Financials

v3.23.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 88,728 $ 45,006
Short-term investments 193,937 166,864
Accounts receivable, net 29,188 30,424
Inventory 14,011 13,294
Income taxes receivable 0 4,614
Other current assets 2,331 3,399
Total current assets 328,195 263,601
Deferred income taxes, net 875 8,530
Intangible assets, net 333,916 342,455
Goodwill 105,673 105,673
Commercial license rights, net 10,431 10,182
Property and equipment, net 11,743 12,482
Operating lease right-of-use assets 11,666 10,914
Financing lease right-of-use assets 3,943 4,095
Other assets 4,634 4,736
Total assets 811,076 762,668
Current liabilities:    
Accounts payable 6,135 5,307
Accrued liabilities 14,977 15,681
Current contingent liabilities 67 57
Deferred revenue 257 355
Current operating lease liabilities 660 670
Current financing lease liabilities 43 45
2023 convertible senior notes, net 76,790 76,695
Total current liabilities 98,929 98,810
Long-term contingent liabilities 2,776 3,456
Deferred income taxes, net 30,010 30,615
Long-term operating lease liabilities 11,183 10,336
Other long-term liabilities 21,861 21,966
Total liabilities 164,759 165,183
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at March 31, 2023 and December 31, 2022 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 17,134 and 16,951 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively 17 17
Additional paid-in capital 154,424 147,590
Accumulated other comprehensive loss (935) (984)
Retained earnings 492,811 450,862
Total stockholders' equity 646,317 597,485
Total liabilities and stockholders' equity $ 811,076 $ 762,668

Source

v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenues:    
Total revenues $ 43,979 $ 36,516
Operating costs and expenses:    
Cost of Captisol 3,717 4,699
Amortization of intangibles 8,539 8,580
Research and development 6,663 9,179
General and administrative 10,855 11,925
Total operating costs and expenses 29,774 34,383
Operating income from continuing operations 14,205 2,133
Other income (expense):    
Gain (loss) from short-term investments 39,533 (12,877)
Interest income 1,435 134
Interest expense (240) (789)
Other income, net 603 2,255
Total other income (expense), net 41,331 (11,277)
Income (loss) before income taxes from continuing operations 55,536 (9,144)
Income tax expense (11,922) (3,785)
Net income (loss) from continuing operations 43,614 (12,929)
Net loss from discontinued operations (1,665) (2,456)
Net income (loss) $ 41,949 $ (15,385)
Earnings per share    
Basic net income (loss) from continuing operations per share (in USD per share) $ 2.56 $ (0.77)
Basic net loss from discontinued operations per share (in USD per share) (0.10) (0.15)
Basic net income (loss) per share (in USD per share) $ 2.46 $ (0.91)
Shares used in basic per share calculations (in shares) 17,063 16,824
Diluted net income (loss) from continuing operations per share (in USD per share) $ 2.43 $ (0.77)
Diluted net loss from discontinued operations per share (in USD per share) (0.09) (0.15)
Diluted net income (loss) per share (in USD per share) $ 2.33 $ (0.91)
Shares used in diluted per share calculations (in shares) 17,974 16,824
Royalties    
Revenues:    
Total revenues $ 17,154 $ 13,432
Captisol    
Revenues:    
Total revenues 10,622 12,122
Contract revenue    
Revenues:    
Total revenues $ 16,203 $ 10,962

Source

v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income (loss) $ 41,949 $ (15,385)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Change in estimated fair value of contingent liabilities (670) (1,035)
Depreciation and amortization of intangible assets 9,499 13,655
Amortization of premium on investments, net (282) 51
Amortization of debt discount and issuance fees 95 326
Amortization of commercial license rights (379) (11)
Gain on debt extinguishment 0 (1,532)
Share-based compensation 5,931 9,044
Deferred income taxes 8,754 (16,180)
(Gain) loss from short-term investments (39,533) 12,877
Lease amortization expense 447 1,490
Other 240 (80)
Changes in operating assets and liabilities:    
Accounts receivable, net 1,099 43,638
Inventory 2,035 44
Accounts payable and accrued liabilities (435) (2,708)
Income tax receivable and payable 4,614 11,993
Deferred revenue (98) (2,453)
Other assets and liabilities 682 (1,723)
Net cash provided by operating activities 33,948 52,011
Cash flows from investing activities:    
Purchase of short-term investments (39,864) (38,190)
Proceeds from sale of short-term investments 44,232 132,866
Proceeds from maturity of short-term investments 8,465 24,830
Cash paid for equity method investment 0 (750)
Purchase of property and equipment (2,414) (4,875)
Proceeds from commercial license rights 130 0
Net cash provided by investing activities 10,549 113,881
Cash flows from financing activities:    
Repurchase of 2023 Notes 0 (163,356)
Payments under financing lease obligations (13) (13)
Net proceeds from stock option exercises and ESPP 3,393 347
Taxes paid related to net share settlement of equity awards (4,155) (5,862)
Payments to CVR Holders 0 (1,416)
Other 0 (121)
Net cash used in financing activities (775) (170,421)
Net increase (decrease) in cash, cash equivalents and restricted cash 43,722 (4,529)
Cash, cash equivalents and restricted cash at beginning of period 45,006 19,522
Cash, cash equivalents and restricted cash at end of period 88,728 14,993
Supplemental disclosure of cash flow information:    
Interest paid 0 359
Supplemental schedule of non-cash activity:    
Accrued fixed asset purchases 140 2,574
Accrued inventory purchases 2,752 306
Unrealized gain (loss) on AFS investments, net of tax $ 49 $ (114)

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