v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues and income:        
Total revenues and income $ 78,746 $ 115,461 $ 194,161 $ 208,421
Operating costs and expenses:        
Cost of Captisol 2,650 3,801 9,137 11,557
Amortization of intangibles 10,205 8,097 26,399 24,612
Research and development 2,766 21,019 19,582 77,671
General and administrative 72,616 28,446 122,575 67,422
Change in contingent consideration, liability decrease 6,267 (456) 5,775 1,475
Fair value adjustments to partner program derivatives 0 (833) 0 0
Total operating costs and expenses 94,504 60,074 183,468 182,737
Operating (loss) income (15,758) 55,387 10,693 25,684
Non-operating income and expenses:        
(Loss) gain from short-term investments (3,817) 7,798 11,806 (3,630)
(Loss) gain from change in fair value of equity-method investments and other investments (35,727) 75,887 (49,229) 75,887
Interest income 5,492 3,874 19,445 7,266
Interest expense (2,898) (910) (6,393) (2,930)
Other non-operating income (expense), net 8,614 (899) 9,629 (97)
Total non-operating (expenses) income, net (28,336) 85,750 (14,742) 76,496
(Loss) income before income taxes (44,094) 141,137 (4,049) 102,180
Income tax benefit (expense) 15,609 (23,864) 10,727 (22,511)
Net (loss) income $ (28,485) $ 117,273 $ 6,678 $ 79,669
Earnings per share        
Basic net (loss) income per share (in USD per share) $ (1.43) $ 5.99 $ 0.33 $ 4.11
Shares used in basic per share calculation (in shares) 19,962 19,578 19,970 19,367
Diluted net (loss) income per share (in USD per share) $ (1.43) $ 5.68 $ 0.31 $ 3.95
Shares used in diluted per share calculation (in shares) 19,962 20,629 21,822 20,170
Royalties        
Revenues and income:        
Total revenues and income $ 70,284 $ 46,586 $ 161,274 $ 110,472
Revenue from intangible royalty assets        
Revenues and income:        
Total revenues and income 47,427 40,161 117,720 91,832
Income from financial royalty assets        
Revenues and income:        
Total revenues and income 22,857 6,425 43,554 18,640
Captisol        
Revenues and income:        
Total revenues and income 7,946 10,672 24,578 32,419
Contract revenue and income        
Revenues and income:        
Total revenues and income $ 516 $ 58,203 $ 8,309 $ 65,530