Financials

v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 4,116 $ 19,522
Short-term investments 117,291 321,586
Accounts receivable, net 65,168 85,453
Inventory 22,326 27,326
Income taxes receivable 785 6,193
Other current assets 10,746 4,671
Total current assets 220,432 464,751
Deferred income taxes, net 35,500 34,482
Intangible assets, net 517,025 551,040
Goodwill 181,206 181,206
Commercial license rights, net 10,193 10,110
Property and equipment, net 33,418 20,511
Operating lease right-of-use assets 32,108 16,542
Financing lease right-of-use assets 14,444 16,207
Other assets 6,279 2,741
Total assets 1,050,605 1,297,590
Current liabilities:    
Accounts payable 15,887 8,403
Accrued liabilities 19,338 17,579
Income taxes payable 9,703 0
Current contingent liabilities 1,773 2,588
Deferred revenue 9,547 10,996
Current operating lease liabilities 2,345 2,053
Current financing lease liabilities 48 46
2023 convertible senior notes, net 76,600 0
Total current liabilities 135,241 41,665
2023 convertible senior notes, net 0 320,717
Long-term contingent liabilities 6,855 8,483
Deferred income taxes, net 29,832 59,095
Long-term operating lease liabilities 34,893 15,494
Long-term deferred revenue 5,537 9,270
Other long-term liabilities 21,949 21,707
Total liabilities 234,307 476,431
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at September 30, 2022 and December 31, 2021 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 16,894 and 16,767 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively 17 17
Additional paid-in capital 348,994 372,969
Accumulated other comprehensive loss (1,060) (917)
Retained earnings 468,347 449,090
Total stockholders' equity 816,298 821,159
Total liabilities and stockholders' equity $ 1,050,605 $ 1,297,590

Source

v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Total revenues $ 66,088 $ 64,835 $ 169,200 $ 204,660
Operating costs and expenses:        
Cost of Captisol 14,153 11,446 31,213 50,192
Amortization of intangibles 11,818 11,827 35,455 35,391
Research and development 22,036 16,938 61,461 50,769
General and administrative 17,445 12,718 50,210 39,747
Other operating income 0 (3,800) 0 (37,600)
Total operating costs and expenses 65,452 49,129 178,339 138,499
Income (loss) from operations 636 15,706 (9,139) 66,161
Other income (expense):        
Gain (loss) from short-term investments (923) 1,937 (15,709) 8,135
Interest income 591 169 1,023 698
Interest expense (332) (4,439) (1,559) (15,154)
Other income (expense), net 885 1,886 5,465 (5,516)
Total other expense, net 221 (447) (10,780) (11,837)
Income (loss) before income taxes 857 15,259 (19,919) 54,324
Income tax benefit (expense) (453) (1,536) 4,043 8,230
Net income (loss) $ 404 $ 13,723 $ (15,876) $ 62,554
Earnings per share        
Basic net income (loss) per share (in USD per share) $ 0.02 $ 0.82 $ (0.94) $ 3.77
Shares used in basic per share calculations (in shares) 16,888 16,688 16,860 16,595
Diluted net income (loss) per share (in USD per share) $ 0.02 $ 0.80 $ (0.94) $ 3.64
Shares used in diluted per share calculations (in shares) 17,132 17,142 16,860 17,187
Royalties        
Revenues:        
Total revenues $ 19,837 $ 15,648 $ 51,491 $ 31,376
Captisol        
Revenues:        
Total revenues 35,949 35,093 77,616 128,875
Contract revenue        
Revenues:        
Total revenues $ 10,302 $ 14,094 $ 40,093 $ 44,409

Source

v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net (loss) income $ (15,876) $ 62,554
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Change in estimated fair value of contingent liabilities (1,378) (39,377)
Depreciation and amortization of intangible assets 40,399 37,902
Amortization of premium on investments, net 75 145
Amortization of debt discount and issuance fees 639 12,863
Amortization of commercial license rights (163) 96
Loss (gain) on debt extinguishment (4,192) 7,303
Share-based compensation 31,140 28,375
Deferred income taxes (25,570) (8,229)
Loss (gain) from short-term investments 15,709 (8,135)
Lease amortization expense 4,535 3,349
Other (45) 658
Changes in operating assets and liabilities:    
Accounts receivable, net 20,550 (8,838)
Inventory 10,702 (3,103)
Accounts payable and accrued liabilities (405) (3,635)
Income tax receivable and payable 15,111 (4,167)
Deferred revenue (5,182) (20,696)
Other assets and liabilities (1,671) (5,909)
Net cash provided by operating activities 84,378 51,156
Cash flows from investing activities:    
Purchase of short-term investments (39,052) (116,898)
Proceeds from sale of short-term investments 202,552 152,465
Proceeds from maturity of short-term investments 24,830 37,100
Cash paid for equity method investment (750) 0
Purchase of property and equipment (15,792) (6,566)
Payments to CVR Holders (960) 0
Other 80 135
Net cash provided by investing activities 170,908 66,236
Cash flows from financing activities:    
Repurchase of 2023 Notes (260,949) (155,760)
Payments under financing lease obligations (42) (9,188)
Proceeds from convertible bond hedge settlement 202 18,938
Payments to convertible bond holders for warrant purchases 0 (18,446)
Net proceeds from stock option exercises and ESPP 1,831 29,484
Taxes paid related to net share settlement of equity awards (6,018) (5,903)
Payments to CVR Holders (1,545) (1,050)
Payments for OmniAb transaction costs (4,171) 0
Net cash used in financing activities (270,692) (141,925)
Net decrease in cash, cash equivalents and restricted cash (15,406) (24,533)
Cash, cash equivalents and restricted cash at beginning of period 19,522 47,963
Cash, cash equivalents and restricted cash at end of period 4,116 23,430
Supplemental disclosure of cash flow information:    
Interest paid 1,139 1,740
Taxes paid 6,630 3,720
Supplemental schedule of non-cash activity:    
Accrued fixed asset purchases 3,626 557
Accrued inventory purchases 7,676 4,968
Unrealized loss on AFS investments $ (143) $ (74)

Source