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Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2024
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 ended
March 31,
20242023
Royalties
Kyprolis$6,632 $6,228 
Evomela1,397 2,550 
Teriparatide injection 2,041 3,500 
Rylaze 2,952 2,609 
Filspari1,772 — 
Vaxneuvance1,387 638 
Other2,176 1,629 
Revenue from intangible royalty assets18,357 17,154 
Income from financial royalty assets738493
$19,095 $17,647 
Captisol$9,212 $10,622 
Contract revenue and other income
Milestone and other727 15,710 
Other income1,944 — 
Contract revenue and other income$2,671 $15,710 
Total$30,978 $43,979 
Schedule of Short-Term Investments
Our short-term investments consist of the following at March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024
Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
     Bond fund $92,721 $— $(474)$92,247 
     Bank deposits24,584 6 (8)24,582 
     Corporate bonds23,664 14 (22)23,656 
     Commercial paper21,346 1 (12)21,335 
     U.S. government securities14,409 — (26)14,383 
     Corporate equity securities6,551 — (5,271)1,280 
     Municipal bonds1,018 — (1)1,017 
$184,293 $21 $(5,814)$178,500 
      Viking common stock82,000 
Total short-term investments$260,500 
December 31, 2023
     Bond fund$63,763 $— $(537)$63,226 
     Bank deposits17,165 12 (1)17,176 
     Corporate bonds14,850 40 (2)14,888 
     Commercial paper11,578 9 (1)11,586 
     U.S. government securities6,736 18 (3)6,751 
     Municipal bonds1,007 — (4)1,003 
     Corporate equity securities5,775 — (5,235)540 
$120,874 $79 $(5,783)$115,170 
     Viking common stock32,185 
Total short-term investments$147,355 
Schedule of Available-for-Sale Debt Securities
The following table summarizes our available-for-sale debt securities by contractual maturity (in thousands):
March 31, 2024
Amortized CostFair Value
Within one year$109,615 $109,577 
After one year through five years18,355 18,339 
Total$127,970 $127,916 
Schedule of Goodwill and Other Identifiable Intangible Assets
Goodwill and other identifiable intangible assets consist of the following (in thousands):
March 31,December 31,
20242023
Indefinite-lived intangible assets
     Goodwill$105,250 $103,370 
Definite lived intangible assets
     Complete technology42,911 42,911 
          Less: accumulated amortization(21,460)(20,894)
     Trade name2,642 2,642 
          Less: accumulated amortization(1,743)(1,710)
     Customer relationships29,600 29,600 
          Less: accumulated amortization(19,534)(19,161)
     Contractual relationships360,000 360,000 
          Less: accumulated amortization(100,996)(93,782)
Total goodwill and other identifiable intangible assets, net$396,670 $402,976 
Schedule of Other Investment
Other investments consist of the following (in thousands):
March 31,December 31,
20242023
Equity securities in Primrose Bio$32,500 $32,726 
Neuritek warrants3,000 3,000 
Palvella Series C preferred stock1,000 1,000 
     Total other investments$36,500 $36,726 
Schedule of Accrued Liabilities
Accrued liabilities consist of the following (in thousands):
March 31,December 31,
20242023
Compensation$1,904 $4,682 
Subcontractor1,756 1,756 
Professional fees2,736 2,394 
Customer deposit621 621 
Supplier276 303 
Royalties owed to third parties1,252 900 
Amounts owed to former licensees— 45 
Acquisition related liabilities2,118 — 
Other1,767 1,766 
     Total accrued liabilities$12,430 $12,467 
Schedule of Other Long Term Liabilities
Other long-term liabilities consist of the following (in thousands):
March 31,December 31,
 20242023
Unrecognized tax benefits$14,047 $14,039 
Novan contract liability13,700 13,700 
Other long-term liabilities33 19 
$27,780 $27,758 
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 ended
March 31,
20242023
SBC - Research and development expenses$678 $1,707 
SBC - General and administrative expenses6,656 4,224 
$7,334 $5,931 
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 ended
March 31,
20242023
Risk-free interest rate4.3%4.1%
Dividend yield——
Expected volatility44.6%53.0%
Expected term (years)4.75.3
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 ended
March 31,
20242023
Weighted average shares outstanding:17,732 17,063 
Dilutive potential common shares:
     Restricted stock118 86 
     Stock options272 341 
2023 convertible senior notes— 484 
Shares used to compute diluted income per share18,122 17,974 
Potentially dilutive shares excluded from calculation due to anti-dilutive effect2,007 4,359