Financials

v3.20.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 47,619 $ 71,543
Short-term investments 363,567 998,324
Accounts receivable, net 56,847 30,387
Inventory 26,487 7,296
Income taxes receivable 2,217 11,361
Other current assets 3,822 4,734
Total current assets 500,559 1,123,645
Deferred income taxes, net 24,320 25,608
Intangible assets, net 595,330 210,448
Goodwill 189,662 95,229
Commercial license and other economic rights 10,979 20,090
Property and equipment, net 14,434 7,185
Operating lease assets 6,892 10,353
Finance lease assets 15,842 84
Other assets 4,267 2,273
Total assets 1,362,285 1,494,915
Current liabilities:    
Accounts payable 3,784 2,420
Accrued liabilities 18,530 8,581
Current contingent liabilities 39,884 2,607
Deferred revenue 29,435 2,139
Current operating lease liabilities 1,885 1,242
Current finance lease liabilities 6,593 13
Total current liabilities 100,111 17,002
2023 convertible senior notes, net 442,293 638,959
Long-term contingent liabilities 9,249 6,335
Deferred income taxes, net 64,598 32,937
Long-term operating lease liabilities 5,643 9,970
Other long-term liabilities 30,866 22,480
Total liabilities 652,760 727,683
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at December 31, 2020 and 2019 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 16,080 and 16,823 shares issued and outstanding at December 31, 2020 and 2019, respectively 16 17
Additional paid-in capital 318,358 367,326
Accumulated other comprehensive loss (801) (216)
Retained earnings 391,952 400,105
Total stockholders’ equity 709,525 767,232
Total liabilities and stockholders’ equity $ 1,362,285 $ 1,494,915

Source

v3.20.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues:      
Total revenues $ 186,419 $ 120,282 $ 251,453
Operating costs and expenses:      
Cost of Captisol 30,419 11,347 6,337
Amortization of intangibles 23,442 16,864 15,792
Research and development 59,392 55,908 27,863
General and administrative 64,435 41,884 37,734
Total operating costs and expenses 177,688 126,003 87,726
Income from operations 25,845 807,076 163,727
Other income (expense):      
Gain (loss) from short-term investments (16,933) 1,049 50,377
Interest income 8,078 28,430 13,999
Interest expense (27,420) (35,745) (48,276)
Other expense, net (108) (4,171) (6,497)
Total other income (expense), net (36,383) (10,437) 9,603
Income (loss) before income tax (10,538) 796,639 173,330
Income tax benefit (expense) 7,553 (167,337) (30,009)
Net income (loss) $ (2,985) $ 629,302 $ 143,321
Earnings Per Share [Abstract]      
Basic net income (loss) per share (USD per share) $ (0.18) $ 33.13 $ 6.77
Shares used in basic per share calculation (shares) 16,185 18,995 21,160
Diluted net income (loss) per share (USD per share) $ (0.18) $ 31.85 $ 5.96
Shares used in diluted per share calculation (shares) 16,185 19,757 24,067
Royalties      
Revenues:      
Total revenues $ 33,796 $ 46,976 $ 128,556
Captisol      
Revenues:      
Total revenues 109,959 31,489 29,123
Contract revenue      
Revenues:      
Total revenues 42,664 41,817 93,774
Vernalis      
Operating costs and expenses:      
Gain from sale of intangible assets 17,114 0 0
Promacta      
Operating costs and expenses:      
Gain from sale of intangible assets $ 0 $ 812,797 $ 0

Source

v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income (loss) $ (2,985) $ 629,302 $ 143,321
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Gain from sale of Promacta license 0 (812,797) 0
Gain from sale of Vernalis R&D (17,114) 0 0
Change in estimated fair value of contingent liabilities 963 (30) 3,448
Depreciation and amortization of intangible assets 25,691 18,361 12,784
Loss (gain) short-term investments 16,933 (1,049) (50,377)
Amortization/accretion of premium (discount) on investments, net 1,479 (10,274) (5,452)
Amortization of debt discount and issuance fees 23,077 29,988 43,954
Amortization of commercial license and other economic rights 2,275 25,370 1,934
Share-based compensation 30,727 24,515 20,846
Deferred income taxes, net (19,053) 74,829 29,739
Royalties recorded in retained earnings upon adoption of ASC 606 0 0 32,707
Other 2,657 (3,498) 2,931
Changes in operating assets and liabilities, net of acquisition:      
Accounts receivable, net (26,061) 25,463 (29,544)
Inventory (17,799) (2,061) (2,559)
Accounts payable and accrued liabilities (1,245) (6,664) (4,533)
Income taxes receivable 9,144 (11,219) 318
Other economic rights 0 (12,000) 0
Deferred revenue 29,236 (1,147) (1,158)
Other (3,339) 3,575 (4,300)
Net cash provided by (used in) operating activities 54,586 (29,336) 194,059
Investing activities      
Proceeds from sale of Promacta license 0 812,797 0
Purchase of commercial license rights 0 0 (10,000)
Cash paid for acquisition, net of cash and restricted cash acquired (404,884) (11,840) (5,856)
Purchases of property and equipment (4,458) (2,553) (887)
Purchases of short-term investments (422,523) (2,356,545) (1,434,255)
Proceeds from commercial license rights 1,358 0 0
Proceeds from sale of short-term investments 394,539 535,877 131,942
Proceeds from maturity of short-term investments 644,155 1,494,851 892,873
Proceeds received from repayment of Viking note receivable 0 0 3,914
Cash paid for equity method investment (500) (1,000) 0
Proceeds on sale of Vernalis R&D, net 22,061 0 0
Other, net 1,900 (4,669) (1,000)
Net cash provided by (used in) investing activities 231,648 466,918 (423,269)
Financing activities      
Repayment of debt (222,209) (27,323) (217,674)
Payments under finance lease obligations (9,549) 0 0
Gross proceeds from issuance of 2023 Convertible Senior Notes 0 0 750,000
Payment of debt issuance costs 0 0 (16,900)
Proceeds from issuance of warrants 0 0 90,000
Purchase of convertible bond hedge 0 0 (140,250)
Proceeds from bond hedge settlement 0 12,401 439,559
Payments to convert holders for bond conversion 0 (12,401) (439,581)
Net proceeds from stock option exercises and ESPP 3,017 2,997 20,183
Taxes paid related to net share settlement of equity awards (1,481) (4,418) (3,765)
Share repurchases (77,998) (453,048) (122,868)
Repurchase of warrants 0 (380) (30,094)
Payments to CVR Holders (2,325) (3,000) (25)
Net cash provided by (used in) financing activities (310,545) (485,172) 328,585
Net increase (decrease) in cash, cash equivalents, and restricted cash (24,311) (47,590) 99,375
Effect of exchange rate changes on cash 0 83 (215)
Cash, cash equivalents and restricted cash at beginning of year 72,273 119,780 20,620
Cash, cash equivalents and restricted cash at end of year 47,962 72,273 119,780
Cash paid during the year:      
Interest paid 4,463 5,827 1,513
Taxes paid 2,130 103,817 341
Restricted cash in other current assets 343 730 2,616
Supplemental schedule of non-cash investing and financing activities      
Accrued inventory purchases 1,562 170 2,059
Unrealized (loss) gain on AFS investments (212) 256 48
Purchase of fixed assets recorded in accounts payable $ 249 $ 495 $ 15

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