Financials

v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 23,430 $ 47,619
Short-term investments 299,781 363,567
Accounts receivable, net 64,336 56,847
Inventory 32,996 26,487
Income taxes receivable 6,378 2,217
Other current assets 5,161 3,822
Total current assets 432,082 500,559
Deferred income taxes, net 26,728 24,320
Intangible assets, net 562,372 595,330
Goodwill 190,183 189,662
Commercial license and other economic rights, net 10,748 10,979
Property and equipment, net 18,702 14,434
Operating lease right-of-use assets 12,951 6,892
Financing lease right-of-use assets 16,795 15,842
Other assets 3,095 4,267
Total assets 1,273,656 1,362,285
Current liabilities:    
Accounts payable 7,233 3,784
Accrued liabilities 12,237 18,530
Current contingent liabilities 2,594 39,884
Deferred revenue 12,007 29,435
Current operating lease liabilities 2,181 1,885
Current financing lease liabilities 45 6,593
Total current liabilities 36,297 100,111
2023 convertible senior notes, net 316,889 442,293
Long-term contingent liabilities 6,782 9,249
Deferred income taxes, net 63,026 64,598
Long-term operating lease liabilities 11,467 5,643
Other long-term liabilities 27,129 30,866
Total liabilities 461,590 652,760
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at September 30, 2021 and December 31, 2020 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 16,707 and 16,080 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively 17 16
Additional paid-in capital 358,418 318,358
Accumulated other comprehensive loss (875) (801)
Retained earnings 454,506 391,952
Total stockholders' equity 812,066 709,525
Total liabilities and stockholders' equity $ 1,273,656 $ 1,362,285

Source

v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues:        
Total revenues $ 64,835 $ 41,848 $ 204,660 $ 116,429
Operating costs and expenses:        
Cost of Captisol 11,446 6,353 50,192 18,680
Amortization of intangibles 11,827 3,875 35,391 11,285
Research and development 16,938 12,853 50,769 37,476
General and administrative 12,718 15,020 39,747 34,353
Other operating income (3,800) 0 (37,600) 0
Total operating costs and expenses 49,129 38,101 138,499 101,794
Income from operations 15,706 3,747 66,161 14,635
Other income (expense):        
Gain (loss) from short-term investments 1,937 (9,862) 8,135 (17,143)
Interest income 169 991 698 7,690
Interest expense (4,439) (6,269) (15,154) (21,030)
Other income (expense), net 1,886 (219) (5,516) 1,940
Total other income (loss), net (447) (15,359) (11,837) (28,543)
Income (loss) before income taxes 15,259 (11,612) 54,324 (13,908)
Income tax benefit (expense) (1,536) 4,911 8,230 5,162
Net income (loss) $ 13,723 $ (6,701) $ 62,554 $ (8,746)
Earnings Per Share, Basic and Diluted:        
Basic net income (loss) per share (USD per share) $ 0.82 $ (0.42) $ 3.77 $ (0.54)
Shares used in basic per share calculations (in shares) 16,688 16,082 16,595 16,222
Diluted net income (loss) per share (USD per share) $ 0.80 $ (0.42) $ 3.64 $ (0.54)
Shares used in diluted per share calculations (in shares) 17,142 16,082 17,187 16,222
Royalties        
Revenues:        
Total revenues $ 15,648 $ 9,005 $ 31,376 $ 22,751
Captisol        
Revenues:        
Total revenues 35,093 23,389 128,875 68,966
Contract revenue        
Revenues:        
Total revenues $ 14,094 $ 9,454 $ 44,409 $ 24,712

Source

v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 62,554 $ (8,746)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Change in estimated fair value of contingent liabilities (39,377) (397)
Depreciation and amortization of intangible assets 37,902 12,645
Amortization of premium on investments, net 145 1,507
Amortization of debt discount and issuance fees 12,863 17,743
Amortization of commercial license and other economic rights 96 2,505
Loss (gain) on debt extinguishment 7,303 (659)
Share-based compensation 28,375 20,752
Deferred income taxes (8,229) (19,311)
Loss (gain) from short-term investments (8,135) 17,143
Other 658 (1,525)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable, net (8,838) (5,080)
Inventory (3,103) (4,914)
Accounts payable and accrued liabilities (3,635) 9,639
Income tax receivable and payable (4,167) 12,026
Deferred revenue (20,696) 5,603
Operating lease liabilities 6,120 (226)
Other assets and liabilities (8,680) (4,656)
Net cash provided by operating activities 51,156 54,049
Cash flows from investing activities:    
Purchase of short-term investments (116,898) (337,016)
Proceeds from sale of short-term investments 152,465 389,296
Proceeds from maturity of short-term investments 37,100 589,155
Cash paid for acquisition, net of cash acquired 0 (26,857)
Cash paid for equity method investment 0 (500)
Purchase of property and equipment (6,566) (2,828)
Other 135 2,600
Net cash provided by investing activities 66,236 613,850
Cash flows from financing activities:    
Repurchase of 2023 Notes (155,760) (203,210)
Payments under financing lease obligations (9,188) (5,224)
Proceeds from convertible bond hedge settlement 18,938 0
Payments to convertible bond holders for warrant purchases (18,446) 0
Net proceeds from stock option exercises and ESPP 29,484 2,459
Taxes paid related to net share settlement of equity awards (5,903) (1,429)
Share repurchase 0 (73,287)
Payments to CVR Holders (1,050) (2,325)
Net cash used in financing activities (141,925) (283,016)
Effect of exchange rate changes on cash 0 (50)
Net increase (decrease) in cash, cash equivalents and restricted cash (24,533) 384,833
Cash, cash equivalents and restricted cash at beginning of period 47,963 72,273
Cash, cash equivalents and restricted cash at end of period 23,430 457,106
Supplemental disclosure of cash flow information:    
Interest paid 1,740 2,531
Taxes paid 3,720 2,130
Restricted cash in other current assets 0 190
Supplemental schedule of non-cash activity:    
Accrued fixed asset purchases 557 381
Accrued inventory purchases 4,968 1,390
Accrued financing lease payment 0 2,500
Unrealized loss on AFS investments $ (74) $ (109)

Source