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Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2023
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 endedSix months ended
June 30,June 30,
2023202220232022
Royalties
Kyprolis$8,097 $7,127 $14,325 $11,749 
Evomela2,357 2,394 4,907 5,095 
Teriparatide injection 3,613 5,502 7,113 8,413 
Rylaze 3,028 2,317 5,637 3,966 
Other3,335 480 5,602 2,029 
$20,430 $17,820 $37,584 $31,252 
Captisol
     Captisol - Core$5,220 $3,325 $15,842 $9,551 
     Captisol - COVID(1)
— 26,220 — 32,116 
$5,220 $29,545 $15,842 $41,667 
Contract revenue
License Fees508 558 622 2,639 
Milestone— — 15,300 5,993 
Other208 2,203 997 5,091 
$716 $2,761 $16,919 $13,723 
Total$26,366 $50,126 $70,345 $86,642 

(1) Captisol - COVID represents revenue on Captisol supplied for use in formulation with remdesivir, an antiviral treatment for COVID-19.
Schedule of Short-Term Investments Our short-term investments consist of the following at June 30, 2023 and December 31, 2022 (in thousands):
June 30, 2023Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
     Bank deposits$36,327 $7 $(22)$36,312 
     Bond fund83,695 — (808)82,887 
     Commercial paper18,582 1 (8)18,575 
     Corporate bonds6,197 1 (39)6,159 
     Corporate equity securities5,775 — (3,436)2,339 
     Municipal bonds1,016 — (10)1,006 
US government securities6,916 1 (17)6,900 
     Warrants— 278 — 278 
$158,508 $288 $(4,340)$154,456 
      Viking common stock36,140 
Total short-term investments$190,596 
December 31, 2022
     Bank deposits$5,012 $2 $(34)$4,980 
     Bond fund81,815 — (1050)80,765 
     Commercial paper7,211 3 — 7,214 
     Corporate bonds6,701 13 (58)6,656 
     Corporate equity securities5,807 262 (4,239)1,830 
     U.S. government securities2,232 — (70)2,162 
     Warrants— 135 — 135 
$108,778 $415 $(5,451)$103,742 
     Viking common stock63,122 
Total short-term investments$166,864 
Schedule of Available-for-Sale Debt Securities
The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):
June 30, 2023
Amortized CostFair Value
Within one year$89,245 $89,187 
After one year through five years5,846 5,816 
Total$95,091 $95,003 
Schedule of Goodwill and Other Identifiable Intangible Assets
Goodwill and other identifiable intangible assets consist of the following (in thousands):
June 30,December 31,
20232022
Indefinite-lived intangible assets
     Goodwill$105,673 $105,673 
Definite lived intangible assets
     Complete technology55,211 55,211 
          Less: accumulated amortization(24,339)(22,560)
     Trade name2,642 2,642 
          Less: accumulated amortization(1,644)(1,577)
     Customer relationships29,600 29,600 
          Less: accumulated amortization(18,416)(17,670)
     Contractual relationships362,000 362,000 
          Less: accumulated amortization(79,677)(65,191)
Total goodwill and other identifiable intangible assets, net$431,050 $448,128 
Schedule of Commercial License Rights
Commercial license rights consist of the following (in thousands):
June 30, 2023December 31, 2022
Gross
Adjustments(1)
NetGross
Adjustments(2)
Net
Aziyo and CorMatrix$17,696 $(8,691)$9,005 $17,696 $(9,538)$8,158 
Selexis and Dianomi10,602 (8,824)1,778 10,602 (8,578)2,024 
    Total$28,298 $(17,515)$10,783 $28,298 $(18,116)$10,182 
(1) Amounts represent accumulated amortization to principal of $11.0 million and credit loss adjustments of $6.5 million as of June 30, 2023.
(2) Amounts represent accumulated amortization to principal of $11.6 million and credit loss adjustments of $6.5 million as of December 31, 2022.
Schedule of Accrued Liabilities Accrued liabilities consist of the following (in thousands):
June 30,December 31,
20232022
Compensation$2,343 $6,201 
Subcontractor1,756 1,756 
Professional fees807 662 
Customer deposit621 621 
Supplier268 634 
Royalties owed to third parties180 12 
Amounts owed to former licensees45 3,989 
Other1,271 1,806 
     Total accrued liabilities$7,291 $15,681 
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 endedSix months ended
June 30,June 30,
2023
2022(a)
2023
2022(a)
SBC - Research and development expenses$2,016 $2,447 $3,723 $4,643 
SBC - General and administrative expenses5,191 4,554 9,415 9,467 
$7,207 $7,001 $13,138 $14,110 
(a) Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.
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 endedSix months ended
June 30,June 30,
2023202220232022
Risk-free interest rate3.9%3.0%4.1%3.0%
Dividend yield————
Expected volatility49.4%50.0%52.6%50.0%
Expected term (years)4.84.85.34.8
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 endedSix months ended
June 30,June 30,
2023202220232022
Weighted average shares outstanding:17,276 16,868 17,170 16,846 
Dilutive potential common shares:
     Restricted stock83 26 85 — 
     Stock options371 164 356 — 
2023 convertible senior notes— — 240 — 
Shares used to compute diluted income per share17,730 17,058 17,851 16,846 
Potentially dilutive shares excluded from calculation due to anti-dilutive effect4,862 6,794 6,400