XML 29 R18.htm IDEA: XBRL DOCUMENT v3.21.2
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Revenue by Source The following table represents disaggregation of royalties, Captisol and contract revenue (in thousands):
Three months endedNine months ended
September 30,September 30,
2021202020212020
Royalties
Kyprolis$8,821 $6,923 $18,548 $16,809 
Evomela2,665 1,802 7,191 4,577 
Other4,162 280 5,637 1,365 
$15,648 $9,005 $31,376 $22,751 
Captisol$35,093 $23,389 $128,875 $68,966 
Contract revenue
Service Revenue$4,828 $7,341 $17,650 $15,280 
License Fees200 158 2,293 1,793 
Milestone7,419 960 19,436 4,766 
Other1,647 995 5,030 2,873 
$14,094 $9,454 $44,409 $24,712 
Total$64,835 $41,848 $204,660 $116,429 
Schedule of Short-Term Investments Our short-term investments consist of the following at September 30, 2021 and December 31, 2020 (in thousands):
September 30, 2021December 31, 2020
Amortized costGross unrealized gainsGross unrealized lossesEstimated fair valueAmortized costGross unrealized gainsGross unrealized lossesEstimated fair value
     Bank deposits$47,739 $8 $(3)$47,744 $84,120 $35 $(1)$84,154 
     Corporate bonds25,914 50 — 25,964 30,512 99 (1)30,610 
     Agency bonds2,501 — — 2,501 4,499 2 — 4,501 
     Commercial paper23,264 10 — 23,274 45,459 27 (1)45,485 
     Corporate equity securities5,807 307 (723)5,391 4,466 360 (1,388)3,438 
     Mutual fund152,041 53 — 152,094 151,512 386 — 151,898 
     Treasury bill— — — — 3,999 — — 3,999 
     Warrants— 642 — 642 — 393 — 393 
$257,266 $1,070 $(726)$257,610 $324,567 $1,302 $(1,391)$324,478 
     Viking common stock42,171 32,763 
     Viking warrants— 6,326 
Total short-term investments$299,781 $363,567 
Schedule of Available-for-Sale Debt Securities The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):
September 30, 2021
Amortized CostFair Value
Within one year$76,055 $76,086 
After one year through five years23,363 23,396 
Total$99,418 $99,482 
Schedule of Goodwill and Other Identifiable Intangible Assets Goodwill and other identifiable intangible assets consist of the following (in thousands):
September 30,December 31,
20212020
Indefinite-lived intangible assets
     Goodwill$190,183 $189,662 
Definite lived intangible assets
     Complete technology280,173 277,740 
          Less: accumulated amortization(75,159)(63,600)
     Trade name2,642 2,642 
          Less: accumulated amortization(1,411)(1,312)
     Customer relationships40,700 40,700 
          Less: accumulated amortization(17,599)(15,597)
     Contractual relationships362,000 362,000 
          Less: accumulated amortization(28,974)(7,243)
Total goodwill and other identifiable intangible assets, net$752,555 $784,992 
Schedule of Commercial License and Other Economic Rights
Commercial license and other economic rights consist of the following (in thousands):
September 30, 2021December 31, 2020
Gross
Adjustments(1)
NetGross
Adjustments(2)
Net
Commercial license rights$28,298 $(17,550)$10,748 $28,298 $(17,319)$10,979 
(1) Amounts represent accumulated amortization to principal of $11.6 million and credit loss adjustments of $6.0 million as of September 30, 2021.
(2) Amounts represent accumulated amortization to principal of $11.3 million and credit loss adjustments of $6.0 million as of December 31, 2020.
Schedule of Accrued Liabilities Accrued liabilities consist of the following (in thousands):
September 30,December 31,
20212020
Compensation$4,564 $8,810 
Professional fees1,327 977 
Amounts owed to former licensees579 421 
Royalties owed to third parties103 693 
Return reserve105 687 
Acquisition related liabilities1,004 1,500 
Subcontractor— 733 
Supplier1,031 604 
Accrued interest— 464 
Other3,524 3,641 
     Total accrued liabilities$12,237 $18,530 
Schedule of Accounting for Share-Based Compensation The following table summarizes share-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands):
Three months endedNine months ended
September 30,September 30,
2021202020212020
SBC - Research and development expenses$4,480 $3,094 $12,975 $8,510 
SBC - General and administrative expenses5,274 4,646 15,400 12,242 
$9,754 $7,740 $28,375 $20,752 
Schedule of Fair-Value Options Awarded to Employees and Directors
The fair-value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:
Three months endedNine months ended
September 30,September 30,
2021202020212020
Risk-free interest rate0.8%3%0.5%1%
Dividend yield————
Expected volatility48%59%61%55%
Expected term4.94.95.04.8
Schedule of Computation of Basic and Diluted Earnings per Share The following table presents the calculation of weighted average shares used to calculate basic and diluted earnings per share (in thousands):
Three months endedNine months ended
September 30,September 30,
2021202020212020
Weighted average shares outstanding:16,688 16,082 16,595 16,222 
Dilutive potential common shares:
     Restricted stock75 — 85 — 
     Stock options379 — 507 — 
Shares used to compute diluted income per share17,142 16,082 17,187 16,222 
Potentially dilutive shares excluded from calculation due to anti-dilutive effect5,574 7,028 4,984 8,330