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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2024
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-39184
SWK Holdings Corporation
(Exact Name of Registrant as Specified in its Charter) | | | | | |
| Delaware | 77-0435679 |
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
| |
5956 Sherry Lane, Suite 650 | |
Dallas, TX | 75225 |
| (Address of Principal Executive Offices) | (Zip Code) |
(Registrant’s Telephone Number, Including Area Code): (972) 687-7250
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| Title of Each Class | | Trading Symbol(s) | | Name of Each Exchange on Which Registered |
| | | | |
| Common Stock, par value $0.001 per share | | SWKH | | The Nasdaq Stock Market LLC |
| 9.00% Senior Notes due 2027 | | SWKHL | | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: | | | | | | | | | | | | | | |
Large Accelerated Filer o | Accelerated Filer o | Non-Accelerated Filer x | Smaller Reporting Company x | Emerging Growth Company o |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No
As of November 7, 2024, there were 12,233,223 shares of the registrant’s Common Stock, $0.001 par value per share, outstanding.
SWK Holdings Corporation
Form 10-Q
Quarter Ended September 30, 2024
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| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. | |
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FORWARD-LOOKING STATEMENTS
In addition to historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. From time to time, we may also provide oral or written forward-looking statements in other materials we release to the public. Such forward-looking statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. The forward-looking statements are not historical facts but rather are based on current expectations, estimates and projections about our business and industry, and our beliefs and assumptions, and include, but are not limited to, statements under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Words such as “anticipate,” “believe,” “could,” “estimate,” “expects,” “intend,” “may,” “plan,” “should,” “will” and variations of these words and similar expressions identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, many of which are beyond our control, are difficult to predict and could cause actual results to differ materially (both favorably and unfavorably) from those expressed or forecasted in the forward-looking statements.
These risks and uncertainties include, but are not limited to, those described in Item 1A, “Risk Factors,” those described in Item 1A. "Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023, and elsewhere in this report. Forward-looking statements that were believed to be true at the time made may ultimately prove to be incorrect or false. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SWK HOLDINGS CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value and share data)
| | | | | | | | | | | |
| September 30,
2024 | | December 31,
2023 |
| Assets: | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 17,178 | | | $ | 4,503 | |
| Restricted cash | — | | | 733 | |
| Interest, accounts receivable and other receivables, net | 6,420 | | | 4,729 | |
| Other current assets | 1,610 | | | 1,904 | |
| Total current assets | 25,208 | | | 11,869 | |
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Finance receivables, net of allowance for credit losses of $14,343 and $13,901 as of September 30, 2024 and December 31, 2023, respectively | 255,904 | | | 274,504 | |
| Collateral on foreign currency forward contract | 2,750 | | | 2,750 | |
| | | |
| Marketable investments | 755 | | | 48 | |
| Deferred tax assets, net | 26,190 | | | 28,290 | |
| Warrant assets | 2,026 | | | 1,759 | |
| Intangible assets, net | 220 | | | 6,487 | |
| Property and equipment, net | 4,816 | | | 5,438 | |
| Other non-current assets | 3,410 | | | 3,109 | |
| Total assets | $ | 321,279 | | | $ | 334,254 | |
| | | |
Liabilities and Stockholders' Equity:
| | | |
| Current liabilities: | | | |
| Accounts payable and accrued liabilities | $ | 2,874 | | | $ | 3,935 | |
| Deferred income | 2,109 | | | 9 | |
| Total current liabilities | 4,983 | | | 3,944 | |
| | | |
| Contingent consideration payable | — | | | 4,900 | |
| Unsecured senior notes, net | 31,243 | | | 30,781 | |
| Revolving credit facility | — | | | 12,350 | |
| Other non-current liabilities | 1,622 | | | 1,964 | |
| Total liabilities | 37,848 | | | 53,939 | |
| | | |
| Commitments and contingencies (Note 6) | | | |
| | | |
| Stockholders’ equity: | | | |
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding | — | | | — | |
Common stock, $0.001 par value; 250,000,000 shares authorized; 12,263,982 and 12,497,770 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | 12 | | | 12 | |
| Additional paid-in capital | 4,420,604 | | | 4,425,104 | |
| Accumulated deficit | (4,137,185) | | | (4,144,801) | |
| Total stockholders' equity | 283,431 | | | 280,315 | |
| Total liabilities and stockholders' equity | $ | 321,279 | | | $ | 334,254 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
SWK HOLDINGS CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | | | | | 2024 | | 2023 |
| Revenues: | | | | | | | | | | | |
| Finance receivable interest income, including fees | $ | 9,498 | | | $ | 8,608 | | | | | | | $ | 30,519 | | | $ | 27,146 | |
| Pharmaceutical development | 628 | | | 315 | | | | | | | 1,711 | | | 616 | |
| Other | 292 | | | 39 | | | | | | | 395 | | | 108 | |
| Total revenues | 10,418 | | | 8,962 | | | | | | | 32,625 | | | 27,870 | |
| Costs and expenses: | | | | | | | | | | | |
| Provision (benefit) for credit losses | 1,385 | | | 223 | | | | | | | 10,777 | | | (459) | |
| Loss on impairment of intangibles assets | — | | | — | | | | | | | 5,771 | | | — | |
| Interest expense | 1,139 | | | 176 | | | | | | | 3,514 | | | 721 | |
| Pharmaceutical manufacturing, research and development expense | 585 | | | 606 | | | | | | | 1,635 | | | 2,834 | |
| Change in fair value of acquisition-related contingent consideration | — | | | — | | | | | | | (4,900) | | | — | |
| Depreciation and amortization expense | 234 | | | 652 | | | | | | | 1,169 | | | 1,937 | |
| General and administrative expense | 2,993 | | | 2,979 | | | | | | | 8,600 | | | 8,516 | |
| Income from operations | 4,082 | | | 4,326 | | | | | | | 6,059 | | | 14,321 | |
| Other income (expense), net | | | | | | | | | | | |
| Unrealized net gain (loss) on warrants | 47 | | | (162) | | | | | | | 178 | | | (745) | |
| Unrealized net (loss) gain on marketable investments | (6) | | | — | | | | | | | 12 | | | — | |
| Realized gain on sale of marketable investments | — | | | — | | | | | | | 495 | | | — | |
| Realized loss on sale of assets | — | | | — | | | | | | | (228) | | | — | |
| Gain on revaluation of finance receivable | — | | | — | | | | | | | 2,495 | | | — | |
| Realized and unrealized foreign currency transaction gains (losses) | 251 | | | (76) | | | | | | | 775 | | | 426 | |
| Income before income tax expense (benefit) | 4,374 | | | 4,088 | | | | | | | 9,786 | | | 14,002 | |
| Income tax expense (benefit) | 906 | | | (386) | | | | | | | 2,170 | | | 959 | |
| Net income | $ | 3,468 | | | $ | 4,474 | | | | | | | $ | 7,616 | | | $ | 13,043 | |
| | | | | | | | | | | |
| Net income per share | | | | | | | | | | | |
| Basic | $ | 0.28 | | | $ | 0.36 | | | | | | | $ | 0.61 | | | $ | 1.03 | |
| Diluted | $ | 0.28 | | | $ | 0.36 | | | | | | | $ | 0.61 | | | $ | 1.02 | |
| Weighted average shares outstanding | | | | | | | | | | | |
| Basic | 12,318 | | | 12,539 | | | | | | | 12,417 | | | 12,703 | |
| Diluted | 12,408 | | | 12,582 | | | | | | | 12,492 | | | 12,746 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
SWK HOLDINGS CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2024 |
| Common Stock | | Additional Paid-In Capital | | Accumulated Deficit | | Total Stockholders' Equity |
| Shares | | Amount |
Balances at December 31, 2023 | 12,497,770 | | | $ | 12 | | | $ | 4,425,104 | | | $ | (4,144,801) | | | $ | 280,315 | |
| Stock-based compensation | — | | | — | | | 111 | | | — | | | 111 | |
| Forfeiture of unvested restricted stock | (6,446) | | | — | | | — | | | — | | | — | |
| Issuance of common stock upon vesting of restricted stock | 48,918 | | | — | | | — | | | — | | | — | |
| Repurchases of common stock in open market | (58,298) | | | — | | | (999) | | | — | | | (999) | |
| Net income | — | | | — | | | — | | | 468 | | | 468 | |
Balances at March 31, 2024 | 12,481,944 | | | 12 | | | 4,424,216 | | | (4,144,333) | | | 279,895 | |
| Stock-based compensation | — | | | — | | | 249 | | | — | | | 249 | |
| | | | | | | | | |
| Issuance of common stock upon vesting of restricted stock | 17,323 | | | — | | | — | | | — | | | — | |
| Repurchases of common stock in open market | (54,667) | | | — | | | (950) | | | — | | | (950) | |
| Net settlement for employee taxes on stock options | — | | | — | | | (43) | | | — | | | (43) | |
| Stock options exercised, net | 2,595 | | | — | | | — | | | — | | | — | |
| Net income | — | | | — | | | — | | | 3,680 | | | 3,680 | |
Balances at June 30, 2024 | 12,447,195 | | | 12 | | | 4,423,472 | | | (4,140,653) | | | 282,831 | |
| Stock-based compensation | — | | | — | | | 348 | | | — | | | 348 | |
| | | | | | | | | |
| Issuance of common stock upon vesting of restricted stock | 7,123 | | | — | | | — | | | — | | | — | |
| Repurchases of common stock in open market | (190,336) | | | — | | | (3,216) | | | — | | | (3,216) | |
| | | | | | | | | |
| | | | | | | | | |
| Net income | — | | | — | | | — | | | 3,468 | | | 3,468 | |
Balances at September 30, 2024 | 12,263,982 | | | $ | 12 | | | $ | 4,420,604 | | | $ | (4,137,185) | | | $ | 283,431 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 |
| Common Stock | | Additional Paid-In Capital | | Accumulated Deficit | | Total Stockholders' Equity |
| Shares | | Amount | | |
Balances at December 31, 2022 | 12,843,157 | | | $ | 12 | | | $ | 4,430,922 | | | $ | (4,151,005) | | | $ | 279,929 | |
| Stock-based compensation | — | | | — | | | 35 | | | — | | | 35 | |
| Effect of adoption of ASU 2016-13 | — | | | — | | | — | | | (9,683) | | | (9,683) | |
| Issuance of common stock upon vesting of restricted stock | 16,008 | | | — | | | — | | | — | | | — | |
| Repurchases of common stock in open market | (28,766) | | | — | | | (531) | | | — | | | (531) | |
| Net income | — | | | — | | | — | | | 4,635 | | | 4,635 | |
Balances at March 31, 2023 | 12,830,399 | | 12 | | 4,430,426 | | (4,156,053) | | | 274,385 |
| Stock-based compensation | — | | | — | | | 164 | | | — | | | 164 | |
| | | | | | | | | |
| Issuance of common stock upon vesting of restricted stock | 8,612 | | | — | | | — | | | — | | | — | |
| Repurchases of common stock in open market | (272,492) | | | — | | | (4,599) | | | — | | | (4,599) | |
| Net income | — | | | — | | | — | | | 3,934 | | | 3,934 | |
Balances at June 30, 2023 | 12,566,519 | | | 12 | | | 4,425,991 | | | (4,152,119) | | | 273,884 | |
| Stock-based compensation | — | | | — | | | 170 | | | — | | | 170 | |
| Issuance of common stock | 4,592 | | | — | | | — | | | — | | | — | |
| Repurchases of common stock in open market | (60,335) | | | — | | | (963) | | | — | | | (963) | |
| Net income | — | | | — | | | — | | | 4,474 | | | 4,474 | |
Balances at September 30, 2023 | 12,510,776 | | | $ | 12 | | | $ | 4,425,198 | | | $ | (4,147,645) | | | $ | 277,565 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
SWK HOLDINGS CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) | | | | | | | | | | | |
| Nine Months Ended
September 30, |
| 2024 | | 2023 |
| Cash flows from operating activities: | | | |
| Net income | $ | 7,616 | | | $ | 13,043 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Provision (benefit) for credit losses | 10,777 | | | (459) | |
| | | |
| Loss on impairment of intangible assets | 5,771 | | | — | |
| Right-of-use amortization and cease use costs | 339 | | | 244 | |
| Amortization of debt issuance costs | 775 | | | 243 | |
| Deferred income taxes, net | 2,100 | | | 915 | |
| Unrealized net (gain) loss on warrants | (178) | | | 745 | |
| Net realized gain on exercise of warrants | (495) | | | — | |
| Realized loss from sale of assets | 228 | | | — | |
| Change in fair value of acquisition-related contingent consideration | (4,900) | | | — | |
| Gain on revaluation of finance receivable | (2,495) | | | — | |
| Foreign currency transaction gain | (459) | | | (375) | |
| Unrealized gain on marketable investments | (12) | | | — | |
| Loan discount amortization and fee accretion | (2,461) | | | (2,959) | |
| Interest paid-in-kind | (1,359) | | | (1,826) | |
| Stock-based compensation | 708 | | | 369 | |
| Depreciation and amortization expense | 1,169 | | | 1,937 | |
| Changes in operating assets and liabilities: | | | |
| Interest, accounts receivable and other receivables | (1,691) | | | (1,317) | |
| Other assets | 30 | | | (738) | |
| Accounts payable, accrued expenses, and other non-current liabilities | (1,403) | | | (632) | |
| Deferred income | 2,100 | | | (3) | |
| Net cash provided by operating activities | 16,160 | | | 9,187 | |
| | | |
| Cash flows from investing activities: | | | |
| Sale of finance receivables | — | | | 13,942 | |
| | | |
| Investment in finance receivables | (17,736) | | | (17,525) | |
| Sale of marketable investments | 574 | | | — | |
| Repayment of finance receivables | 30,582 | | | 7,430 | |
| Corporate debt securities principal payments | 20 | | | 26 | |
| Purchases of property and equipment | (50) | | | (299) | |
| Net cash provided by investing activities | 13,390 | | | 3,574 | |
| | | |
| Cash flows from financing activities: | | | |
| Net settlement for employee taxes on stock options | (43) | | | — | |
| Net (payments on) proceeds from credit facility | (12,350) | | | 19,555 | |
| Payments for financing costs | (50) | | | (1,345) | |
| Repurchases of common stock, including fees and expenses | (5,165) | | | (6,093) | |
| Net cash (used in) provided by financing activities | (17,608) | | | 12,117 | |
| | | |
| Net increase in cash, cash equivalents, and restricted cash | 11,942 | | | 24,878 | |
| Cash, cash equivalents, and restricted cash at beginning of period | 5,236 | | | 6,156 | |
| Cash, cash equivalents, and restricted cash at end of period | $ | 17,178 | | | $ | 31,034 | |
| | | |
| Supplemental non-cash investing and financing activities: | | | |
| Derecognition of right-of-use assets and operating lease liabilities upon termination of lease | $ | 82 | | | $ | — | |
| Fair value of warrants received with finance receivables | $ | 1,073 | | | $ | 822 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
SWK HOLDINGS CORPORATION
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. SWK Holdings Corporation and Summary of Significant Accounting Policies
Nature of Operations
SWK Holdings Corporation (the “Company,” “we,” or “us”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In July 2012, we commenced a strategy of building a specialty finance and asset management business. In August 2019, we commenced a complementary strategy of building a pharmaceutical development, manufacturing and intellectual property licensing business. Our operations comprise two reportable segments: “Finance Receivables” and “Pharmaceutical Development.” We evaluate and invest in a broad range of healthcare related companies and products with innovative intellectual property, including the biotechnology, medical device, medical diagnostics and related tools, animal health and pharmaceutical industries (collectively, “life sciences”). We allocate capital to each segment in order to generate income through the sales of life science products by third parties and related earned income sources. The Company is headquartered in Dallas, Texas, and as of September 30, 2024, the Company had 22 full-time employees.
The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset.
As of November 7, 2024, the Company and its partners have executed transactions with 56 different parties under its specialty finance strategy, funding an aggregate of $798.5 million in various financial products across the life science sector. The Company’s portfolio includes senior and subordinated debt backed by royalties and synthetic royalties paid by companies in the life science sector, and purchased royalties generated by sales of life science products and related intellectual property.
During 2019, we commenced our Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc. (“Enteris”). Enteris is a clinical development and manufacturing organization providing development services to pharmaceutical partners as well as innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform. We seek to generate income by providing customers pharmaceutical development, formulation and manufacturing services as well as licensing its internally developed intellectual property.
With an effective date of April 21, 2023, we entered into a collaboration agreement with a strategic partner under which we would be the exclusive provider of certain contract development and manufacturing organization ("CDMO") services to its customers. Fee revenue generated as a result of this agreement is presented as pharmaceutical development revenue on the unaudited condensed consolidated statement of income and is accounted for in accordance with our revenue recognition policy as described under Revenue Recognition below.
With an effective date of January 1, 2024, we entered into an Option and Asset Purchase Agreement with the same strategic partner on March 14, 2024, which granted the partner an exclusive option to acquire certain of Enteris’ assets related to its business of providing CDMO services to third parties, subject to certain exclusions. The partner must exercise the option by or before January 1, 2026.
Basis of Presentation and Principles of Consolidation
The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a variable interest entity (“VIE”) when it possesses both the power to direct the activities of the VIE that most significantly impact its economic performance and the Company is either obligated to absorb the losses that could potentially be significant to the VIE or the Company holds the right to receive benefits from the VIE that could potentially be significant to the VIE, after elimination of intercompany accounts and transactions.
The Company owns interests in various partnerships and limited liability companies, or LLCs. The Company consolidates its investments in these partnerships or LLCs where the Company, as the general partner or managing member, exercises effective control. Even though the Company’s ownership may be less than 50 percent, the related governing agreements provide the Company with broad powers, and the other parties do not participate in the management of the entities and do not effectively have the ability to remove the Company. The Company has reviewed each of the underlying agreements to determine if it has effective control. If circumstances change and it is determined this control does not exist, any such investment would be recorded using the equity method of accounting. Although this would change individual line items within the Company’s consolidated financial statements, it would have no effect on its operations and/or total stockholders’ equity attributable to the Company.
Unaudited Interim Financial Information
The unaudited condensed consolidated financial statements have been prepared by the Company and reflect all normal, recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the interim financial information. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending December 31, 2024. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 20, 2024.
Use of Estimates
The preparation of the Company’s consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition; stock-based compensation; valuation of interest and accounts receivable; allowance for credit losses; valuation or impairment of long-lived assets; property and equipment; intangible assets; valuation of warrants and other investments; contingent consideration; income taxes; and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and consequently, actual results may differ from these estimates. The Company’s estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable.
The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause changes to those estimates and assumptions. Market conditions, such as illiquid credit markets, health crises such as the COVID-19 global pandemic, volatile equity markets, and economic downturns, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts.
Segment Information
The Company earns revenues from its two U.S.-based business segments: its specialty finance and asset management business offering customized financing solutions to a broad range of life-sciences companies ("Finance Receivable segment"), and its business offering CDMO services to pharmaceutical partners as well as innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform (“Pharmaceutical Development segment”).
Revenue Recognition
The Company’s Pharmaceutical Development segment enters into collaboration and licensing agreements with strategic partners, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. Deferred revenue includes amounts that have been billed per the contractual terms but have not been recognized as revenue.
Correction of Errors in Previously Issued Unaudited Condensed Consolidated Financial Statements
The Company identified certain errors that affected the unaudited condensed consolidated financial statements for the quarters ended March 31, 2024 and June 30, 2024. The errors corrected revenue recognition for three investments which related to a holdback liability that should not have been recorded to revenue, interest income recognized when no payment was expected in the period, a revaluation write-up that was not factored into the amortization schedule, and royalty forecasted cash flows that did not reflect the most current estimates for the respective periods. The errors were determined to be immaterial to the prior period's unaudited condensed consolidated financial statements and did not warrant restatement and reissuance of the previously issued unaudited condensed consolidated financial statements. However, the Company recorded corrections to the prior quarters ended March 31, 2024 and June 30, 2024 and the financial statements will be revised the next time they are presented as comparative information in future filings. The Company based its qualitative and quantitative analysis on SEC Staff’s Accounting Bulletins Topic 1.M, "Materiality and Topic 1.N, Considering the Effects of Misstatements when Quantifying Misstatements in the Current Year Financial Statements."
The following tables detail the revisions to the line items of our previously issued unaudited condensed financial statements to reflect the correction of the errors (in thousands):
| | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 | | As Reported | | Adjustment (1) | | As Revised |
| Revenues: | | | | | | |
| Finance receivable interest income, including fees | | $ | 11,454 | | | $ | (419) | | | $ | 11,035 | |
| Pharmaceutical development | | 279 | | | — | | | 279 | |
| Other | | 46 | | — | | | 46 |
| Total revenues | | 11,779 | | | (419) | | | 11,360 | |
| Expenses: | | | | | | |
| Provision for credit losses | | $ | 5,323 | | | $ | (26) | | | $ | 5,297 | |
| Net income | | $ | 861 | | | $ | (393) | | | $ | 468 | |
| Basic net income per share | | $ | 0.07 | | | $ | (0.03) | | | $ | 0.04 | |
| Diluted net income per share | | $ | 0.07 | | | $ | (0.03) | | | $ | 0.04 | |
| Assets: | | | | | | |
| Finance receivables, net of allowance for credit losses | | $ | 261,285 | | | $ | (393) | | | $ | 260,892 | |
| Total assets | | $ | 322,350 | | | $ | (393) | | | $ | 321,957 | |
| Stockholders' equity: | | | | | | |
| Accumulated deficit | | $ | (4,143,940) | | | $ | (393) | | | $ | (4,144,333) | |
| Total stockholders' equity | | $ | 280,288 | | | $ | (393) | | | $ | 279,895 | |
(1)Consists of two error corrections, one which was identified during the three months ended June 30, 2024 and one which was identified during the three months ended September 30, 2024.
| | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2024 | | As Reported | | Adjustment | | As Revised |
| Revenues: | | | | | | |
| Finance receivable interest income, including fees | | $ | 10,680 | | | $ | (694) | | | $ | 9,986 | |
| Pharmaceutical development | | 804 | | | — | | | 804 | |
| Other | | 57 | | — | | | 57 |
| Total revenues | | $ | 11,541 | | | $ | (694) | | | $ | 10,847 | |
| Expenses: | | | | | | |
| Provision for credit losses | | $ | 4,074 | | | $ | 21 | | | $ | 4,095 | |
| Net income | | $ | 4,395 | | | $ | (715) | | | $ | 3,680 | |
| Basic net income per share | | $ | 0.35 | | | $ | (0.06) | | | $ | 0.29 | |
| Diluted net income per share | | $ | 0.35 | | | $ | (0.06) | | | $ | 0.29 | |
| Assets: | | | | | | |
| Finance receivables, net of allowance for credit losses | | $ | 265,470 | | | $ | (373) | | | $ | 265,097 | |
| Total assets | | $ | 321,374 | | | $ | (373) | | | $ | 321,001 | |
| Stockholders' equity: | | | | | | |
| Accumulated deficit | | $ | (4,140,280) | | | $ | (373) | | | $ | (4,140,653) | |
| Total stockholders' equity | | $ | 283,204 | | | $ | (373) | | | $ | 282,831 | |
| | | | | | | | | | | | | | | | | | | | |
| Six Months Ended June 30, 2024 | | As Reported | | Adjustment | | As Revised |
| Revenues: | | | | | | |
| Finance receivable interest income, including fees | | $ | 21,399 | | | $ | (378) | | | $ | 21,021 | |
| Pharmaceutical development | | 1,083 | | | — | | | 1,083 | |
| Other | | 103 | | — | | | 103 |
| Total revenues | | 22,585 | | | (378) | | | 22,207 | |
| Expenses: | | | | | | |
| Provision for credit losses | | $ | 9,397 | | | $ | (5) | | | $ | 9,392 | |
| Net income | | $ | 4,521 | | | $ | (373) | | | $ | 4,148 | |
| Basic net income per share | | $ | 0.36 | | | $ | (0.03) | | | $ | 0.33 | |
| Diluted net income per share | | $ | 0.36 | | | $ | (0.03) | | | $ | 0.33 | |
| Assets: | | | | | | |
| Finance receivables, net of allowance for credit losses | | $ | 265,470 | | | $ | (373) | | | $ | 265,097 | |
| Total assets | | $ | 321,374 | | | $ | (373) | | | $ | 321,001 | |
| Stockholders' equity: | | | | | | |
| Accumulated deficit | | (4,140,280) | | | (373) | | | (4,140,653) | |
| Total stockholders' equity | | $ | 283,204 | | | $ | (373) | | | $ | 282,831 | |
Research and Development
Research and development expenses include the costs associated with internal research and development and research and development conducted for the Company by third parties. These costs primarily consist of salaries, pre-clinical and clinical trials, outside consultants, and supplies. All research and development costs discussed above are expensed as incurred. Third-party expenses reimbursed under research and development contracts, which are not refundable, are recorded as a reduction to pharmaceutical manufacturing research and development expense in the unaudited condensed consolidated statements of income.
Recent Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848),” which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. These transactions include: (i) contract modifications, (ii) hedging relationships, and (iii) sales or transfers of debt securities classified as held-to-maturity. ASU 2020-04 was effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. The Company has identified existing loans that reference London Inter-Bank Offered Rate (“LIBOR”) and is in the process of evaluating alternatives in each situation. The Company expects that it will elect to apply some of the expedients and exceptions provided in ASU 2020-04 and does not believe the adoption of this standard will have a material impact on the Company’s consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Public entities are required to adopt the changes retrospectively, recasting each prior-period disclosure for which a comparative income statement is presented in the period of adoption. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements and disclosures.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The standard is intended to provide greater transparency in various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures.
Note 2. Net Income per Share
Basic net income per share is computed using the weighted-average number of outstanding shares of common stock. Diluted net income per share is computed using the weighted-average number of outstanding shares of common stock, and when dilutive, shares of common stock issuable upon exercise of options and warrants deemed outstanding using the treasury stock method.
The following table shows the computation of basic and diluted net income per share for the following periods (in thousands, except per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Numerator: | | | | | | | |
| Net income | $ | 3,468 | | | $ | 4,474 | | | $ | 7,616 | | | $ | 13,043 | |
| | | | | | | |
| Denominator: | | | | | | | |
| Weighted-average shares outstanding | 12,318 | | | 12,539 | | | 12,417 | | | 12,703 | |
| Effect of dilutive securities | 90 | | | 43 | | | 75 | | | 43 | |
| Weighted-average diluted shares | 12,408 | | | 12,582 | | | 12,492 | | | 12,746 | |
| | | | | | | |
| Basic net income per share | $ | 0.28 | | | $ | 0.36 | | | $ | 0.61 | | | $ | 1.03 | |
| Diluted net income per share | $ | 0.28 | | | $ | 0.36 | | | $ | 0.61 | | | $ | 1.02 | |
For the three months ended September 30, 2024 and 2023, outstanding options to purchase shares of common stock and outstanding shares of restricted stock in an aggregate of approximately 160,000 and 127,000, respectively, have been excluded from the calculation of diluted net income per share, as such securities were anti-dilutive. For the nine months ended September 30, 2024 and 2023, outstanding options to purchase shares of common stock and outstanding shares of restricted stock in an aggregate of approximately 161,000 and 121,000, respectively, have been excluded from the calculation of diluted net income per share, as such securities were anti-dilutive.
Note 3. Finance Receivables
Finance receivables are reported at their determined principal balances net of any unearned income, cumulative write offs charged against the allowance for credit losses, and unamortized deferred fees and costs. Unearned income and deferred fees and costs are amortized to interest income based on all cash flows expected using the effective interest method.
The carrying values of finance receivables were as follows (in thousands):
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
Term loans | $ | 197,975 | | | $ | 221,145 | |
Royalty purchases | 72,272 | | | 67,260 | |
Total before allowance for credit losses | 270,247 | | | 288,405 | |
Allowance for credit losses | (14,343) | | | (13,901) | |
Total carrying value | $ | 255,904 | | | $ | 274,504 | |
Allowance for Credit Losses
The allowance for credit losses ("ACL") is management's estimate of the amount of expected credit losses over the life of the loan portfolio, or the amount of amortized cost basis not expected to be collected, at the balance sheet date. This estimate encompasses information about historical events, current conditions and reasonable and supportable economic forecasts. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Given the current level of economic uncertainty, the complexity of the ACL estimate and level of management judgment required, we believe it is possible that the ACL estimate could change, potentially materially, in future periods. Changes in the ACL may result from changes in current economic conditions, our economic forecast, and circumstances not currently known to us that may impact the financial condition and operations of our borrowers, among other factors.
Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. For finance receivables that do not share similar risk characteristics with other finance receivables, expected credit losses are estimated on an individual basis. Expected credit losses are estimated over the contractual terms of the finance receivables, adjusted for expected prepayments and unfunded commitments, generally excluding extensions and modifications. The loan portfolio segment is defined as the level at which an entity develops and documents a systematic method for determining its allowance for credit losses.
The Company adopted ASU 2016-13, as amended, on January 1, 2023 using the modified retrospective approach method. The implementation of ASU 2016-13 also impacted the Company's ACL on unfunded loan commitments, as the ACL now represents expected credit losses over the contractual life of commitments not identified as unconditionally cancellable by the Company. The reserve for unfunded commitments is estimated using the same reserve or coverage rates calculated on collectively evaluated loans following the application of a funding rate to the amount of the unfunded commitment. The funding rate represents management's estimate of the amount of the current unfunded commitment that will be funded over the remaining contractual life of the commitment and is based on historical data. On January 1, 2023, the Company recorded an adjustment for unfunded commitments of $0.4 million for the adoption of ASU 2016-13. As of September 30, 2024 and December 31, 2023 the Company has a $0.2 million liability for credit losses on off-balance sheet exposures related to unfunded commitments, with this liability included in accounts payable and accrued liabilities on the condensed consolidated balance sheets. Please refer to Note 6 for further information on the Company's unfunded commitments.
Allowance for Credit Losses - methodology update during the three months ended June 30, 2024
During the three months ended June 30, 2024, the Company revised its methodology for calculating the allowance for credit losses to be more directly tied to the individual risk ratings, as determined by management, of finance receivables. This resulted in a re-allocation of the existing allowance and did not have a material impact on the total allowance for credit losses amount. Previously, the Company's quarterly assessment of the allowance included two portfolio pools: Term Loans and Royalties. After the change in methodology effective for the quarter ended June 30, 2024, these pools are further broken down into individual risk ratings applied to each investment to allow for a more precise method for calculating the allowance for credit losses.
The following table details the changes in the allowance for credit losses by Term Loans and Royalties (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 |
| | Term Loans | | Royalties | | Total | | Term Loans | | Royalties | | Total |
| Allowance at beginning of period | | $ | 9,731 | | | $ | 4,170 | | | $ | 13,901 | | | $ | — | | | $ | 11,846 | | | $ | 11,846 | |
| | | | | | | | | | | | |
| Effect of adoption of ASU 2016-13 | | — | | | — | | | — | | | 8,900 | | | 2,886 | | | 11,786 | |
| Provision (benefit) for credit losses | | 10,202 | | | 575 | | | 10,777 | | | (922) | | | 463 | | | (459) | |
| Write offs | | (10,335) | | | — | | | (10,335) | | | — | | | (11,846) | | (1) | (11,846) | |
| Allowance at end of period | | $ | 9,598 | | | $ | 4,745 | | | $ | 14,343 | | | $ | 7,978 | | | $ | 3,349 | | | $ | 11,327 | |
| (1) Reversal of finance receivable-specific ACL recognized in prior periods. No impact to unaudited condensed consolidated statement of income for the nine months ended September 30, 2023. |
Non-Accrual Finance Receivables
The Company originates finance receivables to companies primarily in the life sciences sector. This concentration of credit exposes the Company to a higher degree of risk associated with this sector.
On a quarterly basis, the Company evaluates the carrying value of its finance receivables. Recognition of income is suspended, and the finance receivable is placed on non-accrual status when management determines that collection of future income is not probable. This evaluation is generally based on delinquency information, an assessment of the borrower’s financial condition and the adequacy of collateral, if any. The Company would generally place term loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain and they are 90 days past due for interest or principal, unless the term loan is both well-secured and in the process of collection. When placed on nonaccrual, the Company would reverse any accrued unpaid interest receivable against interest income and amortization of any net deferred fees is suspended. Generally, the Company would return a term loan to accrual status when all delinquent interest and principal become current under the terms of the credit agreement.
The following table presents nonaccrual and performing finance receivables by portfolio pool, net of allowance for credit losses (in thousands) as of:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Nonaccrual | | Performing | | Total | | Nonaccrual | | Performing | | Total |
| Term loans | $ | 21,857 | | | $ | 176,118 | | | $ | 197,975 | | | $ | 9,128 | | | $ | 212,017 | | | $ | 221,145 | |
| Royalty purchases | 16,362 | | | 55,910 | | | 72,272 | | | 16,854 | | | 50,406 | | | 67,260 | |
| Total before allowance for credit losses | $ | 38,219 | | | $ | 232,028 | | | $ | 270,247 | | | $ | 25,982 | | | $ | 262,423 | | | $ | 288,405 | |
| Allowance for credit losses | (5,734) | | | (8,609) | | | (14,343) | | | (1,447) | | | (12,454) | | | (13,901) | |
| Total carrying value | $ | 32,485 | | | $ | 223,419 | | | $ | 255,904 | | | $ | 24,535 | | | $ | 249,969 | | | $ | 274,504 | |
As of September 30, 2024, the Company had six finance receivables in nonaccrual status: (1) the term loan to Trio Healthcare Ltd. (“Trio”), with a carrying value of $1.5 million; (2) the term loan to Exeevo, Inc (“Exeevo”), with a carrying value of $4.5 million; (3) the term loan to BIOLASE, Inc ("BIOLASE"), with a carrying value of $15.8 million; (4) the Flowonix Medical, Inc. (“Flowonix”) royalty, with a carrying value of $10.4 million; (5) the Best ABT, Inc. (“Best”) royalty, with a carrying value of $2.4 million; and (6) the Ideal Implant, Inc. (“Ideal”) royalty, with a carrying value of $3.6 million. As of September 30, 2024 Trio was considered impaired by $8.1 million and Exeevo was impaired by $2.2 million with the impairments recognized as a reduction in the allowance for credit losses on the unaudited condensed consolidated statements of income for the nine months ended September 30, 2024. The Company collected $2.6 million and $2.3 million on its nonaccrual finance receivables for the nine months ended September 30, 2024 and 2023, respectively.
Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Effective January 1, 2023, the Company adopted the provisions of ASU 2022-02 "Troubled Debt Restructuring ("TDRs") and Vintage Disclosures (Topic 326)", which eliminated the accounting for TDRs while expanding loan modification and vintage disclosure requirements. The update specifically required additional disclosures on loan modifications to borrowers experiencing financial difficulties that involved an interest rate reduction, other-than-insignificant payment delay, a term extension, principal forgiveness or a combination thereof.
The Company evaluates the carrying value of each finance receivable for impairment. A term loan is considered to be impaired when, based on current information and events, it is determined that the Company will not be able to collect the amounts due according to the loan contract, including scheduled interest payments. This evaluation is generally based on delinquency information, an assessment of the borrower’s financial condition and the adequacy of collateral, if any. In certain circumstances, the Company may place a finance receivable on nonaccrual status but conclude it is not impaired. The Company may retain independent third-party valuations on such nonaccrual positions to support impairment decisions. On an ongoing basis, the Company monitors the performance of modified loans to their restructured terms.
Revaluation of Finance Receivable
During the three months ended June 30, 2024, the Company revalued its royalty for Iluvien as a result of entering into an amendment during the quarter. Pursuant to the amendment, the forecast of cash flows to be received over the life of the financial royalty was revised resulting in a revaluation gain of $2.5 million and corresponding mark-up to the carrying value which is included in the "Gain on revaluation of finance receivable" caption on our unaudited condensed consolidated statements of income for the nine months ended September 30, 2024.
Credit Quality of Finance Receivables
The Company evaluates all finance receivables on a quarterly basis and assigns a risk rating based upon management’s assessment of the borrower’s ability and likelihood of repayment. The assessment is subjective and based on multiple factors, including but not limited to, financial strength of borrowers and operating results of the underlying business. The credit risk analysis and rating assignment is performed quarterly in conjunction with the Company's assessment of its allowance for credit losses. The Company uses the following definitions for its risk ratings for Term Loans:
1: Borrower performing well below Company expectations, and the borrower's ability to raise sufficient capital to operate its business or repay debt is highly in question. Finance receivables rated a 1 are on non-accrual and are at an elevated risk for principal impairment.
2: Borrower performing below plan, and the loan-to-value is generally worse than at the time of underwriting. Borrower has limited access to additional capital to operate its business. Finance receivables rated a 2 are generally on non-accrual, and while no loss of impairment is anticipated, there is potential for future principal impairment.
3: Borrower performing in-line-to-modestly below Company expectations, and loan-to-value is similar to slightly worse than at the time of underwriting. Borrower has demonstrated access to capital markets.
4: Borrower performing in-line-to-modestly above Company expectations and loan-to-value similar or modestly better than underwriting case. Borrower has demonstrated access to capital markets.
5: Borrower performing in excess of Company expectations, and loan-to-value is better than at time of origination.
The Company uses an internal credit rating system which rates each Royalty on a color scale of Green to Red, with Green typically indicative of a Royalty that is exceeding base underwritten case, Yellow indicates a Royalty performing in-line with underwritten plan, and Red reflective of underperformance relative to plan. Royalties rated as Red are generally classified as non-accrual.
The following table summarizes the carrying value of Finance Receivables by origination year, grouped by risk rating as of September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2024 |
| | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 | | Prior | | Total |
| Term Loans | | | | | | | | | | | | | | | | |
| 5 | | $ | — | | | $ | — | | | $ | — | | | $ | 13,907 | | | $ | — | | | $ | 3,583 | | | $ | — | | | $ | 17,490 | |
| 4 | | — | | | 31,226 | | | 52,391 | | | — | | | — | | | — | | | — | | | 83,617 | |
| 3 | | — | | | 24,770 | | | — | | | 11,211 | | | — | | | 26,329 | | | — | | | 62,310 | |
| 2 | | — | | | — | | | — | | | 12,701 | | | — | | | — | | | — | | | 12,701 | |
| 1 | | — | | | — | | | 4,538 | | | 1,473 | | | — | | | — | | | 15,846 | | | 21,857 | |
| Subtotal - Term Loans | | $ | — | | | $ | 55,996 | | | $ | 56,929 | | | $ | 39,292 | | | $ | — | | | $ | 29,912 | | | $ | 15,846 | | | $ | 197,975 | |
| | | | | | | | | | | | | | | | |
| Royalties | | | | | | | | | | | | | | | | |
| Green | | $ | 7,839 | | | $ | 11,689 | | | $ | 12,652 | | | $ | — | | | $ | 16,038 | | | $ | — | | | $ | 1,285 | | | $ | 49,503 | |
| Yellow | | — | | | — | | | — | | | — | | | 3,117 | | | — | | | 3,290 | | | 6,407 | |
| Red | | — | | | — | | | — | | | 3,552 | | | 10,433 | | | — | | | 2,377 | | | 16,362 | |
| Subtotal - Royalties | | $ | 7,839 | | | $ | 11,689 | | | $ | 12,652 | | | $ | 3,552 | | | $ | 29,588 | | | $ | — | | | $ | 6,952 | | | $ | 72,272 | |
| | | | | | | | | | | | | | | | |
| Total Finance Receivables, gross | | $ | 7,839 | | | $ | 67,685 | | | $ | 69,581 | | | $ | 42,844 | | | $ | 29,588 | | | $ | 29,912 | | | $ | 22,798 | | | $ | 270,247 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2023 |
| | 2023 | | 2022 | | 2021 | | 2020 | | 2019 | | Prior | | Total |
| Term Loans | | | | | | | | | | | | | | |
| 5 | | $ | — | | | $ | — | | | $ | 13,734 | | | $ | — | | | $ | 5,696 | | | $ | — | | | $ | 19,430 | |
| 4 | | 25,799 | | | 32,211 | | | — | | | — | | | — | | | 10,485 | | | 68,495 | |
| 3 | | 24,341 | | | 24,285 | | | 10,227 | | | — | | | 31,807 | | | — | | | 90,660 | |
| 2 | | — | | | 6,924 | | | 12,493 | | | — | | | — | | | 14,015 | | | 33,432 | |
| 1 | | — | | | — | | | 9,128 | | | — | | | — | | | — | | | 9,128 | |
| Subtotal - Term Loans | | $ | 50,140 | | | $ | 63,420 | | | $ | 45,582 | | | $ | — | | | $ | 37,503 | | | $ | 24,500 | | | $ | 221,145 | |
| | | | | | | | | | | | | | |
| Royalties | | | | | | | | | | | | | | |
| Green | | $ | 27,785 | | | $ | — | | | $ | — | | | $ | 14,650 | | | $ | — | | | $ | 1,340 | | | $ | 43,775 | |
| Yellow | | — | | | — | | | — | | | 3,212 | | | — | | | 3,419 | | | 6,631 | |
| Red | | — | | | — | | | 3,834 | | | 10,433 | | | — | | | 2,587 | | | 16,854 | |
| Subtotal - Royalties | | $ | 27,785 | | | $ | — | | | $ | 3,834 | | | $ | 28,295 | | | $ | — | | | $ | 7,346 | | | $ | 67,260 | |
| | | | | | | | | | | | | | |
| Total Finance Receivables, gross | | $ | 77,925 | | | $ | 63,420 | | | $ | 49,416 | | | $ | 28,295 | | | $ | 37,503 | | | $ | 31,846 | | | $ | 288,405 | |
Note 4. Intangible Assets
As of September 30, 2024 and December 31, 2023, the gross book value, accumulated amortization, net book value and estimated useful life of acquired intangible assets were as follows (in thousands, except estimated useful life data):
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2024 |
| Gross Book Value | | Accumulated Amortization | | Net Book Value | | Estimated Useful Life |
| | | | | | | |
| Trade names and trademarks | $ | 210 | | | $ | 107 | | | $ | 103 | | | 10 |
| Customer relationships | 240 | | | 123 | | | 117 | | | 10 |
| Total intangible assets | $ | 450 | | | $ | 230 | | | $ | 220 | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2023 |
| Gross Book Value | | Accumulated Amortization | | Net Book Value | | Estimated Useful Life |
Licensing Agreement(1) | $ | 29,400 | | | $ | 23,167 | | | $ | 6,233 | | | 10 |
| Trade names and trademarks | 210 | | | 92 | | | 118 | | | 10 |
| Customer relationships | 240 | | | 104 | | | 136 | | | 10 |
| Total intangible assets | $ | 29,850 | | | $ | 23,363 | | | $ | 6,487 | | | |
(1) Prior to the Company's acquisition of Enteris, Enteris entered into the License Agreement with Cara Therapeutics, Inc. ("Cara"), for oral formulation rights to Enteris’ Peptelligence® technology to develop and commercialize Oral KORSUVATM in any indication worldwide, excluding South Korea and Japan. Cara is obligated to pay Enteris certain development, regulatory and tiered commercial milestone payments, as well as low single-digit royalties based on net sales in the licensed territory. During the three months ended June 30, 2024, the Company concluded that the milestones and royalties pursuant to the License Agreement would not be realized as a result of non-viability of product covered by the License Agreement. The Company has recognized a full impairment on the license of its remaining net book value of $5.8 million which is included in the "Loss on impairment of intangible assets" section of our unaudited condensed consolidated statements of income for the nine months ended September 30, 2024.
Amortization expense was $11.3 thousand for the three months ended September 30, 2024 and $0.4 million for the three months ended September 30, 2023, and was recognized within depreciation and amortization expense on the unaudited condensed consolidated statements of income. Amortization expense related to intangible assets was $0.5 million and $1.3 million for the nine months ended September 30, 2024 and 2023, respectively. Based on amounts recorded at September 30, 2024, the Company will recognize acquired intangible asset amortization as follows (in thousands):
| | | | | | | | |
| Remainder of 2024 | $ | 11 | | |
| 2025 | 45 | | |
| 2026 | 45 | | |
| 2027 | 45 | | |
| 2028 | 45 | | |
| Thereafter | 29 | | |
| Total | $ | 220 | | |
| | |
Note 5. Debt
Revolving Credit Facility
On June 28, 2023, the Company entered into a new credit agreement (the “Credit Agreement”) by and among SWK Funding LLC, the Company’s wholly-owned subsidiary (together with the Company, the “Borrower”), the lenders party thereto (“Lenders”), and First Horizon Bank as a Lender and Agent (the “Agent”). The Credit Agreement provides for a revolving credit facility with an initial maximum principal amount of $45.0 million. The Credit Agreement provides that the Company may request one or more incremental increases in an aggregate amount not to exceed $80.0 million, subject to the consent of the Agent and each Lender, at any time prior to the termination of the revolving credit period on June 28, 2026 (the “Commitment Termination Date”). The revolving credit period will be followed by a one-year amortization period, with the final maturity date of the Credit Agreement occurring on June 28, 2027.
The outstanding principal balance of the Credit Agreement will bear interest at a rate per annum equal to the sum of (i) Term Secured Overnight Financing Rate, or SOFR (as defined in the Credit Agreement) plus (ii) 3.75 percent at all times prior to the Commitment Termination Date. The outstanding principal balance of the revolving credit facility will bear interest at a rate per annum equal to the sum of (i) Term SOFR (as defined in the Credit Agreement) plus (ii) 4.25 percent at all times on and after the Commitment Termination Date. Under the terms of the Credit Agreement, all accrued and unpaid interest shall be due and payable, in arrears, on the first business day of each calendar month.
The Credit Agreement contains customary affirmative and negative covenants, in addition to financial covenants specifying that, as of the end of each calendar month, (i) the consolidated leverage ratio of Borrower will not exceed 1.00 to 1.00, (ii) the consolidated interest coverage ratio of Borrower will not be less than 4.00 to 1.00, (iii) the cash collection rate in relation to Borrower’s portfolio of loan assets will not be less than 4.5 percent for such calendar month, (iv) the net charge-off percentage in relation to Borrower’s portfolio of loan assets will not exceed 3 percent for such calendar month, (v) the weighted average risk rating in relation to Borrower portfolio of loan assets will not be less than 3.00, and (vi) the Company's cumulative share repurchases will not exceed $5 million in value in any 12-month period. In addition, the Credit Agreement provides that at no time shall the Company permit its consolidated tangible net worth to be less than $145.0 million, or its liquidity (as defined in the Credit Agreement) to be less than $5.0 million. The Credit Agreement also contains events of default customary for such financings, the occurrence of which would permit the Agent and Lenders to accelerate the aggregate principal amount due thereunder.
The Credit Agreement refinances the Company’s Loan and Security Agreement dated as of June 29, 2018 (the “Prior Credit Agreement”), as amended, between the Company and Cadence Bank, N.A. (“Cadence Bank”), as the lender and administrative agent, which was due to expire on September 30, 2025. The Prior Credit Agreement was terminated by the Company, effective as of June 28, 2023.
On October 10, 2023, the Company entered into an amendment to the Credit Agreement pursuant to which Woodforest National Bank was added as a lender under the Credit Agreement for an aggregate commitment of $15.0 million, thereby increasing the aggregate commitments under the Credit Agreement from $45.0 million to $60.0 million.
On August 29, 2024, the Company entered into an amendment to the Credit Agreement pursuant to which the consolidated interest coverage ratio of Borrower will not be less than 2.00 to 1:00, the net charge-off percentage in relation to Borrower's portfolio of loan assets will not be less than 8 percent for such calendar month, and cumulative share repurchases will not exceed $7.0 million in value in any 12-month period.
As of September 30, 2024 there were no amounts outstanding under the new Credit Agreement. During each of the three months ended September 30, 2024 and 2023, the Company recognized $0.2 million, of interest expense relating to the Credit Agreement. During the nine months ended September 30, 2024 and 2023, the Company recognized $0.8 million and $0.7 million, respectively, of interest expense in connection with the Credit Agreement and Prior Credit Agreement, respectively.
Senior Notes Due 2027
On October 3, 2023, the Company issued a $30.0 million aggregate principal amount of 9.00% Senior Notes due 2027 ("2027 Senior Notes" or "Notes”) in a registered underwritten public offering. On October 27, 2023, the underwriter exercised, in full, its over-allotment option by purchasing an additional approximately $3.0 million aggregate principal amount of the 2027 Senior Notes. The interest rates are fixed at 9.00% per annum and are payable quarterly in arrears on March 31, June 30, September 30, and December 31 of each year, commencing on December 31, 2023, and until maturity. The Notes will mature on January 31, 2027. The total net proceeds from the debt offering, after deducting initial purchase discounts and debt issuance costs, were approximately $30.6 million. The Company intends to use the net proceeds from the offering for general corporate purposes, including funding future acquisitions and investments, repaying indebtedness, making capital expenditures, and funding working capital.
The following table summarizes the outstanding balance of the Notes, net of debt issuance costs (in thousands):
| | | | | | | | | | | |
| |
| September 30, 2024 | | December 31, 2023 |
| 2027 Senior Notes | $ | 32,969 | | | $ | 32,969 | |
| Debt issuance costs | (1,726) | | | (2,188) | |
| Total unsecured senior notes, net | $ | 31,243 | | | $ | 30,781 | |
The Company’s future principal obligations for the Notes were as follows (in thousands):
| | | | | | |
| |
| September 30, 2024 | |
| Remainder of 2024 | $ | — | | |
| 2025 | — | | |
| 2026 | — | | |
| 2027 | 32,969 | | |
| Total unsecured senior notes, net | $ | 32,969 | | |
The Company may redeem the Notes for cash in whole or in part at any time (i) on or after September 30, 2025 (the “First Call Date”) and prior to September 30, 2026, at a price equal to the sum of 102% of their principal amount, and (ii) on or after September 30, 2026 at a price equal to the sum of 100% of their principal amount, plus (in each case noted above) accrued and unpaid interest to, but excluding, the date of redemption. At any time prior to the First Call Date, the Company may, at its option, redeem the Notes for cash, in whole at any time or in part from time to time at a redemption price equal to (i) 100% of the principal amount of Notes redeemed, plus (ii) a Make-Whole Amount (as defined in the Indenture), plus (iii) accrued and unpaid interest, if any, to, but excluding, the date of redemption. On and after any redemption date, interest will cease to accrue on the redeemed Notes. Additionally, upon the occurrence of a Triggering Event (as defined in the Indenture), holders of the Notes will have the right to require the Company to make an offer to repurchase all or any portion of their Notes for cash at a purchase price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date of purchase.
The Notes are senior unsecured obligations of the Company and rank equal in right of payment with the Company’s existing and future senior unsecured indebtedness.
The Company evaluated the 2027 Senior Notes for derivatives pursuant to Accounting Standard Codification ("ASC") 815, "Derivatives and Hedging," and identified an embedded derivative that required bifurcation as the feature is not clearly and closely related to the host instrument. The embedded derivative was a default provision, which could require additional interest payments. The Company reassesses the feature quarterly to determine if it requires separate accounting. There have been no changes to the Company’s assessment that the fair value of the embedded derivative is immaterial through September 30, 2024.
Note 6. Commitments and Contingencies
Lease Obligations
All the Company’s material leases are operating leases. right-of-use ("ROU") assets related to operating leases are included on the unaudited condensed consolidated balance sheets in other non-current assets. Operating lease cost is recognized over the lease term on a straight-line basis and is recorded within general and administrative expenses on the unaudited condensed consolidated statements of income. In March of 2023, the Company entered into a new lease for office space in Dallas, Texas on Sherry Lane. The Company’s corporate office space in Dallas, Texas totals approximately 4,450 square feet.
On June 10, 2024, the Company entered into a lease termination agreement to its Preston Road office lease in Dallas (the “Lease Termination”). The Lease Termination terminated the Company’s rights and obligations with respect to the leased premises on June 30, 2024. As such, the ROU assets and operating lease liabilities were written off, and the Company recorded a gain of $4 thousand for the nine months ended September 30, 2024 and paid an early termination fee of $9 thousand.
The Enteris headquarters is located in Boonton, New Jersey, where Enteris leases approximately 32,000 square feet of space. The office lease expires in December 2029 with an option to renew for an additional five years.
The components of lease cost were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Operating lease cost | $ | 108 | | | $ | 139 | | | $ | 366 | | | $ | 361 | |
| Variable lease cost | 17 | | | 11 | | | 49 | | | 35 | |
| Total lease cost | $ | 125 | | | $ | 150 | | | $ | 415 | | | $ | 396 | |
Future minimum rent on the Company's operating leases was as follows as of September 30, 2024 (in thousands):
| | | | | |
| |
| Remainder of 2024 | $ | 110 | |
| 2025 | 456 | |
| 2026 | 461 | |
| 2027 | 465 | |
| 2028 | 405 | |
| Thereafter | 272 | |
| Total future lease payments | $ | 2,169 | |
Contingent Consideration
During fiscal year 2019 the Company recorded contingent consideration related to the 2019 acquisition of Enteris and sharing of certain milestone and royalties due to Enteris pursuant to the License Agreement. Contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved, with changes in the estimated fair value recognized in earnings. During the three months ended June 30, 2024, it was determined the milestones and royalties pursuant to the License Agreement would not be realized as a result of non-viability of the product covered by the License Agreement. Accordingly, the Company concluded that the liability for contingent consideration, previously held at its estimated fair value of $4.9 million, should be $0. The write-off of this contingent consideration liability resulted in a gain of $4.9 million during the three months ended June 30, 2024, and is included in the "Change in fair value of acquisition-related contingent consideration" caption of our unaudited condensed consolidated statements of income for the nine months ended September 30, 2024.
Unfunded Commitments
Per the terms of the royalty purchase or credit agreements, unfunded commitments are contingent upon reaching an established revenue threshold or other performance metrics on or before a specified date or period of time, and in the case of loan transactions, are subject to being advanced as long as an event of default does not exist. As of September 30, 2024, SWK had $39.0 million of unfunded commitments.
Litigation
The Company is involved in, or has been involved in, arbitrations or various other legal proceedings that arise from the normal course of its business. The ultimate outcome of any litigation is uncertain, and either unfavorable or favorable outcomes could have a material impact on the Company’s results of operations, balance sheets and cash flows due to defense costs, and divert management resources. The Company cannot predict the timing or outcome of these claims and other proceedings. As of September 30, 2024, the Company is not involved in any arbitration and/or other legal proceeding that it expects to have a material effect on its business, financial condition, results of operations and cash flows.
Indemnification
As permitted by Delaware law, the Company has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving in such capacity, or in other capacities at the Company’s request. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that limits its exposure and enables the Company to recover a portion of any such amounts. As a result of the Company’s insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is insignificant. Accordingly, the Company had no liabilities recorded for these agreements as of September 30, 2024 and December 31, 2023.
Note 7. Fair Value Measurements
The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels.
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Active markets are considered to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in inactive markets.
Level 3: Unobservable inputs are not corroborated by market data. This category is comprised of financial and non-financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies using significant inputs that are generally less readily observable from objective sources.
Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfers occurred. There were no transfers between any levels during the nine months ended September 30, 2024 and 2023.
The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments, other than investment in affiliates.
Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized.
Cash and cash equivalents
The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets’ fair values.
Finance Receivables
Finance receivables are measured at amortized cost, which approximates fair value. The fair value of finance receivables is estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the finance receivables. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. These receivables are classified as Level 3. Finance receivables are not measured at fair value on a recurring basis, but estimates of fair value are reflected below.
Contingent Consideration
The fair value measurements of the contingent consideration obligations arising from business combinations are classified as Level 3 estimates under the fair value hierarchy, as these items have been valued using unobservable inputs. These inputs include: (a) the estimated amount and timing of projected cash flows; (b) the probability of the achievement of the factors on which the contingency is based; and (c) the risk-adjusted discount rate used to present value the probability-weighted cash flows. Changes in fair value of this obligation are recorded as income or expense within operating income in our consolidated statements of income. Significant increases or decreases in any of those inputs in isolation could result in a significantly lower or higher fair value measurement. As noted above in Note 6, the acquisition-related contingent consideration liability was written down to $0 during the three months ended June 30, 2024 due to non-viability of the underlying product.
Marketable Investments
If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities are classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets or broker quotes utilizing observable inputs, and accordingly these securities are classified as Level 2. If market prices are not available and there are no observable inputs, then fair value would be estimated by using valuation models including discounted cash flow methodologies, commonly used option-pricing models and broker quotes. Such securities are classified as Level 3, if the valuation models and broker quotes are based on inputs that are unobservable in the market. If fair value is based on broker quotes, the Company checks the validity of received prices based on comparison to prices of other similar assets and market data such as relevant benchmark indices. Available-for-sale securities are measured at fair value on a recurring basis, while securities with no readily available fair market value are not, but estimates of fair value are reflected below.
Derivative Instruments
For exchange-traded derivatives, fair value is based on quoted market prices, and accordingly, would be classified as Level 1. For non-exchange traded derivatives, fair value is based on option pricing models and are classified as Level 3.
The Company uses a foreign currency forward contract to manage the impact of fluctuations in foreign currency denominated cash flows expected to be received from one of its royalty finance receivables denominated in a foreign currency. The foreign currency forward contract is not designated as a hedging instrument, and changes in fair value are recognized in earnings. The foreign currency forward contract was recorded in other non-current assets in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 and totaled to $1.6 million and $1.0 million, respectively. The Company recognized a loss of $1.0 million and a gain of $0.5 million due to changes in fair value related to its foreign currency forward contract during the three months ended September 30, 2024 and September 30, 2023, respectively. The Company recognized a $0.6 million and $2.1 million gain due to changes in fair value related to its foreign currency forward contract for the nine months ended September 30, 2024 and September 30, 2023, respectively.
The following table presents financial assets measured at fair value on a recurring basis as of September 30, 2024 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Total
Carrying
Value in
Consolidated
Balance
Sheets | | Quoted Prices
in Active
Markets for
Identical
Assets
or Liabilities
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) |
| Financial Assets | | | | | | | |
| Warrant assets | $ | 2,026 | | | $ | — | | | $ | — | | | $ | 2,026 | |
| Marketable investments | 755 | | | 727 | | | — | | | 28 | |
| Foreign currency forward contract | 1,611 | | | — | | | — | | | 1,611 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Total
Carrying
Value in
Consolidated
Balance
Sheets | | Quoted Prices
in Active
Markets for
Identical
Assets
or Liabilities
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) |
| Financial Assets | | | | | | | |
| Warrant assets | $ | 1,759 | | | $ | — | | | $ | — | | | $ | 1,759 | |
| Marketable investments | 48 | | | — | | | — | | | 48 | |
| Foreign currency forward contract | 974 | | — | | | — | | | 974 |
| | | | | | | |
| Financial liabilities: | | | | | | | |
| Contingent consideration payable | $ | 4,900 | | | $ | — | | | $ | — | | | $ | 4,900 | |
| | | | | | | |
The contingent consideration payable was valued using a discounted cash flow approach and included a significant unobservable input which is the discount rate. During the nine months ended September 30, 2024 there was a write off of the full balance of contingent consideration liability due to the non-viability of the underlying product. See Note 6 for further information.
The changes in fair value of the warrant assets during the nine months ended September 30, 2024 and 2023 were as follows (in thousands):
| | | | | | | | | | | | | | |
| September 30, 2024 | | September 30, 2023 |
| Fair value - December 31, 2023 | $ | 1,759 | | | Fair value - December 31, 2022 | $ | 1,220 | |
| Issued | 1,072 | | | Issued | 822 | |
| | | | |
| Exercised | (985) | | | Exercised | — | |
| Change in fair value | 178 | | | Change in fair value | (745) | |
| Loss on foreign currency transactions | $ | 2 | | | Loss on foreign currency transactions | $ | — | |
Fair value - September 30, 2024 | $ | 2,026 | | | Fair value - September 30, 2023 | $ | 1,297 | |
The Company holds warrants issued to the Company in conjunction with certain term loan investments. These warrants meet the definition of a derivative and are included in the unaudited condensed consolidated balance sheets. The fair values for warrants outstanding, which do not have a readily determinable value, are measured using the Black-Scholes option pricing model. The following ranges of assumptions were used in the models to determine fair value:
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Dividend rate range | — | | | — | |
| Risk-free rate range | 3.7% to 4.7% | | 3.8% to 4.8% |
| Expected life (years) range | 2.4 to 7.0 | | 1.2 to 5.8 |
| Expected volatility range | 54.7% to 177.7% | | 75.3% to 154.3% |
The warrant assets are valued using a market approach and include significant unobservable inputs such as risk-free rate, expected life, and expected volatility. For the nine months ended September 30, 2024 the risk-free rate range weighted average was 4.0%, and had a median of 4.3%. For the year ended December 31, 2023 the risk-free rate range weighted average was 4.3%, and had a median of 3.8%. For the nine months ended September 30, 2024 the expected life range weighted average was 6.0 years, and had a median of 4.5 years. For the year ended December 31, 2023 the expected life range weighted average was 3.4 years, and had a median of 4.4 years. For the nine months ended September 30, 2024 the expected volatility range weighted average was 74.3%, and had a median of 90.8%. For the year ended December 31, 2023 the expected volatility range weighted average 124.6%, and median of 134.4%.
As of September 30, 2024 and December 31, 2023, the Company had one royalty, Best, that was deemed to be impaired based on reductions in carrying value in prior periods. As of September 30, 2024, the Company had two loans, Trio Healthcare and Exeevo, that were deemed to be impaired based on reductions in carrying value during the nine months ended September 30, 2024. The following table presents this royalty and the loans measured at amortized cost using the effective interest method, which approximates fair value, on a nonrecurring basis as of September 30, 2024 and December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Total
Carrying
Value in
Consolidated
Balance
Sheets | | Quoted Prices
in Active
Markets for
Identical
Assets
or Liabilities
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) |
September 30, 2024 | $ | 8,388 | | | $ | — | | | $ | — | | | $ | 8,388 | |
December 31, 2023 | $ | 2,587 | | | $ | — | | | $ | — | | | $ | 2,587 | |
There were no liabilities measured at fair value on a nonrecurring basis as of September 30, 2024 and December 31, 2023.
The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying unaudited condensed consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments measured at fair value on a recurring and non-recurring basis.
The following table presents the fair value of financial assets as of September 30, 2024 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Carrying Value | | Fair Value | | Level 1 | | Level 2 | | Level 3 |
| Financial Assets | | | | | | | | | |
| Finance receivables, net | $ | 255,904 | | | $ | 255,904 | | | $ | — | | | $ | — | | | $ | 255,904 | |
| Marketable investments | 755 | | | 755 | | | 727 | | | — | | | 28 | |
| Warrant assets | 2,026 | | | 2,026 | | | — | | | — | | | 2,026 | |
| Foreign currency forward contract | 1,611 | | | 1,611 | | | — | | | — | | | 1,611 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
The following table presents the fair value of financial assets and liabilities as of year ended December 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Carrying Value | | Fair Value | | Level 1 | | Level 2 | | Level 3 |
| Financial Assets | | | | | | | | | |
| Finance receivables, net | $ | 274,504 | | | $ | 274,504 | | | $ | — | | | $ | — | | | $ | 274,504 | |
| Marketable investments | 48 | | | 48 | | | — | | | — | | | 48 | |
| Warrant assets | 1,759 | | | 1,759 | | | — | | | — | | | 1,759 | |
| Foreign currency forward contract | 974 | | | 974 | | | — | | | — | | | 974 | |
| | | | | | | | | |
| Financial liabilities | | | | | | | | | |
| Contingent consideration payable | $ | 4,900 | | | $ | 4,900 | | | $ | — | | | $ | — | | | $ | 4,900 | |
| | | | | | | | | |
Note 8. Revenue Recognition
The Company's Pharmaceutical Development segment recognizes revenues received from contracts with its customers by revenue source, as we believe it best depicts the nature, amount, timing and uncertainty of our revenue and cash flow. The Company's Finance Receivables segment does not have any revenues received from contracts with customers.
The following table provides the contract revenue recognized by revenue source for the three and nine months ended September 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Pharmaceutical Development Segment | | | | | | | |
| License Agreement | $ | — | | | $ | — | | | $ | 49 | | | $ | 10 | |
| Pharmaceutical Development | 628 | | | 315 | | | 1,662 | | | 606 | |
| Total contract revenue | $ | 628 | | | $ | 315 | | | $ | 1,711 | | | $ | 616 | |
The Company's contract liabilities represent advance consideration received from customers and are recognized as revenue when the related performance obligation is satisfied.
The Company’s contract liabilities are presented as deferred income and are included in accounts payable and accrued liabilities in the consolidated balance sheets (in thousands):
| | | | | | | | | | | |
| September 30,
2024 | | December 31, 2023 |
| Pharmaceutical Development Segment | | | |
| Deferred income | $ | 2,109 | | | $ | 9 | |
| Total contract liabilities | $ | 2,109 | | | $ | 9 | |
During the nine months ended September 30, 2024, the Company recognized the full remaining balance of $9 thousand of 2023 deferred income from satisfaction of performance obligations. The Company did not have any contract assets as of September 30, 2024 or December 31, 2023.
Enteris Exclusive Option and Asset Purchase Agreement
With an effective date of January 1, 2024, we entered into an exclusive option and asset purchase agreement with a strategic partner on March 14, 2024 which granted the partner an exclusive option to acquire certain of Enteris’ assets related to its business of providing clinical manufacturing and development services. The partner must exercise the option by or before January 1, 2026. In exchange for the exclusive purchase option the partner is to provide consideration in the form of an "option fee" and "guaranteed revenue payments."
The option fee is broken into two components: A low-single digit million fee due within 30 business days of executing the agreement; and should the option not be exercised by the first anniversary of the effective date, an additional low-single digit million fee will be due at that time. The first option fee was paid in April 2024. Option fee payments will be included in deferred income until the earlier of term expiration or exercise of the purchase option. Should the partner exercise the purchase option, any option fee payments made will be applied towards the purchase price.
The guaranteed revenue payments include two components: A mid-single digit million guaranteed revenue payment in 2024 and a mid-single digit million guaranteed revenue payment in 2025. The revenue is to be derived by the partner under an existing collaboration agreement, and the partner is to pay the difference should the minimum amount not be met each year. Each year's guaranteed revenue amount is to be paid in two installments semi-annually each year. Should revenue exceed the 2024 or 2025 guaranteed revenue amounts after receiving a difference payment in the first half of the year, we must repay the partner the amount of such overpayment. Guaranteed revenue of $0.4 million was recognized during the nine months ended September 30, 2024.
Note 9. Segment Information
Selected financial and descriptive information is required to be provided about reportable operating segments, considering a “management approach” concept as the basis for identifying reportable segments. The management approach is based on the way that management organizes the segments within the Company for making operating decisions, allocating resources, and assessing performance. Consequently, the segments are evident from the structure of the Company’s internal organization, focusing on financial information that the Company’s CEO uses to make decisions about the Company’s operating matters.
As described in Note 1, SWK Holdings Corporation and Summary of Significant Accounting Policies, the Company has determined it has two reportable segments: Finance Receivables and Pharmaceutical Development, and each are individually managed and provide separate services. Revenues by segment represent revenues earned on the services offered within each segment. The Company does not report assets by reportable segment, nor does the Company report results by geographic region, as these metrics are not used by the Company’s chief executive officer in assessing performance or allocating resources to the segments.
Segment performance is evaluated based on several factors, including income (loss) from continuing operations before income taxes. Management uses this measure of profit (loss) to evaluate segment performance because the Company believes this measure is indicative of performance trends and the overall earnings potential of each segment. The Company does not report assets by reportable segment, as this metric is not used by the Company's CEO in assessing performance or allocating resources to the segments.
The following tables present financial information for the Company's reportable segments for the periods indicated (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2024 |
| Finance Receivables | | Pharmaceutical Development and Other | | Holding Company and Other | | Consolidated |
| Revenue | $ | 9,498 | | | $ | 628 | | | $ | — | | | $ | 10,126 | |
| Other revenue | 289 | | | 3 | | | — | | | 292 | |
| Provision for credit losses | 1,385 | | | — | | | — | | | 1,385 | |
| | | | | | | |
| Interest expense | 230 | | | 2 | | | 907 | | | 1,139 | |
| Pharmaceutical manufacturing, research and development expense | — | | | 585 | | | — | | | 585 | |
| | | | | | | |
| Depreciation and amortization expense | — | | | 214 | | | 20 | | | 234 | |
| General and administrative expense | 88 | | | 722 | | | 2,183 | | | 2,993 | |
| Other income, net | 292 | | | — | | | — | | | 292 | |
| Income tax expense | — | | | — | | | 906 | | | 906 | |
| Net income (loss) | 8,376 | | | (892) | | | (4,016) | | | 3,468 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| Finance Receivables | | Pharmaceutical Development and Other | | Holding Company and Other | | Consolidated |
| Revenue | $ | 8,608 | | | $ | 315 | | | $ | — | | | $ | 8,923 | |
| Other revenue | 39 | | | — | | | — | | | 39 | |
| Provision for credit losses | 223 | | | — | | | — | | | 223 | |
| | | | | | | |
| Interest expense | 176 | | | — | | | — | | | 176 | |
| Pharmaceutical manufacturing, research and development expense | — | | | 606 | | | — | | | 606 | |
| Depreciation and amortization expense | — | | | 630 | | | 22 | | | 652 | |
| General and administrative expense | 213 | | | 574 | | | 2,192 | | | 2,979 | |
| Other expense, net | (238) | | | — | | | — | | | (238) | |
| Income tax benefit | — | | | — | | | (386) | | | (386) | |
| Net income (loss) | 7,797 | | | (1,495) | | | (1,828) | | | 4,474 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2024 |
| Finance Receivables | | Pharmaceutical Development and Other | | Holding Company and Other | | Consolidated |
| Revenue | $ | 30,519 | | | $ | 1,711 | | | $ | — | | | $ | 32,230 | |
| Other revenue | 392 | | | 3 | | | — | | | 395 | |
| Provision for credit losses | 10,777 | | | — | | | — | | | 10,777 | |
| Loss on impairment of intangible assets | — | | | 5,771 | | | — | | | 5,771 | |
| Interest expense | 820 | | | 7 | | | 2,687 | | | 3,514 | |
| Pharmaceutical manufacturing, research and development | — | | | 1,635 | | | — | | | 1,635 | |
| Change in fair value of acquisition-related contingent consideration | — | | | (4,900) | | | — | | | (4,900) | |
| Depreciation and amortization expense | — | | | 1,106 | | | 63 | | | 1,169 | |
| General and administrative expense | 257 | | | 2,179 | | | 6,164 | | | 8,600 | |
| Other income (expense), net | 4,135 | | | — | | | (408) | | | 3,727 | |
| Income tax expense | — | | | — | | | 2,170 | | | 2,170 | |
| Net income (loss) | 23,192 | | | (4,084) | | | (11,492) | | | 7,616 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 |
| Finance Receivables | | Pharmaceutical Development and Other | | Holding Company and Other | | Consolidated |
| Revenue | $ | 27,146 | | | $ | 616 | | | $ | — | | | $ | 27,762 | |
| Other revenue | 106 | | | — | | | 2 | | | 108 | |
| Benefit for credit losses | (459) | | | — | | | — | | | (459) | |
| | | | | | | |
| Interest expense | 721 | | | — | | | — | | | 721 | |
| Pharmaceutical manufacturing, research and development expense | — | | | 2,834 | | | — | | | 2,834 | |
| Depreciation and amortization expense | — | | | 1,907 | | | 30 | | | 1,937 | |
| | | | | | | |
| General and administrative expense | 380 | | | 2,282 | | | 5,854 | | | 8,516 | |
| Other expense, net | (319) | | | — | | | — | | | (319) | |
| Income tax expense | — | | | — | | | 959 | | | 959 | |
| Net income (loss) | 26,291 | | | (6,407) | | | (6,841) | | | 13,043 | |
Included in Holding Company and Other are the expenses of the parent holding company and certain other enterprise-wide overhead costs, including public company costs and non-Enteris corporate employees, which have been included for purposes of reconciling to the consolidated amounts.
Note 10. Subsequent Events
On November 14, 2024, the Company sold its investment interest in Exeevo to a third-party purchaser. Consideration received or to be received for the sale consists of (a) $3.4 million cash at closing, (b) $0.7 million contingent payment on January 2, 2025 with contingency based on third-party purchaser executing a new agreement with an existing key vendor, (c) $0.5 million cash on February 1, 2025, and (d) three year earn out consisting of 30% of the annual increase in SAAS gross margin. The Company is in the process of completing its accounting for the sale, but does not believe that there is any indication of impairment to the carrying value as of September 30, 2024.
On October 1, 2024, BIOLASE filed for Chapter 11 bankruptcy protection with a third-party stalking horse bidder in place. The Company agreed to make additional fundings to support the Chapter 11 process through Debtor-in-Possession (“DIP”) Financing. On October 9, 2024, the Company advanced an additional $1.4 million DIP Financing to BIOLASE. On November 4, 2024, an auction was held for the purchase of the BIOLASE assets and was won by an international third-party bidder with an all-cash bid of $20.1 million. The Company is in the process of completing its accounting for the transaction, but does not believe that there is any indication of impairment to the carrying value as of September 30, 2024.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is provided as a supplement to, and should be read in conjunction with, our audited consolidated financial statements, and the MD&A included in our Annual Report on Form 10-K for the year ended December 31, 2023 (“Annual Report”), as well as our unaudited condensed consolidated financial statements and the accompanying notes included in this report.
Overview
We have organized our operations into two segments: Finance Receivables and Pharmaceutical Development. These segments reflect the way the Company evaluates its business performance and manages its operations. Please refer to Item 1. Financial Statements, Note 9 of the notes to the unaudited condensed consolidated financial statements for further information regarding segment information.
Finance Receivables Portfolio Overview
The table below provides an overview of our outstanding finance receivables transactions as of, and for the three and nine months ended September 30, 2024 (in thousands, except rate, share and per share data):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Revenue (Loss) Recognized |
| Royalty Purchases | | Licensed Technology | | Funded Amount | | GAAP Balance | | Q3 2024 | | Year-to-Date |
Besivance® (1) | | Ophthalmic antibiotic | | $ | 6,000 | | | $ | — | | | $ | 8 | | | $ | 25 | |
Best ABT, Inc.(2), (3) | | Oncology diagnosis | | 5,784 | | | 2,377 | | | — | | | — | |
| Coflex®/Kybella® | | Spinal stenosis/submental fullness | | 4,350 | | | 3,117 | | | 125 | | | 207 | |
Cambia® (4) | | NSAID migraine treatment | | 8,500 | | | — | | | 108 | | | 319 | |
| Duo Royalty | | Japanese Women's health/cystic fibrosis | | 15,353 | | | 12,652 | | | 597 | | | 1,775 | |
Flowonix Medical, Inc.(3), (5) | | Drug delivery device | | 12,455 | | | 10,433 | | | — | | | — | |
| Forfivo XL® | | Depressive disorder treatment | | 6,000 | | | 1,285 | | | 277 | | | 1,002 | |
Ideal Implant, Inc. (3), (6) | | Aesthetics | | 4,025 | | | 3,552 | | | — | | | — | |
Immune Globuin (8) | | Immune Globulin Therapeutics | | 14,100 | | | 11,689 | | | 414 | | | 1,301 | |
Iluvien® (9) | | Diabetic macular edema | | 16,501 | | | 16,038 | | | 598 | | | 1,383 | |
| Relief | | Rare Disease Portfolio | | 7,701 | | | 7,839 | | | 161 | | | 161 | |
Veru, Inc. (9) | | Women's health | | 10,000 | | | 3,290 | | | (228) | | | 387 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Revenue (Loss) Recognized |
| Term Loans | | Type | | Maturity Date | | Principal | | GAAP Balance | | Rate | | Q3 2024 | | Year-to-Date |
| 4Web, Inc. | | First lien | | 12/31/24 | | $ | 23,736 | | | $ | 26,329 | | | 11.3% | | $ | 1,143 | | | $ | 3,655 | |
| AOTI, Inc. | | First lien | | 03/21/27 | | 8,478 | | | 8,580 | | | 11.2% | | 420 | | | 1,514 | |
| | | | | | | | | | | | | | |
| Elutia, Inc. | | First lien | | 08/10/27 | | 21,045 | | | 23,518 | | | 12.0% | | 950 | | | 2,860 | |
BIOLASE, Inc. (3) | | First lien | | 05/31/25 | | 14,770 | | | 15,846 | | | 10.3% | | (226) | | | 916 | |
| Biotricity, Inc. | | First lien | | 12/21/26 | | 12,364 | | | 12,701 | | | 11.5% | | 606 | | | 1,717 | |
| CDMO Manufacturer | | First lien | | 09/13/27 | | 5,000 | | | 5,230 | | | 13.3% | | 206 | | | 606 | |
| Epica International, Inc. | | First lien | | 07/23/24 | | — | | | — | | | 11.5% | | 221 | | | 957 | |
| eTon Pharmaceuticals, Inc. | | First lien | | 09/30/27 | | 4,305 | | | 3,583 | | | 12.1% | | 203 | | | 616 | |
| Journey Medical Corporation | | First lien | | 12/27/27 | | 20,000 | | | 19,894 | | | 12.8% | | 722 | | | 1,805 | |
Exeevo, Inc.(2), (3) | | First lien | | 07/01/27 | | 4,558 | | | 4,538 | | | 12.8% | | — | | | 8 | |
| MedMinder Systems, Inc. | | First lien | | 08/18/27 | | 20,000 | | | 20,293 | | | 12.3% | | 780 | | | 2,270 | |
| MolecuLight, Inc. | | First lien | | 12/29/26 | | 10,881 | | | 11,211 | | | 12.8% | | 501 | | | 1,438 | |
| Nicoya Lifesciences, Inc. | | First lien | | 11/30/26 | | 6,000 | | | 6,102 | | | 12.8% | | 262 | | | 784 | |
| NeoLight, LLC | | First lien | | 02/17/27 | | 5,000 | | | 5,191 | | | 13.5% | | 267 | | | 746 | |
| Shield Therapeutics, Plc | | First lien | | 09/28/28 | | 20,000 | | | 19,579 | | | 14.3% | | 833 | | | 2,471 | |
| SKNV | | First lien | | 05/15/27 | | 13,497 | | | 13,907 | | | 10.4% | | 550 | | | 1,596 | |
Trio Healthcare Ltd. (2), (3) | | First lien | | 07/01/26 | | 1,497 | | | 1,473 | | | 12.5% | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Revenue (Loss) Recognized |
| Marketable Investments | | Number of Shares | | Funded Amount | | GAAP Balance | | Q3 2024 | | Year-to-Date |
Secured Royalty Financing (Marketable Investment) (2), (3) | | N/A | | $ | 3,000 | | | $ | 28 | | | $ | — | | | $ | — | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
AOTI Common Stock (7) | | 402,634 | | | N/A | | $ | 727 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Change in Fair Value |
| Warrants to Purchase Stock | | Number of Shares | | Exercise Price per Share ($) | | GAAP Balance | | Q3 2024 | | Year-to-Date |
| 4Web, Inc. | | TBD | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Aziyo Biologics, Inc. | | 157,895 | | | 6.65 | | 348 | | | (188) | | | 65 | |
| Aziyo Biologics, Inc. | | 30,075 | | | 6.65 | | 66 | | | (36) | | | 13 | |
| BIOLASE, Inc. | | 22,039 | | | 9.80 | | 1 | | | — | | | — | |
| Biotricity, Inc. | | 57,536 | | | 6.26 | | 1 | | | (1) | | | (3) | |
| CDMO Manufacturer | | 211,442 | | | 1.42 | | — | | | — | | | — | |
| CeloNova BioSciences, Inc. | | TBD | | — | | | — | | | — | | | — | |
| DxTerity Diagnostics, Inc. | | 2,019,231 | | | — | | | — | | | — | | | — | |
| Epica International, Inc. | | TBD | | — | | | — | | | — | | | — | |
| eTon Pharmaceuticals, Inc. 1 | | 51,239 | | | 5.86 | | | 106 | | | 56 | | | 9 | |
| eTon Pharmaceuticals, Inc. 2 | | 18,141 | | | 6.62 | | | 38 | | | 19 | | | 2 | |
| eTon Pharmaceuticals, Inc. 3 | | 289,736 | | | — | | | 1,072 | | | — | | | — | |
| Exeevo, Inc. | | 930 | | | — | | | — | | | — | | | — | |
| EyePoint Pharmaceuticals, Inc. | | 40,910 | | | 11.00 | | — | | | — | | | 127 | |
| EyePoint Pharmaceuticals, Inc. | | 7,773 | | | 19.30 | | — | | | — | | | 22 | |
| Shield Warrant | | 8,910,540 | | | | | 394 | | | 197 | | | (57) | |
| MedMinder Systems, Inc. | | 72,324 | | | — | | | — | | | — | | | — | |
| MolecuLight, Inc. | | TBD | | — | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | Revenue (Loss) Recognized |
| | Assets | | 3Q 2024 | | Year-to-Date |
| Total finance receivables, gross | | $ | 270,247 | | | $ | 9,498 | | | $ | 30,519 | |
| Total marketable investments | | 755 | | | — | | | — | |
| Total fair value of warrant assets | | 2,026 | | | — | | | — | |
| Total | | $ | 273,028 | | | $ | 9,498 | | | $ | 30,519 | |
| | | | | |
| (1) | US royalty was paid off during the year ended December 31, 2021. SWK continues to receive insignificant royalties on international sales. |
| (2) | Investment considered partially impaired. |
| (3) | Investment on non-accrual. |
| (4) | Investment was paid off during the nine months ended September 30, 2023. SWK continues to receive royalties on actual sales. |
| (5) | Flowonix Medical assets were sold to a medical device company during the nine months ended September 30, 2023. In exchange for releasing its lien, SWK received cash at close and is expected to receive royalties on sales of two products. The finance receivable is now classified as a royalty. |
| (6) | In July 2023, Ideal Implant assets were sold to an aesthetics company, which is expected to pay SWK a mid-single digit, capped royalty on implant sales in 2024. |
| (7) | AOTI warrants exercised and converted to shares. |
| (8) | During each of the three months ended June 30, 2024 and September 30, 2024, the Company identified errors relating to prior periods (three months ended March 31, 2024 and June 30, 2024) which were immaterial and corrected in those respective periods. See Note 1 for more details. |
Unless otherwise specified, our senior secured debt assets generally are repaid by a revenue interest that is charged on a company’s quarterly net sales and royalties.
Critical Accounting Policies and Estimates
Our critical accounting policies and estimates are described in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report. We believe there have been no new critical accounting policies or material changes to our existing critical accounting policies and estimates during the nine months ended September 30, 2024, compared to those discussed in our Annual Report.
Recent Accounting Pronouncements
Refer to Part I. Financial Information, Item 1. Financial Statements, Note 1 of the notes to the unaudited condensed consolidated financial statements for a listing of recent accounting pronouncements and their potential impact to our consolidated financial statements.
Comparison of the three months ended September 30, 2024 and 2023 (in millions)
| | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | |
| 2024 | | 2023 | | Change $ |
| Revenues | $ | 10.4 | | | $ | 9.0 | | | $ | 1.4 | |
| Provision for credit losses | 1.4 | | | 0.2 | | | 1.2 | |
| | | | | |
| Interest expense | 1.1 | | | 0.2 | | | 0.9 | |
| Pharmaceutical manufacturing, research and development expense | 0.6 | | | 0.6 | | | — | |
| | | | | |
| Depreciation and amortization expense | 0.2 | | | 0.7 | | | (0.5) | |
| General and administrative expense | 3.0 | | | 3.0 | | | — | |
| Other income (expense), net | 0.3 | | | (0.2) | | | 0.5 | |
| Income tax expense (benefit) | 0.9 | | | (0.4) | | | 1.3 | |
| Net income | 3.5 | | | 4.5 | | | (1.0) | |
Revenues
Revenues increased to $10.4 million for the three months ended September 30, 2024 from $9.0 million for the three months ended September 30, 2023. The $1.4 million increase in revenue for the three months ended September 30, 2024 was primarily due to a $0.9 million increase in Finance Receivables segment revenue and a $0.3 million increase in Pharmaceutical Development segment revenue. The $0.9 million increase in Finance Receivables segment revenue was primarily due to an increase of $2.1 million in interest and fees earned due to funding new and existing loans offset by $1.2 million decrease in interest, fees and royalties earned on finance receivables that were paid off during the period.
Provision for Credit Losses
Our provision for credit losses is established through charges or credits to income in the form of the provision in order to bring our allowance for credit losses for loans and unfunded commitments to a level deemed appropriate by management. We recognized a net provision for credit losses of $1.4 million during the three months ended September 30, 2024 and $0.2 million during three months ended September 30, 2023, respectively. See Note 3 to the unaudited condensed consolidated financial statements for further information on the allowance for credit losses.
Interest Expense
Interest expense consists of interest accrued on our revolving line of credit, 9.00% Senior Notes due 2027, unused line of credit and maintenance fees, as well as amortization of debt issuance costs. Interest expense increased to $1.1 million for the three months ended September 30, 2024 from $0.2 million for the three months ended September 30, 2023. The $0.9 million increase in interest expense was due to issuing approximately $32.9 million of Notes in an underwritten public offering in October of 2023. See Note 5 for further information on the Notes, new Credit Agreement, and Prior Credit Agreement.
Pharmaceutical Manufacturing, Research and Development Expense
Pharmaceutical manufacturing, research and development expense remained consistent for the three months ended September 30, 2024 as compared to the same period in the previous year resulting in an immaterial change in total activity.
Depreciation and Amortization Expense
The $0.5 million decrease in depreciation and amortization expense for the three months ended September 30, 2024 primarily consisted of a decrease in amortization expense related to no longer amortizing intangible assets related to the Cara license as the intangible assets were fully impaired during the three months ended June 30, 2024. Amortization expense is aligned with the expected future cash flows of the intangible assets.
General and Administrative Expense
General and administrative expenses consist primarily of compensation; stock-based compensation and related costs for management, staff and Board; legal and audit expenses; and corporate governance expenses. General and administrative expenses stayed flat at $3.0 million for the three months ended September 30, 2024 and 2023 resulting in an immaterial change in total activity between the periods.
Other Income (expense), Net
Other income, net increased to $0.3 million for the three months ended September 30, 2024 from other expense, net of $0.2 million for the three months ended September 30, 2023. The $0.5 million increase includes gains on foreign currency transactions and unrealized gains on warrants related to changes in fair value of warrant assets.
Income Tax Expense
During the three months ended September 30, 2024 we recognized $0.9 million of income tax expense, for the three months ended September 30, 2023 we recognized an income tax benefit of $0.4 million. Income tax expense increased period over period due to the release of valuation allowance on deferred tax assets of $1.1 million during the three months ended September 30, 2023 and an increase in the Company's effective tax rate, which was 22.8% and 13.6% as of September 30, 2024 and 2023, respectively.
Comparison of the nine months ended September 30, 2024 and 2023 (in millions)
| | | | | | | | | | | | | | | | | |
| Nine Months Ended
September 30, | | |
| 2024 | | 2023 | | Change $ |
| Revenues | $ | 32.6 | | | $ | 27.9 | | | $ | 4.7 | |
| Provision (benefit) for credit losses | 10.8 | | | (0.5) | | | 11.3 | |
| Loss on impairment of intangible assets | 5.8 | | | — | | | 5.8 | |
| Interest expense | 3.5 | | | 0.7 | | | 2.8 | |
| Pharmaceutical manufacturing, research and development expense | 1.6 | | | 2.8 | | | (1.2) | |
| Change in fair value of acquisition-related contingent consideration | (4.9) | | | — | | | (4.9) | |
| Depreciation and amortization expense | 1.2 | | | 1.9 | | | (0.7) | |
| General and administrative expense | 8.6 | | | 8.5 | | | 0.1 | |
| Other income (expense), net | 3.7 | | | (0.3) | | | 4.0 | |
| Income tax expense | 2.2 | | | 1.0 | | | 1.2 | |
| Net income | 7.6 | | | 13.0 | | | (5.4) | |
Revenues
Revenues increased to $32.6 million for the nine months ended September 30, 2024 from $27.9 million for the nine months ended September 30, 2023. The $4.7 million increase in revenue for the nine months ended September 30, 2024 consisted of a $3.7 million increase in Finance Receivables segment revenue and a $1.1 million increase in Pharmaceutical Development segment revenue. The $3.7 million increase in Finance Receivables segment revenue was primarily due to a $6.3 million increase in interest and fees earned due to funding new and existing loans offset by $2.4 million decrease in interest, fees and royalties earned on finance receivables that were paid off during the period. The increase in the Pharmaceutical Development segment was primarily due to the Aptar collaboration agreement.
Provision (Benefit) for Credit Losses
Our provision for credit losses is established through charges or credits to income in the form of the provision in order to bring our allowance for credit losses for loans and unfunded commitments to a level deemed appropriate by management. We recognized a net provision for credit losses of $10.8 million during the nine months ended September 30, 2024 and a $0.5 million benefit during nine months ended September 30, 2023, respectively. Most of the change was related to a $8.1 million impairment on the Trio loan and $2.2 million impairment on the Exeevo loan that were included within the provision for credit losses during the nine months ended September 30, 2024. See Note 3 to the unaudited condensed consolidated financial statements for further information on the allowance for credit losses.
Interest Expense
Interest expense consists of interest accrued on our revolving line of credit, 9.00% Senior Notes due 2027, unused line of credit and maintenance fees, as well as amortization of debt issuance costs. Interest expense increased to $3.5 million for the nine months ended September 30, 2024 from $0.7 million for the nine months ended September 30, 2023. The $2.8 million increase in interest expense was mainly due to issuing approximately $32.9 million of Notes in an underwritten public offering in October of 2023. See Note 5 for further information on the Notes, new Credit Agreement, and Prior Credit Agreement.
Pharmaceutical Manufacturing, Research and Development Expense
Pharmaceutical manufacturing, research and development expense decreased from $2.8 million for the nine months ended September 30, 2023 to $1.6 million for the nine months ended September 30, 2024. The $1.2 million decrease was primarily due to a reduction in research and development and clinical trial expenditures related to cancelled projects during the period and bonus expense during the previous year.
Depreciation and Amortization Expense
The $0.7 million decrease in depreciation and amortization expense for the nine months ended September 30, 2024 primarily consists of a decrease in amortization expense related to no longer amortizing intangible assets related to the Cara license as the intangible assets were fully impaired during the three months ended June 30, 2024. Amortization expense is aligned with the expected future cash flows of the intangible assets. See Note 4 for more information on the impairment of the Cara license.
General and Administrative Expense
General and administrative expenses consist primarily of compensation; stock-based compensation and related costs for management, staff and Board; legal and audit expenses; and corporate governance expenses. General and administrative expenses increased to $8.6 million for the nine months ended September 30, 2024 from $8.5 million for the nine months ended September 30, 2023 resulting in an immaterial change in total activity between the periods.
Other Income (Expense), Net
Other income (expense), net increased to $3.7 million for the nine months ended September 30, 2024 from an expense of $0.3 million for the nine months ended September 30, 2023. The $4.0 million increase includes a $2.5 million gain on revaluation related to the Iluvien royalty after a contractual re-negotiation, a $1.0 million gain on unrealized foreign currency transactions, a gain of $0.5 million due to the exercise of warrants.
Income Tax Expense
During the nine months ended September 30, 2024 and 2023 we recognized $2.2 million and $1.0 million of income tax expense, respectively. Income tax expense increased period over period due to the release of valuation allowance on deferred tax assets of $1.0 million during the nine months ended September 30, 2023 and an increase in the Company's effective tax rate to 22.8% as of September 30, 2024 from 13.6% for the same period in the prior year.
Liquidity and Capital Resources
As of September 30, 2024, we had $17.2 million in cash and cash equivalents, compared to $5.2 million as of December 31, 2023. The primary driver of the $12.0 million increase in our cash balance was $57.0 million of interest, fees, principal and royalty payments received on our finance receivables and $3.3 million of cash receipts from pharmaceutical development revenues. The increase in cash and cash equivalents was partially offset by $18.6 million of investment funding, net of deferred fees and origination expenses, a net credit facility payment of $12.4 million, a payroll and benefits expense of $4.3 million, $8.0 million of payments on accounts payable, and share repurchases of $5.2 million.
We entered into a $45.0 million revolving credit facility in June 2023 with First Horizon Bank. The Credit Agreement provides for one or more incremental increases not to exceed $80.0 million, subject to the consent of the Agent and each Lender, at any time prior to the Commitment Termination Date. On October 10, 2023, the Company entered into a First Amendment to Credit Agreement pursuant to which Woodforest National Bank was added as a lender under the Credit Agreement for an aggregate commitment of $15.0 million, thereby increasing the aggregate commitments under the Credit Agreement from $45.0 million to $60.0 million. As of September 30, 2024, there was no outstanding amount under the new Credit Agreement, and $55.0 million was available for borrowing. The $60.0 million Credit Agreement contains a $5.0 million liquidity covenant, bringing the total amount available for borrowing to $55.0 million.
Our Prior Credit Agreement with Cadence Bank was terminated in connection with the establishment of the new Credit Agreement (please refer to Part II, Item 8, Financial Statements and Supplementary Data, Note 6 of the notes to the consolidated financial statements for further information regarding the Credit Agreement with First Horizon Bank).
On October 3, 2023, the Company completed a registered underwritten public offering of $30.0 million of the Notes. On October 27, 2023, the underwriters exercised their option to purchase an additional approximately $3.0 million in aggregate principal amount of the Notes. The Notes will mature on January 31, 2027, unless earlier redeemed, and will bear interest at a rate of 9.00% per annum, payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year and at maturity, commencing on December 31, 2023. The Company received net proceeds after discounts, commissions, expenses and fees, of approximately $30.6 million. See Note 5 for more information.
Primary Driver of Cash Flow
Our ability to generate cash in the future depends primarily upon our success in implementing our Finance Receivables business model of generating income by providing capital to a broad range of life science companies, institutions and inventors, as well as the success of our Pharmaceutical Development segment. We generate income primarily from four sources:
1.Primarily owning or financing through debt investments, royalties generated by the sales of life science products and related intellectual property;
2.Receiving interest and other income by advancing capital in the form of secured debt to companies in the life science sector;
3.Pharmaceutical development, manufacturing, and licensing activities utilizing the Peptelligence® platform; and
4.To a lesser extent, realizing capital appreciation from equity-related investments in the life science sector.
As of September 30, 2024, our finance receivables portfolio contains $255.9 million of net finance receivables and $0.8 million of marketable investments. We expect these assets to generate positive cash flows in 2024. We continuously monitor the short and long-term financial position of our finance receivables portfolio. In addition, the majority of our finance receivables portfolio are debt instruments that carry floating interest rates. Changes in interest rates, including the levels of the underlying reference rates may affect the interest income for debt instruments with floating rates. We believe we are well positioned to benefit should market interest rates rise in the future.
We continue to evaluate multiple attractive opportunities that, if consummated, we believe would similarly generate additional income. Since the timing of any investment is difficult to predict, our Finance Receivables segment may not be able to generate positive cash flow above what our existing assets are expected to produce in 2024. We do not assume any near-term repayments from borrowers, and as a result, no assurances can be given that actual results would not differ materially from the statement above.
Off-Balance Sheet Arrangements
In the normal course of operations, we engage in a variety of financial transactions that, in accordance with GAAP, are not recorded in our consolidated financial statements. These transactions involve, to varying degrees, elements of credit, interest rate, and liquidity risk. Such transactions are used primarily to manage partner companies’ requests for funding and take the form of loan commitments and lines of credit.
The contractual amounts of commitments to extend credit represent the amounts of potential accounting loss should the contract be fully drawn upon, the partner company defaults, and the value of any existing collateral becomes worthless. We use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet instruments.
As of September 30, 2024, we had $39.0 million in unfunded commitments. Please refer to Item 1., Financial Statements, Note 6 of the notes to the unaudited condensed consolidated financial statements for further information regarding the Company’s commitments and contingencies.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
During the nine months ended September 30, 2024, our cash and cash equivalents were deposited in accounts at well capitalized financial institutions. The fair value of our cash and cash equivalents at September 30, 2024 approximated its carrying value.
Investment and Interest Rate Risk
We are subject to financial market risks, including changes in interest rates. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flow.
As we seek to provide capital to a broad range of life science companies, institutions and investors with the majority of our finance receivables portfolio paying interest based on floating interest rates with a reference rate floor, our net investment income is dependent, in part, upon the difference between the rate at which we earn on our cash and cash equivalents and the rate at which we lend those funds to third parties. As a result, we are subject to risks relating to changes in market interest rates. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations by providing capital at variable interest rates. We do not currently engage in any interest rate hedging activities. We constantly monitor our portfolio and position our portfolio to respond appropriately to a reduction in credit rating of any of our investments.
We entered into a revolving credit facility. As we borrow funds to make additional investments, our income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we are subject to risks relating to changes in market interest rates. In periods of rising interest rates when we have debt outstanding, our cost of funds would increase, which could reduce our income, especially to the extent we continue to hold fixed rate investments. We generally seek to mitigate this risk by pricing our debt investments with floating interest rates to maintain the spread of our portfolio over the cost of leverage. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations, which we have not done. Adverse developments resulting from changes in interest rates or hedging transactions could have a materially adverse effect on our business, financial condition and results of operations. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our investment income, net of borrowing expenses.
Inflation
Certain of our partner companies may be impacted by inflation. If such partner companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and impact their ability to pay interest and principal on our loans. In addition, any projected future decreases in our partner companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce carrying value of our net assets.
ITEM 4. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.
In connection with the preparation of this report, our management, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.
Changes in Internal Control over Financial Reporting
There have been no changes during the three months ended September 30, 2024 in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We are involved in, or have been involved in, arbitrations or various other legal proceedings that arise from the normal course of our business. We cannot predict the timing or outcome of these claims and other proceedings. The ultimate outcome of any litigation is uncertain, and either unfavorable or favorable outcomes could have a material negative impact on our results of operations, balance sheets and cash flows due to defense costs, and divert management resources. Currently, we are not involved in any arbitration and/or other legal proceeding that we expect to have a material effect on our business, financial condition, results of operations and cash flows.
ITEM 1A. RISK FACTORS
Information regarding the Company’s risk factors appears in “Part I. – Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on March 20, 2024. There are no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
On May 31, 2022, the Board authorized a share repurchase program under which the Company was authorized to repurchase up to $10.0 million of the Company’s outstanding shares of common stock. The previous repurchase periods under this program were July 1, 2022 through May 15, 2023 and May 16, 2023 through May 15, 2024 (the "Prior Repurchase Programs").
On May 16, 2024, the Company announced that the Board had authorized the Company to repurchase up to $10.0 million of the Company’s outstanding shares of common stock from time-to-time until May 16, 2025, through a trading plan established in compliance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act (the “Current Repurchase Program”). The actual timing, number and value of shares repurchased under the Repurchase Program will depend on several factors, including the constraints specified in the Rule 10b5-1 trading plan, price, and general market conditions. There is no guarantee as to the exact number of shares that will be repurchased under the Repurchase Program. Our Board may also suspend or discontinue the Repurchase Program at any time, in its sole discretion. The purchase period for the Repurchase Program is May 16, 2024 through May 16, 2025.
The table below summarizes information about our purchases of common stock during the three months ended September 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Period | | Total Number of Shares Purchased | | Average Price Paid per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plan | | Maximum Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan |
| July 1, 2024 - July 31, 2024 | | 127,837 | | | $ | 16.85 | | | 127,837 | | | 7,292 | |
| August 1, 2024 - August 31, 2024 | | 41,159 | | | 16.98 | | 41,159 | | | 6,593 | |
| September 1, 2024 - September 30, 2024 | | 21,340 | | | 17.05 | | 21,340 | | | 6,229 | |
| | 190,336 | | | $ | 16.90 | | | 190,336 | | | |
As of September 30, 2024, the Company has repurchased an aggregate of 743,028 shares under the Prior Repurchase Programs and Current Repurchase Program at a total cost of $12.6 million, or $17.00 per share. As of September 30, 2024, the maximum dollar value of shares that may yet be purchased under the Current Repurchase Program was approximately $6.2 million shares of common stock.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
Not Applicable.
ITEM 5. OTHER INFORMATION.
None.
ITEM 6. EXHIBITS
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Number | Exhibit Description | | | | | Filing | | Filed |
| | Form | | Exhibit | | Date | | Herewith |
| | | | | | | | |
| 3.01 | | 8-K | | 3.1 | | 8/15/22 | | |
| 3.02 | | 8-K | | 3.02 | | 8/15/22 | | |
| 10.01# | | | | | | | | X |
| 31.01 | | | | | | | | X |
| 31.02 | | | | | | | | X |
| 32.01 | | | | | | | | X |
| 32.02 | | | | | | | | |
| | | | | | | | |
| 101.INS+ | XBRL Instance | | | | | | | X |
| | | | | | | | |
| 101.SCH+ | XBRL Taxonomy Extension Schema | | | | | | | X |
| | | | | | | | |
| 101.CAL+ | XBRL Taxonomy Extension Calculation | | | | | | | X |
| | | | | | | | |
| 101.DEF+ | XBRL Taxonomy Extension Definition | | | | | | | X |
| | | | | | | | |
| 101.LAB+ | XBRL Taxonomy Extension Labels | | | | | | | X |
| | | | | | | | |
| 101.PRE+ | XBRL Taxonomy Extension Presentation | | | | | | | X |
* These certifications accompany this Quarterly Report on Form 10-Q. They are not deemed “filed” with the Securities and Exchange Commission and are not to be incorporated by reference in any filing of SWK Holdings Corporation under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.
+ XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
# Exhibits and/or schedules to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant agrees to furnish supplementally copies of any omitted exhibits or schedules to the SEC upon request; provided, however, that the registrant may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any exhibits or schedules so furnished.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on November 14, 2024.
| | | | | | | | |
| SWK Holdings Corporation |
| | |
| By: | /s/ Joe D. Staggs |
| | Joe D. Staggs |
| | Chief Executive Officer |
| | (Principal Executive Officer) |
| | |
| By: | /s/ Adam Rice |
| | Adam Rice |
| | Chief Financial Officer |
| | (Principal Financial and Accounting Officer) |
| | |
| | |
FOURTH AMENDMENT TO CREDIT AGREEMENT AND WAIVER
This Fourth Amendment to Credit Agreement and Waiver (“Amendment”) is dated as of August 29, 2024 by and among SWK HOLDINGS CORPORATION (“SWK Holdings”), a Delaware corporation, and SWK FUNDING LLC (“SWK Funding”), a Delaware limited liability company (collectively and individually, the “Borrower”), FIRST HORIZON BANK, as agent for Lenders (in such capacity, “Agent”), and the financial institutions party hereto as lenders (collectively, the “Lenders” and each a “Lender”).
BACKGROUND
A.Borrower, Lenders and Agent are parties to a certain Credit Agreement dated as of June 28, 2023 (as amended or modified from time to time, the “Credit Agreement”). Capitalized terms used but not otherwise defined in this Amendment shall have the meanings respectively ascribed to them in the Credit Agreement.
B.Certain Events of Default have occurred and are continuing as a result of (i) the Borrower’s failure to comply with Section 6.12(b) of the Credit Agreement (Consolidated Interest Coverage Ratio) for each of the twelve calendar month periods ending March 31, 2024, April 30, 2024 and June 30, 2024 and (ii) the Borrower’s failure to comply with Section 6.12(f) of the Credit Agreement (Net Charge-Off) for the twelve calendar month period ending June 30, 2024 (collectively, the “Specified Events of Default”).
C.Borrower has requested and Agent and Lenders have agreed to (i) waive the Specified Events of Default and (ii) amend the Credit Agreement in certain respects, all on the terms and conditions set forth herein.
NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby promise and agree as follows:
1.Waiver of Specified Events of Default. Notwithstanding the provisions of the Credit Agreement to the contrary, and subject to the satisfaction of the conditions precedent set forth in Section 4 below, Agent and Lenders hereby waive the Specified Events of Default. This waiver shall be effective only to the extent specifically set forth herein and shall not (i) be construed as a waiver of any breach, Default or Event of Default other than as specifically waived herein, nor as a waiver of any breach, Default or Event of Default of which the Agent and Lenders have not been informed by the Borrower, (ii) affect the right of the Agent or the Lenders to demand compliance by the Borrower with all terms and conditions of the Credit Agreement and the Loan Documents, except as specifically modified or waived by this Amendment, (iii) to be deemed a waiver of any transaction or future action on the part of the Borrower requiring the Agent or Lenders’ consent or approval under the Credit Agreement and the Loan Documents or obligate Agent or any Lender to grant any future waiver with respect to any Default or Event of Default, or (iv) be deemed or construed to be a waiver or release of, or a limitation upon, the
166725.01003/150285450v.2
Agent or the Lenders’ exercise of any rights or remedies under the Credit Agreement or any Loan Document, whether arising as a consequence of any Default or Event of Default (other than the Specified Events of Default) which may now exist or otherwise, all such rights and remedies hereby being expressly reserved.
2.Amendment. Upon the effectiveness of this Amendment the Credit Agreement is hereby amended such that, after giving effect to all such amendments, it shall read in its entirety as attached hereto as Exhibit A.
3.Amendment Fee. Borrower shall pay to Agent, for the ratable benefit of the Lenders, a non-refundable amendment fee in an amount equal to $40,000 (the “Amendment Fee”), which Amendment Fee shall be due and payable in immediately available funds on the date hereof.
4.Effectiveness Conditions. This Amendment shall be effective upon the completion of the following conditions precedent (all agreements, documents and instruments to be in form and substance reasonably satisfactory to Agent and Agent’s counsel):
(a)Execution and delivery to Agent of this Amendment by Borrower and Lenders.
(b)Execution and delivery to Agent of such other documents and certificates (including Organizational Documents and good standing certificates) as Agent may reasonably request relating to the organization, existence and good standing of Borrower and any other legal matters relating to Borrower, the Loan Documents or the transactions contemplated thereby.
5.Representations and Warranties. Borrower represents and warrants to Agent and Lenders that:
(a)As of the date hereof, the representations and warranties of Borrower contained in the Credit Agreement and in all other Loan Documents are true and correct in all material respects (or, in the case of any such representation or warranty already qualified by materiality, in all respects) on and as of the date of such extension of credit, as though made on and as of such date (or, in the case of any such representation or warranty expressly stated to have been made as of a specific date, as of such specific date).
The execution and delivery by Borrower of this Amendment and performance of the transactions herein contemplated (i) are and will be within such party’s powers, (ii) have been authorized by all necessary organizational action, and (iii) are not and will not be in contravention in any material respect of any order of any court or other agency of government, of law or any other indenture, agreement or undertaking to which Borrower is a party or by which the property of Borrower is bound, or be in conflict with, result in a breach of, or constitute (with due notice and/or lapse of time) a default under any such indenture, agreement or undertaking or result in the imposition of any lien, charge or encumbrance
2
166725.01003/150285450v.2
of any nature on any of the properties of Borrower with failure to comply resulting in a Material Adverse Effect.
(b)This Amendment and any assignment, instrument, document, or agreement executed and delivered in connection herewith will be valid, binding and enforceable in accordance with its respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(c)After giving effect to this Amendment, no Event of Default or Default has occurred and is continuing under the Credit Agreement or any of the other Loan Documents.
6.Representations. Except as otherwise specified herein, the terms and provisions hereof shall in no manner impair, limit, restrict or otherwise affect the obligations of Borrower or any third party to Agent and Lenders as evidenced by the Loan Documents. Borrower hereby acknowledges, agrees, and represents that (a) as of the date of this Amendment, there are no claims or offsets against, or defenses or counterclaims to, the terms or provisions of the Loan Documents or the other obligations created or evidenced by the Loan Documents; (b) Borrower has no claims, offsets, defenses or counterclaims arising from any of Agent’s or any existing or prior Lender’s acts or omissions with respect to the Loan Documents or Agent’s or any existing or prior Lender’s performance under the Loan Documents; and (c) Borrower promises to pay to the order of Agent and Lenders the indebtedness evidenced by the Notes according to the terms thereof.
7.Collateral. As security for the payment of the Obligations and satisfaction by Borrower of all covenants and undertakings contained in the Credit Agreement and the Loan Documents, Borrower reconfirms the prior security interest and lien on, upon and to, its Collateral, granted pursuant to the Credit Agreement and the other Loan Documents in favor of Agent, for the benefit of Lenders and Issuing Bank, whether now owned or hereafter acquired, created or arising and wherever located. Borrower hereby confirms and agrees that all security interests and Liens granted to Agent, for the benefit of Lenders and Issuing Bank, continue in full force and effect and shall continue to secure the Obligations. All Collateral remains free and clear of any Liens other than permitted pursuant to Section 6.02 of the Credit Agreement. Nothing herein contained is intended to in any manner impair or limit the validity, priority and extent of Agent’s existing security interest in and Liens upon the Collateral.
8.Acknowledgment of Indebtedness and Obligations. Borrower hereby acknowledges and confirms that, as of the date hereof, Borrower is indebted to Agent and Lenders, without defense, setoff or counterclaim, for all Obligations owing under the Credit Agreement plus accrued and unpaid interest, all fees, costs, and expenses, including reasonable attorney’s fees, incurred through the date hereof and any other indebtedness or obligations owed by Borrower with respect to Bank Products owing to Lenders.
3
166725.01003/150285450v.2
9.Ratification of Loan Documents. This Amendment shall be incorporated into and deemed a part of the Credit Agreement. Except as expressly set forth herein, all of the terms and conditions of the Credit Agreement and the Loan Documents are hereby ratified and confirmed and continue unchanged and in full force and effect. All references to the Credit Agreement shall mean the Credit Agreement as modified by this Amendment.
10.Governing Law. This Amendment, the Credit Agreement, the Loan Documents and the transactions contemplated hereby or thereby, and any claim, controversy, or dispute arising out of or relating to this Amendment, the Credit Agreement, the Loan Documents and the transactions contemplated hereby or thereby shall be governed by, construed and enforced in accordance with the laws of the State of New York, excluding its conflict of law rules.
11.Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same respective agreement. Signature by facsimile or PDF shall also bind the parties hereto.
12.WAIVER OF JURY TRIAL. BORROWER, LENDERS AND AGENT WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATED TO THIS AMENDMENT OR THE TRANSACTIONS DESCRIBED HEREIN.
SIGNATURES ON FOLLOWING PAGES
4
166725.01003/150285450v.2
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective duly authorized officers as of the date first above written.
| | | | | |
| BORROWER: | SWK HOLDINGS CORPORATION
By: ___/s/ Joe D.Staggs_______________ Name: Joe D. Staggs Title: President and Chief Executive Officer
SWK FUNDING LLC
By: SWK Holdings Corporation, its sole Manager
By: ___/s/ Joe D. Staggs_________________ Name: Joe D. Staggs Title: President and Chief Executive Officer |
| |
[Signature Page to Fourth Amendment to Credit Agreement and Waiver]
116549.01029/129421423v.1
166725.01003/150285450v.2
| | | | | |
| AGENT: | FIRST HORIZON BANK
By: ____________________________ Name: ____________________________ Title: ____________________________ |
[Signature Page to Fourth Amendment to Credit Agreement and Waiver]
166725.01003/150285450v.2
| | | | | |
| LENDERS: | FIRST HORIZON BANK
By: ____________________________ Name: ____________________________ Title: ____________________________
WOODFOREST NATIONAL BANK
By: _____/s/ Christopher J. Thompson_____ Name: Christopher J. Thompson Title: Senior Vice President |
[Signature Page to Fourth Amendment to Credit Agreement and Waiver]
166725.01003/150285450v.2
EXHIBIT 31.1
CERTIFICATION
I, Joe D. Staggs, Principal Executive Officer and of the registrant, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of SWK Holdings Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | | | | | | | |
| Date: | November 14, 2024 | | /s/ Joe D. Staggs | |
| | | Joe D. Staggs | |
| | | Principal Executive Officer | |
| | | | |
| | | | |
EXHIBIT 31.2
CERTIFICATION
I, Adam Rice, Principal Financial & Accounting Officer and of the registrant, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of SWK Holdings Corporation;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | | | | | | | |
| Date: | November 14, 2024 | | /s/ Adam Rice | |
| | | Adam Rice | |
| | | Principal Financial and Accounting Officer | |
| | | | |
| | | | |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
RULE 13a-14(b) OF THE SECURITIES EXCHANGE ACT OF 1934
AND 18 U.S.C. SECTION 1350
In connection with the Quarterly Report of SWK Holdings Corporation (the “Registrant”) on Form 10-Q for the quarterly period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Joe D. Staggs, Principal Executive Officer of the Registrant, certify, in accordance with Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, that to the best of my knowledge:
(1) The Report, to which this certification is attached as Exhibit 32.01, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
| | | | | | | | | | | |
| Date: | November 14, 2024 | | /s/ Joe D. Staggs |
| | | Joe D. Staggs |
| | | Principal Executive Officer |
| | | |
| | | |
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
RULE 13a-14(b) OF THE SECURITIES EXCHANGE ACT OF 1934
AND 18 U.S.C. SECTION 1350
In connection with the Quarterly Report of SWK Holdings Corporation (the “Registrant”) on Form 10-Q for the quarterly period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Adam Rice, Principal Financial and Accounting Officer of the Registrant, certify, in accordance with Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, that to the best of my knowledge:
(1) The Report, to which this certification is attached as Exhibit 32.01, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
| | | | | | | | | | | |
| Date: | November 14, 2024 | | /s/ Adam Rice |
| | | Adam Rice |
| | | Principal Financial and Accounting Officer |
| | | |
| | | |
v3.24.3
Cover Page - shares
|
9 Months Ended |
|
Sep. 30, 2024 |
Nov. 07, 2024 |
| Entity Information [Line Items] |
|
|
| Document Type |
10-Q
|
|
| Document Quarterly Report |
true
|
|
| Document Period End Date |
Sep. 30, 2024
|
|
| Document Transition Report |
false
|
|
| Entity File Number |
001-39184
|
|
| Entity Registrant Name |
SWK Holdings Corporation
|
|
| Entity Incorporation, State or Country Code |
DE
|
|
| Entity Tax Identification Number |
77-0435679
|
|
| Entity Address, Address Line One |
5956 Sherry Lane
|
|
| Entity Address, Address Line Two |
Suite 650
|
|
| Entity Address, City or Town |
Dallas
|
|
| Entity Address, State or Province |
TX
|
|
| Entity Address, Postal Zip Code |
75225
|
|
| City Area Code |
972
|
|
| Local Phone Number |
687-7250
|
|
| Entity Current Reporting Status |
Yes
|
|
| Entity Interactive Data Current |
Yes
|
|
| Entity Filer Category |
Non-accelerated Filer
|
|
| Entity Small Business |
true
|
|
| Entity Emerging Growth Company |
false
|
|
| Entity Shell Company |
false
|
|
| Entity Common Stock, Shares Outstanding |
|
12,233,223
|
| Entity Central Index Key |
0001089907
|
|
| Current Fiscal Year End Date |
--12-31
|
|
| Document Fiscal Year Focus |
2024
|
|
| Document Fiscal Period Focus |
Q3
|
|
| Amendment Flag |
false
|
|
| Common Stock |
|
|
| Entity Information [Line Items] |
|
|
| Title of 12(b) Security |
Common Stock, par value $0.001 per share
|
|
| Trading Symbol |
SWKH
|
|
| Security Exchange Name |
NASDAQ
|
|
| Senior Notes |
|
|
| Entity Information [Line Items] |
|
|
| Title of 12(b) Security |
9.00% Senior Notes due 2027
|
|
| Trading Symbol |
SWKHL
|
|
| Security Exchange Name |
NASDAQ
|
|
| X |
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v3.24.3
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Current assets: |
|
|
| Cash and cash equivalents |
$ 17,178
|
$ 4,503
|
| Restricted cash |
0
|
733
|
| Interest, accounts receivable and other receivables, net |
6,420
|
4,729
|
| Other current assets |
1,610
|
1,904
|
| Total current assets |
25,208
|
11,869
|
| Finance receivables, net of allowance for credit losses of $14,343 and $13,901 as of September 30, 2024 and December 31, 2023, respectively |
255,904
|
274,504
|
| Collateral on foreign currency forward contract |
2,750
|
2,750
|
| Marketable investments |
755
|
48
|
| Deferred tax assets, net |
26,190
|
28,290
|
| Warrant assets |
2,026
|
1,759
|
| Intangible assets, net |
220
|
6,487
|
| Property and equipment, net |
4,816
|
5,438
|
| Other non-current assets |
3,410
|
3,109
|
| Total assets |
321,279
|
334,254
|
| Current liabilities: |
|
|
| Accounts payable and accrued liabilities |
2,874
|
3,935
|
| Deferred income |
2,109
|
9
|
| Total current liabilities |
4,983
|
3,944
|
| Contingent consideration payable |
0
|
4,900
|
| Unsecured senior notes, net |
31,243
|
30,781
|
| Revolving credit facility |
0
|
12,350
|
| Other non-current liabilities |
1,622
|
1,964
|
| Total liabilities |
37,848
|
53,939
|
| Commitments and contingencies (Note 6) |
|
|
| Stockholders’ equity: |
|
|
| Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding |
0
|
0
|
| Common stock, $0.001 par value; 250,000,000 shares authorized; 12,263,982 and 12,497,770 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively |
12
|
12
|
| Additional paid-in capital |
4,420,604
|
4,425,104
|
| Accumulated deficit |
(4,137,185)
|
(4,144,801)
|
| Total stockholders' equity |
283,431
|
280,315
|
| Total liabilities and stockholders' equity |
$ 321,279
|
$ 334,254
|
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
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-Section 50
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-Subparagraph (f)
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-Section S99
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-Subparagraph (SAB Topic 4.E)
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v3.24.3
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Statement of Financial Position [Abstract] |
|
|
| Financing receivable, allowance for credit loss excluding accrued interest |
$ 14,343
|
$ 13,901
|
| Preferred stock, par or stated value per share (in dollars per share) |
$ 0.001
|
$ 0.001
|
| Preferred stock, shares authorized (in shares) |
5,000,000
|
5,000,000
|
| Preferred stock, shares issued (in shares) |
0
|
0
|
| Preferred stock, shares outstanding (in shares) |
0
|
0
|
| Common stock, par or stated value per share (in dollars per share) |
$ 0.001
|
$ 0.001
|
| Common stock, shares authorized (in shares) |
250,000,000
|
250,000,000
|
| Common stock, shares, issued (in shares) |
12,263,982
|
12,497,770
|
| Common stock, shares, outstanding (in shares) |
12,263,982
|
12,497,770
|
| X |
- DefinitionFace amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
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-Topic 210
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-Section S99
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-Topic 210
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Section S99
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-Topic 326
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-Topic 210
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-Topic 505
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v3.24.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Revenues: |
|
|
|
|
| Finance receivable interest income, including fees |
$ 9,498
|
$ 8,608
|
$ 30,519
|
$ 27,146
|
| Pharmaceutical development |
628
|
315
|
1,711
|
616
|
| Other |
292
|
39
|
395
|
108
|
| Total revenues |
10,418
|
8,962
|
32,625
|
27,870
|
| Costs and expenses: |
|
|
|
|
| Provision (benefit) for credit losses |
1,385
|
223
|
10,777
|
(459)
|
| Loss on impairment of intangibles assets |
0
|
0
|
5,771
|
0
|
| Interest expense |
1,139
|
176
|
3,514
|
721
|
| Pharmaceutical manufacturing, research and development expense |
585
|
606
|
1,635
|
2,834
|
| Change in fair value of acquisition-related contingent consideration |
0
|
0
|
(4,900)
|
0
|
| Depreciation and amortization expense |
234
|
652
|
1,169
|
1,937
|
| General and administrative expense |
2,993
|
2,979
|
8,600
|
8,516
|
| Income from operations |
4,082
|
4,326
|
6,059
|
14,321
|
| Other income (expense), net |
|
|
|
|
| Unrealized net gain (loss) on warrants |
47
|
(162)
|
178
|
(745)
|
| Unrealized net (loss) gain on marketable investments |
(6)
|
0
|
12
|
0
|
| Realized gain on sale of marketable investments |
0
|
0
|
495
|
0
|
| Realized loss on sale of assets |
0
|
0
|
(228)
|
0
|
| Gain on revaluation of finance receivable |
0
|
0
|
2,495
|
0
|
| Realized and unrealized foreign currency transaction gains (losses) |
251
|
(76)
|
775
|
426
|
| Income before income tax expense (benefit) |
4,374
|
4,088
|
9,786
|
14,002
|
| Income tax expense (benefit) |
906
|
(386)
|
2,170
|
959
|
| Net income |
$ 3,468
|
$ 4,474
|
$ 7,616
|
$ 13,043
|
| Net income per share |
|
|
|
|
| Basic (in dollars per share) |
$ 0.28
|
$ 0.36
|
$ 0.61
|
$ 1.03
|
| Diluted (in dollars per share) |
$ 0.28
|
$ 0.36
|
$ 0.61
|
$ 1.02
|
| Weighted average shares outstanding |
|
|
|
|
| Basic (in shares) |
12,318,000
|
12,539,000
|
12,417,000
|
12,703,000
|
| Diluted (in shares) |
12,408,000
|
12,582,000
|
12,492,000
|
12,746,000
|
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-Section 50
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-Subparagraph (b)
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-Subparagraph (a)
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-Section S99
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
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-Section 50
-Paragraph 42
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
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v3.24.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands |
Total |
Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Cumulative Effect, Period of Adoption, Adjustment |
| Beginning balance (in shares) at Dec. 31, 2022 |
|
12,843,157
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
$ 279,929
|
$ 12
|
$ 4,430,922
|
$ (4,151,005)
|
$ (9,683)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Stock-based compensation |
35
|
|
35
|
|
|
| Issuance of common stock upon vesting of restricted stock (in shares) |
|
16,008
|
|
|
|
| Repurchases of common stock in open market (in shares) |
|
(28,766)
|
|
|
|
| Repurchases of common stock in open market |
(531)
|
|
(531)
|
|
|
| Net income |
4,635
|
|
|
4,635
|
|
| Ending balance at Mar. 31, 2023 |
274,385
|
$ 12
|
4,430,426
|
(4,156,053)
|
|
| Ending balance (in shares) at Mar. 31, 2023 |
|
12,830,399
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2022 |
|
12,843,157
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
279,929
|
$ 12
|
4,430,922
|
(4,151,005)
|
$ (9,683)
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Net settlement for employee taxes on stock options |
0
|
|
|
|
|
| Net income |
13,043
|
|
|
|
|
| Ending balance at Sep. 30, 2023 |
277,565
|
$ 12
|
4,425,198
|
(4,147,645)
|
|
| Ending balance (in shares) at Sep. 30, 2023 |
|
12,510,776
|
|
|
|
| Beginning balance (in shares) at Mar. 31, 2023 |
|
12,830,399
|
|
|
|
| Beginning balance at Mar. 31, 2023 |
274,385
|
$ 12
|
4,430,426
|
(4,156,053)
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Stock-based compensation |
164
|
|
164
|
|
|
| Issuance of common stock upon vesting of restricted stock (in shares) |
|
8,612
|
|
|
|
| Repurchases of common stock in open market (in shares) |
|
(272,492)
|
|
|
|
| Repurchases of common stock in open market |
(4,599)
|
|
(4,599)
|
|
|
| Net income |
3,934
|
|
|
3,934
|
|
| Ending balance at Jun. 30, 2023 |
273,884
|
$ 12
|
4,425,991
|
(4,152,119)
|
|
| Ending balance (in shares) at Jun. 30, 2023 |
|
12,566,519
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Stock-based compensation |
170
|
|
170
|
|
|
| Issuance of common stock upon vesting of restricted stock (in shares) |
|
4,592
|
|
|
|
| Repurchases of common stock in open market (in shares) |
|
(60,335)
|
|
|
|
| Repurchases of common stock in open market |
(963)
|
|
(963)
|
|
|
| Net income |
4,474
|
|
|
4,474
|
|
| Ending balance at Sep. 30, 2023 |
$ 277,565
|
$ 12
|
4,425,198
|
(4,147,645)
|
|
| Ending balance (in shares) at Sep. 30, 2023 |
|
12,510,776
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2023 |
12,497,770
|
12,497,770
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
$ 280,315
|
$ 12
|
4,425,104
|
(4,144,801)
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Stock-based compensation |
111
|
|
111
|
|
|
| Forfeiture of unvested restricted stock (in shares) |
|
(6,446)
|
|
|
|
| Issuance of common stock upon vesting of restricted stock (in shares) |
|
48,918
|
|
|
|
| Repurchases of common stock in open market (in shares) |
|
(58,298)
|
|
|
|
| Repurchases of common stock in open market |
(999)
|
|
(999)
|
|
|
| Net income |
468
|
|
|
468
|
|
| Ending balance at Mar. 31, 2024 |
$ 279,895
|
$ 12
|
4,424,216
|
(4,144,333)
|
|
| Ending balance (in shares) at Mar. 31, 2024 |
|
12,481,944
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2023 |
12,497,770
|
12,497,770
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
$ 280,315
|
$ 12
|
4,425,104
|
(4,144,801)
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Net income |
4,148
|
|
|
|
|
| Ending balance at Jun. 30, 2024 |
$ 282,831
|
$ 12
|
4,423,472
|
(4,140,653)
|
|
| Ending balance (in shares) at Jun. 30, 2024 |
|
12,447,195
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2023 |
12,497,770
|
12,497,770
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
$ 280,315
|
$ 12
|
4,425,104
|
(4,144,801)
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Net settlement for employee taxes on stock options |
43
|
|
|
|
|
| Net income |
7,616
|
|
|
|
|
| Ending balance at Sep. 30, 2024 |
$ 283,431
|
$ 12
|
4,420,604
|
(4,137,185)
|
|
| Ending balance (in shares) at Sep. 30, 2024 |
12,263,982
|
12,263,982
|
|
|
|
| Beginning balance (in shares) at Mar. 31, 2024 |
|
12,481,944
|
|
|
|
| Beginning balance at Mar. 31, 2024 |
$ 279,895
|
$ 12
|
4,424,216
|
(4,144,333)
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Stock-based compensation |
249
|
|
249
|
|
|
| Issuance of common stock upon vesting of restricted stock (in shares) |
|
17,323
|
|
|
|
| Repurchases of common stock in open market (in shares) |
|
(54,667)
|
|
|
|
| Repurchases of common stock in open market |
(950)
|
|
(950)
|
|
|
| Net settlement for employee taxes on stock options |
(43)
|
|
(43)
|
|
|
| Stock options exercised, net |
|
2,595
|
|
|
|
| Net income |
3,680
|
|
|
3,680
|
|
| Ending balance at Jun. 30, 2024 |
282,831
|
$ 12
|
4,423,472
|
(4,140,653)
|
|
| Ending balance (in shares) at Jun. 30, 2024 |
|
12,447,195
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
| Stock-based compensation |
348
|
|
348
|
|
|
| Issuance of common stock upon vesting of restricted stock (in shares) |
|
7,123
|
|
|
|
| Repurchases of common stock in open market (in shares) |
|
(190,336)
|
|
|
|
| Repurchases of common stock in open market |
(3,216)
|
|
(3,216)
|
|
|
| Net income |
3,468
|
|
|
3,468
|
|
| Ending balance at Sep. 30, 2024 |
$ 283,431
|
$ 12
|
$ 4,420,604
|
$ (4,137,185)
|
|
| Ending balance (in shares) at Sep. 30, 2024 |
12,263,982
|
12,263,982
|
|
|
|
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-Topic 718
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-Section 35
-Paragraph 2
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 210
-Name Accounting Standards Codification
-Section S99
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v3.24.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 7,616
|
$ 13,043
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Provision (benefit) for credit losses |
10,777
|
(459)
|
| Loss on impairment of intangible assets |
5,771
|
0
|
| Right-of-use amortization and cease use costs |
339
|
244
|
| Amortization of debt issuance costs |
775
|
243
|
| Deferred income taxes, net |
2,100
|
915
|
| Unrealized net (gain) loss on warrants |
(178)
|
745
|
| Net realized gain on exercise of warrants |
(495)
|
0
|
| Realized loss from sale of assets |
228
|
0
|
| Change in fair value of acquisition-related contingent consideration |
(4,900)
|
0
|
| Gain on revaluation of finance receivable |
(2,495)
|
0
|
| Foreign currency transaction gain |
(459)
|
(375)
|
| Unrealized gain on marketable investments |
(12)
|
0
|
| Loan discount amortization and fee accretion |
(2,461)
|
(2,959)
|
| Interest paid-in-kind |
(1,359)
|
(1,826)
|
| Stock-based compensation |
708
|
369
|
| Depreciation and amortization expense |
1,169
|
1,937
|
| Changes in operating assets and liabilities: |
|
|
| Interest, accounts receivable and other receivables |
(1,691)
|
(1,317)
|
| Other assets |
30
|
(738)
|
| Accounts payable, accrued expenses, and other non-current liabilities |
(1,403)
|
(632)
|
| Deferred income |
2,100
|
(3)
|
| Net cash provided by operating activities |
16,160
|
9,187
|
| Cash flows from investing activities: |
|
|
| Sale of finance receivables |
0
|
13,942
|
| Investment in finance receivables |
(17,736)
|
(17,525)
|
| Sale of marketable investments |
574
|
0
|
| Repayment of finance receivables |
30,582
|
7,430
|
| Corporate debt securities principal payments |
20
|
26
|
| Purchases of property and equipment |
(50)
|
(299)
|
| Net cash provided by investing activities |
13,390
|
3,574
|
| Cash flows from financing activities: |
|
|
| Net settlement for employee taxes on stock options |
(43)
|
0
|
| Net (payments on) proceeds from credit facility |
(12,350)
|
19,555
|
| Payments for financing costs |
(50)
|
(1,345)
|
| Repurchases of common stock, including fees and expenses |
(5,165)
|
(6,093)
|
| Net cash (used in) provided by financing activities |
(17,608)
|
12,117
|
| Net increase in cash, cash equivalents, and restricted cash |
11,942
|
24,878
|
| Cash, cash equivalents, and restricted cash at beginning of period |
5,236
|
6,156
|
| Cash, cash equivalents, and restricted cash at end of period |
17,178
|
31,034
|
| Supplemental non-cash investing and financing activities: |
|
|
| Derecognition of right-of-use assets and operating lease liabilities upon termination of lease |
82
|
0
|
| Fair value of warrants received with finance receivables |
$ 1,073
|
$ 822
|
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v3.24.3
SWK Holdings Corporation and Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| SWK Holdings Corporation and Summary of Significant Accounting Policies |
SWK Holdings Corporation and Summary of Significant Accounting Policies Nature of Operations SWK Holdings Corporation (the “Company,” “we,” or “us”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In July 2012, we commenced a strategy of building a specialty finance and asset management business. In August 2019, we commenced a complementary strategy of building a pharmaceutical development, manufacturing and intellectual property licensing business. Our operations comprise two reportable segments: “Finance Receivables” and “Pharmaceutical Development.” We evaluate and invest in a broad range of healthcare related companies and products with innovative intellectual property, including the biotechnology, medical device, medical diagnostics and related tools, animal health and pharmaceutical industries (collectively, “life sciences”). We allocate capital to each segment in order to generate income through the sales of life science products by third parties and related earned income sources. The Company is headquartered in Dallas, Texas, and as of September 30, 2024, the Company had 22 full-time employees. The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. As of November 7, 2024, the Company and its partners have executed transactions with 56 different parties under its specialty finance strategy, funding an aggregate of $798.5 million in various financial products across the life science sector. The Company’s portfolio includes senior and subordinated debt backed by royalties and synthetic royalties paid by companies in the life science sector, and purchased royalties generated by sales of life science products and related intellectual property. During 2019, we commenced our Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc. (“Enteris”). Enteris is a clinical development and manufacturing organization providing development services to pharmaceutical partners as well as innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform. We seek to generate income by providing customers pharmaceutical development, formulation and manufacturing services as well as licensing its internally developed intellectual property. With an effective date of April 21, 2023, we entered into a collaboration agreement with a strategic partner under which we would be the exclusive provider of certain contract development and manufacturing organization ("CDMO") services to its customers. Fee revenue generated as a result of this agreement is presented as pharmaceutical development revenue on the unaudited condensed consolidated statement of income and is accounted for in accordance with our revenue recognition policy as described under Revenue Recognition below. With an effective date of January 1, 2024, we entered into an Option and Asset Purchase Agreement with the same strategic partner on March 14, 2024, which granted the partner an exclusive option to acquire certain of Enteris’ assets related to its business of providing CDMO services to third parties, subject to certain exclusions. The partner must exercise the option by or before January 1, 2026. Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a variable interest entity (“VIE”) when it possesses both the power to direct the activities of the VIE that most significantly impact its economic performance and the Company is either obligated to absorb the losses that could potentially be significant to the VIE or the Company holds the right to receive benefits from the VIE that could potentially be significant to the VIE, after elimination of intercompany accounts and transactions. The Company owns interests in various partnerships and limited liability companies, or LLCs. The Company consolidates its investments in these partnerships or LLCs where the Company, as the general partner or managing member, exercises effective control. Even though the Company’s ownership may be less than 50 percent, the related governing agreements provide the Company with broad powers, and the other parties do not participate in the management of the entities and do not effectively have the ability to remove the Company. The Company has reviewed each of the underlying agreements to determine if it has effective control. If circumstances change and it is determined this control does not exist, any such investment would be recorded using the equity method of accounting. Although this would change individual line items within the Company’s consolidated financial statements, it would have no effect on its operations and/or total stockholders’ equity attributable to the Company. Unaudited Interim Financial Information The unaudited condensed consolidated financial statements have been prepared by the Company and reflect all normal, recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the interim financial information. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending December 31, 2024. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 20, 2024. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition; stock-based compensation; valuation of interest and accounts receivable; allowance for credit losses; valuation or impairment of long-lived assets; property and equipment; intangible assets; valuation of warrants and other investments; contingent consideration; income taxes; and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and consequently, actual results may differ from these estimates. The Company’s estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause changes to those estimates and assumptions. Market conditions, such as illiquid credit markets, health crises such as the COVID-19 global pandemic, volatile equity markets, and economic downturns, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. Segment Information The Company earns revenues from its two U.S.-based business segments: its specialty finance and asset management business offering customized financing solutions to a broad range of life-sciences companies ("Finance Receivable segment"), and its business offering CDMO services to pharmaceutical partners as well as innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform (“Pharmaceutical Development segment”). Revenue Recognition The Company’s Pharmaceutical Development segment enters into collaboration and licensing agreements with strategic partners, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. Deferred revenue includes amounts that have been billed per the contractual terms but have not been recognized as revenue. Correction of Errors in Previously Issued Unaudited Condensed Consolidated Financial Statements The Company identified certain errors that affected the unaudited condensed consolidated financial statements for the quarters ended March 31, 2024 and June 30, 2024. The errors corrected revenue recognition for three investments which related to a holdback liability that should not have been recorded to revenue, interest income recognized when no payment was expected in the period, a revaluation write-up that was not factored into the amortization schedule, and royalty forecasted cash flows that did not reflect the most current estimates for the respective periods. The errors were determined to be immaterial to the prior period's unaudited condensed consolidated financial statements and did not warrant restatement and reissuance of the previously issued unaudited condensed consolidated financial statements. However, the Company recorded corrections to the prior quarters ended March 31, 2024 and June 30, 2024 and the financial statements will be revised the next time they are presented as comparative information in future filings. The Company based its qualitative and quantitative analysis on SEC Staff’s Accounting Bulletins Topic 1.M, "Materiality and Topic 1.N, Considering the Effects of Misstatements when Quantifying Misstatements in the Current Year Financial Statements." The following tables detail the revisions to the line items of our previously issued unaudited condensed financial statements to reflect the correction of the errors (in thousands):
| | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | As Reported | | Adjustment (1) | | As Revised | | Revenues: | | | | | | | | Finance receivable interest income, including fees | | $ | 11,454 | | | $ | (419) | | | $ | 11,035 | | | Pharmaceutical development | | 279 | | | — | | | 279 | | | Other | | 46 | | — | | | 46 | | Total revenues | | 11,779 | | | (419) | | | 11,360 | | | Expenses: | | | | | | | | Provision for credit losses | | $ | 5,323 | | | $ | (26) | | | $ | 5,297 | | | Net income | | $ | 861 | | | $ | (393) | | | $ | 468 | | | Basic net income per share | | $ | 0.07 | | | $ | (0.03) | | | $ | 0.04 | | | Diluted net income per share | | $ | 0.07 | | | $ | (0.03) | | | $ | 0.04 | | | Assets: | | | | | | | | Finance receivables, net of allowance for credit losses | | $ | 261,285 | | | $ | (393) | | | $ | 260,892 | | | Total assets | | $ | 322,350 | | | $ | (393) | | | $ | 321,957 | | | Stockholders' equity: | | | | | | | | Accumulated deficit | | $ | (4,143,940) | | | $ | (393) | | | $ | (4,144,333) | | | Total stockholders' equity | | $ | 280,288 | | | $ | (393) | | | $ | 279,895 | |
(1)Consists of two error corrections, one which was identified during the three months ended June 30, 2024 and one which was identified during the three months ended September 30, 2024. | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | As Reported | | Adjustment | | As Revised | | Revenues: | | | | | | | | Finance receivable interest income, including fees | | $ | 10,680 | | | $ | (694) | | | $ | 9,986 | | | Pharmaceutical development | | 804 | | | — | | | 804 | | | Other | | 57 | | — | | | 57 | | Total revenues | | $ | 11,541 | | | $ | (694) | | | $ | 10,847 | | | Expenses: | | | | | | | | Provision for credit losses | | $ | 4,074 | | | $ | 21 | | | $ | 4,095 | | | Net income | | $ | 4,395 | | | $ | (715) | | | $ | 3,680 | | | Basic net income per share | | $ | 0.35 | | | $ | (0.06) | | | $ | 0.29 | | | Diluted net income per share | | $ | 0.35 | | | $ | (0.06) | | | $ | 0.29 | | | Assets: | | | | | | | | Finance receivables, net of allowance for credit losses | | $ | 265,470 | | | $ | (373) | | | $ | 265,097 | | | Total assets | | $ | 321,374 | | | $ | (373) | | | $ | 321,001 | | | Stockholders' equity: | | | | | | | | Accumulated deficit | | $ | (4,140,280) | | | $ | (373) | | | $ | (4,140,653) | | | Total stockholders' equity | | $ | 283,204 | | | $ | (373) | | | $ | 282,831 | |
| | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | As Reported | | Adjustment | | As Revised | | Revenues: | | | | | | | | Finance receivable interest income, including fees | | $ | 21,399 | | | $ | (378) | | | $ | 21,021 | | | Pharmaceutical development | | 1,083 | | | — | | | 1,083 | | | Other | | 103 | | — | | | 103 | | Total revenues | | 22,585 | | | (378) | | | 22,207 | | | Expenses: | | | | | | | | Provision for credit losses | | $ | 9,397 | | | $ | (5) | | | $ | 9,392 | | | Net income | | $ | 4,521 | | | $ | (373) | | | $ | 4,148 | | | Basic net income per share | | $ | 0.36 | | | $ | (0.03) | | | $ | 0.33 | | | Diluted net income per share | | $ | 0.36 | | | $ | (0.03) | | | $ | 0.33 | | | Assets: | | | | | | | | Finance receivables, net of allowance for credit losses | | $ | 265,470 | | | $ | (373) | | | $ | 265,097 | | | Total assets | | $ | 321,374 | | | $ | (373) | | | $ | 321,001 | | | Stockholders' equity: | | | | | | | | Accumulated deficit | | (4,140,280) | | | (373) | | | (4,140,653) | | | Total stockholders' equity | | $ | 283,204 | | | $ | (373) | | | $ | 282,831 | |
Research and Development Research and development expenses include the costs associated with internal research and development and research and development conducted for the Company by third parties. These costs primarily consist of salaries, pre-clinical and clinical trials, outside consultants, and supplies. All research and development costs discussed above are expensed as incurred. Third-party expenses reimbursed under research and development contracts, which are not refundable, are recorded as a reduction to pharmaceutical manufacturing research and development expense in the unaudited condensed consolidated statements of income. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848),” which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. These transactions include: (i) contract modifications, (ii) hedging relationships, and (iii) sales or transfers of debt securities classified as held-to-maturity. ASU 2020-04 was effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. The Company has identified existing loans that reference London Inter-Bank Offered Rate (“LIBOR”) and is in the process of evaluating alternatives in each situation. The Company expects that it will elect to apply some of the expedients and exceptions provided in ASU 2020-04 and does not believe the adoption of this standard will have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Public entities are required to adopt the changes retrospectively, recasting each prior-period disclosure for which a comparative income statement is presented in the period of adoption. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The standard is intended to provide greater transparency in various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures.
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v3.24.3
Net Income per Share
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Net Income per Share |
Net Income per Share Basic net income per share is computed using the weighted-average number of outstanding shares of common stock. Diluted net income per share is computed using the weighted-average number of outstanding shares of common stock, and when dilutive, shares of common stock issuable upon exercise of options and warrants deemed outstanding using the treasury stock method. The following table shows the computation of basic and diluted net income per share for the following periods (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Numerator: | | | | | | | | | Net income | $ | 3,468 | | | $ | 4,474 | | | $ | 7,616 | | | $ | 13,043 | | | | | | | | | | | Denominator: | | | | | | | | | Weighted-average shares outstanding | 12,318 | | | 12,539 | | | 12,417 | | | 12,703 | | | Effect of dilutive securities | 90 | | | 43 | | | 75 | | | 43 | | | Weighted-average diluted shares | 12,408 | | | 12,582 | | | 12,492 | | | 12,746 | | | | | | | | | | | Basic net income per share | $ | 0.28 | | | $ | 0.36 | | | $ | 0.61 | | | $ | 1.03 | | | Diluted net income per share | $ | 0.28 | | | $ | 0.36 | | | $ | 0.61 | | | $ | 1.02 | |
For the three months ended September 30, 2024 and 2023, outstanding options to purchase shares of common stock and outstanding shares of restricted stock in an aggregate of approximately 160,000 and 127,000, respectively, have been excluded from the calculation of diluted net income per share, as such securities were anti-dilutive. For the nine months ended September 30, 2024 and 2023, outstanding options to purchase shares of common stock and outstanding shares of restricted stock in an aggregate of approximately 161,000 and 121,000, respectively, have been excluded from the calculation of diluted net income per share, as such securities were anti-dilutive.
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v3.24.3
Finance Receivables
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Receivables [Abstract] |
|
| Finance Receivables |
Finance Receivables Finance receivables are reported at their determined principal balances net of any unearned income, cumulative write offs charged against the allowance for credit losses, and unamortized deferred fees and costs. Unearned income and deferred fees and costs are amortized to interest income based on all cash flows expected using the effective interest method. The carrying values of finance receivables were as follows (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | Term loans | $ | 197,975 | | | $ | 221,145 | | Royalty purchases | 72,272 | | | 67,260 | | Total before allowance for credit losses | 270,247 | | | 288,405 | | Allowance for credit losses | (14,343) | | | (13,901) | | Total carrying value | $ | 255,904 | | | $ | 274,504 | |
Allowance for Credit Losses The allowance for credit losses ("ACL") is management's estimate of the amount of expected credit losses over the life of the loan portfolio, or the amount of amortized cost basis not expected to be collected, at the balance sheet date. This estimate encompasses information about historical events, current conditions and reasonable and supportable economic forecasts. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Given the current level of economic uncertainty, the complexity of the ACL estimate and level of management judgment required, we believe it is possible that the ACL estimate could change, potentially materially, in future periods. Changes in the ACL may result from changes in current economic conditions, our economic forecast, and circumstances not currently known to us that may impact the financial condition and operations of our borrowers, among other factors. Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. For finance receivables that do not share similar risk characteristics with other finance receivables, expected credit losses are estimated on an individual basis. Expected credit losses are estimated over the contractual terms of the finance receivables, adjusted for expected prepayments and unfunded commitments, generally excluding extensions and modifications. The loan portfolio segment is defined as the level at which an entity develops and documents a systematic method for determining its allowance for credit losses. The Company adopted ASU 2016-13, as amended, on January 1, 2023 using the modified retrospective approach method. The implementation of ASU 2016-13 also impacted the Company's ACL on unfunded loan commitments, as the ACL now represents expected credit losses over the contractual life of commitments not identified as unconditionally cancellable by the Company. The reserve for unfunded commitments is estimated using the same reserve or coverage rates calculated on collectively evaluated loans following the application of a funding rate to the amount of the unfunded commitment. The funding rate represents management's estimate of the amount of the current unfunded commitment that will be funded over the remaining contractual life of the commitment and is based on historical data. On January 1, 2023, the Company recorded an adjustment for unfunded commitments of $0.4 million for the adoption of ASU 2016-13. As of September 30, 2024 and December 31, 2023 the Company has a $0.2 million liability for credit losses on off-balance sheet exposures related to unfunded commitments, with this liability included in accounts payable and accrued liabilities on the condensed consolidated balance sheets. Please refer to Note 6 for further information on the Company's unfunded commitments. Allowance for Credit Losses - methodology update during the three months ended June 30, 2024 During the three months ended June 30, 2024, the Company revised its methodology for calculating the allowance for credit losses to be more directly tied to the individual risk ratings, as determined by management, of finance receivables. This resulted in a re-allocation of the existing allowance and did not have a material impact on the total allowance for credit losses amount. Previously, the Company's quarterly assessment of the allowance included two portfolio pools: Term Loans and Royalties. After the change in methodology effective for the quarter ended June 30, 2024, these pools are further broken down into individual risk ratings applied to each investment to allow for a more precise method for calculating the allowance for credit losses. The following table details the changes in the allowance for credit losses by Term Loans and Royalties (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 | | | Term Loans | | Royalties | | Total | | Term Loans | | Royalties | | Total | | Allowance at beginning of period | | $ | 9,731 | | | $ | 4,170 | | | $ | 13,901 | | | $ | — | | | $ | 11,846 | | | $ | 11,846 | | | | | | | | | | | | | | | | Effect of adoption of ASU 2016-13 | | — | | | — | | | — | | | 8,900 | | | 2,886 | | | 11,786 | | | Provision (benefit) for credit losses | | 10,202 | | | 575 | | | 10,777 | | | (922) | | | 463 | | | (459) | | | Write offs | | (10,335) | | | — | | | (10,335) | | | — | | | (11,846) | | (1) | (11,846) | | | Allowance at end of period | | $ | 9,598 | | | $ | 4,745 | | | $ | 14,343 | | | $ | 7,978 | | | $ | 3,349 | | | $ | 11,327 | | | (1) Reversal of finance receivable-specific ACL recognized in prior periods. No impact to unaudited condensed consolidated statement of income for the nine months ended September 30, 2023. |
Non-Accrual Finance Receivables The Company originates finance receivables to companies primarily in the life sciences sector. This concentration of credit exposes the Company to a higher degree of risk associated with this sector. On a quarterly basis, the Company evaluates the carrying value of its finance receivables. Recognition of income is suspended, and the finance receivable is placed on non-accrual status when management determines that collection of future income is not probable. This evaluation is generally based on delinquency information, an assessment of the borrower’s financial condition and the adequacy of collateral, if any. The Company would generally place term loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain and they are 90 days past due for interest or principal, unless the term loan is both well-secured and in the process of collection. When placed on nonaccrual, the Company would reverse any accrued unpaid interest receivable against interest income and amortization of any net deferred fees is suspended. Generally, the Company would return a term loan to accrual status when all delinquent interest and principal become current under the terms of the credit agreement. The following table presents nonaccrual and performing finance receivables by portfolio pool, net of allowance for credit losses (in thousands) as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Nonaccrual | | Performing | | Total | | Nonaccrual | | Performing | | Total | | Term loans | $ | 21,857 | | | $ | 176,118 | | | $ | 197,975 | | | $ | 9,128 | | | $ | 212,017 | | | $ | 221,145 | | | Royalty purchases | 16,362 | | | 55,910 | | | 72,272 | | | 16,854 | | | 50,406 | | | 67,260 | | | Total before allowance for credit losses | $ | 38,219 | | | $ | 232,028 | | | $ | 270,247 | | | $ | 25,982 | | | $ | 262,423 | | | $ | 288,405 | | | Allowance for credit losses | (5,734) | | | (8,609) | | | (14,343) | | | (1,447) | | | (12,454) | | | (13,901) | | | Total carrying value | $ | 32,485 | | | $ | 223,419 | | | $ | 255,904 | | | $ | 24,535 | | | $ | 249,969 | | | $ | 274,504 | |
As of September 30, 2024, the Company had six finance receivables in nonaccrual status: (1) the term loan to Trio Healthcare Ltd. (“Trio”), with a carrying value of $1.5 million; (2) the term loan to Exeevo, Inc (“Exeevo”), with a carrying value of $4.5 million; (3) the term loan to BIOLASE, Inc ("BIOLASE"), with a carrying value of $15.8 million; (4) the Flowonix Medical, Inc. (“Flowonix”) royalty, with a carrying value of $10.4 million; (5) the Best ABT, Inc. (“Best”) royalty, with a carrying value of $2.4 million; and (6) the Ideal Implant, Inc. (“Ideal”) royalty, with a carrying value of $3.6 million. As of September 30, 2024 Trio was considered impaired by $8.1 million and Exeevo was impaired by $2.2 million with the impairments recognized as a reduction in the allowance for credit losses on the unaudited condensed consolidated statements of income for the nine months ended September 30, 2024. The Company collected $2.6 million and $2.3 million on its nonaccrual finance receivables for the nine months ended September 30, 2024 and 2023, respectively. Loan Modifications Made to Borrowers Experiencing Financial Difficulty Effective January 1, 2023, the Company adopted the provisions of ASU 2022-02 "Troubled Debt Restructuring ("TDRs") and Vintage Disclosures (Topic 326)", which eliminated the accounting for TDRs while expanding loan modification and vintage disclosure requirements. The update specifically required additional disclosures on loan modifications to borrowers experiencing financial difficulties that involved an interest rate reduction, other-than-insignificant payment delay, a term extension, principal forgiveness or a combination thereof. The Company evaluates the carrying value of each finance receivable for impairment. A term loan is considered to be impaired when, based on current information and events, it is determined that the Company will not be able to collect the amounts due according to the loan contract, including scheduled interest payments. This evaluation is generally based on delinquency information, an assessment of the borrower’s financial condition and the adequacy of collateral, if any. In certain circumstances, the Company may place a finance receivable on nonaccrual status but conclude it is not impaired. The Company may retain independent third-party valuations on such nonaccrual positions to support impairment decisions. On an ongoing basis, the Company monitors the performance of modified loans to their restructured terms. Revaluation of Finance Receivable During the three months ended June 30, 2024, the Company revalued its royalty for Iluvien as a result of entering into an amendment during the quarter. Pursuant to the amendment, the forecast of cash flows to be received over the life of the financial royalty was revised resulting in a revaluation gain of $2.5 million and corresponding mark-up to the carrying value which is included in the "Gain on revaluation of finance receivable" caption on our unaudited condensed consolidated statements of income for the nine months ended September 30, 2024. Credit Quality of Finance Receivables The Company evaluates all finance receivables on a quarterly basis and assigns a risk rating based upon management’s assessment of the borrower’s ability and likelihood of repayment. The assessment is subjective and based on multiple factors, including but not limited to, financial strength of borrowers and operating results of the underlying business. The credit risk analysis and rating assignment is performed quarterly in conjunction with the Company's assessment of its allowance for credit losses. The Company uses the following definitions for its risk ratings for Term Loans: 1: Borrower performing well below Company expectations, and the borrower's ability to raise sufficient capital to operate its business or repay debt is highly in question. Finance receivables rated a 1 are on non-accrual and are at an elevated risk for principal impairment. 2: Borrower performing below plan, and the loan-to-value is generally worse than at the time of underwriting. Borrower has limited access to additional capital to operate its business. Finance receivables rated a 2 are generally on non-accrual, and while no loss of impairment is anticipated, there is potential for future principal impairment. 3: Borrower performing in-line-to-modestly below Company expectations, and loan-to-value is similar to slightly worse than at the time of underwriting. Borrower has demonstrated access to capital markets. 4: Borrower performing in-line-to-modestly above Company expectations and loan-to-value similar or modestly better than underwriting case. Borrower has demonstrated access to capital markets. 5: Borrower performing in excess of Company expectations, and loan-to-value is better than at time of origination. The Company uses an internal credit rating system which rates each Royalty on a color scale of Green to Red, with Green typically indicative of a Royalty that is exceeding base underwritten case, Yellow indicates a Royalty performing in-line with underwritten plan, and Red reflective of underperformance relative to plan. Royalties rated as Red are generally classified as non-accrual. The following table summarizes the carrying value of Finance Receivables by origination year, grouped by risk rating as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 | | Prior | | Total | | Term Loans | | | | | | | | | | | | | | | | | | 5 | | $ | — | | | $ | — | | | $ | — | | | $ | 13,907 | | | $ | — | | | $ | 3,583 | | | $ | — | | | $ | 17,490 | | | 4 | | — | | | 31,226 | | | 52,391 | | | — | | | — | | | — | | | — | | | 83,617 | | | 3 | | — | | | 24,770 | | | — | | | 11,211 | | | — | | | 26,329 | | | — | | | 62,310 | | | 2 | | — | | | — | | | — | | | 12,701 | | | — | | | — | | | — | | | 12,701 | | | 1 | | — | | | — | | | 4,538 | | | 1,473 | | | — | | | — | | | 15,846 | | | 21,857 | | | Subtotal - Term Loans | | $ | — | | | $ | 55,996 | | | $ | 56,929 | | | $ | 39,292 | | | $ | — | | | $ | 29,912 | | | $ | 15,846 | | | $ | 197,975 | | | | | | | | | | | | | | | | | | | | Royalties | | | | | | | | | | | | | | | | | | Green | | $ | 7,839 | | | $ | 11,689 | | | $ | 12,652 | | | $ | — | | | $ | 16,038 | | | $ | — | | | $ | 1,285 | | | $ | 49,503 | | | Yellow | | — | | | — | | | — | | | — | | | 3,117 | | | — | | | 3,290 | | | 6,407 | | | Red | | — | | | — | | | — | | | 3,552 | | | 10,433 | | | — | | | 2,377 | | | 16,362 | | | Subtotal - Royalties | | $ | 7,839 | | | $ | 11,689 | | | $ | 12,652 | | | $ | 3,552 | | | $ | 29,588 | | | $ | — | | | $ | 6,952 | | | $ | 72,272 | | | | | | | | | | | | | | | | | | | | Total Finance Receivables, gross | | $ | 7,839 | | | $ | 67,685 | | | $ | 69,581 | | | $ | 42,844 | | | $ | 29,588 | | | $ | 29,912 | | | $ | 22,798 | | | $ | 270,247 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 | | Prior | | Total | | Term Loans | | | | | | | | | | | | | | | | 5 | | $ | — | | | $ | — | | | $ | 13,734 | | | $ | — | | | $ | 5,696 | | | $ | — | | | $ | 19,430 | | | 4 | | 25,799 | | | 32,211 | | | — | | | — | | | — | | | 10,485 | | | 68,495 | | | 3 | | 24,341 | | | 24,285 | | | 10,227 | | | — | | | 31,807 | | | — | | | 90,660 | | | 2 | | — | | | 6,924 | | | 12,493 | | | — | | | — | | | 14,015 | | | 33,432 | | | 1 | | — | | | — | | | 9,128 | | | — | | | — | | | — | | | 9,128 | | | Subtotal - Term Loans | | $ | 50,140 | | | $ | 63,420 | | | $ | 45,582 | | | $ | — | | | $ | 37,503 | | | $ | 24,500 | | | $ | 221,145 | | | | | | | | | | | | | | | | | | Royalties | | | | | | | | | | | | | | | | Green | | $ | 27,785 | | | $ | — | | | $ | — | | | $ | 14,650 | | | $ | — | | | $ | 1,340 | | | $ | 43,775 | | | Yellow | | — | | | — | | | — | | | 3,212 | | | — | | | 3,419 | | | 6,631 | | | Red | | — | | | — | | | 3,834 | | | 10,433 | | | — | | | 2,587 | | | 16,854 | | | Subtotal - Royalties | | $ | 27,785 | | | $ | — | | | $ | 3,834 | | | $ | 28,295 | | | $ | — | | | $ | 7,346 | | | $ | 67,260 | | | | | | | | | | | | | | | | | | Total Finance Receivables, gross | | $ | 77,925 | | | $ | 63,420 | | | $ | 49,416 | | | $ | 28,295 | | | $ | 37,503 | | | $ | 31,846 | | | $ | 288,405 | |
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-URI https://asc.fasb.org/1943274/2147481933/310-10-55-12A
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-Section 50
-Paragraph 42
-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147481962/310-10-50-42
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-Section 50
-Paragraph 44
-Subparagraph (a)(1)
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v3.24.3
Intangible Assets
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9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Intangible Assets |
Intangible Assets As of September 30, 2024 and December 31, 2023, the gross book value, accumulated amortization, net book value and estimated useful life of acquired intangible assets were as follows (in thousands, except estimated useful life data): | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | Gross Book Value | | Accumulated Amortization | | Net Book Value | | Estimated Useful Life | | | | | | | | | | Trade names and trademarks | $ | 210 | | | $ | 107 | | | $ | 103 | | | 10 | | Customer relationships | 240 | | | 123 | | | 117 | | | 10 | | Total intangible assets | $ | 450 | | | $ | 230 | | | $ | 220 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Gross Book Value | | Accumulated Amortization | | Net Book Value | | Estimated Useful Life | Licensing Agreement(1) | $ | 29,400 | | | $ | 23,167 | | | $ | 6,233 | | | 10 | | Trade names and trademarks | 210 | | | 92 | | | 118 | | | 10 | | Customer relationships | 240 | | | 104 | | | 136 | | | 10 | | Total intangible assets | $ | 29,850 | | | $ | 23,363 | | | $ | 6,487 | | | |
(1) Prior to the Company's acquisition of Enteris, Enteris entered into the License Agreement with Cara Therapeutics, Inc. ("Cara"), for oral formulation rights to Enteris’ Peptelligence® technology to develop and commercialize Oral KORSUVATM in any indication worldwide, excluding South Korea and Japan. Cara is obligated to pay Enteris certain development, regulatory and tiered commercial milestone payments, as well as low single-digit royalties based on net sales in the licensed territory. During the three months ended June 30, 2024, the Company concluded that the milestones and royalties pursuant to the License Agreement would not be realized as a result of non-viability of product covered by the License Agreement. The Company has recognized a full impairment on the license of its remaining net book value of $5.8 million which is included in the "Loss on impairment of intangible assets" section of our unaudited condensed consolidated statements of income for the nine months ended September 30, 2024. Amortization expense was $11.3 thousand for the three months ended September 30, 2024 and $0.4 million for the three months ended September 30, 2023, and was recognized within depreciation and amortization expense on the unaudited condensed consolidated statements of income. Amortization expense related to intangible assets was $0.5 million and $1.3 million for the nine months ended September 30, 2024 and 2023, respectively. Based on amounts recorded at September 30, 2024, the Company will recognize acquired intangible asset amortization as follows (in thousands): | | | | | | | | | | Remainder of 2024 | $ | 11 | | | | 2025 | 45 | | | | 2026 | 45 | | | | 2027 | 45 | | | | 2028 | 45 | | | | Thereafter | 29 | | | | Total | $ | 220 | | | | | |
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-Topic 350
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent
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-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2
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v3.24.3
Debt
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
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| Debt |
Debt Revolving Credit Facility On June 28, 2023, the Company entered into a new credit agreement (the “Credit Agreement”) by and among SWK Funding LLC, the Company’s wholly-owned subsidiary (together with the Company, the “Borrower”), the lenders party thereto (“Lenders”), and First Horizon Bank as a Lender and Agent (the “Agent”). The Credit Agreement provides for a revolving credit facility with an initial maximum principal amount of $45.0 million. The Credit Agreement provides that the Company may request one or more incremental increases in an aggregate amount not to exceed $80.0 million, subject to the consent of the Agent and each Lender, at any time prior to the termination of the revolving credit period on June 28, 2026 (the “Commitment Termination Date”). The revolving credit period will be followed by a one-year amortization period, with the final maturity date of the Credit Agreement occurring on June 28, 2027. The outstanding principal balance of the Credit Agreement will bear interest at a rate per annum equal to the sum of (i) Term Secured Overnight Financing Rate, or SOFR (as defined in the Credit Agreement) plus (ii) 3.75 percent at all times prior to the Commitment Termination Date. The outstanding principal balance of the revolving credit facility will bear interest at a rate per annum equal to the sum of (i) Term SOFR (as defined in the Credit Agreement) plus (ii) 4.25 percent at all times on and after the Commitment Termination Date. Under the terms of the Credit Agreement, all accrued and unpaid interest shall be due and payable, in arrears, on the first business day of each calendar month. The Credit Agreement contains customary affirmative and negative covenants, in addition to financial covenants specifying that, as of the end of each calendar month, (i) the consolidated leverage ratio of Borrower will not exceed 1.00 to 1.00, (ii) the consolidated interest coverage ratio of Borrower will not be less than 4.00 to 1.00, (iii) the cash collection rate in relation to Borrower’s portfolio of loan assets will not be less than 4.5 percent for such calendar month, (iv) the net charge-off percentage in relation to Borrower’s portfolio of loan assets will not exceed 3 percent for such calendar month, (v) the weighted average risk rating in relation to Borrower portfolio of loan assets will not be less than 3.00, and (vi) the Company's cumulative share repurchases will not exceed $5 million in value in any 12-month period. In addition, the Credit Agreement provides that at no time shall the Company permit its consolidated tangible net worth to be less than $145.0 million, or its liquidity (as defined in the Credit Agreement) to be less than $5.0 million. The Credit Agreement also contains events of default customary for such financings, the occurrence of which would permit the Agent and Lenders to accelerate the aggregate principal amount due thereunder. The Credit Agreement refinances the Company’s Loan and Security Agreement dated as of June 29, 2018 (the “Prior Credit Agreement”), as amended, between the Company and Cadence Bank, N.A. (“Cadence Bank”), as the lender and administrative agent, which was due to expire on September 30, 2025. The Prior Credit Agreement was terminated by the Company, effective as of June 28, 2023. On October 10, 2023, the Company entered into an amendment to the Credit Agreement pursuant to which Woodforest National Bank was added as a lender under the Credit Agreement for an aggregate commitment of $15.0 million, thereby increasing the aggregate commitments under the Credit Agreement from $45.0 million to $60.0 million. On August 29, 2024, the Company entered into an amendment to the Credit Agreement pursuant to which the consolidated interest coverage ratio of Borrower will not be less than 2.00 to 1:00, the net charge-off percentage in relation to Borrower's portfolio of loan assets will not be less than 8 percent for such calendar month, and cumulative share repurchases will not exceed $7.0 million in value in any 12-month period. As of September 30, 2024 there were no amounts outstanding under the new Credit Agreement. During each of the three months ended September 30, 2024 and 2023, the Company recognized $0.2 million, of interest expense relating to the Credit Agreement. During the nine months ended September 30, 2024 and 2023, the Company recognized $0.8 million and $0.7 million, respectively, of interest expense in connection with the Credit Agreement and Prior Credit Agreement, respectively. Senior Notes Due 2027 On October 3, 2023, the Company issued a $30.0 million aggregate principal amount of 9.00% Senior Notes due 2027 ("2027 Senior Notes" or "Notes”) in a registered underwritten public offering. On October 27, 2023, the underwriter exercised, in full, its over-allotment option by purchasing an additional approximately $3.0 million aggregate principal amount of the 2027 Senior Notes. The interest rates are fixed at 9.00% per annum and are payable quarterly in arrears on March 31, June 30, September 30, and December 31 of each year, commencing on December 31, 2023, and until maturity. The Notes will mature on January 31, 2027. The total net proceeds from the debt offering, after deducting initial purchase discounts and debt issuance costs, were approximately $30.6 million. The Company intends to use the net proceeds from the offering for general corporate purposes, including funding future acquisitions and investments, repaying indebtedness, making capital expenditures, and funding working capital. The following table summarizes the outstanding balance of the Notes, net of debt issuance costs (in thousands): | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | 2027 Senior Notes | $ | 32,969 | | | $ | 32,969 | | | Debt issuance costs | (1,726) | | | (2,188) | | | Total unsecured senior notes, net | $ | 31,243 | | | $ | 30,781 | |
The Company’s future principal obligations for the Notes were as follows (in thousands): | | | | | | | | | | September 30, 2024 | | | Remainder of 2024 | $ | — | | | | 2025 | — | | | | 2026 | — | | | | 2027 | 32,969 | | | | Total unsecured senior notes, net | $ | 32,969 | | |
The Company may redeem the Notes for cash in whole or in part at any time (i) on or after September 30, 2025 (the “First Call Date”) and prior to September 30, 2026, at a price equal to the sum of 102% of their principal amount, and (ii) on or after September 30, 2026 at a price equal to the sum of 100% of their principal amount, plus (in each case noted above) accrued and unpaid interest to, but excluding, the date of redemption. At any time prior to the First Call Date, the Company may, at its option, redeem the Notes for cash, in whole at any time or in part from time to time at a redemption price equal to (i) 100% of the principal amount of Notes redeemed, plus (ii) a Make-Whole Amount (as defined in the Indenture), plus (iii) accrued and unpaid interest, if any, to, but excluding, the date of redemption. On and after any redemption date, interest will cease to accrue on the redeemed Notes. Additionally, upon the occurrence of a Triggering Event (as defined in the Indenture), holders of the Notes will have the right to require the Company to make an offer to repurchase all or any portion of their Notes for cash at a purchase price equal to 100% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date of purchase. The Notes are senior unsecured obligations of the Company and rank equal in right of payment with the Company’s existing and future senior unsecured indebtedness. The Company evaluated the 2027 Senior Notes for derivatives pursuant to Accounting Standard Codification ("ASC") 815, "Derivatives and Hedging," and identified an embedded derivative that required bifurcation as the feature is not clearly and closely related to the host instrument. The embedded derivative was a default provision, which could require additional interest payments. The Company reassesses the feature quarterly to determine if it requires separate accounting. There have been no changes to the Company’s assessment that the fair value of the embedded derivative is immaterial through September 30, 2024.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Commitment and Contingencies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Commitments and Contingencies Lease Obligations All the Company’s material leases are operating leases. right-of-use ("ROU") assets related to operating leases are included on the unaudited condensed consolidated balance sheets in other non-current assets. Operating lease cost is recognized over the lease term on a straight-line basis and is recorded within general and administrative expenses on the unaudited condensed consolidated statements of income. In March of 2023, the Company entered into a new lease for office space in Dallas, Texas on Sherry Lane. The Company’s corporate office space in Dallas, Texas totals approximately 4,450 square feet. On June 10, 2024, the Company entered into a lease termination agreement to its Preston Road office lease in Dallas (the “Lease Termination”). The Lease Termination terminated the Company’s rights and obligations with respect to the leased premises on June 30, 2024. As such, the ROU assets and operating lease liabilities were written off, and the Company recorded a gain of $4 thousand for the nine months ended September 30, 2024 and paid an early termination fee of $9 thousand. The Enteris headquarters is located in Boonton, New Jersey, where Enteris leases approximately 32,000 square feet of space. The office lease expires in December 2029 with an option to renew for an additional five years. The components of lease cost were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Operating lease cost | $ | 108 | | | $ | 139 | | | $ | 366 | | | $ | 361 | | | Variable lease cost | 17 | | | 11 | | | 49 | | | 35 | | | Total lease cost | $ | 125 | | | $ | 150 | | | $ | 415 | | | $ | 396 | |
Future minimum rent on the Company's operating leases was as follows as of September 30, 2024 (in thousands): | | | | | | | | | Remainder of 2024 | $ | 110 | | | 2025 | 456 | | | 2026 | 461 | | | 2027 | 465 | | | 2028 | 405 | | | Thereafter | 272 | | | Total future lease payments | $ | 2,169 | |
Contingent Consideration During fiscal year 2019 the Company recorded contingent consideration related to the 2019 acquisition of Enteris and sharing of certain milestone and royalties due to Enteris pursuant to the License Agreement. Contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved, with changes in the estimated fair value recognized in earnings. During the three months ended June 30, 2024, it was determined the milestones and royalties pursuant to the License Agreement would not be realized as a result of non-viability of the product covered by the License Agreement. Accordingly, the Company concluded that the liability for contingent consideration, previously held at its estimated fair value of $4.9 million, should be $0. The write-off of this contingent consideration liability resulted in a gain of $4.9 million during the three months ended June 30, 2024, and is included in the "Change in fair value of acquisition-related contingent consideration" caption of our unaudited condensed consolidated statements of income for the nine months ended September 30, 2024. Unfunded Commitments Per the terms of the royalty purchase or credit agreements, unfunded commitments are contingent upon reaching an established revenue threshold or other performance metrics on or before a specified date or period of time, and in the case of loan transactions, are subject to being advanced as long as an event of default does not exist. As of September 30, 2024, SWK had $39.0 million of unfunded commitments. Litigation The Company is involved in, or has been involved in, arbitrations or various other legal proceedings that arise from the normal course of its business. The ultimate outcome of any litigation is uncertain, and either unfavorable or favorable outcomes could have a material impact on the Company’s results of operations, balance sheets and cash flows due to defense costs, and divert management resources. The Company cannot predict the timing or outcome of these claims and other proceedings. As of September 30, 2024, the Company is not involved in any arbitration and/or other legal proceeding that it expects to have a material effect on its business, financial condition, results of operations and cash flows. Indemnification As permitted by Delaware law, the Company has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving in such capacity, or in other capacities at the Company’s request. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that limits its exposure and enables the Company to recover a portion of any such amounts. As a result of the Company’s insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is insignificant. Accordingly, the Company had no liabilities recorded for these agreements as of September 30, 2024 and December 31, 2023.
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- DefinitionThe entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Disclosures |
Fair Value Measurements The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels. Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Active markets are considered to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in inactive markets. Level 3: Unobservable inputs are not corroborated by market data. This category is comprised of financial and non-financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies using significant inputs that are generally less readily observable from objective sources. Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfers occurred. There were no transfers between any levels during the nine months ended September 30, 2024 and 2023. The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments, other than investment in affiliates. Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized. Cash and cash equivalents The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets’ fair values. Finance Receivables Finance receivables are measured at amortized cost, which approximates fair value. The fair value of finance receivables is estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the finance receivables. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. These receivables are classified as Level 3. Finance receivables are not measured at fair value on a recurring basis, but estimates of fair value are reflected below. Contingent Consideration The fair value measurements of the contingent consideration obligations arising from business combinations are classified as Level 3 estimates under the fair value hierarchy, as these items have been valued using unobservable inputs. These inputs include: (a) the estimated amount and timing of projected cash flows; (b) the probability of the achievement of the factors on which the contingency is based; and (c) the risk-adjusted discount rate used to present value the probability-weighted cash flows. Changes in fair value of this obligation are recorded as income or expense within operating income in our consolidated statements of income. Significant increases or decreases in any of those inputs in isolation could result in a significantly lower or higher fair value measurement. As noted above in Note 6, the acquisition-related contingent consideration liability was written down to $0 during the three months ended June 30, 2024 due to non-viability of the underlying product. Marketable Investments If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities are classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets or broker quotes utilizing observable inputs, and accordingly these securities are classified as Level 2. If market prices are not available and there are no observable inputs, then fair value would be estimated by using valuation models including discounted cash flow methodologies, commonly used option-pricing models and broker quotes. Such securities are classified as Level 3, if the valuation models and broker quotes are based on inputs that are unobservable in the market. If fair value is based on broker quotes, the Company checks the validity of received prices based on comparison to prices of other similar assets and market data such as relevant benchmark indices. Available-for-sale securities are measured at fair value on a recurring basis, while securities with no readily available fair market value are not, but estimates of fair value are reflected below. Derivative Instruments For exchange-traded derivatives, fair value is based on quoted market prices, and accordingly, would be classified as Level 1. For non-exchange traded derivatives, fair value is based on option pricing models and are classified as Level 3. The Company uses a foreign currency forward contract to manage the impact of fluctuations in foreign currency denominated cash flows expected to be received from one of its royalty finance receivables denominated in a foreign currency. The foreign currency forward contract is not designated as a hedging instrument, and changes in fair value are recognized in earnings. The foreign currency forward contract was recorded in other non-current assets in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 and totaled to $1.6 million and $1.0 million, respectively. The Company recognized a loss of $1.0 million and a gain of $0.5 million due to changes in fair value related to its foreign currency forward contract during the three months ended September 30, 2024 and September 30, 2023, respectively. The Company recognized a $0.6 million and $2.1 million gain due to changes in fair value related to its foreign currency forward contract for the nine months ended September 30, 2024 and September 30, 2023, respectively. The following table presents financial assets measured at fair value on a recurring basis as of September 30, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Total
Carrying
Value in
Consolidated
Balance
Sheets | | Quoted Prices
in Active
Markets for
Identical
Assets
or Liabilities
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Financial Assets | | | | | | | | | Warrant assets | $ | 2,026 | | | $ | — | | | $ | — | | | $ | 2,026 | | | Marketable investments | 755 | | | 727 | | | — | | | 28 | | | Foreign currency forward contract | 1,611 | | | — | | | — | | | 1,611 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Total
Carrying
Value in
Consolidated
Balance
Sheets | | Quoted Prices
in Active
Markets for
Identical
Assets
or Liabilities
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Financial Assets | | | | | | | | | Warrant assets | $ | 1,759 | | | $ | — | | | $ | — | | | $ | 1,759 | | | Marketable investments | 48 | | | — | | | — | | | 48 | | | Foreign currency forward contract | 974 | | — | | | — | | | 974 | | | | | | | | | | Financial liabilities: | | | | | | | | | Contingent consideration payable | $ | 4,900 | | | $ | — | | | $ | — | | | $ | 4,900 | | | | | | | | | |
The contingent consideration payable was valued using a discounted cash flow approach and included a significant unobservable input which is the discount rate. During the nine months ended September 30, 2024 there was a write off of the full balance of contingent consideration liability due to the non-viability of the underlying product. See Note 6 for further information. The changes in fair value of the warrant assets during the nine months ended September 30, 2024 and 2023 were as follows (in thousands): | | | | | | | | | | | | | | | | September 30, 2024 | | September 30, 2023 | | Fair value - December 31, 2023 | $ | 1,759 | | | Fair value - December 31, 2022 | $ | 1,220 | | | Issued | 1,072 | | | Issued | 822 | | | | | | | | Exercised | (985) | | | Exercised | — | | | Change in fair value | 178 | | | Change in fair value | (745) | | | Loss on foreign currency transactions | $ | 2 | | | Loss on foreign currency transactions | $ | — | | Fair value - September 30, 2024 | $ | 2,026 | | | Fair value - September 30, 2023 | $ | 1,297 | |
The Company holds warrants issued to the Company in conjunction with certain term loan investments. These warrants meet the definition of a derivative and are included in the unaudited condensed consolidated balance sheets. The fair values for warrants outstanding, which do not have a readily determinable value, are measured using the Black-Scholes option pricing model. The following ranges of assumptions were used in the models to determine fair value:
| | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Dividend rate range | — | | | — | | | Risk-free rate range | 3.7% to 4.7% | | 3.8% to 4.8% | | Expected life (years) range | 2.4 to 7.0 | | 1.2 to 5.8 | | Expected volatility range | 54.7% to 177.7% | | 75.3% to 154.3% |
The warrant assets are valued using a market approach and include significant unobservable inputs such as risk-free rate, expected life, and expected volatility. For the nine months ended September 30, 2024 the risk-free rate range weighted average was 4.0%, and had a median of 4.3%. For the year ended December 31, 2023 the risk-free rate range weighted average was 4.3%, and had a median of 3.8%. For the nine months ended September 30, 2024 the expected life range weighted average was 6.0 years, and had a median of 4.5 years. For the year ended December 31, 2023 the expected life range weighted average was 3.4 years, and had a median of 4.4 years. For the nine months ended September 30, 2024 the expected volatility range weighted average was 74.3%, and had a median of 90.8%. For the year ended December 31, 2023 the expected volatility range weighted average 124.6%, and median of 134.4%. As of September 30, 2024 and December 31, 2023, the Company had one royalty, Best, that was deemed to be impaired based on reductions in carrying value in prior periods. As of September 30, 2024, the Company had two loans, Trio Healthcare and Exeevo, that were deemed to be impaired based on reductions in carrying value during the nine months ended September 30, 2024. The following table presents this royalty and the loans measured at amortized cost using the effective interest method, which approximates fair value, on a nonrecurring basis as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Total
Carrying
Value in
Consolidated
Balance
Sheets | | Quoted Prices
in Active
Markets for
Identical
Assets
or Liabilities
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | September 30, 2024 | $ | 8,388 | | | $ | — | | | $ | — | | | $ | 8,388 | | December 31, 2023 | $ | 2,587 | | | $ | — | | | $ | — | | | $ | 2,587 | |
There were no liabilities measured at fair value on a nonrecurring basis as of September 30, 2024 and December 31, 2023. The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying unaudited condensed consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments measured at fair value on a recurring and non-recurring basis. The following table presents the fair value of financial assets as of September 30, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying Value | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | Financial Assets | | | | | | | | | | | Finance receivables, net | $ | 255,904 | | | $ | 255,904 | | | $ | — | | | $ | — | | | $ | 255,904 | | | Marketable investments | 755 | | | 755 | | | 727 | | | — | | | 28 | | | Warrant assets | 2,026 | | | 2,026 | | | — | | | — | | | 2,026 | | | Foreign currency forward contract | 1,611 | | | 1,611 | | | — | | | — | | | 1,611 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table presents the fair value of financial assets and liabilities as of year ended December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying Value | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | Financial Assets | | | | | | | | | | | Finance receivables, net | $ | 274,504 | | | $ | 274,504 | | | $ | — | | | $ | — | | | $ | 274,504 | | | Marketable investments | 48 | | | 48 | | | — | | | — | | | 48 | | | Warrant assets | 1,759 | | | 1,759 | | | — | | | — | | | 1,759 | | | Foreign currency forward contract | 974 | | | 974 | | | — | | | — | | | 974 | | | | | | | | | | | | | Financial liabilities | | | | | | | | | | | Contingent consideration payable | $ | 4,900 | | | $ | 4,900 | | | $ | — | | | $ | — | | | $ | 4,900 | | | | | | | | | | | |
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v3.24.3
Revenue Recognition
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Revenue Recognition |
Revenue Recognition The Company's Pharmaceutical Development segment recognizes revenues received from contracts with its customers by revenue source, as we believe it best depicts the nature, amount, timing and uncertainty of our revenue and cash flow. The Company's Finance Receivables segment does not have any revenues received from contracts with customers. The following table provides the contract revenue recognized by revenue source for the three and nine months ended September 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Pharmaceutical Development Segment | | | | | | | | | License Agreement | $ | — | | | $ | — | | | $ | 49 | | | $ | 10 | | | Pharmaceutical Development | 628 | | | 315 | | | 1,662 | | | 606 | | | Total contract revenue | $ | 628 | | | $ | 315 | | | $ | 1,711 | | | $ | 616 | |
The Company's contract liabilities represent advance consideration received from customers and are recognized as revenue when the related performance obligation is satisfied. The Company’s contract liabilities are presented as deferred income and are included in accounts payable and accrued liabilities in the consolidated balance sheets (in thousands):
| | | | | | | | | | | | | September 30,
2024 | | December 31, 2023 | | Pharmaceutical Development Segment | | | | | Deferred income | $ | 2,109 | | | $ | 9 | | | Total contract liabilities | $ | 2,109 | | | $ | 9 | |
During the nine months ended September 30, 2024, the Company recognized the full remaining balance of $9 thousand of 2023 deferred income from satisfaction of performance obligations. The Company did not have any contract assets as of September 30, 2024 or December 31, 2023. Enteris Exclusive Option and Asset Purchase Agreement With an effective date of January 1, 2024, we entered into an exclusive option and asset purchase agreement with a strategic partner on March 14, 2024 which granted the partner an exclusive option to acquire certain of Enteris’ assets related to its business of providing clinical manufacturing and development services. The partner must exercise the option by or before January 1, 2026. In exchange for the exclusive purchase option the partner is to provide consideration in the form of an "option fee" and "guaranteed revenue payments." The option fee is broken into two components: A low-single digit million fee due within 30 business days of executing the agreement; and should the option not be exercised by the first anniversary of the effective date, an additional low-single digit million fee will be due at that time. The first option fee was paid in April 2024. Option fee payments will be included in deferred income until the earlier of term expiration or exercise of the purchase option. Should the partner exercise the purchase option, any option fee payments made will be applied towards the purchase price. The guaranteed revenue payments include two components: A mid-single digit million guaranteed revenue payment in 2024 and a mid-single digit million guaranteed revenue payment in 2025. The revenue is to be derived by the partner under an existing collaboration agreement, and the partner is to pay the difference should the minimum amount not be met each year. Each year's guaranteed revenue amount is to be paid in two installments semi-annually each year. Should revenue exceed the 2024 or 2025 guaranteed revenue amounts after receiving a difference payment in the first half of the year, we must repay the partner the amount of such overpayment. Guaranteed revenue of $0.4 million was recognized during the nine months ended September 30, 2024.
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v3.24.3
Segment Information
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Information |
Segment Information Selected financial and descriptive information is required to be provided about reportable operating segments, considering a “management approach” concept as the basis for identifying reportable segments. The management approach is based on the way that management organizes the segments within the Company for making operating decisions, allocating resources, and assessing performance. Consequently, the segments are evident from the structure of the Company’s internal organization, focusing on financial information that the Company’s CEO uses to make decisions about the Company’s operating matters. As described in Note 1, SWK Holdings Corporation and Summary of Significant Accounting Policies, the Company has determined it has two reportable segments: Finance Receivables and Pharmaceutical Development, and each are individually managed and provide separate services. Revenues by segment represent revenues earned on the services offered within each segment. The Company does not report assets by reportable segment, nor does the Company report results by geographic region, as these metrics are not used by the Company’s chief executive officer in assessing performance or allocating resources to the segments. Segment performance is evaluated based on several factors, including income (loss) from continuing operations before income taxes. Management uses this measure of profit (loss) to evaluate segment performance because the Company believes this measure is indicative of performance trends and the overall earnings potential of each segment. The Company does not report assets by reportable segment, as this metric is not used by the Company's CEO in assessing performance or allocating resources to the segments. The following tables present financial information for the Company's reportable segments for the periods indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Finance Receivables | | Pharmaceutical Development and Other | | Holding Company and Other | | Consolidated | | Revenue | $ | 9,498 | | | $ | 628 | | | $ | — | | | $ | 10,126 | | | Other revenue | 289 | | | 3 | | | — | | | 292 | | | Provision for credit losses | 1,385 | | | — | | | — | | | 1,385 | | | | | | | | | | | Interest expense | 230 | | | 2 | | | 907 | | | 1,139 | | | Pharmaceutical manufacturing, research and development expense | — | | | 585 | | | — | | | 585 | | | | | | | | | | | Depreciation and amortization expense | — | | | 214 | | | 20 | | | 234 | | | General and administrative expense | 88 | | | 722 | | | 2,183 | | | 2,993 | | | Other income, net | 292 | | | — | | | — | | | 292 | | | Income tax expense | — | | | — | | | 906 | | | 906 | | | Net income (loss) | 8,376 | | | (892) | | | (4,016) | | | 3,468 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | Finance Receivables | | Pharmaceutical Development and Other | | Holding Company and Other | | Consolidated | | Revenue | $ | 8,608 | | | $ | 315 | | | $ | — | | | $ | 8,923 | | | Other revenue | 39 | | | — | | | — | | | 39 | | | Provision for credit losses | 223 | | | — | | | — | | | 223 | | | | | | | | | | | Interest expense | 176 | | | — | | | — | | | 176 | | | Pharmaceutical manufacturing, research and development expense | — | | | 606 | | | — | | | 606 | | | Depreciation and amortization expense | — | | | 630 | | | 22 | | | 652 | | | General and administrative expense | 213 | | | 574 | | | 2,192 | | | 2,979 | | | Other expense, net | (238) | | | — | | | — | | | (238) | | | Income tax benefit | — | | | — | | | (386) | | | (386) | | | Net income (loss) | 7,797 | | | (1,495) | | | (1,828) | | | 4,474 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Finance Receivables | | Pharmaceutical Development and Other | | Holding Company and Other | | Consolidated | | Revenue | $ | 30,519 | | | $ | 1,711 | | | $ | — | | | $ | 32,230 | | | Other revenue | 392 | | | 3 | | | — | | | 395 | | | Provision for credit losses | 10,777 | | | — | | | — | | | 10,777 | | | Loss on impairment of intangible assets | — | | | 5,771 | | | — | | | 5,771 | | | Interest expense | 820 | | | 7 | | | 2,687 | | | 3,514 | | | Pharmaceutical manufacturing, research and development | — | | | 1,635 | | | — | | | 1,635 | | | Change in fair value of acquisition-related contingent consideration | — | | | (4,900) | | | — | | | (4,900) | | | Depreciation and amortization expense | — | | | 1,106 | | | 63 | | | 1,169 | | | General and administrative expense | 257 | | | 2,179 | | | 6,164 | | | 8,600 | | | Other income (expense), net | 4,135 | | | — | | | (408) | | | 3,727 | | | Income tax expense | — | | | — | | | 2,170 | | | 2,170 | | | Net income (loss) | 23,192 | | | (4,084) | | | (11,492) | | | 7,616 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | Finance Receivables | | Pharmaceutical Development and Other | | Holding Company and Other | | Consolidated | | Revenue | $ | 27,146 | | | $ | 616 | | | $ | — | | | $ | 27,762 | | | Other revenue | 106 | | | — | | | 2 | | | 108 | | | Benefit for credit losses | (459) | | | — | | | — | | | (459) | | | | | | | | | | | Interest expense | 721 | | | — | | | — | | | 721 | | | Pharmaceutical manufacturing, research and development expense | — | | | 2,834 | | | — | | | 2,834 | | | Depreciation and amortization expense | — | | | 1,907 | | | 30 | | | 1,937 | | | | | | | | | | | General and administrative expense | 380 | | | 2,282 | | | 5,854 | | | 8,516 | | | Other expense, net | (319) | | | — | | | — | | | (319) | | | Income tax expense | — | | | — | | | 959 | | | 959 | | | Net income (loss) | 26,291 | | | (6,407) | | | (6,841) | | | 13,043 | |
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v3.24.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
Subsequent Events On November 14, 2024, the Company sold its investment interest in Exeevo to a third-party purchaser. Consideration received or to be received for the sale consists of (a) $3.4 million cash at closing, (b) $0.7 million contingent payment on January 2, 2025 with contingency based on third-party purchaser executing a new agreement with an existing key vendor, (c) $0.5 million cash on February 1, 2025, and (d) three year earn out consisting of 30% of the annual increase in SAAS gross margin. The Company is in the process of completing its accounting for the sale, but does not believe that there is any indication of impairment to the carrying value as of September 30, 2024. On October 1, 2024, BIOLASE filed for Chapter 11 bankruptcy protection with a third-party stalking horse bidder in place. The Company agreed to make additional fundings to support the Chapter 11 process through Debtor-in-Possession (“DIP”) Financing. On October 9, 2024, the Company advanced an additional $1.4 million DIP Financing to BIOLASE. On November 4, 2024, an auction was held for the purchase of the BIOLASE assets and was won by an international third-party bidder with an all-cash bid of $20.1 million. The Company is in the process of completing its accounting for the transaction, but does not believe that there is any indication of impairment to the carrying value as of September 30, 2024.
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v3.24.3
SWK Holdings Corporation and Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Basis of Presentation |
Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).Unaudited Interim Financial Information The unaudited condensed consolidated financial statements have been prepared by the Company and reflect all normal, recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the interim financial information. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending December 31, 2024. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 20, 2024.
|
| Principles of Consolidation |
The consolidated financial statements include the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a variable interest entity (“VIE”) when it possesses both the power to direct the activities of the VIE that most significantly impact its economic performance and the Company is either obligated to absorb the losses that could potentially be significant to the VIE or the Company holds the right to receive benefits from the VIE that could potentially be significant to the VIE, after elimination of intercompany accounts and transactions. The Company owns interests in various partnerships and limited liability companies, or LLCs. The Company consolidates its investments in these partnerships or LLCs where the Company, as the general partner or managing member, exercises effective control. Even though the Company’s ownership may be less than 50 percent, the related governing agreements provide the Company with broad powers, and the other parties do not participate in the management of the entities and do not effectively have the ability to remove the Company. The Company has reviewed each of the underlying agreements to determine if it has effective control. If circumstances change and it is determined this control does not exist, any such investment would be recorded using the equity method of accounting. Although this would change individual line items within the Company’s consolidated financial statements, it would have no effect on its operations and/or total stockholders’ equity attributable to the Company.
|
| Use of Estimates |
Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition; stock-based compensation; valuation of interest and accounts receivable; allowance for credit losses; valuation or impairment of long-lived assets; property and equipment; intangible assets; valuation of warrants and other investments; contingent consideration; income taxes; and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and consequently, actual results may differ from these estimates. The Company’s estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause changes to those estimates and assumptions. Market conditions, such as illiquid credit markets, health crises such as the COVID-19 global pandemic, volatile equity markets, and economic downturns, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts.
|
| Segment Information |
Segment Information The Company earns revenues from its two U.S.-based business segments: its specialty finance and asset management business offering customized financing solutions to a broad range of life-sciences companies ("Finance Receivable segment"), and its business offering CDMO services to pharmaceutical partners as well as innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform (“Pharmaceutical Development segment”).
|
| Revenue Recognition |
Revenue Recognition The Company’s Pharmaceutical Development segment enters into collaboration and licensing agreements with strategic partners, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. Deferred revenue includes amounts that have been billed per the contractual terms but have not been recognized as revenue.
|
| Research and Development |
Research and Development Research and development expenses include the costs associated with internal research and development and research and development conducted for the Company by third parties. These costs primarily consist of salaries, pre-clinical and clinical trials, outside consultants, and supplies. All research and development costs discussed above are expensed as incurred. Third-party expenses reimbursed under research and development contracts, which are not refundable, are recorded as a reduction to pharmaceutical manufacturing research and development expense in the unaudited condensed consolidated statements of income.
|
| Recent Accounting Pronouncements |
Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848),” which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. These transactions include: (i) contract modifications, (ii) hedging relationships, and (iii) sales or transfers of debt securities classified as held-to-maturity. ASU 2020-04 was effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. The Company has identified existing loans that reference London Inter-Bank Offered Rate (“LIBOR”) and is in the process of evaluating alternatives in each situation. The Company expects that it will elect to apply some of the expedients and exceptions provided in ASU 2020-04 and does not believe the adoption of this standard will have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Public entities are required to adopt the changes retrospectively, recasting each prior-period disclosure for which a comparative income statement is presented in the period of adoption. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The standard is intended to provide greater transparency in various income tax components that affect the rate reconciliation based on the applicable taxing jurisdictions, as well as the qualitative and quantitative aspects of those components. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements and related disclosures.
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v3.24.3
SWK Holdings Corporation and Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Summary of Error Corrections in Previously Issued Unaudited Condensed Financial Statements |
The following tables detail the revisions to the line items of our previously issued unaudited condensed financial statements to reflect the correction of the errors (in thousands):
| | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | | As Reported | | Adjustment (1) | | As Revised | | Revenues: | | | | | | | | Finance receivable interest income, including fees | | $ | 11,454 | | | $ | (419) | | | $ | 11,035 | | | Pharmaceutical development | | 279 | | | — | | | 279 | | | Other | | 46 | | — | | | 46 | | Total revenues | | 11,779 | | | (419) | | | 11,360 | | | Expenses: | | | | | | | | Provision for credit losses | | $ | 5,323 | | | $ | (26) | | | $ | 5,297 | | | Net income | | $ | 861 | | | $ | (393) | | | $ | 468 | | | Basic net income per share | | $ | 0.07 | | | $ | (0.03) | | | $ | 0.04 | | | Diluted net income per share | | $ | 0.07 | | | $ | (0.03) | | | $ | 0.04 | | | Assets: | | | | | | | | Finance receivables, net of allowance for credit losses | | $ | 261,285 | | | $ | (393) | | | $ | 260,892 | | | Total assets | | $ | 322,350 | | | $ | (393) | | | $ | 321,957 | | | Stockholders' equity: | | | | | | | | Accumulated deficit | | $ | (4,143,940) | | | $ | (393) | | | $ | (4,144,333) | | | Total stockholders' equity | | $ | 280,288 | | | $ | (393) | | | $ | 279,895 | |
(1)Consists of two error corrections, one which was identified during the three months ended June 30, 2024 and one which was identified during the three months ended September 30, 2024. | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | As Reported | | Adjustment | | As Revised | | Revenues: | | | | | | | | Finance receivable interest income, including fees | | $ | 10,680 | | | $ | (694) | | | $ | 9,986 | | | Pharmaceutical development | | 804 | | | — | | | 804 | | | Other | | 57 | | — | | | 57 | | Total revenues | | $ | 11,541 | | | $ | (694) | | | $ | 10,847 | | | Expenses: | | | | | | | | Provision for credit losses | | $ | 4,074 | | | $ | 21 | | | $ | 4,095 | | | Net income | | $ | 4,395 | | | $ | (715) | | | $ | 3,680 | | | Basic net income per share | | $ | 0.35 | | | $ | (0.06) | | | $ | 0.29 | | | Diluted net income per share | | $ | 0.35 | | | $ | (0.06) | | | $ | 0.29 | | | Assets: | | | | | | | | Finance receivables, net of allowance for credit losses | | $ | 265,470 | | | $ | (373) | | | $ | 265,097 | | | Total assets | | $ | 321,374 | | | $ | (373) | | | $ | 321,001 | | | Stockholders' equity: | | | | | | | | Accumulated deficit | | $ | (4,140,280) | | | $ | (373) | | | $ | (4,140,653) | | | Total stockholders' equity | | $ | 283,204 | | | $ | (373) | | | $ | 282,831 | |
| | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | As Reported | | Adjustment | | As Revised | | Revenues: | | | | | | | | Finance receivable interest income, including fees | | $ | 21,399 | | | $ | (378) | | | $ | 21,021 | | | Pharmaceutical development | | 1,083 | | | — | | | 1,083 | | | Other | | 103 | | — | | | 103 | | Total revenues | | 22,585 | | | (378) | | | 22,207 | | | Expenses: | | | | | | | | Provision for credit losses | | $ | 9,397 | | | $ | (5) | | | $ | 9,392 | | | Net income | | $ | 4,521 | | | $ | (373) | | | $ | 4,148 | | | Basic net income per share | | $ | 0.36 | | | $ | (0.03) | | | $ | 0.33 | | | Diluted net income per share | | $ | 0.36 | | | $ | (0.03) | | | $ | 0.33 | | | Assets: | | | | | | | | Finance receivables, net of allowance for credit losses | | $ | 265,470 | | | $ | (373) | | | $ | 265,097 | | | Total assets | | $ | 321,374 | | | $ | (373) | | | $ | 321,001 | | | Stockholders' equity: | | | | | | | | Accumulated deficit | | (4,140,280) | | | (373) | | | (4,140,653) | | | Total stockholders' equity | | $ | 283,204 | | | $ | (373) | | | $ | 282,831 | |
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v3.24.3
Net Income per Share (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of Earnings Per Share, Basic and Diluted |
The following table shows the computation of basic and diluted net income per share for the following periods (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Numerator: | | | | | | | | | Net income | $ | 3,468 | | | $ | 4,474 | | | $ | 7,616 | | | $ | 13,043 | | | | | | | | | | | Denominator: | | | | | | | | | Weighted-average shares outstanding | 12,318 | | | 12,539 | | | 12,417 | | | 12,703 | | | Effect of dilutive securities | 90 | | | 43 | | | 75 | | | 43 | | | Weighted-average diluted shares | 12,408 | | | 12,582 | | | 12,492 | | | 12,746 | | | | | | | | | | | Basic net income per share | $ | 0.28 | | | $ | 0.36 | | | $ | 0.61 | | | $ | 1.03 | | | Diluted net income per share | $ | 0.28 | | | $ | 0.36 | | | $ | 0.61 | | | $ | 1.02 | |
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v3.24.3
Finance Receivables (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Receivables [Abstract] |
|
| Schedule of Accounts, Notes, Loans and Financing Receivable |
The carrying values of finance receivables were as follows (in thousands): | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | Term loans | $ | 197,975 | | | $ | 221,145 | | Royalty purchases | 72,272 | | | 67,260 | | Total before allowance for credit losses | 270,247 | | | 288,405 | | Allowance for credit losses | (14,343) | | | (13,901) | | Total carrying value | $ | 255,904 | | | $ | 274,504 | |
|
| Financing Receivable, Allowance for Credit Loss |
The following table details the changes in the allowance for credit losses by Term Loans and Royalties (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 | | | Term Loans | | Royalties | | Total | | Term Loans | | Royalties | | Total | | Allowance at beginning of period | | $ | 9,731 | | | $ | 4,170 | | | $ | 13,901 | | | $ | — | | | $ | 11,846 | | | $ | 11,846 | | | | | | | | | | | | | | | | Effect of adoption of ASU 2016-13 | | — | | | — | | | — | | | 8,900 | | | 2,886 | | | 11,786 | | | Provision (benefit) for credit losses | | 10,202 | | | 575 | | | 10,777 | | | (922) | | | 463 | | | (459) | | | Write offs | | (10,335) | | | — | | | (10,335) | | | — | | | (11,846) | | (1) | (11,846) | | | Allowance at end of period | | $ | 9,598 | | | $ | 4,745 | | | $ | 14,343 | | | $ | 7,978 | | | $ | 3,349 | | | $ | 11,327 | | | (1) Reversal of finance receivable-specific ACL recognized in prior periods. No impact to unaudited condensed consolidated statement of income for the nine months ended September 30, 2023. |
|
| Financing Receivable, Nonaccrual |
The following table presents nonaccrual and performing finance receivables by portfolio pool, net of allowance for credit losses (in thousands) as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Nonaccrual | | Performing | | Total | | Nonaccrual | | Performing | | Total | | Term loans | $ | 21,857 | | | $ | 176,118 | | | $ | 197,975 | | | $ | 9,128 | | | $ | 212,017 | | | $ | 221,145 | | | Royalty purchases | 16,362 | | | 55,910 | | | 72,272 | | | 16,854 | | | 50,406 | | | 67,260 | | | Total before allowance for credit losses | $ | 38,219 | | | $ | 232,028 | | | $ | 270,247 | | | $ | 25,982 | | | $ | 262,423 | | | $ | 288,405 | | | Allowance for credit losses | (5,734) | | | (8,609) | | | (14,343) | | | (1,447) | | | (12,454) | | | (13,901) | | | Total carrying value | $ | 32,485 | | | $ | 223,419 | | | $ | 255,904 | | | $ | 24,535 | | | $ | 249,969 | | | $ | 274,504 | |
|
| Financing Receivable Credit Quality Indicators |
The following table summarizes the carrying value of Finance Receivables by origination year, grouped by risk rating as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 | | Prior | | Total | | Term Loans | | | | | | | | | | | | | | | | | | 5 | | $ | — | | | $ | — | | | $ | — | | | $ | 13,907 | | | $ | — | | | $ | 3,583 | | | $ | — | | | $ | 17,490 | | | 4 | | — | | | 31,226 | | | 52,391 | | | — | | | — | | | — | | | — | | | 83,617 | | | 3 | | — | | | 24,770 | | | — | | | 11,211 | | | — | | | 26,329 | | | — | | | 62,310 | | | 2 | | — | | | — | | | — | | | 12,701 | | | — | | | — | | | — | | | 12,701 | | | 1 | | — | | | — | | | 4,538 | | | 1,473 | | | — | | | — | | | 15,846 | | | 21,857 | | | Subtotal - Term Loans | | $ | — | | | $ | 55,996 | | | $ | 56,929 | | | $ | 39,292 | | | $ | — | | | $ | 29,912 | | | $ | 15,846 | | | $ | 197,975 | | | | | | | | | | | | | | | | | | | | Royalties | | | | | | | | | | | | | | | | | | Green | | $ | 7,839 | | | $ | 11,689 | | | $ | 12,652 | | | $ | — | | | $ | 16,038 | | | $ | — | | | $ | 1,285 | | | $ | 49,503 | | | Yellow | | — | | | — | | | — | | | — | | | 3,117 | | | — | | | 3,290 | | | 6,407 | | | Red | | — | | | — | | | — | | | 3,552 | | | 10,433 | | | — | | | 2,377 | | | 16,362 | | | Subtotal - Royalties | | $ | 7,839 | | | $ | 11,689 | | | $ | 12,652 | | | $ | 3,552 | | | $ | 29,588 | | | $ | — | | | $ | 6,952 | | | $ | 72,272 | | | | | | | | | | | | | | | | | | | | Total Finance Receivables, gross | | $ | 7,839 | | | $ | 67,685 | | | $ | 69,581 | | | $ | 42,844 | | | $ | 29,588 | | | $ | 29,912 | | | $ | 22,798 | | | $ | 270,247 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | 2023 | | 2022 | | 2021 | | 2020 | | 2019 | | Prior | | Total | | Term Loans | | | | | | | | | | | | | | | | 5 | | $ | — | | | $ | — | | | $ | 13,734 | | | $ | — | | | $ | 5,696 | | | $ | — | | | $ | 19,430 | | | 4 | | 25,799 | | | 32,211 | | | — | | | — | | | — | | | 10,485 | | | 68,495 | | | 3 | | 24,341 | | | 24,285 | | | 10,227 | | | — | | | 31,807 | | | — | | | 90,660 | | | 2 | | — | | | 6,924 | | | 12,493 | | | — | | | — | | | 14,015 | | | 33,432 | | | 1 | | — | | | — | | | 9,128 | | | — | | | — | | | — | | | 9,128 | | | Subtotal - Term Loans | | $ | 50,140 | | | $ | 63,420 | | | $ | 45,582 | | | $ | — | | | $ | 37,503 | | | $ | 24,500 | | | $ | 221,145 | | | | | | | | | | | | | | | | | | Royalties | | | | | | | | | | | | | | | | Green | | $ | 27,785 | | | $ | — | | | $ | — | | | $ | 14,650 | | | $ | — | | | $ | 1,340 | | | $ | 43,775 | | | Yellow | | — | | | — | | | — | | | 3,212 | | | — | | | 3,419 | | | 6,631 | | | Red | | — | | | — | | | 3,834 | | | 10,433 | | | — | | | 2,587 | | | 16,854 | | | Subtotal - Royalties | | $ | 27,785 | | | $ | — | | | $ | 3,834 | | | $ | 28,295 | | | $ | — | | | $ | 7,346 | | | $ | 67,260 | | | | | | | | | | | | | | | | | | Total Finance Receivables, gross | | $ | 77,925 | | | $ | 63,420 | | | $ | 49,416 | | | $ | 28,295 | | | $ | 37,503 | | | $ | 31,846 | | | $ | 288,405 | |
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v3.24.3
Intangible Assets (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of Finite-Lived Intangible Assets |
As of September 30, 2024 and December 31, 2023, the gross book value, accumulated amortization, net book value and estimated useful life of acquired intangible assets were as follows (in thousands, except estimated useful life data): | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | Gross Book Value | | Accumulated Amortization | | Net Book Value | | Estimated Useful Life | | | | | | | | | | Trade names and trademarks | $ | 210 | | | $ | 107 | | | $ | 103 | | | 10 | | Customer relationships | 240 | | | 123 | | | 117 | | | 10 | | Total intangible assets | $ | 450 | | | $ | 230 | | | $ | 220 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Gross Book Value | | Accumulated Amortization | | Net Book Value | | Estimated Useful Life | Licensing Agreement(1) | $ | 29,400 | | | $ | 23,167 | | | $ | 6,233 | | | 10 | | Trade names and trademarks | 210 | | | 92 | | | 118 | | | 10 | | Customer relationships | 240 | | | 104 | | | 136 | | | 10 | | Total intangible assets | $ | 29,850 | | | $ | 23,363 | | | $ | 6,487 | | | |
(1) Prior to the Company's acquisition of Enteris, Enteris entered into the License Agreement with Cara Therapeutics, Inc. ("Cara"), for oral formulation rights to Enteris’ Peptelligence® technology to develop and commercialize Oral KORSUVATM in any indication worldwide, excluding South Korea and Japan. Cara is obligated to pay Enteris certain development, regulatory and tiered commercial milestone payments, as well as low single-digit royalties based on net sales in the licensed territory. During the three months ended June 30, 2024, the Company concluded that the milestones and royalties pursuant to the License Agreement would not be realized as a result of non-viability of product covered by the License Agreement. The Company has recognized a full impairment on the license of its remaining net book value of $5.8 million which is included in the "Loss on impairment of intangible assets" section of our unaudited condensed consolidated statements of income for the nine months ended September 30, 2024.
|
| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
Based on amounts recorded at September 30, 2024, the Company will recognize acquired intangible asset amortization as follows (in thousands): | | | | | | | | | | Remainder of 2024 | $ | 11 | | | | 2025 | 45 | | | | 2026 | 45 | | | | 2027 | 45 | | | | 2028 | 45 | | | | Thereafter | 29 | | | | Total | $ | 220 | | | | | |
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v3.24.3
Debt (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Long-Term Debt Instruments |
The following table summarizes the outstanding balance of the Notes, net of debt issuance costs (in thousands): | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | 2027 Senior Notes | $ | 32,969 | | | $ | 32,969 | | | Debt issuance costs | (1,726) | | | (2,188) | | | Total unsecured senior notes, net | $ | 31,243 | | | $ | 30,781 | |
|
| Schedule of Maturities of Long-Term Debt |
The Company’s future principal obligations for the Notes were as follows (in thousands): | | | | | | | | | | September 30, 2024 | | | Remainder of 2024 | $ | — | | | | 2025 | — | | | | 2026 | — | | | | 2027 | 32,969 | | | | Total unsecured senior notes, net | $ | 32,969 | | |
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- DefinitionTabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 45
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v3.24.3
Commitment and Contingencies (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Lease, Cost |
The components of lease cost were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Operating lease cost | $ | 108 | | | $ | 139 | | | $ | 366 | | | $ | 361 | | | Variable lease cost | 17 | | | 11 | | | 49 | | | 35 | | | Total lease cost | $ | 125 | | | $ | 150 | | | $ | 415 | | | $ | 396 | |
|
| Lessee, Operating Lease, Liability, to be Paid, Maturity |
Future minimum rent on the Company's operating leases was as follows as of September 30, 2024 (in thousands): | | | | | | | | | Remainder of 2024 | $ | 110 | | | 2025 | 456 | | | 2026 | 461 | | | 2027 | 465 | | | 2028 | 405 | | | Thereafter | 272 | | | Total future lease payments | $ | 2,169 | |
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v3.24.3
Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Summary of Financial Assets Measured at Fair Value on a Recurring Basis |
The following table presents financial assets measured at fair value on a recurring basis as of September 30, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Total
Carrying
Value in
Consolidated
Balance
Sheets | | Quoted Prices
in Active
Markets for
Identical
Assets
or Liabilities
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Financial Assets | | | | | | | | | Warrant assets | $ | 2,026 | | | $ | — | | | $ | — | | | $ | 2,026 | | | Marketable investments | 755 | | | 727 | | | — | | | 28 | | | Foreign currency forward contract | 1,611 | | | — | | | — | | | 1,611 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Total
Carrying
Value in
Consolidated
Balance
Sheets | | Quoted Prices
in Active
Markets for
Identical
Assets
or Liabilities
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Financial Assets | | | | | | | | | Warrant assets | $ | 1,759 | | | $ | — | | | $ | — | | | $ | 1,759 | | | Marketable investments | 48 | | | — | | | — | | | 48 | | | Foreign currency forward contract | 974 | | — | | | — | | | 974 | | | | | | | | | | Financial liabilities: | | | | | | | | | Contingent consideration payable | $ | 4,900 | | | $ | — | | | $ | — | | | $ | 4,900 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Total
Carrying
Value in
Consolidated
Balance
Sheets | | Quoted Prices
in Active
Markets for
Identical
Assets
or Liabilities
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | September 30, 2024 | $ | 8,388 | | | $ | — | | | $ | — | | | $ | 8,388 | | December 31, 2023 | $ | 2,587 | | | $ | — | | | $ | — | | | $ | 2,587 | |
|
| Schedule Of Warrant Assets |
The changes in fair value of the warrant assets during the nine months ended September 30, 2024 and 2023 were as follows (in thousands): | | | | | | | | | | | | | | | | September 30, 2024 | | September 30, 2023 | | Fair value - December 31, 2023 | $ | 1,759 | | | Fair value - December 31, 2022 | $ | 1,220 | | | Issued | 1,072 | | | Issued | 822 | | | | | | | | Exercised | (985) | | | Exercised | — | | | Change in fair value | 178 | | | Change in fair value | (745) | | | Loss on foreign currency transactions | $ | 2 | | | Loss on foreign currency transactions | $ | — | | Fair value - September 30, 2024 | $ | 2,026 | | | Fair value - September 30, 2023 | $ | 1,297 | |
|
| Summary of Fair Value Measurement Inputs and Valuation Techniques |
The following ranges of assumptions were used in the models to determine fair value: | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | Dividend rate range | — | | | — | | | Risk-free rate range | 3.7% to 4.7% | | 3.8% to 4.8% | | Expected life (years) range | 2.4 to 7.0 | | 1.2 to 5.8 | | Expected volatility range | 54.7% to 177.7% | | 75.3% to 154.3% |
|
| Summary of Fair Value of Financial Assets and Liabilities |
The following table presents the fair value of financial assets as of September 30, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying Value | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | Financial Assets | | | | | | | | | | | Finance receivables, net | $ | 255,904 | | | $ | 255,904 | | | $ | — | | | $ | — | | | $ | 255,904 | | | Marketable investments | 755 | | | 755 | | | 727 | | | — | | | 28 | | | Warrant assets | 2,026 | | | 2,026 | | | — | | | — | | | 2,026 | | | Foreign currency forward contract | 1,611 | | | 1,611 | | | — | | | — | | | 1,611 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table presents the fair value of financial assets and liabilities as of year ended December 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying Value | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | Financial Assets | | | | | | | | | | | Finance receivables, net | $ | 274,504 | | | $ | 274,504 | | | $ | — | | | $ | — | | | $ | 274,504 | | | Marketable investments | 48 | | | 48 | | | — | | | — | | | 48 | | | Warrant assets | 1,759 | | | 1,759 | | | — | | | — | | | 1,759 | | | Foreign currency forward contract | 974 | | | 974 | | | — | | | — | | | 974 | | | | | | | | | | | | | Financial liabilities | | | | | | | | | | | Contingent consideration payable | $ | 4,900 | | | $ | 4,900 | | | $ | — | | | $ | — | | | $ | 4,900 | | | | | | | | | | | |
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-Topic 820
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v3.24.3
Revenue Recognition (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Summary of Contract Revenue Recognized |
The following table provides the contract revenue recognized by revenue source for the three and nine months ended September 30, 2024 and 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Pharmaceutical Development Segment | | | | | | | | | License Agreement | $ | — | | | $ | — | | | $ | 49 | | | $ | 10 | | | Pharmaceutical Development | 628 | | | 315 | | | 1,662 | | | 606 | | | Total contract revenue | $ | 628 | | | $ | 315 | | | $ | 1,711 | | | $ | 616 | |
|
| Contract with Customer Liability |
The Company’s contract liabilities are presented as deferred income and are included in accounts payable and accrued liabilities in the consolidated balance sheets (in thousands):
| | | | | | | | | | | | | September 30,
2024 | | December 31, 2023 | | Pharmaceutical Development Segment | | | | | Deferred income | $ | 2,109 | | | $ | 9 | | | Total contract liabilities | $ | 2,109 | | | $ | 9 | |
|
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-SubTopic 10
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v3.24.3
Segment Information (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Segment Reporting Information, by Segment |
The following tables present financial information for the Company's reportable segments for the periods indicated (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2024 | | Finance Receivables | | Pharmaceutical Development and Other | | Holding Company and Other | | Consolidated | | Revenue | $ | 9,498 | | | $ | 628 | | | $ | — | | | $ | 10,126 | | | Other revenue | 289 | | | 3 | | | — | | | 292 | | | Provision for credit losses | 1,385 | | | — | | | — | | | 1,385 | | | | | | | | | | | Interest expense | 230 | | | 2 | | | 907 | | | 1,139 | | | Pharmaceutical manufacturing, research and development expense | — | | | 585 | | | — | | | 585 | | | | | | | | | | | Depreciation and amortization expense | — | | | 214 | | | 20 | | | 234 | | | General and administrative expense | 88 | | | 722 | | | 2,183 | | | 2,993 | | | Other income, net | 292 | | | — | | | — | | | 292 | | | Income tax expense | — | | | — | | | 906 | | | 906 | | | Net income (loss) | 8,376 | | | (892) | | | (4,016) | | | 3,468 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | Finance Receivables | | Pharmaceutical Development and Other | | Holding Company and Other | | Consolidated | | Revenue | $ | 8,608 | | | $ | 315 | | | $ | — | | | $ | 8,923 | | | Other revenue | 39 | | | — | | | — | | | 39 | | | Provision for credit losses | 223 | | | — | | | — | | | 223 | | | | | | | | | | | Interest expense | 176 | | | — | | | — | | | 176 | | | Pharmaceutical manufacturing, research and development expense | — | | | 606 | | | — | | | 606 | | | Depreciation and amortization expense | — | | | 630 | | | 22 | | | 652 | | | General and administrative expense | 213 | | | 574 | | | 2,192 | | | 2,979 | | | Other expense, net | (238) | | | — | | | — | | | (238) | | | Income tax benefit | — | | | — | | | (386) | | | (386) | | | Net income (loss) | 7,797 | | | (1,495) | | | (1,828) | | | 4,474 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | Finance Receivables | | Pharmaceutical Development and Other | | Holding Company and Other | | Consolidated | | Revenue | $ | 30,519 | | | $ | 1,711 | | | $ | — | | | $ | 32,230 | | | Other revenue | 392 | | | 3 | | | — | | | 395 | | | Provision for credit losses | 10,777 | | | — | | | — | | | 10,777 | | | Loss on impairment of intangible assets | — | | | 5,771 | | | — | | | 5,771 | | | Interest expense | 820 | | | 7 | | | 2,687 | | | 3,514 | | | Pharmaceutical manufacturing, research and development | — | | | 1,635 | | | — | | | 1,635 | | | Change in fair value of acquisition-related contingent consideration | — | | | (4,900) | | | — | | | (4,900) | | | Depreciation and amortization expense | — | | | 1,106 | | | 63 | | | 1,169 | | | General and administrative expense | 257 | | | 2,179 | | | 6,164 | | | 8,600 | | | Other income (expense), net | 4,135 | | | — | | | (408) | | | 3,727 | | | Income tax expense | — | | | — | | | 2,170 | | | 2,170 | | | Net income (loss) | 23,192 | | | (4,084) | | | (11,492) | | | 7,616 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | Finance Receivables | | Pharmaceutical Development and Other | | Holding Company and Other | | Consolidated | | Revenue | $ | 27,146 | | | $ | 616 | | | $ | — | | | $ | 27,762 | | | Other revenue | 106 | | | — | | | 2 | | | 108 | | | Benefit for credit losses | (459) | | | — | | | — | | | (459) | | | | | | | | | | | Interest expense | 721 | | | — | | | — | | | 721 | | | Pharmaceutical manufacturing, research and development expense | — | | | 2,834 | | | — | | | 2,834 | | | Depreciation and amortization expense | — | | | 1,907 | | | 30 | | | 1,937 | | | | | | | | | | | General and administrative expense | 380 | | | 2,282 | | | 5,854 | | | 8,516 | | | Other expense, net | (319) | | | — | | | — | | | (319) | | | Income tax expense | — | | | — | | | 959 | | | 959 | | | Net income (loss) | 26,291 | | | (6,407) | | | (6,841) | | | 13,043 | |
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v3.24.3
SWK Holdings Corporation and Summary of Significant Accounting Policies - Summary of Error Corrections in Previously Issued Unaudited Condensed Financial Statements (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Finance receivable interest income, including fees |
$ 9,498
|
$ 9,986
|
$ 11,035
|
$ 8,608
|
|
|
$ 21,021
|
$ 30,519
|
$ 27,146
|
|
|
| Pharmaceutical development |
628
|
804
|
279
|
315
|
|
|
1,083
|
1,711
|
616
|
|
|
| Other |
292
|
57
|
46
|
39
|
|
|
103
|
395
|
108
|
|
|
| Total revenues |
10,418
|
10,847
|
11,360
|
8,962
|
|
|
22,207
|
32,625
|
27,870
|
|
|
| Provision (benefit) for credit losses |
1,385
|
4,095
|
5,297
|
223
|
|
|
9,392
|
10,777
|
(459)
|
|
|
| Net income |
$ 3,468
|
$ 3,680
|
$ 468
|
$ 4,474
|
$ 3,934
|
$ 4,635
|
$ 4,148
|
$ 7,616
|
$ 13,043
|
|
|
| Basic (in dollars per share) |
$ 0.28
|
$ 0.29
|
$ 0.04
|
$ 0.36
|
|
|
$ 0.33
|
$ 0.61
|
$ 1.03
|
|
|
| Diluted (in dollars per share) |
$ 0.28
|
$ 0.29
|
$ 0.04
|
$ 0.36
|
|
|
$ 0.33
|
$ 0.61
|
$ 1.02
|
|
|
| Finance receivables, net of allowance for credit losses |
$ 255,904
|
$ 265,097
|
$ 260,892
|
|
|
|
$ 265,097
|
$ 255,904
|
|
$ 274,504
|
|
| Total assets |
321,279
|
321,001
|
321,957
|
|
|
|
321,001
|
321,279
|
|
334,254
|
|
| Accumulated deficit |
(4,137,185)
|
(4,140,653)
|
(4,144,333)
|
|
|
|
(4,140,653)
|
(4,137,185)
|
|
(4,144,801)
|
|
| Total stockholders' equity |
$ 283,431
|
282,831
|
279,895
|
$ 277,565
|
$ 273,884
|
$ 274,385
|
282,831
|
$ 283,431
|
$ 277,565
|
$ 280,315
|
$ 279,929
|
| Previously Reported |
|
|
|
|
|
|
|
|
|
|
|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Finance receivable interest income, including fees |
|
10,680
|
11,454
|
|
|
|
21,399
|
|
|
|
|
| Pharmaceutical development |
|
804
|
279
|
|
|
|
1,083
|
|
|
|
|
| Other |
|
57
|
46
|
|
|
|
103
|
|
|
|
|
| Total revenues |
|
11,541
|
11,779
|
|
|
|
22,585
|
|
|
|
|
| Provision (benefit) for credit losses |
|
4,074
|
5,323
|
|
|
|
9,397
|
|
|
|
|
| Net income |
|
$ 4,395
|
$ 861
|
|
|
|
$ 4,521
|
|
|
|
|
| Basic (in dollars per share) |
|
$ 0.35
|
$ 0.07
|
|
|
|
$ 0.36
|
|
|
|
|
| Diluted (in dollars per share) |
|
$ 0.35
|
$ 0.07
|
|
|
|
$ 0.36
|
|
|
|
|
| Finance receivables, net of allowance for credit losses |
|
$ 265,470
|
$ 261,285
|
|
|
|
$ 265,470
|
|
|
|
|
| Total assets |
|
321,374
|
322,350
|
|
|
|
321,374
|
|
|
|
|
| Accumulated deficit |
|
(4,140,280)
|
(4,143,940)
|
|
|
|
(4,140,280)
|
|
|
|
|
| Total stockholders' equity |
|
283,204
|
280,288
|
|
|
|
283,204
|
|
|
|
|
| Revision of Prior Period, Adjustment |
|
|
|
|
|
|
|
|
|
|
|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Finance receivable interest income, including fees |
|
(694)
|
(419)
|
|
|
|
(378)
|
|
|
|
|
| Pharmaceutical development |
|
0
|
0
|
|
|
|
0
|
|
|
|
|
| Other |
|
0
|
0
|
|
|
|
0
|
|
|
|
|
| Total revenues |
|
(694)
|
(419)
|
|
|
|
(378)
|
|
|
|
|
| Provision (benefit) for credit losses |
|
21
|
(26)
|
|
|
|
(5)
|
|
|
|
|
| Net income |
|
$ (715)
|
$ (393)
|
|
|
|
$ (373)
|
|
|
|
|
| Basic (in dollars per share) |
|
$ (0.06)
|
$ (0.03)
|
|
|
|
$ (0.03)
|
|
|
|
|
| Diluted (in dollars per share) |
|
$ (0.06)
|
$ (0.03)
|
|
|
|
$ (0.03)
|
|
|
|
|
| Finance receivables, net of allowance for credit losses |
|
$ (373)
|
$ (393)
|
|
|
|
$ (373)
|
|
|
|
|
| Total assets |
|
(373)
|
(393)
|
|
|
|
(373)
|
|
|
|
|
| Accumulated deficit |
|
(373)
|
(393)
|
|
|
|
(373)
|
|
|
|
|
| Total stockholders' equity |
|
$ (373)
|
$ (393)
|
|
|
|
$ (373)
|
|
|
|
|
| X |
- DefinitionAmount of asset recognized for present right to economic benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Section 55
-Paragraph 49
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Net Income per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Earnings Per Share [Abstract] |
|
|
|
|
|
|
|
|
|
| Net income |
$ 3,468
|
$ 3,680
|
$ 468
|
$ 4,474
|
$ 3,934
|
$ 4,635
|
$ 4,148
|
$ 7,616
|
$ 13,043
|
| Weighted-average shares outstanding, basic (in shares) |
12,318,000
|
|
|
12,539,000
|
|
|
|
12,417,000
|
12,703,000
|
| Effect of dilutive securities (in shares) |
90,000
|
|
|
43,000
|
|
|
|
75,000
|
43,000
|
| Weighted-average shares outstanding, diluted (in shares) |
12,408,000
|
|
|
12,582,000
|
|
|
|
12,492,000
|
12,746,000
|
| Basic net income per share (in dollars per share) |
$ 0.28
|
$ 0.29
|
$ 0.04
|
$ 0.36
|
|
|
$ 0.33
|
$ 0.61
|
$ 1.03
|
| Diluted net income per share (in dollars per share) |
$ 0.28
|
$ 0.29
|
$ 0.04
|
$ 0.36
|
|
|
$ 0.33
|
$ 0.61
|
$ 1.02
|
| Antidilutive securities excluded from computation of earnings per share (in shares) |
160,000
|
|
|
127,000
|
|
|
|
161,000
|
121,000
|
| X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Finance Receivables - Schedule of Carrying Values of Finance Receivables (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Total before allowance for credit losses |
$ 270,247
|
$ 288,405
|
|
|
| Allowance for credit losses |
(14,343)
|
(13,901)
|
$ (11,327)
|
$ (11,846)
|
| Total carrying value |
255,904
|
274,504
|
|
|
| Term loans |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Total before allowance for credit losses |
197,975
|
221,145
|
|
|
| Allowance for credit losses |
(9,598)
|
(9,731)
|
(7,978)
|
0
|
| Royalty purchases |
|
|
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] |
|
|
|
|
| Total before allowance for credit losses |
72,272
|
67,260
|
|
|
| Allowance for credit losses |
$ (4,745)
|
$ (4,170)
|
$ (3,349)
|
$ (11,846)
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
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v3.24.3
Finance Receivables - Narrative (Details)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
|
|
Sep. 30, 2024
USD ($)
receivable
|
Jun. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
receivable
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Jan. 01, 2023
USD ($)
|
| Financing Receivable, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
| Off-balance-sheet, credit loss, liability |
$ 200
|
|
|
$ 200
|
|
$ 200
|
|
| Number of finance receivables | receivable |
6
|
|
|
6
|
|
|
|
| Financing receivable, excluding accrued interest, after allowance for credit loss |
$ 255,904
|
|
|
$ 255,904
|
|
274,504
|
|
| Gain on revaluation of finance receivable |
0
|
$ 2,500
|
$ 0
|
2,495
|
$ 0
|
|
|
| Nonaccrual |
|
|
|
|
|
|
|
| Financing Receivable, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
| Financing receivable, excluding accrued interest, after allowance for credit loss |
32,485
|
|
|
32,485
|
|
$ 24,535
|
|
| Proceeds from collection of finance receivables |
|
|
|
2,600
|
$ 2,300
|
|
|
| Trio Healthcare Ltd | Term loans |
|
|
|
|
|
|
|
| Financing Receivable, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
| Impaired financing receivable, recorded investment |
8,100
|
|
|
8,100
|
|
|
|
| Trio Healthcare Ltd | Nonaccrual | Term loans |
|
|
|
|
|
|
|
| Financing Receivable, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
| Financing receivable, excluding accrued interest, after allowance for credit loss |
1,500
|
|
|
1,500
|
|
|
|
| Exeevo, Inc | Term loans |
|
|
|
|
|
|
|
| Financing Receivable, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
| Impaired financing receivable, recorded investment |
2,200
|
|
|
2,200
|
|
|
|
| Exeevo, Inc | Nonaccrual | Term loans |
|
|
|
|
|
|
|
| Financing Receivable, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
| Financing receivable, excluding accrued interest, after allowance for credit loss |
4,500
|
|
|
4,500
|
|
|
|
| Biolase | Nonaccrual | Term loans |
|
|
|
|
|
|
|
| Financing Receivable, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
| Financing receivable, excluding accrued interest, after allowance for credit loss |
15,800
|
|
|
15,800
|
|
|
|
| Flowonix Medical, Inc. | Nonaccrual | Term loans |
|
|
|
|
|
|
|
| Financing Receivable, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
| Financing receivable, excluding accrued interest, after allowance for credit loss |
10,400
|
|
|
10,400
|
|
|
|
| Best ABT, Inc | Nonaccrual | Term loans |
|
|
|
|
|
|
|
| Financing Receivable, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
| Financing receivable, excluding accrued interest, after allowance for credit loss |
2,400
|
|
|
2,400
|
|
|
|
| Ideal Implant, Inc | Nonaccrual | Term loans |
|
|
|
|
|
|
|
| Financing Receivable, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
| Financing receivable, excluding accrued interest, after allowance for credit loss |
$ 3,600
|
|
|
$ 3,600
|
|
|
|
| Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 |
|
|
|
|
|
|
|
| Financing Receivable, Allowance for Credit Loss [Line Items] |
|
|
|
|
|
|
|
| Off-balance-sheet, credit loss, liability |
|
|
|
|
|
|
$ 400
|
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-Topic 326
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Section 45
-Paragraph 1
-Publisher FASB
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-Section 50
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-Topic 326
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-Section 45
-Paragraph 2
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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-Section 45
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-Subparagraph (a)
-Publisher FASB
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v3.24.3
Finance Receivables - Schedule of Changes in the Allowance for Credit Losses (Details) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Financing Receivable, Allowance for Credit Loss [Roll Forward] |
|
|
| Allowance at beginning of period |
$ 13,901
|
$ 11,846
|
| Provision (benefit) for credit losses |
10,777
|
(459)
|
| Write offs |
(10,335)
|
(11,846)
|
| Allowance at end of period |
14,343
|
11,327
|
| Term loans |
|
|
| Financing Receivable, Allowance for Credit Loss [Roll Forward] |
|
|
| Allowance at beginning of period |
9,731
|
0
|
| Provision (benefit) for credit losses |
10,202
|
(922)
|
| Write offs |
(10,335)
|
0
|
| Allowance at end of period |
9,598
|
7,978
|
| Royalty purchases |
|
|
| Financing Receivable, Allowance for Credit Loss [Roll Forward] |
|
|
| Allowance at beginning of period |
4,170
|
11,846
|
| Provision (benefit) for credit losses |
575
|
463
|
| Write offs |
0
|
(11,846)
|
| Allowance at end of period |
4,745
|
3,349
|
| Cumulative Effect, Period of Adoption, Adjustment |
|
|
| Financing Receivable, Allowance for Credit Loss [Roll Forward] |
|
|
| Allowance at beginning of period |
0
|
11,786
|
| Cumulative Effect, Period of Adoption, Adjustment | Term loans |
|
|
| Financing Receivable, Allowance for Credit Loss [Roll Forward] |
|
|
| Allowance at beginning of period |
0
|
8,900
|
| Cumulative Effect, Period of Adoption, Adjustment | Royalty purchases |
|
|
| Financing Receivable, Allowance for Credit Loss [Roll Forward] |
|
|
| Allowance at beginning of period |
$ 0
|
$ 2,886
|
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-Topic 326
-SubTopic 20
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-Section 45
-Paragraph 1
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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v3.24.3
Finance Receivables - Schedule of Nonaccrual and Performing Finance Receivables (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Financing Receivable, Nonaccrual [Line Items] |
|
|
|
|
| Total before allowance for credit losses |
$ 270,247
|
$ 288,405
|
|
|
| Allowance for credit losses |
(14,343)
|
(13,901)
|
$ (11,327)
|
$ (11,846)
|
| Total carrying value |
255,904
|
274,504
|
|
|
| Term loans |
|
|
|
|
| Financing Receivable, Nonaccrual [Line Items] |
|
|
|
|
| Total before allowance for credit losses |
197,975
|
221,145
|
|
|
| Allowance for credit losses |
(9,598)
|
(9,731)
|
(7,978)
|
0
|
| Royalty purchases |
|
|
|
|
| Financing Receivable, Nonaccrual [Line Items] |
|
|
|
|
| Total before allowance for credit losses |
72,272
|
67,260
|
|
|
| Allowance for credit losses |
(4,745)
|
(4,170)
|
$ (3,349)
|
$ (11,846)
|
| Nonaccrual |
|
|
|
|
| Financing Receivable, Nonaccrual [Line Items] |
|
|
|
|
| Total before allowance for credit losses |
38,219
|
25,982
|
|
|
| Allowance for credit losses |
(5,734)
|
(1,447)
|
|
|
| Total carrying value |
32,485
|
24,535
|
|
|
| Nonaccrual | Term loans |
|
|
|
|
| Financing Receivable, Nonaccrual [Line Items] |
|
|
|
|
| Total before allowance for credit losses |
21,857
|
9,128
|
|
|
| Nonaccrual | Royalty purchases |
|
|
|
|
| Financing Receivable, Nonaccrual [Line Items] |
|
|
|
|
| Total before allowance for credit losses |
16,362
|
16,854
|
|
|
| Performing |
|
|
|
|
| Financing Receivable, Nonaccrual [Line Items] |
|
|
|
|
| Total before allowance for credit losses |
232,028
|
262,423
|
|
|
| Allowance for credit losses |
(8,609)
|
(12,454)
|
|
|
| Total carrying value |
223,419
|
249,969
|
|
|
| Performing | Term loans |
|
|
|
|
| Financing Receivable, Nonaccrual [Line Items] |
|
|
|
|
| Total before allowance for credit losses |
176,118
|
212,017
|
|
|
| Performing | Royalty purchases |
|
|
|
|
| Financing Receivable, Nonaccrual [Line Items] |
|
|
|
|
| Total before allowance for credit losses |
$ 55,910
|
$ 50,406
|
|
|
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-Topic 326
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-Section 45
-Paragraph 1
-Publisher FASB
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-Section 45
-Paragraph 1
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-Topic 326
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-3B
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
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-Topic 326
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-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Publisher FASB
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v3.24.3
Finance Receivables - Credit Quality Indicators (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
| Year one |
$ 7,839
|
$ 77,925
|
| Year two |
67,685
|
63,420
|
| Year three |
69,581
|
49,416
|
| Year four |
42,844
|
28,295
|
| Year five |
29,588
|
37,503
|
| Year six |
29,912
|
|
| Prior |
22,798
|
31,846
|
| Total |
270,247
|
288,405
|
| Term loans |
|
|
| Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
| Year one |
0
|
50,140
|
| Year two |
55,996
|
63,420
|
| Year three |
56,929
|
45,582
|
| Year four |
39,292
|
0
|
| Year five |
0
|
37,503
|
| Year six |
29,912
|
|
| Prior |
15,846
|
24,500
|
| Total |
197,975
|
221,145
|
| Term loans | Pass |
|
|
| Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
| Year one |
0
|
0
|
| Year two |
0
|
0
|
| Year three |
0
|
13,734
|
| Year four |
13,907
|
0
|
| Year five |
0
|
5,696
|
| Year six |
3,583
|
|
| Prior |
0
|
0
|
| Total |
17,490
|
19,430
|
| Term loans | Special Mention |
|
|
| Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
| Year one |
0
|
25,799
|
| Year two |
31,226
|
32,211
|
| Year three |
52,391
|
0
|
| Year four |
0
|
0
|
| Year five |
0
|
0
|
| Year six |
0
|
|
| Prior |
0
|
10,485
|
| Total |
83,617
|
68,495
|
| Term loans | Substandard |
|
|
| Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
| Year one |
0
|
24,341
|
| Year two |
24,770
|
24,285
|
| Year three |
0
|
10,227
|
| Year four |
11,211
|
0
|
| Year five |
0
|
31,807
|
| Year six |
26,329
|
|
| Prior |
0
|
0
|
| Total |
62,310
|
90,660
|
| Term loans | Doubtful |
|
|
| Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
| Year one |
0
|
0
|
| Year two |
0
|
6,924
|
| Year three |
0
|
12,493
|
| Year four |
12,701
|
0
|
| Year five |
0
|
0
|
| Year six |
0
|
|
| Prior |
0
|
14,015
|
| Total |
12,701
|
33,432
|
| Term loans | Unlikely to be Collected Financing Receivable |
|
|
| Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
| Year one |
0
|
0
|
| Year two |
0
|
0
|
| Year three |
4,538
|
9,128
|
| Year four |
1,473
|
0
|
| Year five |
0
|
0
|
| Year six |
0
|
|
| Prior |
15,846
|
0
|
| Total |
21,857
|
9,128
|
| Royalty purchases |
|
|
| Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
| Year one |
7,839
|
27,785
|
| Year two |
11,689
|
0
|
| Year three |
12,652
|
3,834
|
| Year four |
3,552
|
28,295
|
| Year five |
29,588
|
0
|
| Year six |
0
|
|
| Prior |
6,952
|
7,346
|
| Total |
72,272
|
67,260
|
| Royalty purchases | Pass |
|
|
| Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
| Year one |
7,839
|
27,785
|
| Year two |
11,689
|
0
|
| Year three |
12,652
|
0
|
| Year four |
0
|
14,650
|
| Year five |
16,038
|
0
|
| Year six |
0
|
|
| Prior |
1,285
|
1,340
|
| Total |
49,503
|
43,775
|
| Royalty purchases | Special Mention |
|
|
| Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
| Year one |
0
|
0
|
| Year two |
0
|
0
|
| Year three |
0
|
0
|
| Year four |
0
|
3,212
|
| Year five |
3,117
|
0
|
| Year six |
0
|
|
| Prior |
3,290
|
3,419
|
| Total |
6,407
|
6,631
|
| Royalty purchases | Substandard |
|
|
| Financing Receivable, Credit Quality Indicator [Line Items] |
|
|
| Year one |
0
|
0
|
| Year two |
0
|
0
|
| Year three |
0
|
3,834
|
| Year four |
3,552
|
10,433
|
| Year five |
10,433
|
0
|
| Year six |
0
|
|
| Prior |
2,377
|
2,587
|
| Total |
$ 16,362
|
$ 16,854
|
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-Topic 326
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-79
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Topic 326
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
| Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
| Gross Book Value |
$ 450
|
|
$ 450
|
|
$ 29,850
|
| Accumulated Amortization |
230
|
|
230
|
|
23,363
|
| Net Book Value |
220
|
|
220
|
|
6,487
|
| Loss on impairment of intangibles assets |
0
|
$ 0
|
5,771
|
$ 0
|
|
| License Agreement |
|
|
|
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
| Gross Book Value |
|
|
|
|
29,400
|
| Accumulated Amortization |
|
|
|
|
23,167
|
| Net Book Value |
|
|
|
|
$ 6,233
|
| Estimated Useful Life |
|
|
|
|
10 years
|
| Loss on impairment of intangibles assets |
5,800
|
|
5,800
|
|
|
| Trade names and trademarks |
|
|
|
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
| Gross Book Value |
210
|
|
210
|
|
$ 210
|
| Accumulated Amortization |
107
|
|
107
|
|
92
|
| Net Book Value |
$ 103
|
|
$ 103
|
|
$ 118
|
| Estimated Useful Life |
10 years
|
|
10 years
|
|
10 years
|
| Customer relationships |
|
|
|
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
| Gross Book Value |
$ 240
|
|
$ 240
|
|
$ 240
|
| Accumulated Amortization |
123
|
|
123
|
|
104
|
| Net Book Value |
$ 117
|
|
$ 117
|
|
$ 136
|
| Estimated Useful Life |
10 years
|
|
10 years
|
|
10 years
|
| X |
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-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
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-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480265/350-10-S45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionThe amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of an intangible asset (excluding goodwill) to fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3
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us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_LicensingAgreementsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_TrademarksAndTradeNamesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_CustomerRelationshipsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.24.3
| X |
- DefinitionThe aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2
| Name: |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- References
+ Details
| Name: |
us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
v3.24.3
| X |
- DefinitionFinite-Lived Intangible Asset, Expected Amortization, after Year Four
| Name: |
swkh_FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2
| Name: |
us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in remainder of current fiscal year. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2
| Name: |
us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2
| Name: |
us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
v3.24.3
Debt - Narrative (Details)
|
|
3 Months Ended |
9 Months Ended |
|
|
|
|
|
Oct. 03, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Aug. 29, 2024
USD ($)
|
Oct. 27, 2023
USD ($)
|
Oct. 23, 2023
USD ($)
|
Jun. 28, 2023
USD ($)
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Interest expense, debt |
|
$ 200,000
|
$ 200,000
|
$ 800,000
|
$ 700,000
|
|
|
|
|
| Senior Notes | Debt Instrument, Redemption, Period One |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Debt instrument, redemption price, percentage |
|
|
|
102.00%
|
|
|
|
|
|
| Senior Notes | Debt Instrument, Redemption, Period Two |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Debt instrument, redemption price, percentage |
|
|
|
100.00%
|
|
|
|
|
|
| Senior Notes | Debt Instrument, Redemption, Period Three |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Debt instrument, redemption price, percentage |
|
|
|
100.00%
|
|
|
|
|
|
| Senior Notes | Debt Instrument, Redemption, Period Four |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Debt instrument, redemption price, percentage |
|
|
|
100.00%
|
|
|
|
|
|
| Credit Agreement |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Debt instrument, covenant, consolidated leverage ratio, maximum |
|
1.00
|
|
1.00
|
|
|
|
|
|
| Debt instrument, covenant, consolidated interest coverage ratio, minimum |
|
4.00
|
|
4.00
|
|
2.00
|
|
|
|
| Debt instrument, covenant, cash collection rate, minimum |
|
0.045
|
|
0.045
|
|
0.08
|
|
|
|
| Debt instrument, covenant, net charge-off rate, maximum |
|
0.03
|
|
0.03
|
|
|
|
|
|
| Debt instrument, covenant, weighted average risk rating, minimum |
|
3.00
|
|
3.00
|
|
|
|
|
|
| Debt instrument, covenant, cumulative share repurchases, maximum |
|
$ 5,000,000
|
|
$ 5,000,000
|
|
$ 7,000,000
|
|
|
|
| Debt instrument, covenant, consolidated tangible net worth, minimum |
|
145,000,000
|
|
145,000,000
|
|
|
|
|
|
| Debt instrument, covenant, required liquidity, minimum |
|
5,000,000
|
|
5,000,000
|
|
|
|
|
|
| Credit Agreement | Line of Credit |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Line of credit facility, maximum borrowing capacity |
|
|
|
|
|
|
|
$ 60,000,000.0
|
$ 45,000,000.0
|
| Line of credit facility, fair value of amount outstanding |
|
$ 0
|
|
$ 0
|
|
|
|
|
|
| Credit Agreement | Line of Credit | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Line of credit facility, maximum borrowing capacity |
|
|
|
|
|
|
|
|
45,000,000
|
| Line of credit facility, accordion feature, increase limit |
|
|
|
|
|
|
|
|
$ 80,000,000
|
| Line of credit facility, amortization period |
|
|
|
1 year
|
|
|
|
|
|
| Credit Agreement | Line of Credit | Variable Rate Component One |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Debt instrument, basis spread on variable rate |
|
|
|
3.75%
|
|
|
|
|
|
| Credit Agreement | Line of Credit | Variable Rate Component Two |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Debt instrument, basis spread on variable rate |
|
|
|
4.25%
|
|
|
|
|
|
| First Amendment Credit Agreement | Line of Credit |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Line of credit facility, maximum borrowing capacity |
|
|
|
|
|
|
|
$ 15,000,000.0
|
|
| 2027 Senior Notes | Senior Notes |
|
|
|
|
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
| Debt instrument, face amount |
$ 30,000,000
|
|
|
|
|
|
|
|
|
| Debt instrument, interest rate, stated percentage |
9.00%
|
|
|
|
|
|
|
|
|
| Debt instrument, over-allotment option amount |
|
|
|
|
|
|
$ 3,000,000
|
|
|
| Proceeds from Issuance of Senior Long-Term Debt |
$ 30,600,000
|
|
|
|
|
|
|
|
|
| X |
- DefinitionDebt Instrument, Covenant, Cash Collection Rate, Minimum
| Name: |
swkh_DebtInstrumentCovenantCashCollectionRateMinimum |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionDebt Instrument, Covenant, Consolidated Interest Coverage Ratio, Minimum
| Name: |
swkh_DebtInstrumentCovenantConsolidatedInterestCoverageRatioMinimum |
| Namespace Prefix: |
swkh_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionDebt Instrument, Covenant, Consolidated Leverage Ratio, Maximum
| Name: |
swkh_DebtInstrumentCovenantConsolidatedLeverageRatioMaximum |
| Namespace Prefix: |
swkh_ |
| Data Type: |
xbrli:pureItemType |
| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionDebt Instrument, Covenant, Consolidated Tangible Net Worth, Minimum
| Name: |
swkh_DebtInstrumentCovenantConsolidatedTangibleNetWorthMinimum |
| Namespace Prefix: |
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| Data Type: |
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
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-Paragraph 3
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v3.24.3
Commitment and Contingencies - Narrative (Details)
$ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024
USD ($)
ft²
|
Jun. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
ft²
|
Sep. 30, 2023
USD ($)
|
| Lessee, Lease, Description [Line Items] |
|
|
|
|
|
| Gain (loss) on termination of lease |
|
$ 4
|
|
|
|
| Lessee, operating lease, option to terminate, early termination fee |
|
9
|
|
|
|
| Lessee, operating lease, renewal term |
5 years
|
|
|
5 years
|
|
| Business combination, contingent consideration, liability |
$ 0
|
4,900
|
|
$ 0
|
|
| Change in fair value of acquisition-related contingent consideration |
0
|
$ 4,900
|
$ 0
|
(4,900)
|
$ 0
|
| Unfunded commitments |
$ 39,000
|
|
|
$ 39,000
|
|
| Dallas, Texas |
|
|
|
|
|
| Lessee, Lease, Description [Line Items] |
|
|
|
|
|
| Area of real estate property | ft² |
4,450
|
|
|
4,450
|
|
| Boonton, New Jersey |
|
|
|
|
|
| Lessee, Lease, Description [Line Items] |
|
|
|
|
|
| Area of real estate property | ft² |
32,000
|
|
|
32,000
|
|
| X |
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| X |
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-Topic 820
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-Subparagraph (bbb)(2)(i)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (bbb)(1)
-Publisher FASB
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
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-Section 35
-Paragraph 1
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (c)(1)
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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-Section 50
-Paragraph 3
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|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
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| Period Type: |
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|
v3.24.3
| X |
- References
+ Details
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-Topic 842
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-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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|
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-Section 55
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-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Section 50
-Paragraph 4
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|
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-Paragraph 53
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-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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| Balance Type: |
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|
v3.24.3
| X |
- DefinitionLessee, Operating Lease, Liability, to be Paid, after Year Four
| Name: |
swkh_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour |
| Namespace Prefix: |
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|
| X |
- References
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|
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-Topic 842
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-Section 50
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|
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-Topic 842
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|
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-Topic 842
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-Topic 842
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-Topic 842
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v3.24.3
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
| Warrant assets |
$ 2,026
|
$ 1,759
|
$ 1,297
|
$ 1,220
|
| Contingent consideration payable |
0
|
4,900
|
|
|
| Level 1 |
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
| Warrant assets |
0
|
0
|
|
|
| Marketable investments |
727
|
0
|
|
|
| Foreign currency forward contract |
0
|
0
|
|
|
| Contingent consideration payable |
|
0
|
|
|
| Level 2 |
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
| Warrant assets |
0
|
0
|
|
|
| Marketable investments |
0
|
0
|
|
|
| Foreign currency forward contract |
0
|
0
|
|
|
| Contingent consideration payable |
|
0
|
|
|
| Level 3 |
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
| Warrant assets |
2,026
|
1,759
|
|
|
| Marketable investments |
28
|
48
|
|
|
| Foreign currency forward contract |
1,611
|
974
|
|
|
| Contingent consideration payable |
|
4,900
|
|
|
| Fair Value, Recurring |
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
| Warrant assets |
2,026
|
1,759
|
|
|
| Marketable investments |
755
|
48
|
|
|
| Foreign currency forward contract |
1,611
|
974
|
|
|
| Contingent consideration payable |
|
4,900
|
|
|
| Fair Value, Recurring | Level 1 |
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
| Warrant assets |
0
|
0
|
|
|
| Marketable investments |
727
|
0
|
|
|
| Foreign currency forward contract |
0
|
0
|
|
|
| Contingent consideration payable |
|
0
|
|
|
| Fair Value, Recurring | Level 2 |
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
| Warrant assets |
0
|
0
|
|
|
| Marketable investments |
0
|
0
|
|
|
| Foreign currency forward contract |
0
|
0
|
|
|
| Contingent consideration payable |
|
0
|
|
|
| Fair Value, Recurring | Level 3 |
|
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
| Warrant assets |
2,026
|
1,759
|
|
|
| Marketable investments |
28
|
48
|
|
|
| Foreign currency forward contract |
$ 1,611
|
974
|
|
|
| Contingent consideration payable |
|
$ 4,900
|
|
|
| X |
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-Topic 820
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-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Paragraph 1
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-Topic 820
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Fair Value Measurements - Summary of Fair Value Measurement Inputs and Valuation Techniques (Details)
|
Sep. 30, 2024
yr
|
Dec. 31, 2023
yr
|
| Measurement Input, Expected Dividend Rate |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Warrants, measurement input |
0
|
0
|
| Measurement Input, Risk Free Interest Rate | Minimum |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Warrants, measurement input |
0.037
|
0.038
|
| Measurement Input, Risk Free Interest Rate | Maximum |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Warrants, measurement input |
0.047
|
0.048
|
| Measurement Input, Expected Term | Minimum |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Warrants, measurement input |
2.4
|
1.2
|
| Measurement Input, Expected Term | Maximum |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Warrants, measurement input |
7.0
|
5.8
|
| Measurement Input, Price Volatility | Minimum |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Warrants, measurement input |
0.547
|
0.753
|
| Measurement Input, Price Volatility | Maximum |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Warrants, measurement input |
1.777
|
1.543
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
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v3.24.3
Fair Value Measurements - Narrative (Details)
|
3 Months Ended |
9 Months Ended |
|
|
|
Sep. 30, 2024
USD ($)
yr
royalty
loan
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
yr
royalty
loan
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
yr
royalty
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
| Asset acquisition, contingent consideration, liability |
|
|
|
|
$ 0
|
|
| Gain due to change in fair value of foreign currency forward contract |
$ (1,000,000)
|
$ 500,000
|
$ 600,000
|
$ 2,100,000
|
|
|
| Number of royalties | royalty |
1
|
|
1
|
|
|
1
|
| Number of loans | loan |
2
|
|
2
|
|
|
|
| Fair Value, Nonrecurring |
|
|
|
|
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
| Liabilities, fair value |
$ 0
|
|
$ 0
|
|
|
$ 0
|
| Measurement Input, Expected Dividend Rate |
|
|
|
|
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
| Warrants, measurement input |
0
|
|
0
|
|
|
0
|
| Measurement Input, Risk Free Interest Rate | Weighted Average |
|
|
|
|
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
| Warrants, measurement input |
0.040
|
|
0.040
|
|
|
0.043
|
| Measurement Input, Risk Free Interest Rate | Median |
|
|
|
|
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
| Warrants, measurement input |
0.043
|
|
0.043
|
|
|
0.038
|
| Measurement Input, Expected Term | Weighted Average |
|
|
|
|
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
| Warrants, measurement input | yr |
6
|
|
6
|
|
|
3.4
|
| Measurement Input, Expected Term | Median |
|
|
|
|
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
| Warrants, measurement input | yr |
4.5
|
|
4.5
|
|
|
4.4
|
| Measurement Input, Price Volatility | Weighted Average |
|
|
|
|
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
| Warrants, measurement input |
0.743
|
|
0.743
|
|
|
1.246
|
| Measurement Input, Price Volatility | Median |
|
|
|
|
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
|
|
|
| Warrants, measurement input |
0.908
|
|
0.908
|
|
|
1.344
|
| X |
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-Topic 805
-SubTopic 50
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-Section 15
-Paragraph 3
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
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v3.24.3
Fair Value Measurements - Summary of Changes In Warrant Assets (Details) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Warrant Assests [Roll Forward] |
|
|
| Fair value beginning of period |
$ 1,759
|
$ 1,220
|
| Warrant Assets, Issued |
1,072
|
822
|
| Warrant Assets, Exercised |
(985)
|
0
|
| Warrant Assets, Change In Fair Value |
178
|
(745)
|
| Warrant Assets, Loss On Foreign Currency Transactions |
2
|
0
|
| Fair value end of period |
$ 2,026
|
$ 1,297
|
| X |
- DefinitionWarrant Assets, Change In Fair Value
| Name: |
swkh_WarrantAssetsChangeInFairValue |
| Namespace Prefix: |
swkh_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionWarrant Assets, Exercised
| Name: |
swkh_WarrantAssetsExercised |
| Namespace Prefix: |
swkh_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionWarrant Assets, Loss On Foreign Currency Transactions
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
v3.24.3
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Level 1 |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Royalty and loans, fair value |
$ 0
|
$ 0
|
| Level 2 |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Royalty and loans, fair value |
0
|
0
|
| Level 3 |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Royalty and loans, fair value |
8,388
|
2,587
|
| Carrying Value |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Royalty and loans, fair value |
$ 8,388
|
$ 2,587
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3
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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2
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v3.24.3
Fair Value Measurements - Summary of Fair Value of Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
|
| Finance receivables, net of allowance for credit losses |
$ 255,904
|
$ 265,097
|
$ 260,892
|
$ 274,504
|
|
|
| Warrant assets |
2,026
|
|
|
1,759
|
$ 1,297
|
$ 1,220
|
| Contingent consideration payable |
0
|
|
|
4,900
|
|
|
| Level 1 |
|
|
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
|
| Finance receivables, net of allowance for credit losses |
0
|
|
|
0
|
|
|
| Marketable investments |
727
|
|
|
0
|
|
|
| Warrant assets |
0
|
|
|
0
|
|
|
| Foreign currency forward contract |
0
|
|
|
0
|
|
|
| Contingent consideration payable |
|
|
|
0
|
|
|
| Level 2 |
|
|
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
|
| Finance receivables, net of allowance for credit losses |
0
|
|
|
0
|
|
|
| Marketable investments |
0
|
|
|
0
|
|
|
| Warrant assets |
0
|
|
|
0
|
|
|
| Foreign currency forward contract |
0
|
|
|
0
|
|
|
| Contingent consideration payable |
|
|
|
0
|
|
|
| Level 3 |
|
|
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
|
| Finance receivables, net of allowance for credit losses |
255,904
|
|
|
274,504
|
|
|
| Marketable investments |
28
|
|
|
48
|
|
|
| Warrant assets |
2,026
|
|
|
1,759
|
|
|
| Foreign currency forward contract |
1,611
|
|
|
974
|
|
|
| Contingent consideration payable |
|
|
|
4,900
|
|
|
| Carrying Value |
|
|
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
|
| Finance receivables, net of allowance for credit losses |
255,904
|
|
|
274,504
|
|
|
| Marketable investments |
755
|
|
|
48
|
|
|
| Warrant assets |
2,026
|
|
|
1,759
|
|
|
| Foreign currency forward contract |
1,611
|
|
|
974
|
|
|
| Contingent consideration payable |
|
|
|
4,900
|
|
|
| Fair Value |
|
|
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
|
|
| Finance receivables, net of allowance for credit losses |
255,904
|
|
|
274,504
|
|
|
| Marketable investments |
755
|
|
|
48
|
|
|
| Warrant assets |
2,026
|
|
|
1,759
|
|
|
| Foreign currency forward contract |
$ 1,611
|
|
|
974
|
|
|
| Contingent consideration payable |
|
|
|
$ 4,900
|
|
|
| X |
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Revenue Recognition - Summary of Contract Revenue Recognized (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
|
| Total contract revenue |
$ 628
|
$ 804
|
$ 279
|
$ 315
|
$ 1,083
|
$ 1,711
|
$ 616
|
| Pharmaceutical Development Segment |
|
|
|
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
|
| Total contract revenue |
628
|
|
|
315
|
|
1,711
|
616
|
| Pharmaceutical Development | Pharmaceutical Development Segment |
|
|
|
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
|
| Total contract revenue |
628
|
|
|
315
|
|
1,662
|
606
|
| License Agreement | Pharmaceutical Development Segment |
|
|
|
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
|
|
|
| Total contract revenue |
$ 0
|
|
|
$ 0
|
|
$ 49
|
$ 10
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
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| X |
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| Namespace Prefix: |
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| Period Type: |
|
|
v3.24.3
| X |
- DefinitionGuaranteed Revenue, Revenue Recognized
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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|
| X |
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| Namespace Prefix: |
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| X |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionNumber of Revenue Payment Installments
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionOption Fee, Amount Due, Term
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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| X |
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-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479837/606-10-45-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
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| X |
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-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-8
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v3.24.3
| X |
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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-18
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| X |
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| Namespace Prefix: |
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|
v3.24.3
Segment Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
|
|
|
| Revenue |
$ 10,126
|
|
|
$ 8,923
|
|
|
|
$ 32,230
|
$ 27,762
|
| Other revenue |
292
|
$ 57
|
$ 46
|
39
|
|
|
$ 103
|
395
|
108
|
| Provision for credit losses |
1,385
|
4,095
|
5,297
|
223
|
|
|
9,392
|
10,777
|
(459)
|
| Loss on impairment of intangibles assets |
0
|
|
|
0
|
|
|
|
5,771
|
0
|
| Interest expense |
1,139
|
|
|
176
|
|
|
|
3,514
|
721
|
| Pharmaceutical manufacturing, research and development expense |
585
|
|
|
606
|
|
|
|
1,635
|
2,834
|
| Change in fair value of acquisition-related contingent consideration |
0
|
4,900
|
|
0
|
|
|
|
(4,900)
|
0
|
| Depreciation and amortization expense |
234
|
|
|
652
|
|
|
|
1,169
|
1,937
|
| General and administrative expense |
2,993
|
|
|
2,979
|
|
|
|
8,600
|
8,516
|
| Other expense, net |
292
|
|
|
(238)
|
|
|
|
3,727
|
(319)
|
| Income tax expense (benefit) |
906
|
|
|
(386)
|
|
|
|
2,170
|
959
|
| Net income (loss) |
3,468
|
$ 3,680
|
$ 468
|
4,474
|
$ 3,934
|
$ 4,635
|
$ 4,148
|
7,616
|
13,043
|
| Segment Reporting, Reconciling Item, Corporate Nonsegment |
|
|
|
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
|
|
|
| Revenue |
0
|
|
|
0
|
|
|
|
0
|
0
|
| Other revenue |
0
|
|
|
0
|
|
|
|
0
|
2
|
| Provision for credit losses |
0
|
|
|
0
|
|
|
|
0
|
0
|
| Loss on impairment of intangibles assets |
|
|
|
|
|
|
|
0
|
|
| Interest expense |
907
|
|
|
0
|
|
|
|
2,687
|
0
|
| Pharmaceutical manufacturing, research and development expense |
0
|
|
|
0
|
|
|
|
0
|
0
|
| Change in fair value of acquisition-related contingent consideration |
|
|
|
|
|
|
|
0
|
|
| Depreciation and amortization expense |
20
|
|
|
22
|
|
|
|
63
|
30
|
| General and administrative expense |
2,183
|
|
|
2,192
|
|
|
|
6,164
|
5,854
|
| Other expense, net |
0
|
|
|
0
|
|
|
|
(408)
|
0
|
| Income tax expense (benefit) |
906
|
|
|
(386)
|
|
|
|
2,170
|
959
|
| Net income (loss) |
(4,016)
|
|
|
(1,828)
|
|
|
|
(11,492)
|
(6,841)
|
| Finance Receivables | Operating Segments |
|
|
|
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
|
|
|
| Revenue |
9,498
|
|
|
8,608
|
|
|
|
30,519
|
27,146
|
| Other revenue |
289
|
|
|
39
|
|
|
|
392
|
106
|
| Provision for credit losses |
1,385
|
|
|
223
|
|
|
|
10,777
|
(459)
|
| Loss on impairment of intangibles assets |
|
|
|
|
|
|
|
0
|
|
| Interest expense |
230
|
|
|
176
|
|
|
|
820
|
721
|
| Pharmaceutical manufacturing, research and development expense |
0
|
|
|
0
|
|
|
|
0
|
0
|
| Change in fair value of acquisition-related contingent consideration |
|
|
|
|
|
|
|
0
|
|
| Depreciation and amortization expense |
0
|
|
|
0
|
|
|
|
0
|
0
|
| General and administrative expense |
88
|
|
|
213
|
|
|
|
257
|
380
|
| Other expense, net |
292
|
|
|
(238)
|
|
|
|
4,135
|
(319)
|
| Income tax expense (benefit) |
0
|
|
|
0
|
|
|
|
0
|
0
|
| Net income (loss) |
8,376
|
|
|
7,797
|
|
|
|
23,192
|
26,291
|
| Pharmaceutical Development and Other | Operating Segments |
|
|
|
|
|
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
|
|
|
|
|
| Revenue |
628
|
|
|
315
|
|
|
|
1,711
|
616
|
| Other revenue |
3
|
|
|
0
|
|
|
|
3
|
0
|
| Provision for credit losses |
0
|
|
|
0
|
|
|
|
0
|
0
|
| Loss on impairment of intangibles assets |
|
|
|
|
|
|
|
5,771
|
|
| Interest expense |
2
|
|
|
0
|
|
|
|
7
|
0
|
| Pharmaceutical manufacturing, research and development expense |
585
|
|
|
606
|
|
|
|
1,635
|
2,834
|
| Change in fair value of acquisition-related contingent consideration |
|
|
|
|
|
|
|
(4,900)
|
|
| Depreciation and amortization expense |
214
|
|
|
630
|
|
|
|
1,106
|
1,907
|
| General and administrative expense |
722
|
|
|
574
|
|
|
|
2,179
|
2,282
|
| Other expense, net |
0
|
|
|
0
|
|
|
|
0
|
0
|
| Income tax expense (benefit) |
0
|
|
|
0
|
|
|
|
0
|
0
|
| Net income (loss) |
$ (892)
|
|
|
$ (1,495)
|
|
|
|
$ (4,084)
|
$ (6,407)
|
| X |
- DefinitionRevenues Excluding Other Revenue
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionThe aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22
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| Period Type: |
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|
| X |
- DefinitionThe aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
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| Period Type: |
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|
| X |
- DefinitionThe amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of an intangible asset (excluding goodwill) to fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3
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| X |
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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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| X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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v3.24.3
Subsequent Events (Details)
$ in Thousands |
|
|
9 Months Ended |
|
Nov. 14, 2024
USD ($)
|
Oct. 09, 2024
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
| Subsequent Event [Line Items] |
|
|
|
|
| Sale of finance receivables |
|
|
$ 0
|
$ 13,942
|
| Subsequent Event | Exeevo, Inc |
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
| Sale of finance receivables |
$ 3,400
|
|
|
|
| Equity securities, FV-NI, realized gain (loss) |
700
|
|
|
|
| Equity securities, FV-NI, contingent cash payment |
$ 500
|
|
|
|
| Equity securities, FV-NI, earn-out term |
3 years
|
|
|
|
| Equity securities, FV-NI, earn out annual increase percentage |
0.30
|
|
|
|
| Subsequent Event | Biolase |
|
|
|
|
| Subsequent Event [Line Items] |
|
|
|
|
| Payments for advance to affiliate |
|
$ 1,400
|
|
|
| Assets put up for auction, cash bid |
|
$ 20,100
|
|
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