revenues:        
Total revenues $ 13,550 $ 9,771 $ 30,316 $ 15,258

Source

v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 48,831 $ (2,045)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Change in estimated fair value of contingent liabilities (33,502) (371)
Depreciation and amortization of intangible assets 25,179 7,869
Amortization of premium (discount) on investments, net 109 1,198
Amortization of debt discount and issuance fees 9,073 12,442
Amortization of commercial license and other economic rights 206 2,733
Loss (gain) on debt extinguishment 7,175 (659)
Share-based compensation 18,621 13,012
Deferred income taxes (9,766) (8,890)
Loss (gain) from short-term investments (6,197) 7,281
Other 595 (1,499)
Changes in operating assets and liabilities:    
Accounts receivable, net (2,659) (11,466)
Inventory (2,326) 6,977
Accounts payable and accrued liabilities (4,340) 2,909
Income tax receivable and payable (2,477) 8,673
Deferred revenue (14,605) 7,268
Other assets and liabilities (2,786) (4,128)
Net cash provided by operating activities 31,131 41,304
Cash flows from investing activities:    
Purchase of short-term investments (96,136) (336,726)
Proceeds from sale of short-term investments 150,648 179,431
Proceeds from maturity of short-term investments 34,600 452,405
Cash paid for acquisition, net of cash acquired 0 (15,140)
Purchase of property and equipment (4,794) (791)
Other 135 2,600
Net cash provided by investing activities 84,453 281,779
Cash flows from financing activities:    
Repurchase of 2023 Notes (153,381) (203,210)
Payments under financing lease obligations (9,188) (1,134)
Proceeds from convertible bond hedge settlement 16,855 0
Payments to convertible bond holders for warrant purchases (16,459) 0
Net proceeds from stock option exercises and ESPP 27,584 1,550
Taxes paid related to net share settlement of equity awards (5,901) (1,429)
Share repurchase 0 (73,287)
Payments to CVR Holders (1,050) (1,800)
Net cash used in financing activities (141,540) (279,310)
Effect of exchange rate changes on cash 0 (160)
Net increase (decrease) in cash, cash equivalents and restricted cash (25,956) 43,613
Cash, cash equivalents and restricted cash at beginning of period 47,963 72,273
Cash, cash equivalents and restricted cash at end of period 22,007 115,886
Supplemental disclosure of cash flow information:    
Interest paid 1,737 2,531
Taxes paid 3,552 0
Restricted cash in other current assets 144 730
Supplemental schedule of non-cash activity:    
Accrued fixed asset purchases 359 292
Accrued inventory purchases 12,695 3,553
Unrealized loss on AFS investments $ (60) $ (38)

Source