Financials

v3.21.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 31,853 $ 47,619
Short-term investments 307,354 363,567
Accounts receivable, net 54,436 56,847
Inventory 36,932 26,487
Income taxes receivable 1,145 2,217
Other current assets 5,708 3,822
Total current assets 437,428 500,559
Deferred income taxes, net 27,432 24,320
Intangible assets, net 583,785 595,330
Goodwill 190,515 189,662
Commercial license and other economic rights, net 10,451 10,979
Property and equipment, net 16,896 14,434
Operating lease right-of-use assets 7,611 6,892
Financing lease right-of-use assets 17,950 15,842
Other assets 3,053 4,267
Total assets 1,295,121 1,362,285
Current liabilities:    
Accounts payable 9,469 3,784
Accrued liabilities 12,110 18,530
Current contingent liabilities 41,509 39,884
Deferred revenue 25,107 29,435
Current operating lease liabilities 2,173 1,885
Current financing lease liabilities 5,437 6,593
Total current liabilities 95,805 100,111
2023 convertible senior notes, net 352,313 442,293
Long-term contingent liabilities 9,548 9,249
Deferred income taxes, net 56,812 64,598
Long-term operating lease liabilities 6,081 5,643
Other long-term liabilities 28,722 30,866
Total liabilities 549,281 652,760
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value; 5,000 shares authorized; zero issued and outstanding at March 31, 2021 and December 31, 2020 0 0
Common stock, $0.001 par value; 60,000 shares authorized; 16,652 and 16,080 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively 17 16
Additional paid-in capital 336,621 318,358
Accumulated other comprehensive loss (856) (801)
Retained earnings 410,058 391,952
Total stockholders' equity 745,840 709,525
Total liabilities and stockholders' equity $ 1,295,121 $ 1,362,285

Source

v3.21.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenues:    
Total revenues $ 55,150 $ 33,161
Operating costs and expenses:    
Cost of Captisol 8,153 4,683
Amortization of intangibles 11,786 3,535
Research and development 17,879 11,891
General and administrative 12,617 9,264
Total operating costs and expenses 50,435 29,373
Income from operations 4,715 3,788
Other income (expense):    
Gain (loss) from short-term investments 13,061 (30,741)
Interest income 296 4,730
Interest expense (5,831) (8,548)
Other income (expense), net (6,477) 356
Total other income (loss), net 1,049 (34,203)
Income (loss) before income taxes 5,764 (30,415)
Income tax benefit 12,342 6,284
Net income (loss) $ 18,106 $ (24,131)
Earnings Per Share, Basic and Diluted:    
Basic net income (loss) per share (USD per share) $ 1.10 $ (1.46)
Shares used in basic per share calculations (shares) 16,435 16,529
Diluted net income (loss) per share (USD per share) $ 1.05 $ (1.46)
Shares used in diluted per share calculations (shares) 17,248 16,529
Royalties    
Revenues:    
Total revenues $ 7,112 $ 6,565
Captisol    
Revenues:    
Total revenues 31,272 21,109
Contract revenue    
Revenues:    
Total revenues $ 16,766 $ 5,487

Source

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income (loss) $ 18,106 $ (24,131)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Change in estimated fair value of contingent liabilities 1,684 (372)
Depreciation and amortization of intangible assets 12,565 3,422
Amortization of premium (discount) on investments, net 150 830
Amortization of debt discount and issuance fees 4,916 7,203
Amortization of commercial license and other economic rights 528 2,958
Loss (gain) on debt extinguishment 4,840 (659)
Share-based compensation 8,405 5,653
Deferred income taxes (12,408) (10,419)
Loss (gain) from short-term investments (13,090) 25,456
Other 238 5,668
Changes in operating assets and liabilities:    
Accounts receivable, net 2,411 (8,398)
Inventory (9,670) 1,251
Accounts payable and accrued liabilities 470 2,114
Income tax receivable and payable 1,072 4,081
Deferred revenue (5,695) 2,215
Other (3,768) 50
Net cash provided by operating activities 10,754 16,922
Cash flows from investing activities:    
Purchase of short-term investments (72,148) (167,374)
Proceeds from sale of short-term investments 109,407 179,431
Proceeds from maturity of short-term investments 31,500 297,005
Other (3,644) (526)
Net cash provided by investing activities 65,115 308,536
Cash flows from financing activities:    
Repurchase of 2023 Notes (108,822) (203,210)
Payments under financing lease obligations (3,801) 0
Proceeds from convertible bond hedge settlement 16,855 0
Payments to convertible bond holders for warrant purchases (16,459) 0
Net proceeds from stock option exercises and ESPP 26,493 421
Taxes paid related to net share settlement of equity awards (5,901) (1,429)
Share repurchase 0 (73,287)
Payments to CVR Holders 0 (1,800)
Net cash used in financing activities (91,635) (279,305)
Effect of exchange rate changes on cash 0 (169)
Net increase (decrease) in cash, cash equivalents and restricted cash (15,766) 45,984
Cash, cash equivalents and restricted cash at beginning of period 47,963 72,273
Cash, cash equivalents and restricted cash at end of period 32,197 118,257
Supplemental disclosure of cash flow information:    
Interest paid 241 597
Restricted cash in other current assets 344 730
Supplemental schedule of non-cash activity:    
Accrued fixed asset purchases 87 63
Accrued inventory purchases 775 1,445
Unrealized loss on AFS investments $ (55) $ (3,541)

Source