v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues and income:        
Total revenues and income $ 63,693 $ 47,627 $ 115,415 $ 92,960
Operating costs and expenses:        
Cost of Captisol 3,214 2,907 6,487 7,756
Amortization of intangibles 8,097 8,258 16,194 16,515
Research and development 14,668 6,567 16,816 56,652
General and administrative 29,123 20,175 49,959 38,976
Fair value adjustments to partner program derivatives 0 1,276 0 833
Total operating costs and expenses 55,102 39,183 89,456 120,732
Operating income (loss) 8,591 8,444 25,959 (27,772)
Non-operating income and expenses:        
Gain (loss) from short-term investments 11,754 939 15,623 (11,428)
Gain (loss) from change in fair value of equity-method investments and other investments 35,727 0 (13,502) 0
Interest income 7,298 1,621 13,953 3,392
Interest expense (1,748) (1,153) (3,495) (2,020)
Other non-operating expense, net 2,682 1,372 1,507 (1,129)
Total non-operating income (expenses), net 55,713 2,779 14,086 (11,185)
Income (loss) before income taxes 64,304 11,223 40,045 (38,957)
Income tax (expense) benefit (15,796) (6,376) (4,882) 1,353
Net income (loss) $ 48,508 $ 4,847 $ 35,163 $ (37,604)
Earnings per share        
Basic net income (loss) per share (in USD per share) $ 2.42 $ 0.25 $ 1.76 $ (1.95)
Shares used in basic per share calculation (in shares) 20,063 19,327 19,974 19,259
Diluted net income (loss) per share (in USD per share) $ 2.22 $ 0.24 $ 1.63 $ (1.95)
Shares used in diluted per share calculation (in shares) 21,837 19,926 21,548 19,259
Royalties        
Revenues and income:        
Total revenues and income $ 48,032 $ 36,397 $ 90,990 $ 63,886
Revenue from intangible royalty assets        
Revenues and income:        
Total revenues and income 37,362 30,084 70,293 51,671
Income from financial royalty assets        
Revenues and income:        
Total revenues and income 10,670 6,313 20,697 12,215
Captisol        
Revenues and income:        
Total revenues and income 7,978 8,287 16,632 21,747
Contract revenue and income        
Revenues and income:        
Total revenues and income $ 7,683 $ 2,943 $ 7,793 $ 7,327