Financials

v3.22.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 45,006 $ 19,522
Short-term investments 166,864 321,586
Accounts receivable, net 30,424 85,453
Inventory 13,294 27,326
Income taxes receivable 4,614 6,193
Other current assets 3,399 3,571
Current assets of discontinued operations 0 1,100
Total current assets 263,601 464,751
Deferred income taxes, net 8,530 35,729
Intangible assets, net 342,455 376,691
Goodwill 105,673 105,673
Commercial license and other economic rights 10,182 10,110
Property and equipment, net 12,482 13,191
Operating lease assets 10,914 3,210
Finance lease assets 4,095 16,201
Other assets 4,736 1,251
Non-current assets of discontinued operations 0 270,783
Total assets 762,668 1,297,590
Current liabilities:    
Accounts payable 5,307 8,403
Accrued liabilities 15,681 17,579
Current contingent liabilities 57 50
Deferred revenue 355 654
Current operating lease liabilities 670 1,368
Current finance lease liabilities 45 45
2023 convertible senior notes, net 76,695 0
Current liabilities of discontinued operations 0 13,566
Total current liabilities 98,810 41,665
2023 convertible senior notes, net 0 320,717
Long-term contingent liabilities 3,456 3,657
Deferred income taxes, net 30,615 30,856
Long-term operating lease liabilities 10,336 2,256
Other long-term liabilities 21,966 21,752
Non-current liabilities of discontinued operations 0 55,528
Total liabilities 165,183 476,431
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at December 31, 2022 and 2021 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 16,951 and 16,767 shares issued and outstanding at December 31, 2022 and 2021, respectively 17 17
Additional paid-in capital 147,590 372,969
Accumulated other comprehensive loss (984) (917)
Retained earnings 450,862 449,090
Total stockholders’ equity 597,485 821,159
Total liabilities and stockholders’ equity $ 762,668 $ 1,297,590

Source

v3.22.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues:      
Total revenues $ 196,245 $ 241,544 $ 163,562
Operating costs and expenses:      
Cost of Captisol 52,827 62,176 30,419
Amortization of intangibles 34,237 34,222 11,642
Research and development 36,082 32,105 40,503
General and administrative 70,062 46,790 60,012
Other operating (income) expense 0 (37,600) 600
Total operating costs and expenses 193,208 137,693 143,176
Income from continuing operations 3,037 103,851 37,500
Other income (expense):      
Gain (loss) from short-term investments 28,540 (5,263) (16,933)
Interest income 2,046 886 8,078
Interest expense (1,799) (19,619) (27,415)
Other income (expense), net 4,187 (7,650) 62
Total other expense, net 32,974 (31,646) (36,208)
Income before income tax from continuing operations 36,011 72,205 1,292
Income tax benefit (expense) (41,230) 4,148 5,306
Net income (loss) from continuing operations (5,219) 76,353 6,598
Net loss from discontinued operations (28,142) (19,215) (9,583)
Net income (loss): $ (33,361) $ 57,138 $ (2,985)
Earnings Per Share [Abstract]      
Basic net income (loss) from continuing operations (USD per share) $ (0.31) $ 4.59 $ 0.41
Basic net income (loss) from discontinued operations (USD per share) (1.67) (1.16) (0.59)
Basic net income (loss) per share (USD per share) $ (1.98) $ 3.44 $ (0.18)
Shares used in basic per share calculation (shares) 16,868,000 16,630,000 16,185,000
Diluted net income (loss) from continuing operations (USD per share) $ (0.31) $ 4.43 $ 0.39
Diluted net income (loss) from discontinued operations (USD per share) (1.67) (1.11) (0.57)
Diluted net income (loss) per share (USD per share) $ (1.98) $ 3.31 $ (0.18)
Shares used in diluted per share calculation (shares) 16,868,000 17,246,000 16,825,000
Royalties      
Revenues:      
Total revenues $ 72,527 $ 48,927 $ 33,796
Captisol      
Revenues:      
Total revenues 104,495 164,250 109,959
Contract revenue      
Revenues:      
Total revenues 19,223 28,367 19,807
Vernalis      
Operating costs and expenses:      
Gain from sale of Vernalis R&D $ 0 $ 0 $ 17,114

Source

v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income (loss) $ (33,361) $ 57,138 $ (2,985)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Gain from sale of Vernalis R&D 0 0 (17,114)
Change in estimated fair value of contingent liabilities (748) (36,962) 963
Depreciation of fixed assets and amortization of intangible assets 51,534 51,071 25,691
Loss (gain) short-term investments (28,540) 3,997 16,933
Amortization/accretion of premium (discount) on investments, net 16 111 1,479
Amortization of debt discount and issuance fees 734 16,692 23,077
Loss (gain) on debt extinguishment (4,192) 7,303 2,466
Amortization of commercial license and other economic rights (164) (125) 2,275
Lease amortization expense 5,521 4,840 1,609
Share-based compensation 60,285 38,783 30,727
Deferred income taxes, net 20,723 (8,618) (19,053)
Other 365 1,572 191
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable, net 55,319 (28,616) (26,061)
Inventory 12,058 (427) (17,799)
Accounts payable and accrued liabilities (3,340) 2,810 (1,245)
Income taxes receivable 1,579 (3,976) 9,144
Deferred revenue (6,281) (17,870) 29,236
Other assets and liabilities 6,342 (8,925) (4,948)
Net cash provided by operating activities 137,850 78,798 54,586
Investing activities      
Cash paid for acquisition, net of cash and restricted cash acquired 0 0 (404,884)
Purchases of property and equipment (17,923) (8,761) (4,458)
Purchases of short-term investments (51,226) (181,325) (422,523)
Proceeds from commercial license rights 92 494 1,358
Proceeds from sale of short-term investments 209,561 154,230 394,539
Proceeds from maturity of short-term investments 24,830 67,105 644,155
Cash paid for equity method investment (750) 0 (500)
Proceeds on sale of Vernalis R&D, net 0 0 22,061
Other, net (960) (1,220) 1,900
Net cash provided by investing activities 163,624 30,523 231,648
Financing activities      
Net cash transferred to OmniAb at separation (1,840) 0 0
Repayment of debt (260,949) (155,760) (222,209)
Payments under finance lease obligations (54) (9,188) (9,549)
Cash paid for OmniAb transaction costs (6,800) 0 0
Proceeds from bond hedge settlement 202 18,938 0
Net proceeds from stock option exercises and ESPP 3,232 33,763 3,017
Taxes paid related to net share settlement of equity awards (8,236) (6,018) (1,481)
Share repurchases 0 0 (77,998)
Repurchase of warrants 0 (18,446) 0
Payments to CVR Holders (1,545) (1,050) (2,325)
Net cash used in financing activities (275,990) (137,761) (310,545)
Net increase (decrease) in cash, cash equivalents, and restricted cash 25,484 (28,440) (24,311)
Cash, cash equivalents and restricted cash at beginning of year 19,522 47,962 72,273
Cash, cash equivalents and restricted cash at end of year 45,006 19,522 47,962
Cash paid during the year:      
Interest paid 1,428 3,028 4,463
Taxes paid 11,642 3,722 2,130
Restricted cash in other current assets 0 0 343
Supplemental schedule of non-cash investing and financing activities:      
Accrued inventory purchases 0 1,974 1,562
Unrealized loss on available-for-sale investments (85) (221) (212)
Purchase of fixed assets recorded in accounts payable $ 2,333 $ 1,567 $ 249

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