Financials

v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 28,445 $ 45,006
Short-term investments 190,596 166,864
Accounts receivable, net 27,994 30,424
Inventory 26,906 13,294
Income taxes receivable 0 4,614
Other current assets 2,770 3,399
Total current assets 276,711 263,601
Deferred income taxes, net 8,530 8,530
Intangible assets, net 325,377 342,455
Goodwill 105,673 105,673
Commercial license rights, net 10,783 10,182
Property and equipment, net 11,382 12,482
Operating lease right-of-use assets 11,392 10,914
Financing lease right-of-use assets 3,762 4,095
Other assets 4,495 4,736
Total assets 758,105 762,668
Current liabilities:    
Accounts payable 9,582 5,307
Accrued liabilities 7,291 15,681
Income taxes payable 11,387 0
Current operating lease liabilities 680 670
2023 convertible senior notes, net 0 76,695
Other current liabilities 448 457
Total current liabilities 29,388 98,810
Long-term contingent liabilities 3,505 3,456
Deferred income taxes, net 27,665 30,615
Long-term operating lease liabilities 10,991 10,336
Other long-term liabilities 21,664 21,966
Total liabilities 93,213 165,183
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at June 30, 2023 and December 31, 2022 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 17,352 and 16,951 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively 17 17
Additional paid-in capital 170,741 147,590
Accumulated other comprehensive loss (967) (984)
Retained earnings 495,101 450,862
Total stockholders' equity 664,892 597,485
Total liabilities and stockholders' equity $ 758,105 $ 762,668

Source

v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Total revenues $ 26,366 $ 50,126 $ 70,345 $ 86,642
Operating costs and expenses:        
Cost of Captisol 1,669 12,361 5,386 17,060
Amortization of intangibles 8,539 8,550 17,078 17,130
Research and development 6,854 8,467 13,517 17,646
General and administrative 11,287 12,086 22,142 24,011
Total operating costs and expenses 28,349 41,464 58,123 75,847
Operating (loss) income from continuing operations (1,983) 8,662 12,222 10,795
Other income (expense):        
Gain (loss) from short-term investments 3,991 (1,909) 43,524 (14,786)
Interest income 2,320 298 3,755 432
Interest expense (284) (438) (524) (1,227)
Other (loss) income, net (873) 2,048 (270) 4,303
Total other income (expense), net 5,154 (1) 46,485 (11,278)
Income (loss) before income taxes from continuing operations 3,171 8,661 58,707 (483)
Income tax (expense) benefit (881) 3,938 (12,803) 153
Net income (loss) from continuing operations 2,290 12,599 45,904 (330)
Net loss from discontinued operations 0 (13,494) (1,665) (15,950)
Net income (loss) $ 2,290 $ (895) $ 44,239 $ (16,280)
Earnings per share        
Basic net income (loss) from continuing operations per share (in USD per share) $ 0.13 $ 0.75 $ 2.67 $ (0.02)
Basic net loss from discontinued operations per share (in USD per share) 0 (0.80) (0.10) (0.95)
Basic net income (loss) per share (in USD per share) $ 0.13 $ (0.05) $ 2.58 $ (0.97)
Shares used in basic per share calculations (in shares) 17,276 16,868 17,170 16,846
Diluted net income (loss) from continuing operations per share (in USD per share) $ 0.13 $ 0.74 $ 2.57 $ (0.02)
Diluted net loss from discontinued operations per share (in USD per share) 0 (0.79) (0.09) (0.95)
Diluted net income (loss) per share (in USD per share) $ 0.13 $ (0.05) $ 2.48 $ (0.97)
Shares used in diluted per share calculations (in shares) 17,730 17,058 17,851 16,846
Royalties        
Revenues:        
Total revenues $ 20,430 $ 17,820 $ 37,584 $ 31,252
Captisol        
Revenues:        
Total revenues 5,220 29,545 15,842 41,667
Contract revenue        
Revenues:        
Total revenues $ 716 $ 2,761 $ 16,919 $ 13,723

Source

v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 44,239 $ (16,280)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Change in estimated fair value of contingent liabilities 108 (1,266)
Depreciation and amortization of intangible assets 18,994 26,921
Amortization of premium on investments, net (659) 44
Amortization of debt discount and issuance fees 159 501
Amortization of commercial license rights (814) (190)
Gain on debt extinguishment 0 (3,326)
Share-based compensation 13,138 18,543
Deferred income taxes (1,246) (12,925)
(Gain) loss from short-term investments (43,524) 14,786
Lease amortization expense 897 3,054
Other 153 (67)
Changes in operating assets and liabilities:    
Accounts receivable, net 2,476 23,208
Inventory (10,966) 9,740
Accounts payable and accrued liabilities (4,960) (4,357)
Income tax receivable and payable 16,001 9,011
Other assets and liabilities (130) (3,508)
Net cash provided by operating activities 33,866 63,889
Cash flows from investing activities:    
Purchase of short-term investments (88,989) (38,472)
Proceeds from sale of short-term investments 88,832 177,554
Proceeds from maturity of short-term investments 20,666 24,830
Cash paid for equity method investment 0 (750)
Purchase of property and equipment (2,617) (11,463)
Proceeds from commercial license rights 213 0
Other 0 33
Net cash provided by investing activities 18,105 151,732
Cash flows from financing activities:    
Repayment at maturity/repurchase of 2023 Notes (76,854) (223,303)
Net proceeds from stock option exercises and ESPP 12,535 1,011
Taxes paid related to net share settlement of equity awards (4,187) (5,922)
Payments to CVR Holders 0 (1,416)
Payments for OmniAb transaction costs 0 (206)
Other (26) (27)
Net cash used in financing activities (68,532) (229,863)
Net decrease in cash, cash equivalents and restricted cash (16,561) (14,242)
Cash, cash equivalents and restricted cash at beginning of period 45,006 19,522
Cash, cash equivalents and restricted cash at end of period 28,445 5,280
Supplemental disclosure of cash flow information:    
Interest paid 288 1,038
Taxes paid 0 20
Supplemental schedule of non-cash activity:    
Accrued fixed asset purchases 532 3,800
Accrued inventory purchases 2,646 9,161
Unrealized gain (loss) on AFS investments, net of tax $ 17 $ (149)

Source