0001552781-22-000279.txt : 20220325 0001552781-22-000279.hdr.sgml : 20220325 20220325162002 ACCESSION NUMBER: 0001552781-22-000279 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 87 CONFORMED PERIOD OF REPORT: 20211231 FILED AS OF DATE: 20220325 DATE AS OF CHANGE: 20220325 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SWK Holdings Corp CENTRAL INDEX KEY: 0001089907 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159] IRS NUMBER: 770435679 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39184 FILM NUMBER: 22771679 BUSINESS ADDRESS: STREET 1: 14755 PRESTON ROAD STREET 2: SUITE 105 CITY: DALLAS STATE: TX ZIP: 75254 BUSINESS PHONE: (972) 687-7250 MAIL ADDRESS: STREET 1: 14755 PRESTON ROAD STREET 2: SUITE 105 CITY: DALLAS STATE: TX ZIP: 75254 FORMER COMPANY: FORMER CONFORMED NAME: KANA SOFTWARE INC DATE OF NAME CHANGE: 20011114 FORMER COMPANY: FORMER CONFORMED NAME: KANA COMMUNICATIONS INC DATE OF NAME CHANGE: 19990702 10-K 1 e22179_swkh-10k.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2021

 

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.)
   
14755 Preston Road, Suite 105  
Dallas, TX 75254
(Address of Principal Executive Offices) (Zip Code)
   

(972) 687-7250
(Registrant’s Telephone Number, Including Area Code)

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
Preferred Stock Purchase Rights   SWKH    The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the Registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Yes o No x

 

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x

 

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. Yes x No o

 

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). Yes x  No o

 

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that prepared or issued its audit report. o

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No x

 

The aggregate market value of the Registrant’s Common Stock held by non-affiliates is $60,761,663 based on the June 30, 2021, closing price of the Registrant’s Common Stock on such date as reported on The Nasdaq Stock Market of $17.55 per share.

On March 21, 2022, the Registrant had outstanding approximately 12,829,336 shares of Common Stock, $0.001 par value per share.

 

DOCUMENTS INCORPORATED BY REFERENCE

DOCUMENT PART OF FORM 10-K
Portions of Definitive Proxy Statement for the 2022 Annual Meeting of Shareholders PART III

 

 

SWK Holdings Corporation

Form 10-K

For the Fiscal Year Ended December 31, 2021

TABLE OF CONTENTS

      Page
PART I.      
Item 1 Business   1
Item 1A Risk Factors   5
Item 1B Unresolved Staff Comments   19
Item 2 Properties   19
Item 3 Legal Proceedings   19
Item 4 Mine Safety Disclosures   19
       
PART II.      
Item 5 Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities   20
Item 6 Reserved   20
Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations   21
Item 7A Quantitative and Qualitative Disclosures about Market Risk   29
Item 8 Financial Statements and Supplementary Data   30
Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure   61
Item 9A Controls and Procedures   61
Item 9B Other Information   62
Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspection   62
       
PART III.      
Item 10 Directors, Executive Officers and Corporate Governance   63
Item 11 Executive Compensation   63
Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters   63
Item 13 Certain Relationships and Related Transactions, and Director Independence   63
Item 14 Principal Accountant Fees and Services   63
       
PART IV.      
Item 15 Exhibits and Financial Statement Schedules   64
Item 16 Form 10-K Summary   65
       
  Signatures   66
       
  Exhibit Index   67

 

 

 

PART I

Special Note Regarding 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,” “estimate,” “expects,” “intend,” “plan,” “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,” 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.

 

ITEM 1. BUSINESS

Overview

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 allocate capital to each segment in order to generate income through the sales of life science products by third parties. We are headquartered in Dallas, Texas.

Finance Receivables Segment

Our Finance Receivables segment strategy is to be a leading healthcare capital provider by offering sophisticated, customized financing solutions to a broad range of life science companies, institutions and inventors. This segment is primarily focused on monetizing cash flow streams derived from commercial-stage products and related intellectual property through royalty purchases and financings, as well as through the creation of synthetic revenue interests in commercialized products. We have been deploying our assets to earn interest, fees, and other income pursuant to this strategy, and we continue to identify and review financing and similar opportunities on an ongoing basis. In addition, through our wholly-owned subsidiary, SWK Advisors LLC, we provide non-discretionary investment advisory services to institutional clients in separately managed accounts to similarly invest in life science finance. SWK Advisors LLC is registered as an investment advisor with the Texas State Securities Board. We intend to fund transactions through our own working capital and our revolving credit facility, as well as by building our asset management business by raising additional third-party capital to be invested alongside our capital.

We fill a niche that we believe is underserved in the sub-$50 million transaction size market. Since many of our competitors that provide longer term, non-traditional debt and/or royalty-related financing options have much greater financial resources than us, they tend not to focus on transaction sizes below $50 million, as it is generally inefficient for them to do so. In addition, we do not believe that a sufficient number of other companies offer similar types of long-term financing options to fill the demand of the sub-$50 million market. As such, we believe we face less competition from such investors in transactions that are less than $50 million.

As of March 21, 2022, and since inception of the strategy, we and our partners have executed transactions with 43 different parties under our specialty finance strategy, funding an aggregate of approximately $619.7 million in various financial products across the life science sector. Our 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.

1 

 

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 (together “life science”), and we tailor our financial solutions to the needs of our business partners. Our business partners are primarily engaged in selling products that directly or indirectly cure diseases and/or improve the wellness of people or animals, or they receive royalties paid on the sales of such products. For example, our biotechnology and pharmaceutical business partners manufacture medication that directly treat disease states, whereas our life science tools partners sell a wide variety of research instrumentation to help other companies conduct research into disease states.

 

The objective of our Finance Receivables segment is to maximize our portfolio total return, and thus, increase our net income and book value by generating income from three sources:

     
  1. primarily owning or financing through debt investments, royalties or revenue interests 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;  and
     
  3. to a lesser extent, realizing capital appreciation from equity-related investments in the life sciences sector.
     

In our portfolio we seek to achieve attractive risk-adjusted current yields and opportunities with the potential for equity-like returns with protection that credit provides.

 

The majority of our finance receivables transactions are structured similarly to factoring transactions whereby we provide capital in exchange for an interest in an existing revenue stream. We do not anticipate providing capital in situations prior to the commercialization of a product. The existing revenue stream can take several forms, but is most commonly either a royalty derived from the sales of a life science product (1) from the marketing efforts of a third party, such as a royalty paid to an inventor on the sales of a medicine, or (2) from the marketing efforts of a partner company, such as a medical device company that directly sells its own products. Our structured debt investments may include warrants or other features, giving us the potential to realize enhanced returns on a portion of our portfolio. Capital that we provide directly to our partners is generally used for growth and general working capital purposes, as well as for acquisitions or recapitalizations in select cases. We generally fund the full amount of transactions up to $20 million through our working capital.

In circumstances where a transaction is greater than $20 million, we seek to syndicate amounts in excess of $20 million to both other investors and our investment advisory clients. We do not expect to earn investment advisory income in transactions where we partner with investors other than our investment advisory clients.

Our investment advisory agreements are currently non-discretionary, and each client determines individually if it wants to participate in a transaction. Though we have partnered with investment advisory clients in the past, we currently do not have any transactions in which we have partnered with investment advisory clients. We expect to continue to offer transaction opportunities to our investment advisory clients, as appropriate for each client’s investment strategy. When a client opts into a transaction, each client receives its pro rata allocation of income produced by a transaction in which it participates, and the client pays us management and incentive fees according to a written investment advisory agreement. Fees paid by clients may differ depending upon the terms negotiated with each client and are paid directly by the client upon receipt of an invoice from us. We may seek to raise discretionary capital from similar investors in the future.

We source our investment opportunities through a combination of our senior management’s proprietary relationships within the industry, outbound business development efforts and inbound inquiry from companies, institutions and inventors interested in learning about our capital financing alternatives. Our investment advisory clients generally do not originate investment opportunities for us.

Pharmaceutical Development Segment

On August 26, 2019, we commenced our Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc. (“Enteris”). Enteris is a clinical stage biopharmaceutical company offering innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform. Since its founding in 2013, Enteris has advanced multiple internal and external programs leveraging Peptelligence®, which enables the oral delivery of molecules that are typically injected, such as BCS Class II, III, and IV peptides and small molecules, in an enteric-coated tablet formulation. Peptelligence® utilizes a unique multifaceted approach to increase the solubility and absorption of peptides and small molecules, addressing the complex challenges regarding solubility and permeability of therapeutics with low oral bioavailability. Peptelligence® is protected by an extensive patent estate, some of which extends until 2036.

2 

 

Our Pharmaceutical Development segment strategy is to utilize the technology platform to create a wholly-owned portfolio of milestone and royalty income by out-licensing our technology in two ways. First, we intend to continue to out-license our Peptelligence® technology to pharmaceutical companies to create novel and important oral therapeutic treatments for a wide variety of indications. Second, we intend to out-license to pharmaceutical companies assets from our internal product pipeline of off-patent previously approved drug compounds with which we seek to create novel formulations using our proprietary technology to develop treatments that have meaningful therapeutic benefits for patients and caregivers. We also seek to generate income by providing customers pharmaceutical development, formulation and manufacturing services with the ultimate goal of generating new licensing and partnership agreements.

 

Peptelligence® is the subject of several active external development programs, including an oral formulation of Cara Therapeutics, Inc.’s (“Cara”) KORSUVA™, a potent peripheral kappa opioid receptor agonist for pruritus, currently progressing towards Phase III clinical development.

 

Our internal product pipeline consists of Ovarest®, an oral leuprolide tablet being evaluated for its potential to treat an endocrine disease, and a novel product to treat a condition of the central nervous system.

 

Tax Attributes

 

We view our ability to carry forward our net operating losses, or NOLs, as an important and substantial asset. In order to preserve stockholder value by protecting our ability to carry forward our NOLs, we entered into a rights agreement that provided for a dividend distribution of one preferred share purchase right for each outstanding share of our common stock. The purchase rights may become exercisable after the acquisition or attempted acquisition of 4.9 percent or more of our outstanding common stock without the prior approval of our board of directors. Our current rights agreement (the “Rights Agreement”) was entered into as of April 8, 2016 and has been extended to expire on April 8, 2022. Under the Rights Agreement, Carlson Capital, L.P. and its affiliates (collectively, “Carlson”), are designated as Exempt Persons (as defined in the Rights Agreement) unless they own more than 76 percent of the outstanding shares of our common stock in the aggregate. We have also designated other shareholders as Exempt Persons because the Board determined that such ownership would not jeopardize or endanger the availability to us of the NOLs, although potential stockholders should not assume a similar determination would be made with respect to future acquisitions of beneficial ownership of our common stock.

 

At this time, under current law, we do not anticipate that our current business strategies will generate sufficient income to permit us to utilize all of our NOLs prior to their respective expiration dates. As such, it is possible that we might pursue additional strategies that we believe might result in our ability to utilize more of our NOLs.

 

Competition

 

In our Finance Receivables segment, we face competition in the pursuit of outside investors, investment management clients and opportunities to deploy our capital in attractive healthcare related companies. Our primary competitors provide financing to prospective companies and include non-bank financial institutions, federal or state chartered banks, venture debt funds, venture capital funds, private equity funds, pharmaceutical royalty and other investment funds, business development companies and investment banks. Many of these entities have greater financial and managerial resources than we have. Some of these competitors may also have a lower cost of capital and access to funding sources that are not available to us, which may create a competitive disadvantage for us. As a result, we tend not to compete on price, but instead focus on our industry experience, flexible financing options and speed to evaluate and complete a transaction. In addition, since many of our competitors that provide non-traditional debt and/or longer term, royalty-related financing options have much greater financial resources than us, they tend not to focus on transaction sizes below $50 million as it is generally inefficient for them to do so. As such, we believe we face less competition from such investors in transactions that are less than $50 million.

 

In our Pharmaceutical Development segment, we face competition in introducing products that improve efficacy, safety, patients’ and clinicians’ ease of use and cost-effectiveness. The success of new product offerings will depend on many factors, including our ability to properly anticipate and satisfy customer needs, obtain regulatory approvals on a timely basis, develop and manufacture products in an economic and timely manner, obtain or maintain advantageous positions with respect to intellectual property, and differentiate products from competitors. A failure by us to successfully commercialize existing or planned products could have a material adverse effect on our business, financial condition and results of operations.

 

For additional information concerning the competitive risks we face, see Item 1A., Risk Factors.

Governmental Regulation

For additional information concerning the effect of existing or probable government regulation on our business, see Item 1A., Risk Factors.

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Employees

As of December 31, 2021, we had 35 employees, all of whom are full-time.  None of our employees are represented by a labor union, and we consider our employee relations to be good.

Additional Information

We file annual, quarterly and current reports, proxy statements and other information required by the Securities Exchange Act of 1934, as amended (the “Exchange Act’’), with the Securities and Exchange Commission (“SEC”). Our SEC filings are available to the public from the SEC’s internet site at http://www.sec.gov.

Our internet site is http://www.swkhold.com. We will make available free of charge through our website in the “Investor Relations - SEC Filings” section our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and Forms 3, 4 and 5 filed on behalf of directors and executive officers and any amendments to those reports filed or furnished pursuant to the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Also, posted on our website in the “Investor Relations - Corporate Governance” section are charters for our Audit Committee, Compensation Committee and Governance and Nominating Committee as well as our Code of Ethics and Insider Trading Policy governing our directors, officers and employees. Information on or accessible through our website is not a part of, and is not incorporated into, this report.

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ITEM 1A. RISK FACTORS

An investment in our common stock involves significant risks. You should carefully consider the risks and uncertainties and the risk factors set forth in the documents and reports filed with the SEC and the risks described below before you make an investment decision regarding our common stock. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business operations.

 

Risks Related to Finance Receivables Segment

 

We may suffer losses on our principal invested in credit and royalty transactions.

 

Most of the assets of our Finance Receivables segment are, and are expected to continue to be, royalty streams or debt backed by royalty streams or revenue interests paid by small and middle-market businesses, which are highly speculative and involve a high degree of risk of credit loss. In addition, we own royalties or invest in debt backed by royalties or revenue interests that are derived by products that are early in their commercial launch, face intense competition or are subject to other risks, which similarly involve a high degree of risk of principal loss. If the underlying products do not generate anticipated revenues, we may suffer a loss of our investment.

 

In addition, the small and middle-market companies which we target to advance debt are subject to a number of other significant risks, including:

 

·these companies may have limited financial resources and may be unable to meet their obligations under their financial instruments that we hold, which may be accompanied by a deterioration in the value of their assets or of any collateral with respect to any financial obligations and a reduction in the likelihood of our realizing on any guarantees we may have obtained in connection with our investment;

 

·they may have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns;

 

·they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our partner company, and in turn, on us;

 

·they may have less predictable operating results, may from time to time be parties to litigation, may be engaged in changing businesses with products subject to a risk of obsolescence and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position;

 

·changes in laws and regulations, as well as their interpretations, may adversely affect their business, financial structure or prospects; and

 

·they may have difficulty accessing the capital markets to meet future capital needs.

 

Under circumstances where a partner company does not achieve commercial success or achieves lower sales than we anticipate, and the partner company requires additional capital that other stakeholders are not willing or are otherwise unable to provide, we may determine it is in our best interest to advance additional capital to such partner company in order to preserve the partner company’s collateral value and protect our investment. Any additional capital that we decided to advance would be subject to additional risk. We could lose all of any additional investment.

 

We operate in a highly competitive market for investment opportunities.

 

A large number of entities compete with us to advance capital to the companies our Finance Receivables segment targets. We compete with non-bank financial institutions, federal or state chartered banks, venture debt funds, venture capital funds, private equity funds, pharmaceutical royalty and other investment funds, business development companies, and investment banks. Additionally, because competition for investment opportunities generally has increased among alternative investment vehicles, particularly those seeking yield investments, such as hedge funds, those entities have begun to invest in areas they have not traditionally invested in, including investments in royalties and debt backed by royalties, which may overlap with our business strategy. As a result of these new entrants, competition for investment opportunities in our target markets has intensified, which is a trend we expect to continue.

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Many of our Finance Receivables segment’s existing and potential competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more or fuller relationships with potential business partners than us. Furthermore, many of our competitors are not subject to the maintenance of an exception or exemption from regulation as an investment company, which may allow them more flexibility in advancing capital to companies we may also target, such as advancing debt capital that is not repaid by royalty streams or revenue interests. We cannot assure you that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations. Also, as a result of existing and increasing competition and our competitors’ ability to provide a total financing package solution, inclusive of both debt and equity capital, we may not be able to take advantage of attractive business opportunities from time to time, and we can offer no assurance that we will be able to identify and make investments that are consistent with our business objectives.

 

We do not seek to compete primarily based on the cost of the capital that we provide, and we believe that some of our competitors provide capital at rates that are comparable to or lower than the rates we offer. We may lose business opportunities if we do not match our competitors’ pricing, terms and structure. If we match our competitors’ pricing, terms and structure, we may experience decreased net interest and royalty income and increased risk of credit loss.

 

We generally do not control our partner companies.

 

We generally only hold royalties, debt backed by royalties, and revenue interests that are issued by our partner companies. As such, we do not, and do not expect to, control any of our partner companies, even though we may have board representation or board observation rights, and the debt agreements may contain certain restrictive covenants that limit the business and operations of our partner companies. As a result, we are subject to the risk that a partner company may make business decisions with which we disagree, and the management of such company may take risks or otherwise act in ways that do not serve our interests.

 

Health crises, such as COVID-19, and disruptions in the global supply chain may have a material adverse impact on our partner companies.

 

COVID-19 has impacted, and may continue to impact, the ability of our borrowers and the marketers of products upon which we derive our royalty income to raise capital in order to fund and conduct their operations during the pandemic. In certain situations, disruptions to our partner companies, including as a result of global supply chain disruptions, has impaired their ability to fulfill their obligations to us and resulted in defaults in obligations to us. As a result, we have entered into amendments with certain of our borrowers in order to cure defaults. Continuing impacts of the pandemic and supply chain disruptions could continue to increase the risk of delinquencies, defaults, declining collateral values associated with our existing loans, and impairments or losses on our loans. Any such impairment could increase our credit risk and adversely affect the assets and results of operations of our Finance Receivables segment.

 

Economic recessions or downturns could impair the ability of our partner companies to repay loans, which, in turn, could increase our non-performing assets, decrease the value of our assets, reduce our volume of new loans and have a material adverse effect on our results of operations.

 

General economic conditions may affect our activities and the operation and value of the assets of our Finance Receivables segment. Economic slowdowns or recessions may result in a decrease of institutional equity investment, which would limit our lending opportunities. Furthermore, many of our partner companies are susceptible to economic or industry centric slowdowns or recessions and may be unable to repay our debt investments during these periods. Therefore, our non-performing assets are likely to increase, and the value of our portfolio is likely to decrease, during these periods. Adverse economic conditions may also decrease the value of collateral securing some of our debt investments and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a material decrease in revenues, net income and assets. Unfavorable economic conditions could also increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us.

 

A partner company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the partner company’s ability to meet its obligations under the loans that we hold. We may incur expenses to the extent necessary to recover our investment upon default or to negotiate new terms with a defaulting partner company. These events could harm our financial condition and operating results.

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A period of market disruption may have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, unfavorable economic conditions, including rising interest rates, may also increase our funding costs, limit our access to capital markets or negatively impact our ability to obtain financing, particularly from the debt markets.

 

If we make investments in unsecured debt backed by royalties or revenue interests, those investments might not generate sufficient cash flow to service our debt obligations.

 

We may make investments in unsecured debt backed by royalties or revenue interests. Unsecured investments may be subordinated to other obligations of the obligor. Unsecured investments often reflect a greater possibility that adverse changes in the financial condition of the obligor or general economic conditions (including, for example, a substantial period of rising interest rates or declining earnings) or both may impair the ability of the obligor to make payment of principal and interest. If we make an unsecured investment in a partner company, that partner company may be highly leveraged, and its relatively high debt-to-equity ratio may increase the risk that its operations might not generate sufficient cash to service its debt obligations. In such cases we would not have any collateral to help secure repayment of the obligations owed to us.

 

We may have limited access to information about privately-held royalty streams and companies in which we invest.

 

We invest primarily in privately-held royalties and debt backed by royalties or revenue interests issued by private companies. Generally, little public information exists about these royalty streams and private companies, and we are required to rely on the ability of our senior management to obtain adequate information to evaluate the potential returns from investing in these assets. If we are unable to uncover all material information about these assets, we may not make a fully informed investment decision, and we may lose money on our investment.

 

Prepayments of our debt investments by our partner companies could adversely impact our results of operations and reduce our return on equity.

 

We are subject to the risk that the debt we advance to our partner companies may be repaid prior to maturity. When this occurs, we will generally reinvest these proceeds in temporary investments, pending their future investment in new royalties or debt repaid by royalties or revenue interests issued by partner companies. These temporary investments will typically have substantially lower yields than the debt that was prepaid and we could experience significant delays in reinvesting these amounts. Any future asset may also have lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our partner companies elect to prepay amounts owed to us. Additionally, prepayments could negatively impact our return on equity, which could result in a decline in the market price of our common stock.

 

We may not be able to complete transactions without co-investments from third parties.

 

We may co-invest with third parties through our registered investment advisory business or otherwise. In certain circumstances, we may not be able to fund transactions without the participation of such third parties. In the event that we are unable to find suitable third parties to co-invest with us or if such third party fails to close, our results of operations may be materially adversely impacted.

 

Our quarterly and annual operating results are subject to fluctuation as a result of the nature of our business, and if we fail to achieve our investment objective, the market price of our common stock may decline.

 

We could experience fluctuations in our quarterly and annual operating results due to a number of factors, some of which are beyond our control, including, but not limited to, the interest rate payable on the debt assets that we acquire, the default rate on such assets, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, changes in our partner composition, the degree to which we encounter competition in our markets, market volatility in our publicly traded securities and the securities of our partner companies, and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods. In addition, any of these factors could negatively impact our ability to achieve our business objectives, which may cause the market price of our common stock to decline.

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Our investments in royalty-related transactions depend on third parties to market royalty-generating products.

 

Royalties generally, and the royalty-related income we expect to receive in the future, will directly or indirectly depend upon the marketing efforts of third parties, particularly large pharmaceutical companies that license the right to manufacture and sell products from technology innovators in exchange for royalty payments from the licensees to the licensors, with whom we may transact. These licensees may be motivated to maximize income by allocating resources to other products, and in the future, may decide to focus less attention on the products that pay royalties in which we have an economic interest. In addition, there can be no assurance that any of the licensees has adequate resources and motivation to continue to produce, market and sell such products in which we have a royalty-related interest. Moreover, the license agreement creating the right to receive royalties may not have specific sales targets, and the licensee typically has exclusive or substantial discretion in determining its marketing plans and efforts. As a result, the licensee may not be restricted from abandoning a licensed product or from developing or selling a competitive product. In addition, in the event that a license expires or is terminated, we would be dependent upon the licensor of the license to find another marketing partner. There can be no assurance that another licensee could be found on favorable terms, or at all, or that the licensor will be able to assume marketing, sales and distribution responsibility for its own account. These factors may materially adversely affect any of our future royalty-related assets.

 

Aside from any limited audit rights relating to the activities of the licensees that we may have in certain circumstances, we do not have the rights or ability to manage the operations of the licensees. Poor management of operations by the licensees could adversely affect the sales of products in which we have a royalty interest, and the payment of royalty-related income to us. In addition, we have limited information on the licensees’ operations. While we may be able to receive certain information relating to sales of the product in which we have a royalty-related interest through the exercise of the audit rights and review of royalty reports, we may not have the right to review or receive certain information relating to the marketed products, including the results of any studies conducted by the licensees or others or complaints from doctors or users of such products, that the licensees may have and that may impact sales levels. The market performance of such products, therefore, may be diminished by any number of factors relating to the licensees that are beyond our control.

 

Our Finance Receivables segment has a limited number of assets, which subjects our aggregate returns, and the value of our common stock, to a greater risk of significant loss if any of our debt securities declines in value or if any of our royalty investments substantially underperforms our expectations.

 

Our Finance Receivables segment’s total investment in companies may be significant, individually or in the aggregate. A consequence of our limited number of assets in our Finance Receivables segment is that the aggregate returns we realize may be significantly adversely affected if one or more of our significant partner company investments perform poorly or if we need to write down the value of any one significant investment, which may be more severe than if we had made smaller investments in more companies. Our financial results could be materially adversely affected if these partner companies or any of our other significant partner companies encounter financial difficulty and fail to repay their obligations or to perform as expected.

 

Our allowance for credit losses may prove inadequate.

 

The quality of our debt receivables depends on the credit-worthiness of our borrowers and their ability to fulfill their obligations to us. We maintain an allowance for credit losses on specific finance receivables to provide for credit defaults and non-performance. The amount of our allowance reflects management’s judgment of losses inherent in the portfolio. However, the economic environment is dynamic, and our portfolio credit quality could decline in the future.

 

Our allowance for credit losses may not keep pace with changes in the credit-worthiness of our partner companies or in collateral values. If the credit quality of our partner companies declines, if the risk profile of a market, industry, or group of partner companies changes significantly, or if the markets for finance receivables or other collateral deteriorates significantly, our allowance for credit losses may prove inadequate, which could have a material adverse effect on our business, results of operations, and financial condition.

 

The interest rates of many of our term loans to partner companies are priced using a spread over LIBOR.

 

LIBOR, the London interbank offered rate, is the basic rate of interest used in lending between banks on the London interbank market and is widely used as a reference for setting the interest rate on loans globally. We typically use LIBOR as a reference rate in term loans we extend to partner companies such that the interest due to us pursuant to a term loan extended to a partner company is calculated using LIBOR. Most of our term loan agreements with partner companies contain a stated minimum value for LIBOR. As of December 31, 2021, all of the term loans with our partner companies utilized LIBOR, including a stated minimum of LIBOR, as a reference rate.

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On July 27, 2017, the United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that it intends to phase out LIBOR by the end of 2021. Further on March 5, 2021, the FCA issued an announcement confirming that all 35 LIBOR benchmark settings currently published by the Intercontinental Exchange Benchmark Administration, the authorized administrator for LIBOR (“ICE”), will either cease to be provided or will no longer be representative after certain specified dates, with the one-month, three-month and six-month USD LIBOR settings will no longer be representative immediately after June 30, 2023; the majority of other LIBOR benchmark settings will cease immediately after December 31, 2021. The Company generally utilizes the three-month USD LIBOR rate as the reference rate in credit agreements with partner companies. While the FCA may require ICE to publish “synthetic” LIBOR rates after the specified cessation dates for each respective reference rate, it is unclear if after June 30, 2023 whether or not the three-month USD LIBOR rate will cease to exist or if new methods of calculating LIBOR will be established such that it continues to exist after June 30, 2023. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, is considering replacing U.S. dollar LIBOR with a new index calculated by short-term repurchase agreements, backed by Treasury securities, known as the Secured Overnight Funding Rate (“SOFR”). SOFR is observed and backward looking, which stands in contrast with LIBOR under the current methodology, which is an estimated forward-looking rate and relies, to some degree, on the expert judgment of submitting panel members. Given that SOFR is a secured rate backed by government securities, it will be a rate that does not take into account bank credit risk (as is the case with LIBOR). SOFR is therefore likely to be lower than LIBOR and is less likely to correlate with the funding costs of financial institutions. In conjunction with the FCA’s March 5, 2021 announcement, the International Swaps and Derivatives Association, Inc., a trade organization of participants in the market for over-the-counter derivatives (“ISDA”), announced a fallback protocol whereby LIBOR-priced derivatives contracts utilizing its standard derivatives contracts would replace LIBOR with SOFR plus an applicable margin for the specified LIBOR rate; ISDA’s fallback margin for the three month LIBOR is 0.26161 percent. Whether or not SOFR attains market traction as a LIBOR replacement tool remains in question. As such, the future of LIBOR at this time is uncertain.

 

Despite the widely-publicized pending cessation of LIBOR as a global reference rate benchmark, many financial institutions continue to leverage LIBOR in financing contracts, including SWK. If LIBOR ceases to exist, we may need to renegotiate the credit agreements with our partner companies that utilize LIBOR as a factor in determining the interest rate to replace LIBOR with the new standard that is established. Our term loans typically contain provisions to facilitate the transition to such new standard. If affected credit agreements with our partner companies are unable to be renegotiated, our investments may bear interest at a lower rate, subject to any contractual minimum LIBOR floors, which would decrease investment income and potentially the value of such investments. In addition, any further changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have an adverse impact on the market value for or value of any LIBOR-linked loans and other financial obligations or extensions of credit held by or due to us and could have a material adverse effect on our business, financial condition and results of operations. Due to the uncertainty of the replacement for LIBOR, the potential effect of any such event on our cost of capital and investment income cannot yet be determined.

 

A rise in LIBOR rates could have an adverse impact on the ability of our partner companies to service their debt obligations to us.

 

Many of our debt transactions contain LIBOR-based floating interest rates with minimum LIBOR floors. The minimum LIBOR floor insulates partner companies from an increase in LIBOR until the reference LIBOR rate reaches the minimum floor threshold, typically one to two percent. If LIBOR increases above the floor rate, the net effect will be an increase in the interest cost to the borrower. Most of our borrower partners do not hedge their LIBOR rate exposure, and as a result of an increase of LIBOR above the minimum floor threshold, they will experience an increase in the effective interest rate of their debt obligations to us. If LIBOR increases materially, the increased cost of debt service will similarly increase materially. If our partner companies are not adequately capitalized or are unable to generate sufficient income from operations, the increased debt burden caused by increased LIBOR rates could materially and adversely affect the operations of a partner company, which in turn, would impair our ability to timely collect principal and interest payments owed to us.

 

Fluctuations in the price of our publicly traded equity holdings and the price at which we sell such holdings may affect the price of our common stock.

 

Our Finance Receivables segment generally holds equity interests in companies that are publicly traded. Fluctuations in the market prices of our publicly traded equity holdings may affect the price of our common stock. Historically, the market prices of our publicly traded holdings have been highly volatile and subject to fluctuations unrelated or disproportionate to operating performance.

 

In addition, we may be unable to sell our holdings of public equities at then-quoted market prices. The trading volume and public float of the common stock of a publicly traded partner company may be small relative to our holdings. As a result, any significant open-market divestiture by us of our holdings in such a partner company, if possible at all, would likely have a material adverse effect on the market price of its common stock and on our proceeds from such a divestiture. Also, registration and other requirements under applicable securities laws and contractual restrictions also may adversely affect our ability to dispose of our partner company holdings on a timely basis.

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Our financial condition and results of operations will depend on our ability to manage future growth of our Finance Receivables segment effectively.

 

Our ability to achieve our business objectives depends on our ability to grow, which depends, in turn, on our Finance Receivables segment’s ability to continue to identify, analyze and invest in royalties and/or debt backed by royalties or revenue interests that meet our investment criteria. Accomplishing this result on a cost-effective basis is largely a function of our structuring of transactions and our access to financing on acceptable terms. As we continue to grow, we will need to continue to hire, train, supervise and manage new employees. Failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations.

 

Risks Related to Our Business and Structure

 

Our ability to use NOL carryforwards to offset future taxable income for U.S. federal income tax purposes may be limited, and our future cash tax liability may increase.

 

As of December 31, 2021, we had NOL carryforwards for U.S. federal income tax purposes of $154.1 million. The U.S. federal NOL carryforwards, if not offset against future income, will expire by 2037. We may recognize additional NOLs in the future. In order to utilize the NOLs, the Company must generate taxable income that can offset such carryforwards.

 

The Internal Revenue Service (“IRS”) has not audited our tax returns for any of the years during the carryforward period. We cannot assure you that we would prevail if the IRS were to challenge the availability of the NOLs. If the IRS were successful in challenging our NOLs, all or some portion of the NOLs would not be available to offset any future consolidated income which would negatively impact our results of operations and cash flows.

 

Under Section 382 of the Internal Revenue Code (the “Code”), a corporation that undergoes an “ownership change” may be subject to limitations on its ability to utilize its pre-change NOL carryforward amounts to offset future taxable income. In general, an ownership change occurs if the aggregate stock ownership of certain stockholders (generally 5 percent stockholders, applying certain look-through and aggregation rules) increases by more than 50 percent over such stockholders’ lowest percentage ownership during the testing period (generally three years). New issuances of our common stock, which is within our control, and purchases of our common stock in amounts greater than specified levels, which are beyond our control, could create an additional limitation on our ability to utilize our NOL carryforward amounts for tax purposes in the future. Limitations imposed on our ability to utilize NOL carryforward amounts could cause U.S. federal and state income taxes to be paid earlier than would be paid if such limitations were not in effect and could cause such NOL carryforward amounts to expire unused, in each case reducing or eliminating the expected benefit to us. Additionally, various states have similar limitations on the use of state NOLs following an ownership change.

 

Accordingly, the extent to which we undergo an ownership change limiting the availability of our NOLs depends in part on actions taken by our large shareholders. Furthermore, our largest shareholders are investment funds affiliated with Carlson. Most investors in these funds are third parties, unaffiliated with either us or Carlson. Subscription or redemption activity by such investors is generally outside of our or Carlson’s control; however, resulting changes in the ownership of these funds may contribute to, or result in, a determination that an “ownership change” has occurred. As a result, even though we have a stockholder rights agreement (the “Rights Agreement”) that is intended to protect the NOLs, whether or not an ownership change occurs is not entirely within our control.

 

On March 3, 2021, our Board determined J. Carlo Cannell and Cannell Capital LLC (together, “Cannell”) to be an “Exempt Person” (and not deemed to be an “Acquiring Person”) under the Rights Agreement. This determination was a result of a determination by the our Board that Cannell’s current beneficial ownership of our common stock, as disclosed on Schedule 13G filed by Cannell with the SEC on February 16, 2021, would not jeopardize or endanger the availability to us or our NOLs. However, no assurance can be given that the IRS would agree with such determination. Our Board’s determination was and is specific to the manner of ownership of our common stock disclosed on the Schedule 13G, and is contingent on Cannell, and any of its Affiliates and Associates (as defined in the Rights Agreement), not changing its manner of ownership or acquiring aggregate beneficial ownership of any shares of our common stock in addition to those disclosed on the Schedule 13G.

 

If an ownership change occurs, the amount of the taxable income for any post-change year that may be offset by a pre-change loss is subject to an annual limitation that is cumulative to the extent it is not all utilized in a year. This limitation would be derived by multiplying the fair market value of the Company’s common stock as of the ownership change by the applicable federal long-term tax-exempt rate, which was 1.46 percent for February 2022. To the extent that a company has a net unrealized built-in gain at the time of an ownership change, which is realized or deemed recognized during the five-year period following the ownership change, there is an increase in the annual limitation for each of the first five-years that is cumulative to the extent it is not all utilized in a year.

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If an ownership change should occur in the future, our ability to use NOLs to offset future taxable income will be subject to an annual limitation and will depend on the amount of taxable income we generate in future periods. There is no assurance that we will be able to fully utilize our NOLs and we could be required to record an additional valuation allowance related to the amount of the NOLs that may not be realized, which could impact our results of operations.

 

We are dependent upon our key management personnel for our future success.

 

We depend on the diligence, skill and network of business contacts of our senior management and their access to the investment professionals and the information and deal flow generated by these investment professionals in the course of their investment and portfolio management activities. Our senior management team evaluates, negotiates, structures, closes, monitors and services our investments. Our success depends to a significant extent on the continued service of this senior management team, in particular, Winston L. Black, Chief Executive Officer. His departure could have a material adverse effect on our ability to achieve our business objectives. In addition, we have very few employees, so the loss of any employee could be disruptive to our business.

 

If we are unable to obtain additional debt or equity financing on commercially reasonable terms our business could be materially adversely affected.

 

As of December 31, 2021, we had $42.9 million of cash and cash equivalents plus $22.0 million available to be borrowed under our credit facility. On September 27, 2021, the Company entered into the Third Amendment to Loan and Security Agreement (the “Third Amendment”) with Cadence Bank, N.A. as a lender and the administrative agent. Pursuant to the Third Amendment, the Loan and Security Agreement dated as of June 29, 2018 (“Loan Agreement”) was amended to extend the Loan Agreement Termination Date to September 30, 2022 and increase the Loan Agreement Commitment to $22.0 million. We have limited capital to execute our business strategy and have obtained debt financing to fund future growth and obtain funds which may be made available for investments. If we are unable to enter into new debt or equity financing arrangements on commercially reasonable terms, our liquidity may be reduced significantly, and as a result, our ability to implement and grow our business strategy could be materially impacted.

 

Our use of leverage may limit our operational flexibility and increase our overall risk, which may adversely affect our business and results of operations.

 

Although the use of leverage may create an opportunity for increased returns for us, it also results in additional risks and can magnify the effect of any losses and thus could negatively impact our business and results of operations and have important adverse consequences to our investments. Our current credit facility contains, and any future credit facility, if raised, would likely contain covenants that could restrict our operating flexibility, including covenants that, among others, could limit our ability to: (i) make distributions in certain circumstances, (ii) incur additional debt, and (iii) engage in certain transactions, which collectively may prevent us from entering into transactions which we may otherwise determine are beneficial to us, and which could negatively impact our business and results of operations. In addition, we expect we would need to secure such a credit facility through the pledging of substantially all of our assets, and if we are unable to generate sufficient cash flow to meet principal and interest payments on such indebtedness, we would be subject to risk that the lender seizes our assets through an acceleration of the credit facility that could require liquidation of pledged collateral at inopportune times or at prices that are not favorable to us and cause significant losses. If the lender seizes and liquidates pledged collateral, such collateral will likely be sold at distressed price levels. We will fail to realize the full value of such assets in a distressed sale.

 

The liquidity, market price and volume of our stock are volatile.

 

Our common stock is listed on the Nasdaq Capital Market (“Nasdaq”). The liquidity of our common stock may be adversely affected, and purchasers of our common stock may have difficulty selling our common stock, if our common stock does not continue to trade on Nasdaq or another national securities exchange. Nasdaq maintains certain minimum continued listing standards. If we are not able to continue to satisfy the continued listing standards, or qualify for an exemption to such standards, then we could be subject non-compliance status or de-listing.

 

The trading price of our common stock could be subject to wide fluctuations in response to quarter-to-quarter variations in our operating results and other events or factors. In addition, the U.S. stock markets have from time to time experienced extreme price and volume fluctuations that have affected the market price for many companies and which often have been unrelated to the operating performance of these companies. These broad market fluctuations may adversely affect the market price of our securities.

11 

 

Funds affiliated with Carlson can control or exert significant influence over our management and policies through their ownership of a large amount of our common stock.

 

As of December 31, 2021, funds affiliated with Carlson owned in the aggregate 70.8 percent of our combined issued and outstanding common stock and unvested restricted stock. Due to the large percentage of ownership by funds affiliated with Carlson, including Double Black Diamond Offshore Ltd. (“Double Black”), they have the ability to control or exert significant influence over our management and policies, such as the election of our directors, the appointment of new management and the approval of any other action requiring the approval of our stockholders, including any amendments to our certificate of incorporation, a sale of all or substantially all of our assets or a merger or other significant transaction. The investment objectives of Carlson and its affiliates may from time to time be different than or conflict with those of our other stockholders.

 

In addition, pursuant to the terms of a Stockholders’ Agreement entered into on August 18, 2014 (the “Stockholders’ Agreement”), funds affiliated with Carlson have the right to approve specific transactions, including the incurrence of indebtedness over specified amounts, the sale of assets over specified amounts, declaration of dividends, loans, capital contributions to or investments in any third party over specified amounts, changes in the size of the board of directors, changes in our chief executive officer and repurchases of common stock.

 

If there are substantial sales of shares of our common stock, the price of our common stock could decline.

 

The price of our common stock could decline if there are substantial sales of our common stock, particularly sales by our directors, executive officers, employees, and significant stockholders including funds associated with Carlson. Funds associated with Carlson own an aggregate of 70.8 percent (9,093,766 common shares). Pursuant to the Stockholders’ Agreement and a Registration Rights Agreement entered into on September 6, 2013, we filed a Registration Statement on Form S-3 with the SEC on February 3, 2020, which became effective on February 19, 2020, to register all of the common stock owned by funds associated with Carlson for sale freely in the public market from time to time.

 

The market price of our common stock could decline as a result of the sale of a substantial number of our shares of common stock in the public market or the perception in the market that the holders of a large number of shares intend to sell their shares.

 

We have adopted provisions in our certificate of incorporation and bylaws, and have entered into the Rights Agreement, which could delay or prevent an acquisition of the Company.

 

The board of directors has the authority to issue up to 5 million shares of preferred stock. Without any further vote or action on the part of the stockholders, the board of directors has the authority to determine the price, rights, preferences, privileges, and restrictions of the preferred stock. This preferred stock, if issued, might have preference over and harm the rights of the holders of common stock. Although the ability to issue this preferred stock provides us with flexibility in connection with possible acquisitions and other corporate purposes, it can also be used to make it more difficult for a third party to acquire a majority of our outstanding voting stock. We currently have no plans to issue preferred stock.

 

Additionally, the Rights Agreement is intended to protect our ability to utilize our NOL carryforwards and make it difficult for a third party to acquire a significant number of shares of our common stock.

 

Our certificate of incorporation and bylaws include provisions that may deter an unsolicited offer to purchase us. These provisions, coupled with the provisions of the Delaware General Corporation Law, may delay or impede a merger, tender offer or proxy contest. In addition, directors are only removable by the affirmative vote of holder of at least two-thirds of all classes of voting stock. These factors may further delay or prevent a change of control of the Company.

 

If we were deemed an investment company under the Investment Company Act of 1940, applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business.

 

We have not been and do not intend to become registered as an “investment company” under the Investment Company Act of 1940, or the 1940 Act, because we believe the nature of our assets and the sources of our income exclude us from the definition of an investment company pursuant to Section (3)(a)(1)(C) under the 1940 Act. Accordingly, we are not subject to the provisions of the 1940 Act, such as conflict of interest rules, requirements for disinterested directors and other substantive provisions which were enacted to protect investors in “investment companies.”

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Generally, a company is an “investment company” if it is or holds itself out as being engaged primarily in the business of investing, reinvesting or trading in securities or owns or proposes to own investment securities having a value exceeding 40 percent of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis, unless an exception, exemption or safe harbor applies. We refer to this investment company definition test as the “40 percent test.”

 

We monitor our compliance with the 40 percent test and seek to conduct our business activities to comply with this test. It is not feasible for us to be regulated as an investment company because the restrictions imposed by the 1940 Act rules are inconsistent with our strategy. In order to continue to comply with the 40 percent test, we may need to take various actions which we might otherwise not pursue. The actions we may need to take to address these issues while maintaining compliance with the 40 percent test (or another exception or exemption from regulation as an investment company), include restructuring or terminating the Company, could adversely affect our ability to create and realize stockholder value.

 

Because we operate through our subsidiaries, our ability to comply with the 40 percent test is dependent on the ability of certain of our subsidiaries to rely on an exclusion or exemption from investment company registration. In this regard, one of our subsidiaries currently relies on the exclusion from investment company registration provided by Section 3(c)(5)(A) under the 1940 Act. Section 3(c)(5)(A), as interpreted by the staff of the SEC, requires us to invest at least 55 percent of our assets in “notes, drafts, acceptances, open accounts receivable, and other obligations representing part or all of the sales price of merchandise, insurance, and services” (or “Qualifying Assets”).

 

In complying with Section 3(c)(5)(A), one of our subsidiaries, SWK Funding LLC (“SWK Funding”), relies on an interpretation that royalty interests that entitle SWK Funding to collect royalty receivables that are directly based on the sales price of specific biopharmaceutical products that use intellectual property covered by specific license agreements are Qualifying Assets under Section 3(c)(5)(A). This interpretation was promulgated by the SEC staff in a no-action letter issued to Royalty Pharma on August 13, 2010. The assets acquired by SWK Funding therefore, are limited by the provisions of the 1940 Act and SEC staff interpretations thereunder. If the SEC or its staff in the future adopts a contrary interpretation or otherwise restricts the conclusions in the staff’s no-action letter such that royalty interests are no longer treated as Qualifying Assets for purposes of Section 3(c)(5)(A), SWK Funding could be required to restructure its activities or sell certain of its assets, potentially negatively affecting our performance. As a result, our business will be material and adversely affected if SWK Funding fails to qualify for Section 3(c)(5)(A).

 

The rules and interpretations of the SEC and the courts, relating to the definition of “investment company” are highly complex in numerous respects. While we intend to conduct our operations so that we will not be deemed an investment company, we can give no assurances that we will not be deemed an “investment company” and be required to register under the 1940 Act. If we were to be deemed an “investment company,” restrictions imposed by the 1940 Act, including limitations on our capital structure and our ability to transact with affiliates, could make it impractical for us to continue our business as contemplated and would have a material adverse effect on our business and the price of our shares. In addition, we could be subject to legal actions by regulatory authorities and others and could be forced to dissolve. The costs of defending any such actions could constitute a material part of our assets and dissolution could have materially adverse effects on our company and the value of our common stock.

 

Risks Associated with Investments in the Health Care and Life Sciences Industries

 

Public health epidemics, pandemics or outbreaks, including COVID-19, could adversely affect our business.

 

Public health epidemics, pandemics or outbreaks, and the resulting business or economic disruptions resulting therefrom, could adversely impact our business as well as our ability to raise capital. The impact of COVID-19 has been and will likely continue to be extensive in many aspects of society, which has resulted in and will likely continue to result in significant disruptions to the global economy, as well as businesses and capital markets around the world.

 

The extent to which COVID-19 impacts our business will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the pandemic, new information that may emerge concerning the severity of COVID-19 and public and private actions to contain COVID-19 or treat its impact. COVID-19 has and will likely continue to result in social, economic and labor instability in the countries in which we or our partner companies operate.

 

Any abrupt and substantial change in economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Any sustained disruption in the capital markets from the COVID-19 pandemic could negatively impact our and our partner companies’ ability to raise capital.

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Healthcare and life science industries are subject to extensive government regulation, litigation risk, reimbursement risk and certain other risks particular to those industries.

 

We have invested and plan to continue investing in cash flow streams produced by life science products that are subject to extensive regulation by the FDA, similar foreign regulatory authorities, and to a lesser extent, other federal and state agencies. If any of these products and the companies which manage such products fails to comply with applicable regulations, they could be subject to significant penalties and claims that could materially and adversely affect their sales levels and operations. Medical devices and drugs are subject to the expense, delay and uncertainty of the regulatory approval process in order to reach the market and, even if approved, these products may not be accepted in the marketplace. In addition, governmental budgetary constraints effecting the regulatory approval process, new laws, regulations or judicial interpretations of existing laws and regulations might adversely affect a partner company or product in this industry.

 

The products and services provided by pharmaceutical, medical device and diagnostics companies are generally subject to the ability to obtain and maintain adequate reimbursement from governmental and other third-party payors for such products and services. The commercial success of such products and services could be compromised if governmental or third-party payors do not provide coverage and reimbursement, breach, rescind or modify their contracts or reimbursement policies or delay payments for such products and services.

 

Companies in the life science industry may also have a limited number of suppliers of necessary components or a limited number of manufacturers for their products, and therefore face a risk of disruption to their manufacturing process if they are unable to find alternative suppliers when needed.

 

Any of these factors could materially and adversely affect the operations of a partner company, which in turn, would impair our ability to timely collect principal and interest payments owed to us or decrease our royalty-related income.

 

Some of our partner companies may be unable to protect their proprietary rights and may infringe on the proprietary rights of others.

 

Our partner companies assert various forms of intellectual property protection. Intellectual property may constitute an important part of partner company assets and competitive strengths, particularly for royalty monetization transactions. Federal law, most typically copyright, patent, trademark and trade secret laws, generally protects intellectual property rights. Although we expect that our partner companies will take reasonable efforts to protect the rights to their intellectual property, third parties may develop similar intellectual property independently or attempt to abandon intellectual property licenses if it is determined such intellectual property from a partner company is no longer needed. Moreover, the complexity of international trade secret, copyright, trademark and patent law, coupled with the limited resources of our partner companies and the demands of quick delivery of products and services to market, create a risk that partner company efforts to prevent misappropriation of their technology will prove inadequate.

 

Some of our partner companies also license intellectual property from third parties and it is possible that they could become subject to infringement actions based upon their use of the intellectual property licensed from those third parties. Our partner companies generally obtain representations as to the origin and ownership of such licensed intellectual property. However, this may not adequately protect them. Any claims against our partner companies’ proprietary rights, with or without merit, could subject the companies to costly litigation and divert their technical and management personnel from other business concerns. If our partner companies incur costly litigation and their personnel are not effectively deployed, the expenses and losses incurred by our partner companies will increase and their profits, if any, will decrease.

 

Third parties have and may assert infringement or other intellectual property claims against our partner companies based on their patents or other intellectual property rights. Although we are not aware that any of our partner companies’ products might infringe any third party’s patents, they may have to pay substantial damages, possibly including treble damages, if it is ultimately determined that they do. They may have to obtain a license to sell their products if it is determined that their products infringe on another person’s intellectual property. Our partner companies might be prohibited from selling their products before they obtain a license, which, if available at all, may require them to pay substantial royalties. Even if infringement claims against our partner companies are without merit, defending these types of lawsuits takes significant time, is expensive and may divert management attention from other business concerns.

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Future legislation, and/or regulations and policies adopted by the FDA or other U.S. or foreign regulatory authorities may increase the time and cost required by some of our partner companies to conduct and complete clinical trials for the product candidates that they develop, and there is no assurance that these companies will obtain regulatory approval to market and commercialize their products in the U.S. and in foreign countries.

 

The FDA and other foreign and U.S. regulatory authorities have established regulations, guidelines and policies to govern the drug development and approval process which affect some of our partner companies. Any change in regulatory requirements due to the adoption by the FDA and/or foreign or other U.S. regulatory authorities of new legislation, regulations, or policies may require some of our partner companies to amend existing clinical trial protocols or add new clinical trials to comply with these changes. Such amendments to existing protocols and/or clinical trial applications or the need for new ones, may significantly impact the cost, timing and completion of the clinical trials.

In addition, increased scrutiny by the U.S. Congress of the FDA’s and other authorities approval processes may significantly delay or prevent regulatory approval, as well as impose more stringent product labeling and post-marketing testing and other requirements. Foreign regulatory authorities may also increase their scrutiny of approval processes resulting in similar delays. Increased scrutiny and approval processes may limit the ability of our partner companies to market and commercialize their products in the U.S. and in foreign countries.

 

The pharmaceutical industry is subject to numerous risks, including competition, extensive government regulation, product liability, patent exclusivity and commercial difficulties.

 

Our assets include royalties and royalty-linked debt that are paid on sales of pharmaceutical products, which are subject to numerous risks. The successful and timely implementation of the business model of our specialty pharmaceutical and drug discovery partner companies depends on their ability to adapt to changing technologies and introduce new products. As competitors continue to introduce competitive products, the ability of our partner companies to continue effectively marketing their existing product portfolio, and to develop and acquire innovative products and technologies that improve efficacy, safety, patients’ and clinicians’ ease of use and cost-effectiveness is important to the success of such partner companies. The success of new product offerings will depend on many factors, including the ability to properly anticipate and satisfy customer needs, obtain regulatory approvals on a timely basis, develop and manufacture products in an economic and timely manner, obtain or maintain advantageous positions with respect to intellectual property, and differentiate products from competitors. Failure by our partner companies to successfully commercialize existing or planned products, or acquire other new products, could have a material adverse effect on our business, financial condition and results of operations. In addition, the ability of generic manufactures to invalidate a partner company’s patents protecting its products or to invalidate the patents supporting products in which we receive royalty-related income could have a material adverse effect on our business.

 

The development of products by life science companies requires significant research and development, clinical trials and regulatory approvals.

 

The development of products by life science companies requires significant research and development, clinical trials and regulatory approvals. In addition, similar activities and costs may be required to support products that have already been commercialized. The results of product development efforts may be affected by a number of factors, including the ability to innovate, develop and manufacture new products, complete clinical trials, obtain regulatory approvals and reimbursement in the U.S. and abroad, or gain and maintain market approval of products. In addition, regulatory review processes by U.S. and foreign agencies may extend longer than anticipated as a result of decreased funding and tighter fiscal budgets. Further, patents attained by others can preclude or delay the commercialization of a product. There can be no assurance that any products now in development will achieve technological feasibility, obtain regulatory approval, or gain market acceptance. Failure can occur at any point in the development process, including after significant funds have been invested. Products may fail to reach the market or may have only limited commercial success because of efficacy or safety concerns, failure to achieve positive clinical outcomes, inability to obtain necessary regulatory approvals, failure to achieve market adoption, limited scope of approved uses, excessive costs to manufacture, the failure to establish or maintain intellectual property rights, or the infringement of intellectual property rights of others. Failure by our partner companies to successfully commercialize pipeline products in which we have an economic interest could have a material adverse effect on our business, financial condition and results of operations.

 

15 

 

Changes in healthcare laws and other regulations applicable to some of our partner companies’ businesses may constrain their ability to offer their products and services.

 

Changes in healthcare or other laws and regulations applicable to the businesses of some of our partner companies may occur that could increase their compliance and other costs of doing business, require significant systems enhancements, or render their products or services less profitable or obsolete, any of which could have a material adverse effect on their results of operations. There has also been an increased political and regulatory focus on healthcare laws in recent years, and new legislation could have a material effect on the business and operations of some of our partner companies.

We also anticipate that Congress, state legislatures, and third-party payors may continue to review and assess alternative healthcare delivery and payment systems and may in the future propose and adopt legislation or policy changes or implementations effecting additional fundamental changes in the healthcare delivery system. We cannot assure you as to the ultimate content, timing, or effect of changes, nor is it possible at this time to estimate the impact of any such potential legislation on certain of our partner companies, our business model, prospects, financial condition or results of operations.

The potential inability of our partner companies’ and counterparties marketing pharmaceutical products from which we receive royalty payments to charge desired prices with respect to prescription drugs could impact their revenues and in turn their ability to repay us or the magnitude of their payments to us.

 

Our partner companies marketing pharmaceutical products, as well as the value of our pharmaceutical royalties, are subject to risks associated with the pricing for prescription drugs. It is uncertain whether pharmaceutical products customers generally will continue to utilize established prescription drug pricing methods, or whether other pricing benchmarks will be adopted for establishing prices within the industry. Legislation may lead to changes in the pricing for Medicare and Medicaid programs. Regulators have conducted investigations into the use of prescription drug pricing methods for federal program payment, and whether such methods have inflated drug expenditures by the Medicare and Medicaid programs. Federal and state proposals have sought to change the basis for calculating payment of certain drugs by the Medicare and Medicaid programs. We cannot predict the ultimate content, timing or effect of any such legislation or executive action or the impact of potential legislation or executive action on us. Any changes to the method for calculating prescription drug costs may reduce the revenues of our partner companies operating in the pharmaceutical industry, which could in turn impair their ability to timely make any principal and interest payments owed to us. Additionally, any such changes to pharmaceutical product reimbursement similarly could reduce the revenues of the pharmaceutical products from which we receive royalties.

 

Risks Related to Pharmaceutical Development Segment

 

Enteris’ product candidates are in early stages of development and Enteris and any licensees may not be successful in efforts to develop products for many years, if ever.

 

Enteris’ success depends on its and any of its licensees’ ability to commercialize their products that will generate revenues sufficient to sustain and grow Enteris’ operations. Most of our product candidates are in early stages of development and have not been out-licensed. The development of these products is expected to take several more years. Similarly, neither Enteris nor any potential licensee may ever develop and commercialize any other peptide or small molecule product that helps us achieve profitability and growth. Even if Enteris and/or a licensee is successful in developing such a product, it is likely that development of any product will take several years. Enteris’ ability to achieve growth is dependent on a number of factors, including Enteris’ and its licensees’ ability to complete development efforts and obtain regulatory approval for additional product candidates.

 

Enteris and its licensees may not be successful in their efforts to gain regulatory approval for any of their product candidates and, if approved, the approval may not be on a timely basis.

 

Even if Enteris or any of its licensees are successful in their development efforts, they may not be able to obtain the necessary regulatory approval for their product candidates. The FDA must approve the commercial manufacture and sale of pharmaceutical products in the United States. Similar regulatory approvals are required for the sale of pharmaceutical products outside of the United States. None of Enteris nor any of its partners’ products have been approved for sale in the United States, and they may never receive the approvals necessary for commercialization. Additional human testing must be conducted on our partners’ product candidates before they can be approved for commercial sale and such testing requires the investment of significant resources. Any delay in receiving, or failure to receive, these approvals would adversely affect Enteris’ ability to generate product revenues.

16 

 

Current and future legislation may increase the difficulty and cost for Enteris or its partners to obtain marketing approval of and the commercialization of their product candidates. This could affect the timing as well as the amount of royalty income Enteris may earn as a result.

 

In the United States and some foreign jurisdictions, there have been a number of legislative and regulatory changes and proposed changes regarding the healthcare system that could prevent or delay marketing approval for Enteris’ or its partners’ product candidates, restrict or regulate post-approval activities and affect our partners’ ability to profitably sell their product candidates. Legislative and regulatory proposals have been made to expand post-approval requirements and restrict sales and promotional activities for pharmaceutical products. We do not know whether additional legislative changes will be enacted, or whether FDA regulations, guidance or interpretations of the FDA, or comparable foreign authorities, will be changed, or what the impact of such changes on the marketing approvals of our partners’ product candidates, if any, may be. In addition, increased scrutiny by the U.S. Congress of the FDA’s approval process may significantly delay or prevent marketing approval, as well as subject our partners to more stringent product labeling and post-marketing testing and other requirements.

Enteris’ technology or products could give rise to product liability claims.

 

While Enteris does not have a commercial product, Enteris’ business exposes us to the risk of product liability claims from human testing and the manufacturing of pharmaceutical tablets currently used in clinical trials. The administration of drugs to humans, whether in clinical trials or commercially, can result in product liability claims, even if Enteris’ or Enteris’ partners’ products are not actually at fault for causing an injury. Furthermore, Enteris’ products may cause, or may appear to cause, adverse side effects or potentially dangerous drug interactions that we may not learn about or understand fully until the drug is actually manufactured and sold. Product liability claims can be expensive to defend and may result in large judgments against us. Even if a product liability claim is not successful, the adverse publicity, time and expense involved in defending such a claim may interfere with our business. We may not have sufficient resources to defend against or satisfy these claims. While we currently maintain product liability insurance coverage, the amount of coverage may not be sufficient to protect us against losses or may be unavailable in the future on acceptable terms, if at all.

 

Because Enteris is a biopharmaceutical company, its operations are subject to extensive government regulation.

 

Our research, development and production activities, as well as those of our collaborators and licensees, are subject to significant regulation by federal, state, local and foreign governmental authorities. The regulatory approval process for a pharmaceutical product requires substantial resources and may take many years. Our partners’ inability to obtain approvals or delays in obtaining approvals would adversely affect our ability to manufacture products, and to receive revenue from milestone payments, product sales or royalties. Enteris’ present and future business is, and will continue to be, subject to various other laws, rules and/or regulations applicable to us as a result of our domestic and international business.

 

The FDA and other regulatory agencies may inspect the Enteris production facility at any time to ensure compliance with current good manufacturing practice guidelines. These guidelines require that Enteris conduct its production operations in strict compliance with established rules for manufacturing and quality controls. Any of these agencies can suspend production operations and product sales if they find significant or repeated deviations from these guidelines. A suspension would likely cause Enteris to incur additional costs or delays in product development and manufacturing.

 

Enteris’ success depends upon its ability to protect its intellectual property rights.

 

Enteris has filed applications for U.S. patents relating to proprietary formulation and manufacturing technology that Enteris has invented in the course of its research. Enteris’ most important U.S. manufacturing and drug delivery patents are scheduled to expire from 2024 to 2036, although Enteris has applications pending that could extend that protection. As of December 31, 2021, seventeen U.S. patents have issued and other applications are pending. Enteris has also made patent application filings in selected foreign countries and fifty-five foreign patents have issued with other applications pending. Enteris faces the risk that any of its pending applications will not be issued as patents. In addition, Enteris’ patents may be found to be invalid or unenforceable. Enteris’ business also is subject to the risk that its issued patents will not provide Enteris with significant competitive advantages if, for example, a competitor were to independently develop or obtain similar or superior technologies. To the extent Enteris is unable to protect its patents and patent applications, or similar or superior technologies are developed, our investment in our technologies may not yield the benefits that we expect.

17 

 

If Enteris encounters issues with its suppliers or if its licensees encounter issues with their contract manufacturers, Enteris may need to qualify alternative manufacturers or suppliers, which could impair Enteris’ and its licensees’ ability to sufficiently and timely manufacture and supply pharmaceutical products.

 

Enteris relies on third parties to supply the raw materials needed to manufacture its existing products, and expects to rely on third parties to supply raw materials for potential future products, including suppliers that are located in Asia. Enteris is undertaking efforts to validate alternate suppliers, but may be unsuccessful in these efforts. Current licensees of Enteris’ technology generally rely, and future licensees are expected to rely, on third party suppliers and contract manufacturers to manufacture drug products that utilize Enteris’ technology as well.

 

Any business interruptions resulting from geopolitical actions, including war and terrorism, adverse public health developments such as COVID-19, or natural disasters including earthquakes, typhoons, floods and fires, and Enteris’ or its licensees’ inability to identify and validate alternate suppliers and contract manufacturers, could further affect supply chains. Any reliance on suppliers may involve several risks, including a potential inability to obtain critical materials and reduced control over production costs, delivery schedules, reliability and quality.

 

Any unanticipated disruption caused by problems with suppliers could delay shipment of any of Enteris’ or its licensees’ drug candidates or drug products, which could increase Enteris’ or its licensees’ cost of goods sold or result in lost or decreased sales, royalties or milestone payments to Enteris.

 

Enteris’ production facilities have been impacted by COVID-19 and global supply chain constraints, and any future impacts might adversely affect its operations and financial condition.

 

Enteris experienced a reduction in its productivity as well as delays in receiving some of its needed supplies as a direct result of COVID-19 and the impact it had on key vendors and the global supply chain. Enteris could experience similar delays in the future due to the impact of governmental restrictions and other impacts of COVID-19 on its vendors, and on the success of efforts to reduce constraints and delays in the global supply chain. Any further reductions or delays may result in business disruption and reduced revenues, any of which could materially affect our business, financial condition and results of operations.

 

We are continuously monitoring our own operations and intend to continue to take appropriate actions to mitigate the risks arising from the COVID-19 pandemic and global supply chain constraints, but there can be no assurances that we will be successful in doing so. We are taking precautions to protect the safety and well-being of Enteris’ employees, including enhancing our standard operating procedures at Enteris to provide for additional cleaning and hygiene measures, social distancing, as well as following guidelines provided by the Centers for Disease Control and Prevention and the State of New Jersey. However, no assurance can be given that the steps being taken will be adequate or deemed to be appropriate. To the extent we are able to obtain information about and maintain communications with our customers, suppliers, vendors and other business partners, we will seek to minimize disruptions to our Pharmaceutical Development segment’s supply chain, although we cannot provide assurances that we will be successful. 

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ITEM 1B. UNRESOLVED STAFF COMMENTS

 

None.

 

ITEM 2. PROPERTIES

Our corporate headquarters and the location of our Finance Receivables segment are in Dallas, Texas, where we lease approximately 2,400 square feet of space. The Pharmaceutical Development segment’s headquarters is located in Boonton, New Jersey, where Enteris leases approximately 32,000 square feet of space. We believe these facilities are adequate for our business requirements.

 

ITEM 3. 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 4. MINE SAFETY DISCLOSURES

Not applicable. 

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

Market Information

 

Since January 22, 2020, our common stock has been listed on the Nasdaq Capital Market, under the symbol “SWKH.”

 

Holders of Record

 

There were approximately 136 stockholders of record of our common stock as of February 15, 2022. The actual number of stockholders is greater than this number of record holders and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees. This number of holders of record also does not include stockholders whose shares may be held in trust by other entities.

Dividend Policy

To date, we have not paid any cash dividends on our capital stock. We intend to retain our cash and do not anticipate paying any cash dividends in the foreseeable future.

Issuer Purchases of Equity Securities

On June 15, 2021, the Board authorized a share repurchase program under which the Company is authorized to repurchase up to $5.0 million of the Company’s outstanding shares of common stock, or approximately 312,500 common shares, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities and Exchange Act. The share repurchase program expired on March 15, 2022. No shares were repurchased under the share repurchase program during the year ended December 31, 2021.

ITEM 6. RESERVED

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion and analysis should be read in conjunction with our financial statements and the related notes. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth in the Risk Factors, Special Note Regarding Forward-Looking Statements and Business sections in this report. We use words such as “anticipate,” “believe,” “estimate,” “expects,” “intend,” “plan,” “will” and variations of these words and similar expressions to identify forward-looking statements.

Strategic Plan to Focus on Core Specialty Finance Business

 

On May 17, 2021, we announced that our Board of Directors (“Board”) formed a Strategic Review Committee (“SRC”) to identify, review and explore strategic alternatives with a view to enhancing stockholder value. With its advisors, the SRC completed a comprehensive review of strategic alternatives for each segment of the Company. On November 1, 2021, we announced that the Board approved a streamlined go-forward business plan and has begun implementing several new measures in light of our current governance structure. The goal of these measures is to improve our strategic focus, growth profile, and capital allocation. The Board believes these measures will allow us to generate long-term value for stockholders.

 

Environmental, Social and Governance

 

As overseers of risk and stewards of long-term enterprise value, our management and Board play a vital role in assessing, identifying and understanding the potential impact and related risks of environmental, social and governance (“ESG”) issues on the organization’s operating model. Our Board and management are committed to identifying those ESG issues most likely to impact business operations and growth by focusing our investment strategy around supporting innovative, growth-oriented companies in the life sciences industry that maximize both social and investment value.

 

Among the ESG issues we support within the Company, we are committed to recruiting, motivating and developing a diversity of talent. We promote and foster a company culture where every voice is welcome, heard and respected, regardless of age, gender, race, religion, sexual orientation, physical conditions, cultural background or country of origin.

 

The nature of our business supports environmental sustainability by being mindful of products we and our partners use in our businesses. We promote recycling to reduce landfill, and we offer our employees a hybrid work model, which allows employees the flexibility to work remotely, thereby reducing the carbon output from commuting in cars or buses.

 

Overview

We have organized our operations into two segments: Finance Receivables and Pharmaceutical Development. These segments reflect the way we evaluate our business performance and manage our operations. Please refer to Part I, Item 1, Business and Part II, Item 8, Financial Statements, Notes 1 and 11 of the notes to the consolidated financial statements for further information regarding segment information.

21 

 

Finance Receivables Portfolio Overview

The table below provides an overview of our outstanding transactions as of, and for the year ended, December 31, 2021 (in thousands, except rate, share and per share data):

 

Royalty Purchases  Licensed
Technology		  Footnote  Funded
Amount		   GAAP Balance   2021 Income
(Loss)
Recognized		   Active
Investment as
of 12/31/21		 
Beleodaq®  Oncology treatment     $7,600   $4,859   $1,561    Yes 
Besivance®  Ophthalmic antibiotic  (3)   6,000    —    (16)   Yes 
Best ABT, Inc.  Oncology diagnosis  (1), (2)   5,784    3,362    —    Yes 
Coflex®/Kybella®/Zalviso®  Spinal stenosis/submental fullness      4,350    4,150    595    Yes 
Cambia®  NSAID migraine treatment  (1)   8,500    2,250    (107)   Yes 
Forfivo XL®  Depressive disorder treatment      6,000    1,462    1,334    Yes 
Ideal Implant, Inc.  Aesthetics      3,000    3,156    337    Yes 
Iluvien®  Diabetic macular edema      16,501    16,137    2,373    Yes 
Narcan®  Opioid overdose treatment      17,500    529    3,975    Yes 
Ostomy Products Royalty  Ostomy products      3,900    4,543    551    Yes 
Veru, Inc.  Women’s health      10,000    4,793    6,323    Yes 

 

Term Loans  Type  Footnote  Maturity
Date		  Principal   GAAP
Balance		   Rate   2021
Income
(Loss)
Recognized		   Active
Investment
as of
12/31/21		 
4Web, Inc.  First lien     06/03/23  $25,698   $27,265    12.3%  $3,655    Yes 
Acerus Pharmaceuticals Corporation  First lien  (6)  10/11/23   5,950    6,001    12.0%   1,242    Yes 
B&D Dental Corporation  First lien  (2), (4)  12/10/18   8,365    8,334    14.0%   —    Yes 
BIOLASE, Inc.  First lien  (5)  05/31/25   14,300    14,469    10.3%   2,098    Yes 
Biotricity, Inc.  First lien     12/26/26   12,000    11,738    11.5%   42    Yes 
CeloNova BioSciences, Inc.  First lien  (3)  12/30/21   —    —    10.5%   395    No 
DxTerity Diagnostics, Inc.  First lien  (3)  10/31/21   —    —    13.3%   3,058    No 
Epica International, Inc.  First lien  (5)  07/23/24   12,000    12,152    9.5%   1,564    Yes 
eTon Pharmaceuticals, Inc.  First lien     11/13/24   7,000    6,907    12.0%   1,021    Yes 
Flowonix Medical, Inc.  First lien  (2)  12/23/25   10,593    9,954    14.0%   962    Yes 
Harrow Health, Inc.  First lien  (3)  07/19/23   —    —    9.0% - 12.0%    1,112    No 
Keystone Dental Group  First lien     11/14/22   15,000    15,487    11.5%   1,873    Yes 
Misonix, Inc. (“Misonix”)  First lien  (3), (7)  06/30/24   —    —    10.0% - 12.3%    3,530    No 
MolecuLight, Inc.  First lien     12/29/26   8,000    7,900    12.5%   6    Yes 
Sincerus Pharmaceuticals, Inc.  First lien     03/19/26   11,000    11,051    13.0%   1,069    Yes 
Tenex Health, Inc.  First lien  (3)  06/30/21   —    —    13.0%   349    No 
Thermedx LLC  Sub note  (3)  05/20/29   —    —    12.0%   43    No 
Trio Healthcare Ltd.  First lien     07/01/26   5,100    5,054    12.5%   365    Yes 

22 

 
Cost Method
Investment		  Licensed
Technology		  Footnote  Maturity
Date		  Principal   GAAP
Balance		   Rate   2021 Income
(Loss)
Recognized		   Active
Investment
as of 12/31/21		 
Tissue Regeneration Therapeutics, Inc. (“TRT”)  Umbilical cord banking  (2)  N/A  $3,491   $3,491    N/A    —    Yes 

 

Marketable Investments  Number of
Shares		   Footnote  Funded
Amount		   GAAP
Balance		   2021 Change
in Fair Value		   Active
Investment as
of 12/31/21		 
Secured Royalty Financing (Marketable Investment)   N/A   (2)  $3,000   $119   $—    Yes 
Bioventus, Inc. (“Bioventus”) Common Stock   71,361   (7)   N/A    1,034    147    Yes 
Epica International, Inc.   25,000       N/A    —    —    Yes 
Misonix Common Stock   —   (7)   N/A    —    1,692    No 
Sincerus Pharmaceuticals, Inc.   26,575       N/A    —    —    Yes 

 

Warrants to Purchase Stock  Number of
Shares		   Footnote  Exercise
Price per
Share		   GAAP
Balance		   2021
Change in
Fair Value		   Active
Investment as
of 12/31/21		 
4Web, Inc.   TBD       TBD   $—   $—    Yes 
Acerus Pharmaceuticals Corporation   7,764,004   (6)   0.053 CAD    101    (113)   Yes 
B&D Dental Corporation   225   (2), (4)   0.01    —    —    Yes 
BIOLASE, Inc.   550,977       0.39    183    (45)   Yes 
Biotricity, Inc.   57,536       6.26    177    1    Yes 
CeloNova BioSciences, Inc.   TBD   (3)   0.01    —    —    Yes 
DxTerity Diagnostics, Inc.   2,019,231   (3)   2.08    —    —    Yes 
Epica International, Inc.   TBD       TBD    —    —    Yes 
eTon Pharmaceuticals, Inc.   51,239       5.86    94    (206)   Yes 
eTon Pharmaceuticals, Inc.   18,141       6.62    34    (73)   Yes 
EyePoint Pharmaceuticals, Inc.   40,910       11.00    277    151    Yes 
EyePoint Pharmaceuticals, Inc.   7,773       19.30    42    23    Yes 
Flowonix Medical, Inc.   155,561   (2)   3.86    —    —    Yes 
Harrow Health, Inc.   373,847   (3)   2.08    2,511    534    Yes 

  

   Assets   Income Recognized 
Total finance receivables  $ 181,553   $39,310 
Total marketable investments   1,153    — 
Cost method investment   3,491    — 
Fair value of warrant assets   3,419    — 
Total assets/revenues  $189,616   $39,310 

 

(1) Investment considered impaired.
(2) Investment on nonaccrual.
(3) Loan/royalty was paid off during 2021.
(4) Loan was paid off in the first quarter of 2022. Please refer to Part II, Item 8, Financial Statements and Supplementary Data, Note 13 of the notes to the consolidated financial statements for further information.
(5) Maturity date and interest rate were amended during the fourth quarter 2021.
(6) Loan was paid off in the first quarter of 2022.
(7) On October 29, 2021, Misonix was acquired by Bioventus. Upon closing of the transaction, the Misonix term loan was paid off. We also tendered our Misonix common stock and received $1,875 in cash and 71,361 shares of Bioventus common stock. We recognized a nominal loss on the tender of the Misonix common stock.

 

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.

23 

 

Critical Accounting Policies and Estimates

The discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP. The preparation of financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to revenue recognition, stock-based compensation, impairment of finance receivables and long-lived assets, impairment of goodwill and identifiable intangible assets, valuation of warrants and investments, contingent consideration, income taxes and contingencies and litigation, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The accounting estimates and assumptions discussed in this section are those that we consider to be the most critical to an understanding of our consolidated financial statements because they inherently involve significant judgments and uncertainties. For a discussion of our significant accounting policies, refer to Note 1 of the notes to the consolidated financial statements in Part II, Item 8, Financial Statements and Supplementary Data.

Allowance for Loan Losses

The allowance for loan losses is reviewed for adequacy based on portfolio collateral values and credit quality indicators, including non-performing assets, evaluation of portfolio diversification and concentration as well as economic conditions to determine the need for a qualitative adjustment. We review our finance receivables periodically to determine the probability of loss, and record charge-offs after considering such factors as delinquencies, the financial condition of obligors, the value of underlying collateral, as well as third party credit enhancements such as guarantees.

The process of determining the level of the allowance for loan losses requires a high degree of judgment. Others given the same information could reach different reasonable conclusions.

Finance Receivables

Finance receivables are measured based upon the difference between the recorded investment in each receivable and either the present value of the expected future cash flows discounted at each receivable’s effective interest rate (the receivable’s contractual interest rate adjusted for any deferred fees, costs or discount / premium at the date of origination/acquisition) or if a receivable is collateral dependent, the collateral’s fair value. When impairment is determined to be probable, the measurement will be based on the fair value of the collateral. The determination of impairment involves management’s judgment and the use of market and third party estimates regarding collateral values. Valuations of impaired receivables and corresponding impairment affect the level of the reserve for credit losses.

Revenue Recognition

Finance Receivables Segment

The Company’s Finance Receivables segment records interest income on an accrual basis based on the effective interest rate method to the extent that we expect to collect such amounts. Incentive fees, if any, are recognized when earned at the end of the relevant performance period, pursuant to the underlying contract. Other administrative service revenues are recognized when contractual obligations are fulfilled or as services are provided.

Pharmaceutical Development Segment

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.

24 

 

In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use its judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above; and d) the contract term and pattern of satisfaction of the performance obligations under step (v) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied.

Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion.

Fair Value of Financial Instruments

The fair value of our financial instruments reflects the amounts 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).

Our financial instruments not required to be adjusted to fair value on a recurring basis consist principally of cash and restricted cash, accounts and finance receivable, accounts payable, and accrued expenses. We believe the carrying amount of cash and cash equivalents, accounts and finance receivable, accounts payable and accrued expenses approximate fair value due to their relatively short maturities.

Income Taxes

The recognition of certain net deferred tax assets of our reporting entities are dependent upon, but not limited to, the future profitability of the reporting entity, when the underlying temporary differences will reverse, and tax planning strategies. Further, management’s judgment regarding the use of estimates and projections is required in assessing our ability to realize the deferred tax assets relating to NOL carryforwards, as most of these assets are subject to limited carryforward periods.

 

The Company will continue to assess the need for a valuation allowance on the deferred tax assets by evaluating both positive and negative evidence that may exist at each reporting date. Any adjustments to the deferred tax asset valuation allowance is recorded in the statement of operations in the period it is determined an adjustment is required.

 

Please refer to Note 12 of the notes to the consolidated financial statements in Part II, Item 8, Financial Statements and Supplementary Data.

 

Recent Accounting Pronouncements

For a discussion of recent accounting pronouncements, refer to Note 1 of the notes to the consolidated financial statements in Part II, Item 8, Financial Statements and Supplementary Data.

25 

 

Comparison of the Years Ended December 31, 2021 and 2020

(in millions) 

For the Year Ended
December 31,

     
   2021   2020   Change 
Revenues  $56.2   $36.7   $19.5 
Provision for credit losses and impairment expense   —    0.2    (0.2)
Interest expense   0.4    0.5    (0.1)
Pharmaceutical manufacturing, research and development expense   7.3    4.3    3.0 
Change in fair value of acquisition-related contingent consideration   (0.3)   4.4    (4.7)
Depreciation and amortization expense   4.1    12.1    (8.0)
General and administrative expense   13.6    10.5    3.1 
Other income (expense), net   2.0    (1.1)   3.1 
Income tax expense (benefit)   7.1    (1.5)   8.6 
Consolidated net income   25.9    5.2    20.7 

Revenues

We generated revenues of $56.2 million and $36.7 million for the years ended December 31, 2021 and 2020, respectively. For the year ended December 31, 2021, revenues consisted primarily of $39.3 million of interest, fees and royalties earned on our finance receivables and $16.8 million received from our Pharmaceutical Development segment. The $19.5 million increase consisted primarily of a $8.6 million increase in interest and fees earned on our finance receivables and a $10.9 million increase in revenues from our Pharmaceutical Development segment. The increase in Pharmaceutical Development segment revenue included milestone revenue related to Enteris’ license agreement with Cara. The $8.6 million increase in revenue attributable to our Finance Receivables segment was the result of a $5.7 million net increase in royalty income and a $4.9 million increase in fees and interest earned on our finance receivables due to funding new and existing loans, as well as accelerated fees and interest earned on two loans that were paid off in the fourth quarter of 2021. The increase in revenue was partially offset by a $2.0 million decrease in interest and fees earned on finance receivables that were paid off or paid down since the first quarter of 2020.

Provision for Credit Losses and Impairment Expense

 

We did not recognize any credit loss provision or impairment expense for the year ended December 31, 2021. We recognized impairment expense of $0.2 million on our debt securities during the year ended December 31, 2020.

 

Interest Expense

 

Interest expense consists of interest accrued on our revolving line of credit, unused line of credit and maintenance fees, as well as a quarterly minimum fee, and amortization of debt issuance costs. Interest expense decreased to $0.4 million for the year ended December 31, 2021 from $0.5 million for the year ended December 31, 2020. As of December 31, 2021, the revolving credit facility balance was approximately $8,000, compared to $11.8 million as of December 31, 2020, which resulted in a lower average outstanding balance on our credit facility interest expense for the year ended December 31, 2021 when compared to the year ended December 31, 2020.

 

Pharmaceutical Manufacturing, Research and Development Expense

 

Pharmaceutical manufacturing, research and development expense increased from $4.3 million for the year ended December 31, 2020 to $7.3 million for the year ended December 31, 2021. The $3.0 million increase was primarily due to an increase in expenses related to internal pipeline programs. This included successfully conducting a Phase 1 clinical trial and initiating a Phase 2 clinical trial for an optimized formulation of leuprolide, the purchase of a drug active for the manufacture of clinical trials material for the clinical trials and the development of a new product for a central nervous indication. The increase also included the purchase of a specialty excipient to manufacture clinical trial materials for Cara.

 

Change in Fair Value of Contingent Consideration

 

We recognized a $0.3 million gain and a $4.4 million loss in change in fair value of acquisition-related contingent consideration during the years ended December 31, 2021 and 2020, respectively. The contingent consideration is the earnout related to the 2019 acquisition of Enteris and sharing of certain milestone and royalties due to Enteris pursuant to the License Agreement with Cara for oral formulation rights to Enteris’ Peptelligence® technology to develop and commercialize Oral KORSUVA™ in any indication worldwide, excluding South Korea and Japan (please refer to Part II, Item 8, Financial Statements and Supplementary Data, Note 2 of the notes to the consolidated financial statements for further information on contingent consideration). The contingent consideration was remeasured to fair value throughout 2021. The carrying amount of the liability may fluctuate significantly, and actual amounts paid may be materially different from the estimated value of the liability.

26 

 

Depreciation and Amortization

 

The $8.0 million decrease in depreciation and amortization expense for the year ended December 31, 2021 primarily consists of a decrease in amortization expense related to the intangible assets of Enteris. Amortization expense is aligned with the expected future cash flows of the intangible assets.

 

General and Administrative

 

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 $13.6 million for the year ended December 31, 2021 from $10.5 million for the year ended December 31, 2020. The $3.1 million increase was primarily due to a $1.9 million increase in expenses incurred in connection with the SRC’s efforts to identify, review and explore strategic alternatives for the Company; such expenses primarily consist of legal and financial consulting fees, as well as Board compensation. The increase also included a $0.8 million increase in salaries, benefits and stock-based compensation expense, as well as a $0.4 million increase in overall office, insurance and rent expense. The increase was partially offset by a $0.1 million decrease in other professional fees.

 

Other Income (Expense), Net

Other income, net for the year ended December 31, 2021 reflected a net fair market value gain of $0.3 million on the change in fair value of our warrant assets and a net fair market value gain of $1.8 million on the change in fair value of our Misonix and Bioventus common stock. During the year ended December 31, 2021, we tendered our Misonix common stock and received $1.9 million in cash and 71,361 shares of Bioventus common stock and recognized a $0.1 million loss on the tender of the Misonix common stock.

Other expense, net for the year ended December 31, 2020 reflected a net fair market value loss of $0.6 million on the change in fair value of our warrant derivatives and a net fair market value loss of $0.6 million on the change in fair value of our Misonix common stock.

Income Tax Expense (Benefit)

During the year ended December 31, 2021 and 2020, we recognized income tax expense of $7.1 million and income tax benefit of $1.5 million, respectively. The $8.6 million increase in income tax expense is a result of higher taxable income for the year ended December 31, 2021 when compared to the same period of the prior year.

 

As of December 31, 2021 and 2020, our cumulative gross deferred tax asset was $38.9 million and $67.8 million, respectively. Based on historical and expected future operating performance, we concluded that it was more likely than not that we will not be able to realize the full benefit of the U.S. federal and state deferred tax assets in the future. The valuation allowance against deferred tax assets was $16.3 million and $37.5 million as of December 31, 2021 and 2020, respectively. At December 31, 2021, we believe it is more likely than not that we will realize approximately $20.5 million of benefit from the U.S. federal and state deferred tax assets in the future.

As of December 31, 2021, we had NOLs for federal income tax purposes of $154.1 million. The federal NOL carryforwards, if not offset against future income, will expire by 2037. Approximately $4.0 million of the $154.1 million can be carried forward indefinitely. We also had federal research credit carryforwards of $3.1 million. The federal research credits will expire by 2040, with the majority of such credits expiring by 2029.

Liquidity and Capital Resources

As of December 31, 2021, we had $42.9 million in cash and cash equivalents, compared to $3.0 million in cash and cash equivalents as of December 31, 2020. The primary driver of the $39.9 million increase in our cash balance was $106.7 million of interest, fees, principal and royalty payments received on our finance receivables and a net $8.6 million of payments generated by our Pharmaceutical Development segment (the net $8.6 million includes $15.0 million of payments related to the completion of milestones under the License Agreement less $8.1 million paid to the seller of Enteris, pursuant to the provisions of the merger agreement). The increase was partially offset by $41.6 million of investment funding, net of deferred fees and origination expenses; $22.1 million of accounts payable, payroll and benefits expense, including $5.4 million for Enteris’ internal pipeline projects and capital expenditures; and $11.8 million of repayments on our credit facility.

27 

 

Primary Driver of Cash Flow

Our ability to generate cash in the future depends primarily upon our success in implementing our Finance Receivable segment 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 December 31, 2021, our finance receivables portfolio contains $181.6 million of finance receivables, $1.2 million of marketable investments and $3.5 million of cost method investment. We expect these assets to generate positive cash flows in 2022. However, 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 with a LIBOR-based interest rate floor. Changes in interest rates, including the levels of LIBOR rates or the replacement of LIBOR with another reference rate, 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 2022. 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.

 

We expect the Pharmaceutical Development segment to generate positive cash flow above its expenses from proceeds received under its license agreements and customer relationships; however, the timing of the receipt of payments under the license agreements is uncertain and dependent upon the success of our technology licensees’ pharmaceutical development candidates. Also, the COVID-19 pandemic has resulted in disruption and delays to pharmaceutical clinical trials in general and may impact the expected timing of our technology licensees’ ability to achieve milestones upon which we receive income pursuant to our license agreements.

 

We entered into a $20.0 million revolving credit facility in June 2018. The credit facility was amended on September 27, 2021 to extend the termination date to September 30, 2022 and to increase the credit facility commitment to $22.0 million. We continue to explore other options with respect to a new credit facility. As of December 31, 2021, approximately $22.0 million was available for borrowing under the credit facility.

 

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 December 31, 2021, we had $7.2 million of unfunded commitments. Please refer to Part II, Item 8, Financial Statements, Note 7 of the notes to the consolidated financial statements for further information regarding the Company’s commitments and contingencies.

28 

 

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

During the year ended December 31, 2021, our cash and cash equivalents were deposited in accounts at well capitalized financial institutions. The fair value of our cash and cash equivalents at December 31, 2021, 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 LIBOR 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.

During 2018, 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.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

SWK HOLDINGS CORPORATION

INDEX TO FINANCIAL STATEMENTS

Contents

    Page
Report of Independent Registered Public Accounting Firm (PCAOB ID #207)   31
Financial Statements    
Consolidated Balance Sheets   33
Consolidated Statements of Income   34
Consolidated Statements of Stockholders’ Equity   35
Consolidated Statements of Cash Flows   36
Notes to the Consolidated Financial Statements   37

30 

 

Report Of Independent Registered Public Accounting Firm

 

To the Stockholders and Board of Directors of

SWK Holdings Corporation

 

Opinion on the Consolidated Financial Statements

 

We have audited the accompanying consolidated balance sheets of SWK Holdings Corporation and its subsidiaries (the “Company”) as of December 31, 2021 and 2020, the related consolidated statements of income, stockholders’ equity, and cash flows, for each of the two years in the period ended December 31, 2021, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

Critical Audit Matter

 

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

 

Valuation of Finance Receivables

 

As described in Note 3 to the consolidated financial statements, the Company’s consolidated finance receivables balance was $181.6 million as of December 31, 2021, which is net of the allowance for credit losses of $8.4 million. The Company generated $39.3 million of finance receivable interest income, including fees during the year ended December 31, 2021. The Company’s finance receivables are stated at amortized cost, net of unamortized origination fees, if any. Interest income on the finance receivables is recorded on an accrual basis based on the effective interest rate method to the extent that the Company expects to collect such amounts. The Company evaluates the collectibility of both interest and principal for each finance receivable to determine whether it is impaired. A finance receivable is considered to be impaired when, based on current information and events, the Company determines it is probable that it will be unable to collect amounts due according to existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the carrying value of the finance receivable to the value determined by discounting the expected future cash flows. If actual cash flows were to be substantially lower than estimated, there could be a significant adverse impact on the carrying value of the finance receivables and results of operations.

31 

 

The principal considerations for our determination that performing procedures relating to valuation of the finance receivables is a critical audit matter are its overall impact on the consolidated financial statements, including the realization of the Company’s deferred tax asset, and the significant amount of judgement by management in developing the assumptions of the expected future cash flows, which in turn led to significant auditor judgement, subjectivity, and effort in performing audit procedures and evaluating audit evidence relating to the expected future cash flows. Additionally, for certain finance receivables, there may be limited historical data with which to evaluate the expected future cash flows.

 

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, evaluating management’s process and valuation method for developing the estimate of expected cash flows of its finance receivables and potential credit losses, testing the completeness and accuracy of the underlying data used in the estimate, and evaluating management’s assumptions used to estimate future cash flows. Evaluating management’s assumptions used to estimate future cash flows for reasonableness involved considering historical cash flows from the Company’s finance receivable portfolio, comparing prior period estimates to actual results of the same period, publicly available information which supports or is to the contrary of the estimated future cash flows and determining whether the estimated cash flows used were consistent with evidence obtained in other areas of the audit.

 

/s/ BPM LLP

 

PCAOB Number: 207

 

We have served as the Company’s auditor since 2006.

 

San Jose, California

March 25, 2022

32 

 

SWK HOLDINGS CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

   December 31, 
   2021   2020 
Assets        
Current assets:          
Cash and cash equivalents  $42,863   $3,008 
Interest and accounts receivable, net   1,803    1,911 
Marketable investments   1,034    1,210 
Other current assets   1,727    542 
Total current assets   47,427    6,671 
           
Finance receivables, net   181,553    204,491 
Marketable investments   119    241 
Cost method investment   3,491    3,491 
Deferred tax assets, net   20,539    27,491 
Warrant assets   3,419    2,972 
Intangible assets, net   9,964    13,453 
Goodwill   8,404    8,404 
Property and equipment, net   5,779    5,211 
Other non-current assets   1,970    1,476 
Total assets  $282,665   $273,901 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable and accrued liabilities  $5,087   $3,652 
Revolving credit facility   8   $11,758 
Total current liabilities   5,095    15,410 
           
Contingent consideration payable   8,530    16,900 
Other non-current liabilities   1,804    1,079 
Total liabilities   15,429    33,389 
           
Commitments and contingencies (Note 7)          
           
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; 12,836,133 and 12,792,586 shares issued and outstanding at December 31, 2021 and 2020, respectively   13    13 
Additional paid-in capital   4,431,719    4,430,924 
Accumulated deficit   (4,164,496)   (4,190,425)
Total stockholders’ equity   267,236    240,512 
Total liabilities and stockholders’ equity  $282,665   $273,901 

 

See accompanying notes to the consolidated financial statements.

33 

 

SWK HOLDINGS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

   Year Ended December 31, 
   2021   2020 
Revenues          
Finance receivable interest income, including fees  $39,310   $30,800 
Pharmaceutical development   16,122    5,903 
Other   723    9 
Total revenues   56,155    36,712 
Costs and expenses:          
Impairment expense   —    163 
Pharmaceutical manufacturing, research and development expense   7,347    4,268 
General and administrative   13,620    10,546 
Depreciation and amortization expense   4,061    12,091 
Change in fair value of acquisition-related contingent consideration   (287)   4,400 
Interest expense   374    455 
Total costs and expenses   25,115    31,923 
Other income (expense), net          
Unrealized net gain (loss) on warrants   272    (586)
Unrealized net gain (loss) on equity securities   1,839    (591)
Realized (loss) gain on sale of investments   (140)   53 
Income before income tax expense (benefit)   33,011    3,665 
Income tax expense (benefit)   7,082    (1,537)
Consolidated net income  $25,929   $5,202 
           
Net income per share          
Basic  $2.03   $0.40 
Diluted  $2.02   $0.40 
Weighted Average Shares          
Basic   12,796    12,852 
Diluted   12,834    12,862 

See accompanying notes to the consolidated financial statements.

34 

 

SWK HOLDINGS CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share data)

                                   
          Additional
Paid-In Capital		     Accumulated
Deficit		     Total
Stockholders’
Equity		  
    Common Stock              
    Shares     Amount              
Balances at December 31, 2019     12,917,348     $ 13     $ 4,432,146     $ (4,195,627 )   $ 236,532  
Stock-based compensation     —       —       728       —       728  
Issuance of common stock upon vesting of restricted stock     24,940       —       —       —       —  
Issuances of common stock in lieu of employee cash bonuses     5,200       —       60       —       60  
Repurchases of common stock in open market     (154,902 )     —       (2,010 )     —       (2,010 )
Net income     —       —       —       5,202       5,202  
Balances at December 31, 2020     12,792,586       13       4,430,924       (4,190,425 )     240,512  
Stock-based compensation     —       —       1,163       —       1,163  
Issuance of common stock upon vesting of restricted stock     18,978       —       —       —       —  
Net settlement for employee taxes on restricted stock and options     —       —       (368 )     —       (368 )
Stock options exercised, net     24,569       —       —       —       —  
Net income     —       —       —       25,929       25,929  
Balances at December 31, 2021     12,836,133     $ 13     $ 4,431,719     $ (4,164,496 )   $ 267,236  

 

See accompanying notes to the consolidated financial statements.

35 

 

SWK HOLDINGS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

   Year Ended December 31, 
   2021   2020 
Cash flows from operating activities:          
Consolidated net income  $25,929   $5,202 
Adjustments to reconcile net income to net cash provided by operating activities          
Impairment expense   —    163 
Amortization of debt issuance costs   49    188 
Deferred income taxes   6,952    (1,711)
Change in fair value of warrants   (272)   586 
Change in fair value of equity securities   (1,839)   591 
Loss (gain) on sale of investments   140    (53)
Change in fair value of acquisition-related contingent consideration   (287)   4,400 
Loan discount and fee accretion   (1,130)   (1,983)
Interest paid-in-kind   (950)   (2,145)
Stock-based compensation   1,163    728 
Depreciation and amortization   4,061    12,091 
Changes in operating assets and liabilities:          
Interest and accounts receivable   108    643 
Other assets   (1,788)   (959)
Accounts payable and other liabilities   2,159    1,527 
Net cash provided by operating activities   34,295    19,268 
           
Cash flows from investing activities:          
Cash received from settlement of warrants and equity securities   1,875    53 
Investment in finance receivables   (42,350)   (42,859)
Repayment of finance receivables   67,192    11,752 
Corporate debt securities principal payments   122    62 
Purchases of property and equipment   (1,078)   (3,937)
Other   —    (237)
Net cash provided by (used in) investing activities   25,761    (35,166)
           
Cash flows from financing activities:          
Net settlement for employee taxes on restricted stock and options   (368)   — 
Repurchases of common stock, including fees and expenses   —    (2,010)
Net (payments on) proceeds from credit facility   (11,750)   11,758 
Payment of acquisition-related contingent consideration   (8,083)   (2,000)
Net cash (used in) provided by financing activities   (20,201)   7,748 
           
Net increase (decrease) in cash and cash equivalents   39,855    (8,150)
Cash and cash equivalents at beginning of period   3,008    11,158 
Cash and cash equivalents at end of period  $42,863   $3,008 
           
Supplemental noncash flow activity:          
Warrants received in connection with finance receivables  $175   $79 
Fair value of common stock issued in lieu of employee cash bonuses  $—   $60 
Cash paid for interest  $110   $137 
Fair value of common stock received in connection with payoff of term loan  $887   $— 

See accompanying notes to the consolidated financial statements.

36 

 

SWK HOLDINGS CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1. SWK Holdings Corporation and Summary of Significant Accounting Policies

Nature of Operations

SWK Holdings Corporation (the “Company”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In July 2012, the Company commenced its strategy of building a specialty finance and asset management business. In August 2019, the Company commenced a complementary strategy of building a pharmaceutical development, manufacturing and intellectual property licensing business. The Company’s operations comprise two reportable segments: “Finance Receivables” and “Pharmaceutical Development.” The Company allocates capital to each segment in order to generate income through the sales of life science products by third parties. The Company is headquartered in Dallas, Texas.

The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. However, at this time, under current law, the Company does not anticipate that the Finance Receivables and/or Pharmaceutical Development segments will generate sufficient income to permit the Company to utilize all of its NOLs prior to their respective expiration dates. As such, it is possible that the Company might pursue additional strategies that it believes might result in the ability to utilize more of the NOLs.

As of March 21, 2022, the Company and its partners have executed transactions with 43 different parties under its specialty finance strategy, funding an aggregate $619.7 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.

On August 26, 2019, the Company commenced its Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc. (“Enteris”). Enteris is a clinical stage biopharmaceutical company offering innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform. Since its founding in 2013, Enteris has advanced multiple internal and external programs leveraging Peptelligence®, which enables the oral delivery of molecules that are typically injected, including peptides and BCS Class II, III, and IV small molecules, in an enteric-coated tablet formulation. Peptelligence® utilizes a unique multifaceted approach to increase the solubility and absorption of peptides and small molecules, addressing the complex challenges regarding solubility and permeability of therapeutics with low oral bioavailability. Peptelligence® is protected by an extensive patent estate, some of which extends until 2036.

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. 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.

Reclassification

 

Certain prior year amounts have been reclassified to conform to current year presentation. The amounts for prior periods have been reclassified to be consistent with current year presentation and have no impact on previously reported total assets, total stockholders’ equity or net income.

37 

 

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 accounts receivable; impairment of finance receivables; long-lived assets; property and equipment; intangible assets; goodwill; 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, and its business offering oral therapeutic formulation solutions built around Enteris’ pharmaceutical Peptelligence® platform, which enables the oral delivery of molecules that are typically injected, including peptides and BCS Class II, III, and IV small molecules in an enteric-coated tablet formulation.

 

Goodwill and Intangible Assets

The Company’s methodology for allocating the purchase price of an acquisition is based on established valuation techniques that reflect the consideration of a number of factors, including a valuation performed by a third-party appraiser. Goodwill is measured as the excess of the cost of an acquired business over the fair value assigned to identifiable assets acquired and liabilities assumed. Goodwill is considered impaired when the estimated fair value of the reporting unit that was allocated the goodwill is less than its carrying value. If the estimated fair value of such reporting unit is less than its carrying value, goodwill impairment is recognized based on that difference, not to exceed the carrying amount of goodwill. A reporting unit is an operating segment or a component of an operating segment provided that the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. Goodwill arising from the Enteris acquisition has been allocated to the Pharmaceutical Development segment.

 

Finite-lived intangible assets are amortized over their estimated useful life, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. Goodwill and indefinite-lived intangible assets are not amortized, but instead, are subject to annual impairment testing. We review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter and continually assess whether a triggering event has occurred to determine whether the carrying value exceeds the implied fair value. For the years ended December 31, 2021 and 2020, the Company determined there were no indicators of impairment relating to identifiable finite-lived intangible assets.

 

The identification and measurement of goodwill impairment involves the estimation of the fair value of the reporting unit. We have the option to assess impairment through a qualitative assessment, which includes factors such as general economic conditions, negative developments in equity and credit markets, adverse changes in the markets in which a reporting unit operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. When a potential impairment is indicated, we perform quantitative testing by comparing the estimated fair value of the reporting unit to the carrying value of the reported net assets. Under our quantitative testing, fair value is generally based on the income approach using a calculation of discounted cash flows, based on the most recent financial projections for the reporting unit. The revenue growth rates included in the financial projections are our best estimates based on current and forecasted market conditions, and the profit margin assumptions are projected by the reporting unit based on current cost structure and, when applicable, anticipated net cost reductions.

 

Based on the Company’s 2021 goodwill impairment testing, no goodwill impairment was indicated as of December 31, 2021.

38 

 

Inventory

Inventories are stated at the lower of cost or net realizable value, valued at specifically identified cost which approximates the first-in, first-out method. The components of inventory include raw materials of $0.6 million and $0.1 million as of December 31, 2021 and 2020 and are reflected in current assets in the consolidated balance sheets.

Property and Equipment, Net

Property and equipment are recorded at cost less accumulated depreciation and amortization. Expenditures for major additions and improvements are capitalized, while minor replacements, maintenance, and repairs are charged to expense as incurred. In addition, we capitalize interest on borrowings during the active construction period of capital projects. Capitalized interest is added to the cost of the assets and depreciated over the estimated useful lives of the assets. Leased property meeting certain criteria is capitalized and the present value of the related lease payments is recorded as a liability and included in current liabilities.

 

Depreciation is recorded over the estimated useful lives of the assets involved using the straight-line method. Leasehold improvements and capitalized lease assets are amortized to depreciation expense over the estimated useful life of the asset or the respective lease term used in determining lease classification, whichever is shorter. The range of estimated useful lives is as follows:

 

Asset   Estimated Useful Life
Leasehold improvements   Lesser of lease term or useful life
Furniture, fixtures and equipment   3 to 15 years

 

Deferred Revenue and Deferred Costs

 

Deferred revenue includes amounts that have been billed per the contractual terms but have not been recognized as revenue. The Company classifies as current the portion of deferred revenue that is expected to be recognized within one year from the balance sheet date. Deferred revenue was $0.2 million and $0.4 million as of December 31, 2021 and 2020, respectively, and is included in accounts payable and accrued liabilities in the consolidated balance sheets.

 

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 consolidated statements of income.

 

Finance Receivables

 

The Company extends credit to customers through a variety of financing arrangements, including revenue interest term loans. The amounts outstanding on loans are referred to as finance receivables and are included in finance receivables on the consolidated balance sheets. It is the Company’s expectation that the loans originated will be held for the foreseeable future or until maturity. In certain situations, for example to manage concentrations and/or credit risk, some or all of certain exposures may be sold. Loans for which the Company has the intent and ability to hold for the foreseeable future or until maturity are classified as held for investment (“HFI”). If the Company no longer has the intent or ability to hold loans for the foreseeable future, then the loans are transferred to held for sale (“HFS”). Loans entered into with the intent to resell are classified as HFS.

 

If it is determined that a loan should be transferred from HFI to HFS, then the balance is transferred at the lower of cost or fair value. At the time of transfer, a write-down of the loan is recorded as an impairment when the carrying amount exceeds fair value and the difference relates to credit quality. Otherwise the write-down is recorded as a reduction in finance receivable interest income, and any loan loss reserve is reversed. Once classified as HFS, the amount by which the carrying value exceeds fair value is recorded as a valuation allowance and is reflected as a reduction to finance receivable interest income.

 

If it is determined that a loan should be transferred from HFS to HFI, the loan is transferred at the lower of cost or fair value on the transfer date, which coincides with the date of change in management’s intent. The difference between the carrying value of the loan and the fair value, if lower, is reflected as a loan discount at the transfer date, which reduces its carrying value. Subsequent to the transfer, the discount is accreted into earnings as an increase to finance revenue interest income over the life of the loan using the effective interest method.

39 

 

The Company accounts for its finance receivables at amortized cost, net of unamortized origination fees, if any. Related fees and costs are recorded net of any amounts reimbursed, and interest is accreted or accrued to interest revenue using the effective interest method. When and if supplemental payments are received from these long-term receivables, an adjustment to the estimated effective interest rate is affected prospectively.

 

The Company evaluates the collectibility of both interest and principal for each loan to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines it is probable that it will be unable to collect amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the carrying value of the financial asset to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the estimated fair value of the underlying collateral, less costs to sell, if the loan is collateralized and the Company expects repayment to be provided solely by the collateral. Impairment assessments require significant judgments and are based on significant assumptions related to the borrower’s credit risk, financial performance, expected sales, and estimated fair value of the collateral.

Allowance for Credit Losses on Finance Receivables

The allowance for credit losses is intended to provide for credit losses inherent in the finance receivables portfolio and is periodically reviewed for adequacy considering credit quality indicators, including expected and historical losses and levels of and trends in past due loans, non-performing assets and impaired loans, collateral values and economic conditions. The allowance for credit losses is determined based on specific allowances for loans that are impaired, based upon the value of underlying collateral or projected cash flows. Changes to the allowance for credit losses are recorded in the provision for loan credit losses in the consolidated statement of income.

Marketable Investments

The Company’s marketable investment portfolio includes debt and equity securities as of December 31, 2021. Equity securities that have readily determinable fair values are reported at fair value with gains and losses recognized in earnings. The debt security is classified as an available-for-sale security, which is reported at fair value with unrealized gains or losses recorded in statements of other comprehensive income, net of applicable income taxes. In any case where fair value might fall below amortized cost, the Company would consider whether that security is other-than temporarily impaired using all available information about the collectibility of the security. The Company would not consider that an other-than temporary impairment for a debt security has occurred if (1) the Company does not intend to sell the debt security, (2) it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis and (3) the present value of estimated cash flows will fully cover the amortized cost of the security. The Company would consider that an other-than-temporary impairment has occurred if any of the above mentioned three conditions are not met.

For a debt security for which an other-than-temporary impairment is considered to have occurred, the Company would recognize the entire difference between the amortized cost and the fair value in earnings if the Company intends to sell the debt security or it is more likely than not that the Company will be able to sell the debt security before recovery of its amortized cost basis. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company would separate the difference between the amortized cost and the fair value of the debt security into the credit loss component and the non-credit loss component. The credit loss component would be recognized in earnings and the non-credit loss component would be recognized in other comprehensive income, net of applicable income taxes.

Derivatives

All derivatives held by the Company are recognized in the consolidated balance sheets at fair value. The accounting treatment for subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives that are not hedges must be adjusted to fair value through the consolidated statements of income. If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against change in the fair value of hedged assets or liabilities through the consolidated statements of income or recorded in other comprehensive income. The Company had no derivatives designated as hedges as of December 31, 2021 and 2020. The Company holds warrants issued to the Company in conjunction with term loan investments discussed in Note 3. These warrants meet the definition of a derivative and are included in warrant assets in the consolidated balance sheets.

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Revenue Recognition

Finance Receivables Segment

 

The Company’s Finance Receivables segment records interest income on an accrual basis based on the effective interest rate method to the extent that it expects to collect such amounts. The Company recognizes investment management fees when clients invest in our recommended transactions as earned over the period the services are rendered. In general, the majority of investment management fees earned are charged either monthly or quarterly. Incentive fees, if any, are recognized when earned at the end of the relevant performance period, pursuant to the underlying contract. The Company did not recognize any management or incentive fees in 2021 or 2020. Other service revenues are recognized when contractual obligations are fulfilled or as services are provided.

Pharmaceutical Development Segment

 

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.

 

In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use its judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above; and (d) the contract term and pattern of satisfaction of the performance obligations under step (v) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied.

 

Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Deferred revenue as of December 31, 2021 and 2020 was $0.2 million and $0.4 million and is classified as current deferred revenue and is included in accounts payable and accrued liabilities in the consolidated balance sheets.

 

The Company evaluates collaboration agreements with respect to FASB ASC Topic 808, Collaborative Arrangements, considering the nature and contractual terms of the arrangement and the nature of its business operations to determine the classification of the transactions. When the Company is an active participant in the activity and exposed to significant risks and rewards dependent on the commercial success of the collaboration, it will record its transactions on a gross basis in the consolidated financial statements and describe the rights and obligations under the collaborative arrangement in the notes to the consolidated financial statements.

 

Exclusive Licenses

 

If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, manufacturing and commercialization capabilities of the collaboration partner; the retention of any key rights by the Company; and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from a promise for its intended purpose without the receipt of the remaining promises, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company exercises judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods.

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Customer Options

If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised.

Research and Development Services

The promises under the Company’s collaboration agreements may include research and development services to be performed by the Company on behalf of the partner. Payments or reimbursements resulting from the Company’s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. Reimbursements from and payments to the partner that are the result of a collaborative relationship with the partner, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense.

Milestone Payments

 

At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.

 

Royalties

For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. There were no such investments at December 31, 2021 or 2020, as all of our cash was held in checking, savings and brokerage accounts. As of December 31, 2021, cash equivalents were deposited in financial institutions and consisted of immediately available fund balances.  The Company maintains its cash deposits and cash equivalents with well-known and stable financial institutions.

 

Interest and Accounts Receivable

 

The Company records interest receivable on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. When management does not expect that principal, interest, and other obligations due will be collected in full, the Company will generally place the loan on nonaccrual status and cease recognizing interest income on that loan until all principal and interest due has been paid or the Company believes the partner company has demonstrated the ability to repay the Company’s current and future contractual obligations. Any uncollected interest related to prior periods is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, the Company may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection. The Company did not recognize any provision for loan credit losses in 2021 and 2020.

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Accounts receivable for management fees are recorded at the aggregate unpaid amount less any allowance for doubtful accounts. The Company determines an account receivable’s delinquency status based on its contractual terms. Interest is not charged on outstanding balances. Accounts are written-off only when all methods of recovery have been exhausted. As of December 31, 2021 and 2020, the allowance for doubtful accounts was zero.

 

Certain Risks and Concentrations

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, interest and accounts receivable, finance receivables and marketable investments. The Company invests its excess cash with major U.S. banks and financial institutions. The Company has not experienced any losses on its cash and cash equivalents.

Finance Receivables Segment

The Company performs ongoing credit evaluations of its partner companies and generally requires collateral. For the year ended December 31, 2021, five of our business partners accounted for 63 percent of our interest and accounts receivable. For the year ended December 31, 2020, five of our business partners accounted for 68 percent of our interest and accounts receivable.

Pharmaceutical Development Segment

For the years ended December 31, 2021 and 2020, Cara Therapeutics, Inc. (“Cara”) accounted for approximately 98 percent of Pharmaceutical Development segment revenues.

The Company does not expect its current or future credit risk exposures to have a significant impact on its operations. However, there can be no assurance that its business will not experience any adverse impact from credit risk in the future.

Stock-based Compensation

All employee and director stock-based compensation is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the requisite service period. Stock-based compensation expense is reduced for estimated future forfeitures. These estimates are revised in future periods if actual forfeitures differ from the estimates. Changes in forfeiture estimates impact compensation expense in the period in which the change in estimate occurs.

For restricted stock, the Company recognizes compensation expense in accordance with the fair value of the Company’s stock as determined on the grant date, amortized over the applicable service period. When vesting of awards is based wholly or in part upon the future performance of the stock price, such terms result in adjustments to the grant date fair value of the award and the derivation of a service period. If service is provided over the derived service period, the adjusted fair value of the awards will be recognized as compensation expense, regardless of whether or not the awards vest.

Income Taxes

Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded to reduce deferred tax assets to an amount where realization is more likely than not.

 

If the Company ultimately determines that the payment of such a liability is not necessary, then the Company reverses the liability and recognizes a tax benefit during the period in which the determination is made that the liability is no longer necessary. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax benefit in the statements of income.

 

Comprehensive Income

The consolidated statements of comprehensive income have been omitted, as net income equals comprehensive income for the years ended December 31, 2021 and 2020.

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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 earnings per share for the following (in thousands, except per share amounts):

   Year Ended December 31, 
   2021   2020 
Numerator:          
Net income  $25,929   $5,202 
           
Denominator:          
Weighted-average shares outstanding   12,796    12,852 
Effect of dilutive securities   38    10 
Weighted-average diluted shares   12,834    12,862 
           
Basic net income per share  $2.03   $0.40 
Diluted net income per share  $2.02   $0.40 

 

As of December 31, 2021 and 2020, outstanding options to purchase shares of common stock and outstanding shares of restricted stock in an aggregate of approximately 368,000 and 443,000, respectively, have been excluded from the calculation of diluted net income per share as such securities were anti-dilutive.

 

Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards 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 is effective from March 12, 2020 through December 31, 2022. An entity may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. An entity may elect to apply the amendments in ASU 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. The one-time election to sell, transfer, or both sell and transfer debt securities classified as held-to-maturity may be made at any time after March 12, 2020 but no later than December 31, 2022. The Company has identified existing loans that reference 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 June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326).” This standard adds an impairment model, known as the current expected credit loss (“CECL”) model, that is based on expected losses rather than incurred losses. Under this guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of losses. This ASU describes the impairment allowance as a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be measured in a manner similar to current GAAP; however, the amendments in this update require that credit losses be presented as an allowance rather than as a write-down, which will allow an entity the ability to record reversals of credit losses in current period net income. On November 15, 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” which finalized various effective date delays for private companies, not-for-profit organizations, and certain smaller reporting companies. Under ASU 2019-10, the effective date for implementation of CECL for smaller reporting companies was extended to fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company is currently evaluating the new guidance but believes it is likely to incur more upfront losses on its portfolio under the new CECL model.

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Note 2. Goodwill and Intangible Assets

 

Goodwill

 

There was no change in the carrying amount of goodwill from December 31, 2020 to December 31, 2021, and net book value remains at $8.4 million. The net book value of goodwill is solely related to the Enteris acquisition in 2019. The Company reviews goodwill for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than the carrying amount as a basis for determining whether it is necessary to perform an impairment test. If the qualitative assessment warrants further analysis, the Company compares the fair value of the reporting unit to its carrying value. The fair value of the reporting unit is determined using the market approach. If the fair value of the reporting unit exceeds the carrying value of net assets of the reporting unit, goodwill is not impaired. If the carrying value of the reporting unit’s goodwill exceeds its fair value, then the Company must record an impairment charge equal to the difference. As of December 31, 2021, the Company concluded that it is more likely than not that the fair value of the reporting unit is greater than its carrying value, and goodwill is not considered to be impaired.

 

Intangible Assets

 

As of December 31, 2021 and 2020, 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):

 

                               
   As of December 31, 2021 
   Gross Book
Value		   Accumulated
Amortization		   Net Book Value   Estimated Useful
Life		 
License Agreement (1)  $29,400     $19,780     $9,620      10 
Trade names and trademarks   210    50    160    10 
Customer relationships   240    56    184    10 
Total intangible assets  $29,850   $19,886   $9,964      
                     
   As of December 31, 2020 
   Gross Book
Value		   Accumulated
Amortization		   Net Book Value   Estimated Useful
Life		 
License Agreement (1)  $29,400     $16,336     $13,064      10 
Trade names and trademarks   210    29    181    10 
Customer relationships   240    32    208    10 
Total intangible assets  $29,850   $16,397   $13,453      

 

(1)Prior to our acquisition of Enteris, Enteris entered into a non-exclusive commercial license agreement (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.

 

Amortization expense was $3.5 million and $11.7 million for the years ended December 31, 2021 and 2020, respectively, and was recorded in depreciation and amortization expense. Based on amounts recorded at December 31, 2021, the Company will recognize acquired intangible asset amortization as follows (in thousands):

2022  $1,768 
2023   1,696 
2024   1,540 
2025   1,069 
2026   1,069 
Thereafter  $2,822 
Total  $9,964 

 

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Note 3. Finance Receivables

Finance receivables are reported at their determined principal balances net of any unearned income, cumulative charge-offs 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.

As of December 31, 2021, the Company had a credit loss allowance of $8.4 million. Of the total $8.4 million, $1.2 million is associated with the Company’s Cambia® royalty, and $0.6 million is associated with the Company’s Besivance® royalty. The remaining $6.6 million is related to the Best ABT, Inc. (“Best”), second lien term loan that was recognized in order to reflect the Best royalty at its estimated fair value. The carrying values of finance receivables are as follows (in thousands):

               
   December 31, 
   2021   2020 
Term loans  $136,312   $164,032 
Royalty purchases   53,629    48,847 
Total before allowance for credit losses   189,941    212,879 
Allowance for credit losses   (8,388)   (8,388)
Total carrying value  $181,553   $204,491 

 

Credit Quality of 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 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. 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 and collectibility of remaining principal and interest is no longer doubtful. 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.

Receivables associated with royalty stream purchases would be considered to be impaired when it is probable that the Company will be unable to collect the book value of the remaining investment based upon adverse changes in the estimated underlying royalty stream.

When the Company identifies a finance receivable as impaired, it measures the impairment based on the present value of expected future cash flows, discounted at the receivable’s effective interest rate, or the estimated fair value of the collateral, less estimated costs to sell. If it is determined that the value of an impaired receivable is less than the recorded investment, the Company would recognize impairment with a charge to the allowance for credit losses. When the value of the impaired receivable is calculated by discounting expected cash flows, interest income would be recognized using the receivable’s effective interest rate over the remaining life of the receivable.

The Company individually develops the allowance for credit losses for any identified impaired loans. In developing the allowance for credit losses, the Company considers, among other things, the following credit quality indicators:

  · business characteristics and financial conditions of obligors;
     
  · current economic conditions and trends;
     
  · actual charge-off experience;
     
  · current delinquency levels;
     
  · value of underlying collateral and guarantees;

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  · regulatory environment; and
     
  · any other relevant factors predicting investment recovery.
     

The following table presents nonaccrual and performing loans by portfolio financing structure: (in thousands):

   December 31, 2021   December 31, 2020 
   Nonaccrual   Performing   Total   Nonaccrual   Performing   Total 
Term loans  $18,288   $118,024   $136,312   $8,334   $155,698   $164,032 
Royalty purchases   3,362    41,879    45,241    3,863    36,596    40,459 
Total carrying value  $21,650   $159,903   $181,553   $12,197   $192,294   $204,491 

As of December 31, 2021, the Company had three finance receivables in nonaccrual status: (1) the term loan to B&D Dental Corporation (“B&D”), with a net carrying value of $8.3 million, (2) the term loan to Flowonix Medical, Inc. (“Flowonix”), with a net carrying value of $10.0 million, and (3) the Best royalty, with a net carrying value of $3.4 million. Although in nonaccrual status, the B&D and Flowonix term loans were not considered impaired as of December 31, 2021 and 2020. The Company collected $1.2 million on two of its nonaccrual finance receivables during the year ended December 31, 2021, of which $0.7 million was collected from Flowonix prior to being placed on non-accrual.

 

In March 2022, SWK Funding negotiated to terminate the B&D term loan upon receiving payment of $10.4 million, which was received on March 17, 2022. The carrying value of the term loan was $8.3 million as of December 31, 2021. Following this payment, B&D has no remaining payment obligations to the Company.

 

Note 4. Property and Equipment, Net

 

Property and equipment, net consisted of the following as of December 31, 2021 and 2020 (in thousands):

   December 31, 2021   December 31, 2020 
Production equipment and other  $3,042   $2,658 
Furniture and fixtures   38    86 
Leasehold improvements   3,648    143 
Construction-in progress   —    2,785 
Capitalized software   84    77 
Total   6,812    5,749 
Less accumulated depreciation and amortization   (1,033)   (538)
Property and equipment, net  $5,779   $5,211 

 

Depreciation and amortization expense on property and equipment was $0.6 million and $0.4 million for the years ended December 31, 2021 and 2020, respectively. 

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Note 5. Marketable Investments

 

Investment in corporate debt securities and equity securities as of December 31, 2021 and 2020 consist of the following (in thousands):

  

Year Ended
December 31,

 
   2021   2020 
Corporate debt securities  $119   $241 
Equity securities   1,034    1,210 
Total marketable investments  $1,153   $1,451 

 

The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale debt securities as of December 31, 2021 and 2020, are as follows (in thousands):

December 31, 2021  Amortized Cost   Gross Unrealized
Gains		   Gross Unrealized
Losses		   Fair Value 
Corporate debt securities  $119   $—   $—   $119 
                     
                     
December 31, 2020  Amortized Cost   Gross Unrealized
Gains		   Gross Unrealized
Losses		   Fair Value 
Corporate debt securities  $241   $—   $—   $241 

The following table presents realized and unrealized gains and losses on equity securities as prescribed by ASC 321, Investment - Equity Securities during the year ended December 31, 2021 and 2020.

   December 31, 
   2021   2020 
Unrealized net gain (loss) on equity securities reflected in the Consolidated Statements of Income  $1,839   $(591)
Proceeds received on tender of equity securities   1,875    — 
Realized loss on tender/sale of equity securities reflected in the Consolidated Statements of Income   (140)   — 

Equity Securities

On October 29, 2021, Misonix, Inc. (“Misonix”) was acquired by Bioventus, Inc. (“Bioventus”). Upon closing of the transaction, the Company tendered its Misonix common stock and received $1.9 million in cash and 71,361 shares of Bioventus common stock, which are reflected at their estimated fair value of $1.0 million as of December 31, 2021. The Company recognized a $0.1 million realized loss on the tender of the Misonix common stock.

 

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Note 6. Revolving Credit Facility

 

On September 27, 2021, the Company entered into the Third Amendment to Loan and Security Agreement (the “Third Amendment”) with Cadence Bank, N.A. as a lender and the administrative agent. Pursuant to the Third Amendment, the Loan and Security Agreement dated as of June 29, 2018 (“Loan Agreement”) was amended to extend the Loan Agreement Termination Date to September 30, 2022 and increase the Loan Agreement Commitment to $22.0 million. The Loan Agreement requires the payment of an unused line fee of 0.50 percent and also provides for quarterly minimum fee income of $60,000 less the aggregate interest and unused line fees paid during the immediately preceding quarter. Unused line fees and minimum fee income are recorded as interest expense.

 

The Loan Agreement accrues interest at the Daily LIBOR Rate, with a floor of 1.00 percent, plus a 3.25 percent margin and principal is repayable in full at maturity. Interest is generally required to be paid monthly in arrears. In connection with the Third Amendment, the Company paid approximately $58,000 in amendment and other fees, which were capitalized as deferred financing costs and are being amortized on a straight-line basis over the remaining term of the Loan Agreement.

 

The Loan Agreement has an advance rate against the Company’s finance receivables portfolio, including 85 percent against senior first lien loans, 70 percent against second lien loans and 50 percent against royalty receivables, subject to certain eligibility requirements as defined in the Loan Agreement. The Loan Agreement contains certain affirmative and negative covenants including minimum asset coverage and minimum interest coverage ratios.

 

As of December 31, 2021, approximately $8,000 was outstanding under the credit facility, and $22.0 million was available for borrowing. During the year ended December 31, 2021 and 2020, the Company recognized $0.4 million and $0.5 million, respectively, of interest expense. 

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Note 7. Commitments and Contingencies

Lease Obligations

ASC 842 establishes a right-of-use (“ROU”) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than twelve months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Company’s leases consist of operating leases for office space. The Company determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The Company’s corporate headquarters is in Dallas, Texas, where it leases approximately 2,400 square feet. Total rent expense recognized under the lease was $69,000 and $58,000 for the years ended December 31, 2021 and 2020, respectively. The office lease expires in May 2025.

The Enteris headquarters is located in Boonton, New Jersey, where Enteris leases approximately 32,000 square feet of space. Total rent expense recognized under the lease was $0.3 million and $0.2 million for the years ended December 31, 2021 and 2020. The office lease expires in December 2024 with an option to renew for an additional five years.

Consolidated future minimum rent is as follows (in thousands):

2022  $333 
2023   335 
2024   336 
2025   326 
2026   277 
Thereafter   826 
Total future lease payments  $2,433 

 

Unfunded Commitments

As of December 31, 2021, the Company’s unfunded commitments were as follows (in millions):

4Web, Inc.  $2.7 
Ideal Implant, Inc.   2.0 
MolecuLight, Inc.   2.0 
Trio Healthcare Ltd. Loan   0.5 
Total unfunded commitments  $7.2 

Unfunded commitments are contingent upon reaching an established revenue threshold or other performance metrics on or before a specified date or period of time per the terms of the royalty purchase or credit agreements, and in the case of loan transactions, are only subject to being advanced as long as an event of default does not exist.

 

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 December 31, 2021, 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.

50 

 

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 December 31, 2021 and 2020.

 

Note 8. Stockholders’ Equity

 

Common Stock

 

The total number of shares of common stock, $0.001 par value, that the Company is authorized to issue is 250,000,000.

Issuer Purchases of Equity Securities

On June 15, 2021, the Company’s board of directors (the “Board”) authorized a share repurchase program under which the Company was authorized to repurchase up to $5.0 million of the Company’s outstanding shares of common stock, or approximately 312,500 common shares, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities and Exchange Act. The share repurchase program expired on March 15, 2022. As of December 31, 2021, no shares had been repurchased under the share repurchase program.

 

Preferred Stock

The Company’s Board may, without further action by the stockholders, issue one or more series of preferred stock and fix the rights and preferences of those shares, including the dividend rights, dividend rates, conversion rights, exchange rights, voting rights, terms of redemption, redemption price or prices, liquidation preferences, the number of shares constituting any series and the designation of such series. As of December 31, 2021, no shares of preferred stock have been issued.

Stock Compensation Plans

The Company’s 2010 Stock Incentive Plan (the “2010 Stock Incentive Plan”) provides for options, restricted stock, and other customary forms of equity to be granted to the Company’s directors, officers, employees, and independent contractors. All forms of equity incentive compensation are granted at the discretion of the Board and have a term not greater than 10 years from the date of grant.

The calculation of the fair values of our stock-based compensation plans requires estimates that require management’s judgments. Under ASC 718, the fair value of each stock option is estimated on the grant date using the Black-Scholes option-pricing model. The valuation models require assumptions and estimates to determine expected volatility, expected life and expected risk-free interest rates. The expected volatility was determined using historical volatility of our stock based on the contractual life of the award. The risk-free interest rate assumption was based on the yield on zero-coupon U.S. Treasury strips at the award grant date. In valuing options granted in the fiscal year ended December 31, 2020, we used the below weighted-average assumptions. There were no options granted in the fiscal year ended December 31, 2021.

    For the Year Ended
December 31,		 
    2020 
Risk-free interest rate   0.40% - 0.47% 
Expected stock-price volatility   47.9% - 48.3% 
Expected life   6.2 years 

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The following table summarizes activities under the 2010 Stock Incentive Plan for the indicated periods:

   Options Outstanding     
   Number of
Shares		   Weighted-
Average
Exercise
Price		   Weighted-
Average
Remaining
Contractual
Term
(in years)		   Aggregate
Intrinsic
Value
(in thousands)		 
Balances, December 31, 2019   302,500   $11.71    5.9   $313.4 
Options canceled and retired   —    —           
Options exercised   —    —           
Options granted   60,000    16.29           
Balances, December 31, 2020   362,500    12.47    5.6    810.1 
Options canceled and retired   —    —           
Options exercised   (75,000)   8.30           
Options granted   —    —           
Balances, December 31, 2021   287,500    10.75    5.7    1,745.8 
                     
Options vested and exercisable and expected to be vested and exercisable at December 31, 2021   287,500   $10.75    5.7   $1,745.8 
Options vested and exercisable at December 31, 2021   192,500   $12.88    5.7   $1,299.0 

 

At December 31, 2021, there were approximately 950,000 shares reserved for issuance under the 2010 Stock Incentive Plan, and the Company had $0.2 million of total unrecognized stock option expense for time-based awards, net of estimated forfeitures, which will be recognized over the weighted-average remaining period of 1.0 years.

The following table summarizes significant ranges of outstanding and exercisable options as of December 31, 2021:

 

 

Exercise Prices   Number
Outstanding		   Weighted-
Average
Remaining
Contractual
Life (in years)		   Weighted-
Average
Exercise
Price per
Share		   Number
Exercisable		   Weighted-
Average
Exercise
Price per
Share		 
$9.61    15,000    4.5   $9.61    15,000   $9.61 
 12.50    75,000    7.1    12.50    75,000    12.50 
 12.50    37,500    7.4    12.50    37,500    12.50 
 13.70    100,000    2.6    13.70    50,000    13.70 
 16.29    15,000    8.4    16.29    3,750    16.29 
 16.29    15,000    8.5    16.29    7,500    16.29 
 16.29    30,000    8.3    16.29    3,750    16.29 
 Total    287,500    5.7   $10.75    192,500   $12.88 

 

Employee stock-based compensation expense recognized for time-vesting options for the years ended December 31, 2021 and 2020, uses the Black-Scholes option pricing model for estimating the fair value of options granted under the Company’s equity incentive plans. Risk-free interest rates for the options were taken from the Daily Federal Yield Curve Rates on the grant dates for the expected life of the options as published by the Federal Reserve. The expected volatility was based upon historical data and other relevant factors such as the Company’s changes in historical volatility and its capital structure, in addition to mean reversion. Employee stock-based compensation expense recognized for market performance-vesting options uses a binomial lattice model for estimating the fair value of options granted under the Company’s equity incentive plan.

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In calculating the expected life of stock options, the Company determines the amount of time from grant date to exercise date for exercised options and adjusts this number for the expected time to exercise for unexercised options. The expected time to exercise for unexercised options is calculated from grant as the midpoint between the expiration date of the option and the later of the measurement date or the vesting date. In developing the expected life assumption, all amounts of time are weighted by the number of underlying options.

 

During the year ended December 31, 2021, the Company’s Board approved the modification of the CEO’s stock options with respect to 75,000 shares with an exercise price of $8.30 per share pursuant to an award agreement dated May 14, 2012. The Company considered 50 percent of the 75,000 shares that had not vested to be fully vested as of December 31, 2021, and a cashless exercise of the 2012 award was facilitated by net settlement of exercise price and taxes. During the year ended December 31, 2021, the Company recognized $0.4 million of stock-based compensation expense as a result of this modification.

 

During the year ended December 31, 2021, the Company’s Board also approved the modification of the CEO’s stock options with respect to 100,000 Shares with an exercise price of $13.70 per share pursuant to an award agreement dated August 18, 2014. The Company and the CEO agreed that (i) the 2014 award will expire on August 18, 2024, unless it expires earlier due to a termination of employment in accordance with the 2014 award agreement, and (ii) 50 percent of the 2014 award has already vested due to the satisfaction of time-based vesting conditions set forth in the 2014 award agreement. The Company also agreed that the 50 percent of the 2014 award that had not vested as of December 31, 2021 shall not be forfeited as of December 31, 2021 and instead shall continue to be outstanding through the expiration of the 2014 award and eligible to vest upon the earlier to occur of (x) the first date on which the average closing price of a share as reported on the Nasdaq (or other exchange or quotation system on which the Shares are listed or traded) for the 30 consecutive calendar days ending on such date is greater than or equal to $20.60 or (y) the consummation of a Corporate Transaction in relation to the November 23, 2021 letter from Carlson Capital to members of the Board of the Company, provided that such event in (x) or (y) occurs prior to the expiration of the 2014 award.

 

During the year ended December 31, 2021, 8,761 restricted shares were granted and 24,727 restricted shares vested. During the year ended December 31, 2020, 8,305 restricted shares were granted and 37,989 restricted shares vested. As of December 31, 2021 and 2020, there were 74,221 and 27,471 shares of restricted stock outstanding, respectively.

 

In October 2019, the Board approved a change in the compensation plan for non-employee directors such that each non-employee director shall receive an annual cash retainer of $45,000 payable quarterly in arrears and an annual equity retainer of $25,000 payable in advance annually on October 1 of restricted shares of the Company’s common stock, subject to a one year cliff vesting period. In addition, each member of (i) the Audit Committee shall receive an additional fee of $11,000 payable quarterly in arrears; (ii) the Compensation Committee shall receive an additional fee of $2,000 payable quarterly in arrears and (iii) the Governance Committee shall receive an additional fee of $4,000 payable quarterly in arrears. Each non-employee director has the option to elect to receive up to 100 percent of the annual cash retainer in shares of the Company’s common stock.

 

During the years ended December 31, 2021 and 2020, the Board approved compensation for Board services by granting 18,978 and 24,940 shares, respectively, of common stock as compensation for the non-employee directors. The Company recorded $0.3 million in Board stock-based compensation expense during both the years ended December 31, 2021 and 2020. The Company recorded aggregate stock-based compensation expense, including the quarterly and annual Board grants, of $1.2 million and $0.7 million during the years ended December 31, 2021 and 2020, respectively.

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Note 9. 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 years ended December 31, 2021 and 2020.

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.

Securities available for sale

Certain common equity securities are reported at fair value utilizing Level 1 inputs (exchange quoted prices).

Finance Receivables

The fair values of finance receivables are 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 Company recorded contingent consideration related to the August 2019 acquisition of Enteris and sharing of certain milestone and royalties due to Enteris pursuant to the License Agreement. Please refer to Note 2, Business Combinations, for further details on the Company’s acquisition of Enteris and contingent consideration.

 

The fair value measurements of the contingent consideration obligations and the related intangible assets 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. 

54 

 

As of December 31, 2021 and 2020, the acquisition-related contingent consideration was $8.5 million and $16.9 million, respectively. During the year ended December 31, 2021 and 2020, the Company recorded $0.3 million of income and $4.4 million of expense, respectively, for the change in fair value of contingent consideration. The Company made payments of $8.1 million and $2.0 million against the contingent consideration liability during the years ended December 31, 2021 and 2020, respectively.

 

Marketable Investments

 

If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities would be 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 would be 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 would be 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 bench mark 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 securities

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 following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 (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  $3,419   $—   $—   $3,419 
Marketable investments   1,153    1,034    —    119 
                     
Financial liabilities:                    
Contingent consideration payable  $8,530   $—   $—   $8,530 

 

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 (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  $2,972   $—   $—   $2,972 
Marketable investments   1,451    1,210    —    241 
                     
Financial liabilities:                    
Contingent consideration payable  $16,900   $—   $—   $16,900 

 

The changes on the value of the warrant assets during the years ended December 31, 2021 and 2020 were as follows (in thousands):

55 

 
Fair Value - December 31, 2019  $3,555 
Issuance   79 
Canceled   — 
Change in fair value   (662)
Fair Value - December 31, 2020   2,972 
Issuance   175 
Canceled   — 
Change in fair value   272 
Fair Value - December 31, 2021  $3,419 

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 consolidated balance sheet. The fair values for warrants outstanding, for companies that have a readily determinable value, are measured using the Black-Scholes option pricing model. The following range of assumptions were used in the models to determine fair value:

 

    December 31, 
    2021    2020 
Dividend rate   —    — 
Risk-free rate   0.97% to 1.44%    0.17% to 0.65% 
Expected life (years)   2.6 to 7.0    3.6 to 7.4 
Expected volatility   60.2% to 142.0%       74.3% to 174.7% 

The following table presents financial assets measured at fair value on a nonrecurring basis as of December 31, 2021 and 2020 (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)

 
December 31, 2021                    
Impaired royalties  $5,612   $—   $—   $5,612 
December 31, 2020                    
Impaired royalties  $7,937   $—   $—   $7,937 

 

There were no liabilities measured at fair value on a nonrecurring basis as of December 31, 2021 or 2020.

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.

 

For the year ended December 31, 2021 (in thousands):

   Carrying
Value		   Fair Value   Level 1   Level 2   Level 3 
Financial assets:                         
Cash and cash equivalents  $42,863   $42,863   $42,863   $—   $— 
Finance receivables   181,553    181,553    —    —    181,553 
Marketable investments   1,153    1,153    1,034    —    119 
Warrant assets   3,419    3,419    —    —    3,419 
                          
Financial liabilities                         
Contingent consideration payable  $8,530   $8,530   $—   $—   $8,530 

56 

 

For the year ended December 31, 2020 (in thousands):

   Carrying
Value		   Fair Value   Level 1   Level 2   Level 3 
Financial assets:                         
Cash and cash equivalents  $3,008   $3,008   $3,008   $—   $— 
Finance receivables   204,491    204,491    —    —    204,491 
Marketable investments   1,451    1,451    1,210    —    241 
Warrant assets   2,972    2,972    —    —    2,972 
                          
Financial liabilities                         
Contingent consideration payable  $16,900   $16,900   $—   $—   $16,900 

 

Note 10. 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 years ended December 31, 2021 and 2020 (in thousands):

 

 

   December 31, 
   2021   2020 
Pharmaceutical Development Segment          
License Agreement  $15,871   $5,827 
Pharmaceutical development and other   974    76 
Total contract revenue  $16,845   $5,903 

 

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 revenues and are included in accounts payable and accrued liabilities in the consolidated balance sheets (in thousands):

 

 

   December 31, 
   2021   2020 
Pharmaceutical Development Segment          
Deferred revenue  $185   $350 
Total contract liabilities  $185   $350 

 

During the year ended December 31, 2021, the Company recognized $0.3 million of 2020 deferred revenue from satisfaction of performance obligations. Please refer to Notes 1 and 2 for further details on the Company’s deferred revenue and License Agreement, respectively. The Company did not have any contract assets nor did it have any contract liabilities related to the License Agreement as of December 31, 2021 or 2020.

 

Note 11. 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 chief executive officer 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.

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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 chief executive officer in assessing performance or allocating resources to the segments.

 

The following table presents financial information for the Company’s reportable revenue by geographic region for the periods indicated (in thousands): 

 

   Year Ended December 31,
   2021  2020
United States, country of domicile  $48,438   $33,275 
International   7,717    3,437 
     Total revenue  $56,155   $36,712 

 

 

The following tables present financial information for the Company’s reportable segments for the periods indicated (in thousands):

Year Ended December 31, 2021  Finance
Receivables		   Pharmaceutical
Development
and Other		   Holding
Company
and Other		   Consolidated 
Revenue  $39,310   $16,122   $—   $55,432 
Other revenue   —    723    —    723 
Interest expense   374    —    —    374 
Manufacturing, research and development   —    7,347    —    7,347 
Depreciation and amortization expense   —    4,055    6    4,061 
Change in fair value of acquisition-related contingent consideration   —    (287)   —    (287)
General and administrative   1,813    3,983    7,824    13,620 
Other income, net   1,971    —    —    1,971 
Income tax expense   —    —    7,082    7,082 
Consolidated net income (loss)   39,094    1,747    (14,912)   25,929 
                     
                     
Year Ended December 31, 2020  Finance
Receivables		   Pharmaceutical
Development
and Other		   Holding
Company
and Other		   Consolidated 
Revenue  $30,800   $5,903   $—   $36,703 
Other revenue   8    —    1    9 
Provision for credit losses and impairment expense   163    —    —    163 
Interest expense   455    —    —    455 
Manufacturing, research and development   —    4,268    —    4,268 
Depreciation and amortization expense   —    12,081    10    12,091 
Change in fair value of acquisition-related contingent consideration   —    4,400    —    4,400 
General and administrative   736    3,875    5,935    10,546 
Other (expense) income, net   (1,201)   —    77    (1,124)
Income tax benefit   —    —    (1,537)   (1,537)
Consolidated net income (loss)   28,253    (18,721)   (4,330)   5,202 

Included in Holdings Company and Other are the expenses of the parent holding company and certain other enterprise-wide overhead costs, which have been included for purposes of reconciling to the consolidated amounts. 

 

Note 12. Income Taxes

The components of income before income tax provision are as follows (in thousands):

    December 31, 
    2021   2020 
 U.S.  $33,011   $3,665 

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During the years ended December 31, 2021 or 2020, the Company’s provision for (benefit from) income taxes was as follows (in thousands):

 

   December 31, 
   2021   2020 
Current expense (benefit)          
State  $185   $174 
Deferred expense (benefit)          
Federal   6,944    (1,661)
State   (47)   (50)
Total income tax expense (benefit)  $7,082   $(1,537)

 

The components of the income tax provision (benefit) are as follows (in thousands):

   December 31, 
   2021   2020 
Federal tax provision at statutory rate  $6,945   $771 
Change in valuation allowance   (21,208)   (14,194)
State taxes, net of federal income tax benefit   95    84 
Mark-to-market adjustments   (58)   123 
Contingent consideration revaluation   (60)   924 
Other   (125)   411 
Write off of deferred tax assets   21,493    10,344 
Total income tax expense (benefit)  $7,082   $(1,537)

 

The Company records deferred tax assets if the realization of such assets is more likely than not to occur in accordance with accounting standards that address income taxes. Significant management judgment is required in determining whether a valuation allowance against the Company’s deferred tax assets is required. The Company has considered all available evidence, both positive and negative, such as historical levels of income and predictability of future forecasts of taxable income from existing investments, in determining whether a valuation allowance is required. The Company is also required to forecast future taxable income in accordance with accounting standards that address income taxes to assess the appropriateness of a valuation allowance, which further requires the exercise of significant management judgment. The Company focuses on forecasting future taxable income for the investment portfolio that exists as of the balance sheet date. Specifically, the Company evaluated the following criteria when considering a valuation allowance:

·the history of tax net operating losses in recent years;
·predictability of operating results;
·profitability for a sustained period of time; and
·level of profitability on a quarterly basis.

As of December 31, 2021, the Company had cumulative net income before tax for the three years then ended. Based on its historical operating performance, the Company has concluded that it was more likely than not that the Company would not be able to realize the full benefit of the U.S. federal and state deferred tax assets in the future. However, at December 31, 2021 the Company has concluded that it is more likely than not that the Company will be able to realize approximately $20.5 million benefit of the U.S. federal and state deferred tax assets in the future.

The Company will continue to assess the need for a valuation allowance on the deferred tax assets by evaluating both positive and negative evidence that may exist on a quarterly basis. Any adjustment to the deferred tax asset valuation allowance would be recorded in the consolidated statements of income for the period that the adjustment is determined to be required. The valuation allowance against deferred tax assets was $16.3 million and $37.5 million as of December 31, 2021 and 2020, respectively.

59 

 

Deferred tax assets consist of the following (in thousands):

   December 31, 
   2021   2020 
Deferred tax assets:          
Credit carryforward  $3,077   $2,960 
Stock-based compensation   138    398 
Other   3,334    3,647 
Net operating losses   32,362    60,774 
Gross deferred tax assets   38,911    67,779 
Deferred tax liabilities:          
Intangible assets other than goodwill   (1,609)   (2,299)
Other   (479)   (496)
Valuation allowance   (16,284)   (37,493)
Net deferred tax assets  $20,539   $27,491 

 

The Tax Reform Act of 1986 limits the use of NOLs and tax credit carryforwards in certain situations where stock ownership changes occur. In the event the Company has had a change in ownership, the future utilization of the Company’s net operating loss and tax credit carryforwards could be limited.

As of December 31, 2021, the Company had NOL carryforwards for federal income tax purposes of approximately $154.1 million. The federal NOL carryforwards, if not offset against future income, will expire by 2037. Approximately $4.0 million can be carried forward indefinitely.

The Company also had federal research carryforwards of $3.1 million. The federal credits will expire by 2040, with the majority of such credits expiring by 2029.

The Company records liabilities, where appropriate, for all uncertain income tax positions and recognizes potential accrued interest and penalties related to unrecognized tax benefits within income tax expense. As of December 31, 2021 and 2020, the Company had approximately $0.3 million and $0.1 million, respectively, of unrecognized tax benefit, none of which would impact the effective tax rate if recognized. The Company does not expect the unrecognized tax benefits to change materially over the next twelve months. There are no tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within twelve months of December 31, 2021.

The Company is subject to taxation in the U.S. and various state jurisdictions. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending December 31, 2001 through December 31, 2021 due to carryforward of unutilized net operating losses and research and development credits. The Company does not anticipate significant changes to its uncertain tax positions through December 31, 2021.

 

Note 13. Subsequent Events

 

In March 2022, SWK Funding negotiated to terminate the B&D term loan upon receiving payment of $10.4 million, which was received on March 17, 2022. The carrying value of the term loan was $8.3 million as of December 31, 2021. Following this payment, B&D has no remaining payment obligations to the Company.

60 

 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None.

ITEM 9A. 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 the 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.

Management’s Report on Internal Control over Financial Reporting

Our management, under the supervision of the Chief Executive Officer and the Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes those policies and procedures which (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, (iii) provide reasonable assurance that receipts and expenditures are being made only in accordance with appropriate authorization of management and the board of directors, and (iv) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements.

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 our internal control over financial reporting as of the end of the period covered by this report based on the criteria established in Internal Control—Integrated Framework issued in 2013, issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). As a result of that evaluation, management concluded that as of December 31, 2021, our internal control over financial reporting was effective based on the criteria set forth in the COSO framework.

This Annual Report on Form 10-K does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this annual report.

 

Inherent Limitations over Internal Controls

 

Our system of controls is designed to provide reasonable, not absolute, assurance regarding the reliability and integrity of accounting and financial reporting. Our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all errors and fraud. A control system, no matter how well-designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system will be met. These inherent limitations include the following:

 

·Judgments in decision-making can be faulty, and control and process breakdowns can occur because of simple errors or mistakes;

 

·Controls can be circumvented by individuals, acting alone or in collusion with each other, or by management override;

 

·The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions;

61 

 
·Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with associated policies or procedures; and
·The design of a control system must reflect the fact that resources are constrained, and the benefits of controls must be considered relative to their costs.

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

Changes in Internal Control over Financial Reporting

There have been no changes during the Company’s fiscal year ended December 31, 2021 in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

ITEM 9B. OTHER INFORMATION

None.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

 

Not Applicable.

62 

 

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information under the principal headings “ELECTION OF DIRECTORS,” “SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE,” and “CODE OF ETHICS AND CONDUCT”, the information regarding executive officers of the Company under the subheading “Executive Officers”, and the information regarding the Audit Committee under the subheading “Board Meetings and Committees” under the principal heading “CORPORATE GOVERNANCE,” in the Company’s 2022 Proxy Statement is incorporated herein by reference.

ITEM 11. EXECUTIVE COMPENSATION

The information under the principal headings “DIRECTOR COMPENSATION,” “COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION”, “EXECUTIVE COMPENSATION,” and “RELATED INFORMATION” in the Company’s 2022 Proxy Statement is incorporated herein by reference.

 

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information under the principal headings “EQUITY COMPENSATION PLAN INFORMATION” and “OWNERSHIP OF EQUITY SECURITIES OF THE COMPANY” in the Company’s 2022 Proxy Statement is incorporated herein by reference.

 

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information under the principal heading “TRANSACTION WITH RELATED PERSONS” in the Company’s 2022 Proxy Statement is incorporated herein by reference.

 

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The information under the subheadings “Audit Fees and All Other Fees” and “Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors” below the principal heading “AUDIT FEES” in the Company’s 2022 Proxy Statement is incorporated herein by reference.

 

63 

 

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) The following documents are filed as part of this Report:

1. Financial Statements:

  Page
Report of Independent Registered Public Accounting Firm (PCAOB ID #207) 31
Consolidated Balance Sheets as of December 31, 2021 and 2020 33
Consolidated Statements of Income for the years ended December 31, 2021 and 2020 34
Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2021 and 2020 35
Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020 36
Notes to the Consolidated Financial Statements 37

 

2. Exhibits:  See attached Exhibit Index.

64 

 

ITEM 16. FORM 10-K SUMMARY

None.

65 

 

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 March 25, 2022.

  SWK Holdings Corporation
     
  By:   /s/ Winston L. Black
    Winston L. Black
    Chief Executive Officer
    (Principal Executive Officer)
     

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below constitutes and appoints Winston L. Black and Charles M. Jacobson and each of them, his true and lawful attorneys-in-fact and agents, with full power of substitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K and to file the same, with all exhibits thereto and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or his or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: March 25, 2022 By:   /s/ Winston L. Black
      Winston L. Black
      Chief Executive Officer and Director
      (Principal Executive Officer)
       
Date: March 25, 2022 By: /s/ Charles M. Jacobson
      Charles M. Jacobson
      Chief Financial Officer
      (Principal Financial and Accounting Officer)
       
Date: March 25, 2022 By: /s/ Wendy F. DiCicco
      Wendy F. DiCicco
      Director
       
Date: March 25, 2022 By: /s/ Laurie M. Dotter
      Laurie M. Dotter
      Director
       
Date: March 25, 2022 By: /s/ Robert K. Hatcher
      Robert K. Hatcher
      Director
       
Date: March 25, 2022 By: /s/ Marcus E. Pennington
      Marcus E. Pennington
      Director

66 

 

EXHIBIT INDEX

                     
Exhibit
Number		   Exhibit Description   Form   Exhibit   Filing
Date		   Filed Herewith
                     
3.01   Second Amended and Restated Certificate of Incorporation, as amended by the Certificate of Amendment dated April 18, 2000.   8-K   3.1   05/04/00    
                     
3.02   Certificate of Amendment to the Amended and Restated Certificate of Incorporation dated June 29, 2001.   S-8   4.02   07/03/01    
                     
3.03   Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation filed on December 11, 2001.   S-3   4.03   01/18/02    
                     
3.04   Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation dated November 21, 2005.   8-A   3.04   01/31/06    
                     
3.05   Certificate of Amendment of Second Amended and Restated Certificate of Incorporation of Kana Software, Inc.   10-K   3.05   03/31/10    
                     
3.06   Certificate of Amendment of Second Amended and Restated Certificate of Incorporation of SWK Holdings Corporation   10-Q   3.01   08/14/15    
                     
3.07   Amended and Restated Bylaws as of May 20, 2015   8-K   3.02   05/21/15    
                     
4.01   Form of Specimen Common Stock Certificate   S-1/A   4.01   09/21/99    
                     
4.02   Form of Rights Certificate (Exhibit B to Rights Agreement filed as Exhibit 4.03)   8-K   4.01   04/14/16    
                     
4.03   Rights Agreement, dated as of April 8, 2016 by and between SWK Holdings Corporation and Computershare Trust Company, N.A.   8-K   4.02   04/14/16    
                     
4.04   Amendment No. 1 to Rights Agreement, dated as of April 8, 2019, by and between SWK Holdings Corporation and Computershare Trust Company, N.A., as Rights Agent   8-K   4.01   04/08/19    
                     
4.05   Description of Securities Registered Under Section 12 of the Exchange Act   10-K    4.05    03/31/21     
                     
10.02   2010 Equity Incentive Plan.*   10-Q   10.1   11/09/10    
                     
10.03   SWK Holdings Corporation 2010 Equity Incentive Plan Restricted Stock Award Agreement.*   10-Q   10.2   11/09/10    

67 

 
Exhibit
Number		   Exhibit Description   Form   Exhibit   Filing Date   Filed
Herewith
                     
10.05   Voting Agreement, dated as of September 6, 2013, among Double Black Diamond, L.P., Double Black Diamond Offshore Ltd., Black Diamond Offshore, Ltd. and the Company   8-K   10.3   09/09/13    
                     
10.06   Registration Rights Agreement, dated as of September 6, 2013, among Double Black Diamond, L.P., Double Black Diamond Offshore Ltd., Black Diamond Offshore, Ltd. and the Company   8-K   10.4   09/09/13    
                     
10.07   Employment Agreement, dated January 28, 2019, between the Company and Winston L. Black III.*   8-K   10.1   01/30/19    
                     
10.08   Royalty Agreement, dated April 2, 2013, among SWK Funding LLC, Bess Royalty, L.P. and InSite Vision Incorporated.**#   S-1/A   10.13   04/01/14    
                     
10.09   Securities Purchase Agreement, dated August 18, 2014, between SWK Holdings Corporation and Carlson Capital, L.P.   8-K/A   10.1   08/21/14    
                     
10.10   Stockholders’ Agreement, dated August 18, 2014, among Double Black Diamond Offshore Ltd., Black Diamond Offshore Ltd. and SWK Holdings Corporation   8-K   10.2   08/19/14    
                     
10.11   Royalty Agreement dated December 13, 2016, among SWK Funding LLC and Opiant Pharmaceuticals, Inc.   10-K   10.16   03/29/18    
                     
10.12   Loan and Security Agreement between SWK Holdings Corporation and SWK Funding LLC as Borrowers and Certain Financial Institutions as Lenders and State Bank and Trust Company as Agent dated June 29, 2018   8-K   10.1   06/29/18    
                     
21.01   Subsidiaries               X
                     
23.01   Consent of Independent Registered Public Accounting Firm - BPM LLP               X

68 

 
Exhibit
Number		   Exhibit Description   Form   Exhibit   Filing
Date		   Filed Herewith
                     
24.01   Power of Attorney (included on signature page of this Annual Report on Form 10-K).               X
                     
31.01   Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.               X
                     
31.02   Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.               X
                     
32.01   Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**               X
                     
32.02   Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**               X
                     
101.INS+   XBRL Instance                
                     
101.SCH+   XBRL Taxonomy Extension Schema                
                     
101.CAL+   XBRL Taxonomy Extension Calculation                
                     
101.DEF+   XBRL Taxonomy Extension Definition                
                     
101.LAB+   XBRL Taxonomy Extension Labels                
                     
101.PRE+   XBRL Taxonomy Extension Presentation                
                     
* Management contracts and compensatory plans and arrangements required to be filed as exhibits pursuant to Item 15(b) of this report.
   
** These certifications accompany SWK’s Annual Report on Form 10-K; they are not deemed “filed” with the SEC and are not to be incorporated by reference in any filing of SWK under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any filings, except to the extent that SWK specifically incorporates it by reference.
   
# Confidential treatment is requested for certain confidential portions of these exhibit pursuant to Rule 24b-2 under the Exchange Act. In accordance with Rule 24b-2, these confidential portions have been omitted from these exhibits and filed separately with the Securities and Exchange Commission
   
+ 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 is deemed not filed for purposes of Section 18 of the Exchange Act and otherwise is not subject to liability under these sections.

69 

 EX-21.01 2 e22179_ex21-1.htm

EXHIBIT 21.01

 

SUBSIDIARIES OF THE REGISTRANT

 

The following is a list of subsidiaries of the Company as of December 31, 2021:

 

Subsidiary   Jurisdiction of Incorporation
or Organization		  

Ownership by SWK
Holdings Corporation

SWK Funding LLC   Delaware   100%
SWK Advisors LLC   Delaware   100%
SWK HP Holdings GP LLC   Delaware   100%
SWK Holdings Acquisitions Corporation   Delaware   100%
SWK Products Holdings LLC   Delaware   100%
Enteris BioPharma, Inc.   Delaware   100%

70

 EX-23.01 3 e22179_ex23-1.htm

EXHIBIT 23.01

 

Consent of Independent Registered Public Accounting Firm

 

 

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-248089, 333-208500, 333-150944, 333-142745, 333-136705, 333-113914, 333-104711, 333-64552, 333-59842, 333-55822, 333-35730, 333-32460, 333-93591, 333-92159 and 333-87505) and Form S-3 (No. 333-236329) of SWK Holdings Corporation of our report dated March 25, 2022 relating to the consolidated financial statements, which appears in this Annual Report on Form 10-K.

 

/s/ BPM LLP

 

San Jose, California

March 25, 2022

 

   

 

 EX-31.01 4 e22179_ex31-1.htm

EXHIBIT 31.01

CERTIFICATION

I, Winston L. Black, Chief Executive Officer of the registrant, certify that:

     
  1. I have reviewed this Annual Report on Form 10-K 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 controlled 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: March 25, 2022 /s/ Winston L. Black
    Winston L. Black
    Chief Executive Officer

71

 EX-31.02 5 e22179_ex31-2.htm

EXHIBIT 31.02

CERTIFICATION

I, Charles M. Jacobson, Chief Financial Officer of the registrant, certify that:

     
  1. I have reviewed this Annual Report on Form 10-K 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 controlled 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: March 25, 2022 /s/ Charles M. Jacobson
    Charles M. Jacobson
    Chief Financial Officer

72

 EX-32.01 6 e22179_ex32-1.htm

EXHIBIT 32.01

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 Annual Report of SWK Holdings Corporation (the “Registrant”) on Form 10-K for the annual period ended December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Winston L. Black, Chief 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: March 25, 2022 /s/ Winston L. Black
    Winston L. Black
    Chief Executive Officer

73

 EX-32.02 7 e22179_ex32-2.htm

EXHIBIT 32.02

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 Annual Report of SWK Holdings Corporation (the “Registrant”) on Form 10-K for the annual period ended December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Charles M. Jacobson, Chief Financial 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 32.02, 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: March 25, 2022 /s/ Charles M. Jacobson
    Charles M. Jacobson
    Chief Financial Officer

74

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Input Reconciliation [Table] Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate Impaired royalties Financial assets: Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Finance receivables Financing Receivable, after Allowance for Credit Loss Investments Warrant assets Other Assets Financial liabilities [custom:ContingentConsiderationPayableAtFairValue-0] Total contract revenue Deferred revenue Total contract liabilities Increase (Decrease) in Accounts Receivable Revenue Other revenue Manufacturing, research and development Other (expense) income, net Income tax benefit Consolidated net income (loss) Provision for credit losses and impairment expense   Current expense (benefit) State Deferred expense (benefit) Federal State Total income tax expense (benefit) Federal tax provision at statutory rate Change in valuation allowance State taxes, net of federal income tax benefit Mark-to-market adjustments Contingent consideration revaluation Other Write off of deferred tax assets Deferred tax assets: Credit carryforward Stock-based compensation Other Net operating losses Gross deferred tax assets Deferred tax liabilities: Intangible assets other than goodwill Other Valuation allowance Net deferred tax assets Deferred Tax Assets, Operating Loss Carryforwards, Domestic Deferred Tax Assets, Tax Credit Carryforwards, Research Unrecognized Tax Benefits Subsequent Event [Table] Subsequent Event [Line Items] Marketable Investment Principal Payment. Warrants Received in Conjunction with Purchase of Financial Receivables Exercise Price $12.50 [Member] [Default Label] Exercise Price $16.29 [Member] [Default Label] Assets, Current Assets [Default Label] Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Costs and Expenses Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Shares, Outstanding Stock Repurchased During Period, Value Amortization of Deferred Loan Origination Fees, Net Paid-in-Kind Interest Increase (Decrease) in Other Operating Assets Payments to Acquire Finance Receivables Payments to Acquire Property, Plant, and Equipment Payments for (Proceeds from) Other Investing Activities Net Cash Provided by (Used in) Investing Activities Payments for Repurchase of Common Stock Payment for Contingent Consideration Liability, Financing Activities Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect RevolvingCreditFacilityTextBlock Segment Reporting, Policy [Policy Text Block] Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] Property, Plant and Equipment, Policy [Policy Text Block] Financing Receivable [Policy Text Block] Marketable Securities, Policy [Policy Text Block] Revenue [Policy Text Block] Income Tax, Policy [Policy Text Block] DisclosureSWKHoldingsCorporationAndSummaryOfSignificantAccountingPoliciesDetailsAbstract DisclosureGoodwillAndIntangibleAssetsDetailsAbstract DisclosureFinanceReceivablesDetailsAbstract DisclosurePropertyAndEquipmentNetDetailsAbstract DisclosureMarketableInvestmentsDetailsAbstract DisclosureCommitmentsAndContingenciesDetailsAbstract DisclosureRevenueRecognitionDetailsAbstract DisclosureSegmentInformationDetailsAbstract DisclosureIncomeTaxesDetailsAbstract Finite-Lived Intangible Assets, Net Property, Plant and Equipment, Gross Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Lessee, Operating Lease, Liability, to be Paid, Year One Lessee, Operating Lease, Liability, to be Paid, Year Two Lessee, Operating Lease, Liability, to be Paid, Year Three Lessee, Operating Lease, Liability, to be Paid, Year Four Lessee, Operating Lease, Liability, to be Paid, Year Five Lessee, Operating Lease, Liability, to be Paid, after Year Five Lessee, Operating Lease, Liability, to be Paid Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value Cash and Cash Equivalents, Fair Value Disclosure Other Assets, Fair Value Disclosure Deferred State and Local Income Tax Expense (Benefit) Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost Deferred Tax Assets, Other Deferred Tax Assets, Gross Deferred Tax Liabilities, Intangible Assets Deferred Tax Liabilities, Other Deferred Tax Assets, Valuation Allowance Deferred Tax Assets, Net EX-101.PRE 13 swkh-20211231_pre.xml XBRL PRESENTATION FILE XML 14 R1.htm IDEA: XBRL DOCUMENT v3.22.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2021
Mar. 21, 2022
Jun. 30, 2021
Document Type 10-K    
Amendment Flag false    
Document Annual Report true    
Document Transition Report false    
Document Period End Date Dec. 31, 2021    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2021    
Current Fiscal Year End Date --12-31    
Entity File Number 001-39184    
Entity Registrant Name SWK HOLDINGS CORPORATION    
Entity Central Index Key 0001089907    
Entity Tax Identification Number 77-0435679    
Entity Incorporation, State or Country Code DE    
Entity Address, Address Line One 14755 Preston Road    
Entity Address, Address Line Two Suite 105    
Entity Address, City or Town Dallas    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 75254    
City Area Code (972)    
Local Phone Number 687-7250    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
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 Public Float     $ 60,761,663
Entity Common Stock, Shares Outstanding   12,829,336  
Auditor Name BPM LLP    
Auditor Firm ID 207    
Auditor Location San Jose, California    
Common Stock [Member]      
Title of 12(b) Security Common Stock, par value $0.001 per share    
Trading Symbol SWKH    
Security Exchange Name NASDAQ    
Preferred Stock Purchase Rights      
Title of 12(b) Security Preferred Stock Purchase Rights    
Trading Symbol SWKH    
Security Exchange Name NASDAQ    
XML 15 R2.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 42,863 $ 3,008
Interest and accounts receivable, net 1,803 1,911
Marketable investments 1,034 1,210
Other current assets 1,727 542
Total current assets 47,427 6,671
Finance receivables, net 181,553 204,491
Marketable investments 119 241
Cost method investment 3,491 3,491
Deferred tax assets, net 20,539 27,491
Warrant assets 3,419 2,972
Intangible assets, net 9,964 13,453
Goodwill 8,404 8,404
Property and equipment, net 5,779 5,211
Other non-current assets 1,970 1,476
Total assets 282,665 273,901
Current liabilities:    
Accounts payable and accrued liabilities 5,087 3,652
Revolving credit facility 8 11,758
Total current liabilities 5,095 15,410
Contingent consideration payable 8,530 16,900
Other non-current liabilities 1,804 1,079
Total liabilities 15,429 33,389
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; 12,836,133 and 12,792,586 shares issued and outstanding at December 31, 2021 and 2020, respectively 13 13
Additional paid-in capital 4,431,719 4,430,924
Accumulated deficit (4,164,496) (4,190,425)
Total stockholders’ equity 267,236 240,512
Total liabilities and stockholders’ equity $ 282,665 $ 273,901
XML 16 R3.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
Preferred Stock, Par Value $ 0.001 $ 0.001
Preferred Stock, Shares Authorized 5,000,000 5,000,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
Common Stock, Par Value $ 0.001 $ 0.001
Common Stock, Shares Authorized 250,000,000 250,000,000
Common Stock, Shares, Issued 12,836,133 12,792,586
Common Stock, Shares, Outstanding 12,836,133 12,792,586
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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Revenues    
Finance receivable interest income, including fees $ 39,310 $ 30,800
Pharmaceutical development 16,122 5,903
Other 723 9
Total revenues 56,155 36,712
Costs and expenses:    
Impairment expense 163
Pharmaceutical manufacturing, research and development expense 7,347 4,268
General and administrative 13,620 10,546
Depreciation and amortization expense 4,061 12,091
Change in fair value of acquisition-related contingent consideration (287) 4,400
Interest expense 374 455
Total costs and expenses 25,115 31,923
Other income (expense), net    
Unrealized net gain (loss) on warrants 272 (586)
Unrealized net gain (loss) on equity securities 1,839 (591)
Realized (loss) gain on sale of investments (140) 53
Income before income tax expense (benefit) 33,011 3,665
Income tax expense (benefit) 7,082 (1,537)
Consolidated net income $ 25,929 $ 5,202
Net income per share    
Basic $ 2.03 $ 0.40
Diluted $ 2.02 $ 0.40
Weighted Average Shares    
Basic 12,796,000 12,852,000
Diluted 12,834,000 12,862,000
XML 18 R5.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balances at December 31, 2019 at Dec. 31, 2019 $ 13 $ 4,432,146 $ (4,195,627) $ 236,532
Beginning Balance, Shares at Dec. 31, 2019 12,917,348      
Stock-based compensation 728 728
Issuance of common stock upon vesting of restricted stock
Issuance of common stock, Shares 24,940      
Issuances of common stock in lieu of employee cash bonuses 60 60
Issuance of common stock in lieu of payment of employee cash bonuses, Shares 5,200      
Repurchases of common stock in open market (2,010) (2,010)
Repurchases of common stock in open market, Shares (154,902)      
Net income 5,202 5,202
Net settlement for employee taxes on restricted stock and options      
Balances at December 31, 2021 at Dec. 31, 2020 $ 13 4,430,924 (4,190,425) 240,512
Ending Balance, Shares at Dec. 31, 2020 12,792,586      
Stock-based compensation 1,163 1,163
Issuance of common stock upon vesting of restricted stock
Issuance of common stock, Shares 18,978      
Issuances of common stock in lieu of employee cash bonuses      
Net income 25,929 25,929
Net settlement for employee taxes on restricted stock and options (368) (368)
Stock options exercised, net, Shares 24,569      
Balances at December 31, 2021 at Dec. 31, 2021 $ 13 $ 4,431,719 $ (4,164,496) $ 267,236
Ending Balance, Shares at Dec. 31, 2021 12,836,133      
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Consolidated net income $ 25,929 $ 5,202
Adjustments to reconcile net income to net cash provided by operating activities    
Impairment expense 163
Amortization of debt issuance costs 49 188
Deferred income taxes 6,952 (1,711)
Change in fair value of warrants (272) 586
Change in fair value of equity securities (1,839) 591
Loss (gain) on sale of investments 140 (53)
Change in fair value of acquisition-related contingent consideration (287) 4,400
Loan discount and fee accretion (1,130) (1,983)
Interest paid-in-kind (950) (2,145)
Stock-based compensation 1,163 728
Depreciation and amortization 4,061 12,091
Changes in operating assets and liabilities:    
Interest and accounts receivable 108 643
Other assets (1,788) (959)
Accounts payable and other liabilities 2,159 1,527
Net cash provided by operating activities 34,295 19,268
Cash flows from investing activities:    
Cash received from settlement of warrants and equity securities 1,875 53
Investment in finance receivables (42,350) (42,859)
Repayment of finance receivables 67,192 11,752
Corporate debt securities principal payments 122 62
Purchases of property and equipment (1,078) (3,937)
Other (237)
Net cash provided by (used in) investing activities 25,761 (35,166)
Cash flows from financing activities:    
Net settlement for employee taxes on restricted stock and options (368)
Repurchases of common stock, including fees and expenses (2,010)
Net (payments on) proceeds from credit facility (11,750) 11,758
Payment of acquisition-related contingent consideration (8,083) (2,000)
Net cash (used in) provided by financing activities (20,201) 7,748
Net increase (decrease) in cash and cash equivalents 39,855 (8,150)
Cash and cash equivalents at beginning of period 3,008 11,158
Cash and cash equivalents at end of period 42,863 3,008
Supplemental noncash flow activity:    
Warrants received in connection with finance receivables 175 79
Fair value of common stock issued in lieu of employee cash bonuses 60
Fair value of common stock received in connection with payoff of term loan $ 887
XML 20 R7.htm IDEA: XBRL DOCUMENT v3.22.1
SWK Holdings Corporation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SWK Holdings Corporation and Summary of Significant Accounting Policies

Note 1. SWK Holdings Corporation and Summary of Significant Accounting Policies

Nature of Operations

SWK Holdings Corporation (the “Company”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In July 2012, the Company commenced its strategy of building a specialty finance and asset management business. In August 2019, the Company commenced a complementary strategy of building a pharmaceutical development, manufacturing and intellectual property licensing business. The Company’s operations comprise two reportable segments: “Finance Receivables” and “Pharmaceutical Development.” The Company allocates capital to each segment in order to generate income through the sales of life science products by third parties. The Company is headquartered in Dallas, Texas.

The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. However, at this time, under current law, the Company does not anticipate that the Finance Receivables and/or Pharmaceutical Development segments will generate sufficient income to permit the Company to utilize all of its NOLs prior to their respective expiration dates. As such, it is possible that the Company might pursue additional strategies that it believes might result in the ability to utilize more of the NOLs.

As of March 21, 2022, the Company and its partners have executed transactions with 43 different parties under its specialty finance strategy, funding an aggregate $619.7 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.

On August 26, 2019, the Company commenced its Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc. (“Enteris”). Enteris is a clinical stage biopharmaceutical company offering innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform. Since its founding in 2013, Enteris has advanced multiple internal and external programs leveraging Peptelligence®, which enables the oral delivery of molecules that are typically injected, including peptides and BCS Class II, III, and IV small molecules, in an enteric-coated tablet formulation. Peptelligence® utilizes a unique multifaceted approach to increase the solubility and absorption of peptides and small molecules, addressing the complex challenges regarding solubility and permeability of therapeutics with low oral bioavailability. Peptelligence® is protected by an extensive patent estate, some of which extends until 2036.

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. 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.

Reclassification

 

Certain prior year amounts have been reclassified to conform to current year presentation. The amounts for prior periods have been reclassified to be consistent with current year presentation and have no impact on previously reported total assets, total stockholders’ equity or net income.

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 accounts receivable; impairment of finance receivables; long-lived assets; property and equipment; intangible assets; goodwill; 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, and its business offering oral therapeutic formulation solutions built around Enteris’ pharmaceutical Peptelligence® platform, which enables the oral delivery of molecules that are typically injected, including peptides and BCS Class II, III, and IV small molecules in an enteric-coated tablet formulation.

 

Goodwill and Intangible Assets

The Company’s methodology for allocating the purchase price of an acquisition is based on established valuation techniques that reflect the consideration of a number of factors, including a valuation performed by a third-party appraiser. Goodwill is measured as the excess of the cost of an acquired business over the fair value assigned to identifiable assets acquired and liabilities assumed. Goodwill is considered impaired when the estimated fair value of the reporting unit that was allocated the goodwill is less than its carrying value. If the estimated fair value of such reporting unit is less than its carrying value, goodwill impairment is recognized based on that difference, not to exceed the carrying amount of goodwill. A reporting unit is an operating segment or a component of an operating segment provided that the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. Goodwill arising from the Enteris acquisition has been allocated to the Pharmaceutical Development segment.

 

Finite-lived intangible assets are amortized over their estimated useful life, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. Goodwill and indefinite-lived intangible assets are not amortized, but instead, are subject to annual impairment testing. We review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter and continually assess whether a triggering event has occurred to determine whether the carrying value exceeds the implied fair value. For the years ended December 31, 2021 and 2020, the Company determined there were no indicators of impairment relating to identifiable finite-lived intangible assets.

 

The identification and measurement of goodwill impairment involves the estimation of the fair value of the reporting unit. We have the option to assess impairment through a qualitative assessment, which includes factors such as general economic conditions, negative developments in equity and credit markets, adverse changes in the markets in which a reporting unit operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. When a potential impairment is indicated, we perform quantitative testing by comparing the estimated fair value of the reporting unit to the carrying value of the reported net assets. Under our quantitative testing, fair value is generally based on the income approach using a calculation of discounted cash flows, based on the most recent financial projections for the reporting unit. The revenue growth rates included in the financial projections are our best estimates based on current and forecasted market conditions, and the profit margin assumptions are projected by the reporting unit based on current cost structure and, when applicable, anticipated net cost reductions.

 

Based on the Company’s 2021 goodwill impairment testing, no goodwill impairment was indicated as of December 31, 2021.

Inventory

Inventories are stated at the lower of cost or net realizable value, valued at specifically identified cost which approximates the first-in, first-out method. The components of inventory include raw materials of $0.6 million and $0.1 million as of December 31, 2021 and 2020 and are reflected in current assets in the consolidated balance sheets.

Property and Equipment, Net

Property and equipment are recorded at cost less accumulated depreciation and amortization. Expenditures for major additions and improvements are capitalized, while minor replacements, maintenance, and repairs are charged to expense as incurred. In addition, we capitalize interest on borrowings during the active construction period of capital projects. Capitalized interest is added to the cost of the assets and depreciated over the estimated useful lives of the assets. Leased property meeting certain criteria is capitalized and the present value of the related lease payments is recorded as a liability and included in current liabilities.

 

Depreciation is recorded over the estimated useful lives of the assets involved using the straight-line method. Leasehold improvements and capitalized lease assets are amortized to depreciation expense over the estimated useful life of the asset or the respective lease term used in determining lease classification, whichever is shorter. The range of estimated useful lives is as follows:

 

Asset   Estimated Useful Life
Leasehold improvements   Lesser of lease term or useful life
Furniture, fixtures and equipment   3 to 15 years

 

Deferred Revenue and Deferred Costs

 

Deferred revenue includes amounts that have been billed per the contractual terms but have not been recognized as revenue. The Company classifies as current the portion of deferred revenue that is expected to be recognized within one year from the balance sheet date. Deferred revenue was $0.2 million and $0.4 million as of December 31, 2021 and 2020, respectively, and is included in accounts payable and accrued liabilities in the consolidated balance sheets.

 

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 consolidated statements of income.

 

Finance Receivables

 

The Company extends credit to customers through a variety of financing arrangements, including revenue interest term loans. The amounts outstanding on loans are referred to as finance receivables and are included in finance receivables on the consolidated balance sheets. It is the Company’s expectation that the loans originated will be held for the foreseeable future or until maturity. In certain situations, for example to manage concentrations and/or credit risk, some or all of certain exposures may be sold. Loans for which the Company has the intent and ability to hold for the foreseeable future or until maturity are classified as held for investment (“HFI”). If the Company no longer has the intent or ability to hold loans for the foreseeable future, then the loans are transferred to held for sale (“HFS”). Loans entered into with the intent to resell are classified as HFS.

 

If it is determined that a loan should be transferred from HFI to HFS, then the balance is transferred at the lower of cost or fair value. At the time of transfer, a write-down of the loan is recorded as an impairment when the carrying amount exceeds fair value and the difference relates to credit quality. Otherwise the write-down is recorded as a reduction in finance receivable interest income, and any loan loss reserve is reversed. Once classified as HFS, the amount by which the carrying value exceeds fair value is recorded as a valuation allowance and is reflected as a reduction to finance receivable interest income.

 

If it is determined that a loan should be transferred from HFS to HFI, the loan is transferred at the lower of cost or fair value on the transfer date, which coincides with the date of change in management’s intent. The difference between the carrying value of the loan and the fair value, if lower, is reflected as a loan discount at the transfer date, which reduces its carrying value. Subsequent to the transfer, the discount is accreted into earnings as an increase to finance revenue interest income over the life of the loan using the effective interest method.

The Company accounts for its finance receivables at amortized cost, net of unamortized origination fees, if any. Related fees and costs are recorded net of any amounts reimbursed, and interest is accreted or accrued to interest revenue using the effective interest method. When and if supplemental payments are received from these long-term receivables, an adjustment to the estimated effective interest rate is affected prospectively.

 

The Company evaluates the collectibility of both interest and principal for each loan to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines it is probable that it will be unable to collect amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the carrying value of the financial asset to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the estimated fair value of the underlying collateral, less costs to sell, if the loan is collateralized and the Company expects repayment to be provided solely by the collateral. Impairment assessments require significant judgments and are based on significant assumptions related to the borrower’s credit risk, financial performance, expected sales, and estimated fair value of the collateral.

Allowance for Credit Losses on Finance Receivables

The allowance for credit losses is intended to provide for credit losses inherent in the finance receivables portfolio and is periodically reviewed for adequacy considering credit quality indicators, including expected and historical losses and levels of and trends in past due loans, non-performing assets and impaired loans, collateral values and economic conditions. The allowance for credit losses is determined based on specific allowances for loans that are impaired, based upon the value of underlying collateral or projected cash flows. Changes to the allowance for credit losses are recorded in the provision for loan credit losses in the consolidated statement of income.

Marketable Investments

The Company’s marketable investment portfolio includes debt and equity securities as of December 31, 2021. Equity securities that have readily determinable fair values are reported at fair value with gains and losses recognized in earnings. The debt security is classified as an available-for-sale security, which is reported at fair value with unrealized gains or losses recorded in statements of other comprehensive income, net of applicable income taxes. In any case where fair value might fall below amortized cost, the Company would consider whether that security is other-than temporarily impaired using all available information about the collectibility of the security. The Company would not consider that an other-than temporary impairment for a debt security has occurred if (1) the Company does not intend to sell the debt security, (2) it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis and (3) the present value of estimated cash flows will fully cover the amortized cost of the security. The Company would consider that an other-than-temporary impairment has occurred if any of the above mentioned three conditions are not met.

For a debt security for which an other-than-temporary impairment is considered to have occurred, the Company would recognize the entire difference between the amortized cost and the fair value in earnings if the Company intends to sell the debt security or it is more likely than not that the Company will be able to sell the debt security before recovery of its amortized cost basis. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company would separate the difference between the amortized cost and the fair value of the debt security into the credit loss component and the non-credit loss component. The credit loss component would be recognized in earnings and the non-credit loss component would be recognized in other comprehensive income, net of applicable income taxes.

Derivatives

All derivatives held by the Company are recognized in the consolidated balance sheets at fair value. The accounting treatment for subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives that are not hedges must be adjusted to fair value through the consolidated statements of income. If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against change in the fair value of hedged assets or liabilities through the consolidated statements of income or recorded in other comprehensive income. The Company had no derivatives designated as hedges as of December 31, 2021 and 2020. The Company holds warrants issued to the Company in conjunction with term loan investments discussed in Note 3. These warrants meet the definition of a derivative and are included in warrant assets in the consolidated balance sheets.

Revenue Recognition

Finance Receivables Segment

 

The Company’s Finance Receivables segment records interest income on an accrual basis based on the effective interest rate method to the extent that it expects to collect such amounts. The Company recognizes investment management fees when clients invest in our recommended transactions as earned over the period the services are rendered. In general, the majority of investment management fees earned are charged either monthly or quarterly. Incentive fees, if any, are recognized when earned at the end of the relevant performance period, pursuant to the underlying contract. The Company did not recognize any management or incentive fees in 2021 or 2020. Other service revenues are recognized when contractual obligations are fulfilled or as services are provided.

Pharmaceutical Development Segment

 

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.

 

In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use its judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above; and (d) the contract term and pattern of satisfaction of the performance obligations under step (v) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied.

 

Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Deferred revenue as of December 31, 2021 and 2020 was $0.2 million and $0.4 million and is classified as current deferred revenue and is included in accounts payable and accrued liabilities in the consolidated balance sheets.

 

The Company evaluates collaboration agreements with respect to FASB ASC Topic 808, Collaborative Arrangements, considering the nature and contractual terms of the arrangement and the nature of its business operations to determine the classification of the transactions. When the Company is an active participant in the activity and exposed to significant risks and rewards dependent on the commercial success of the collaboration, it will record its transactions on a gross basis in the consolidated financial statements and describe the rights and obligations under the collaborative arrangement in the notes to the consolidated financial statements.

 

Exclusive Licenses

 

If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, manufacturing and commercialization capabilities of the collaboration partner; the retention of any key rights by the Company; and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from a promise for its intended purpose without the receipt of the remaining promises, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company exercises judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods.

Customer Options

If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised.

Research and Development Services

The promises under the Company’s collaboration agreements may include research and development services to be performed by the Company on behalf of the partner. Payments or reimbursements resulting from the Company’s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. Reimbursements from and payments to the partner that are the result of a collaborative relationship with the partner, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense.

Milestone Payments

 

At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.

 

Royalties

For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. There were no such investments at December 31, 2021 or 2020, as all of our cash was held in checking, savings and brokerage accounts. As of December 31, 2021, cash equivalents were deposited in financial institutions and consisted of immediately available fund balances.  The Company maintains its cash deposits and cash equivalents with well-known and stable financial institutions.

 

Interest and Accounts Receivable

 

The Company records interest receivable on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. When management does not expect that principal, interest, and other obligations due will be collected in full, the Company will generally place the loan on nonaccrual status and cease recognizing interest income on that loan until all principal and interest due has been paid or the Company believes the partner company has demonstrated the ability to repay the Company’s current and future contractual obligations. Any uncollected interest related to prior periods is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, the Company may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection. The Company did not recognize any provision for loan credit losses in 2021 and 2020.

Accounts receivable for management fees are recorded at the aggregate unpaid amount less any allowance for doubtful accounts. The Company determines an account receivable’s delinquency status based on its contractual terms. Interest is not charged on outstanding balances. Accounts are written-off only when all methods of recovery have been exhausted. As of December 31, 2021 and 2020, the allowance for doubtful accounts was zero.

 

Certain Risks and Concentrations

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, interest and accounts receivable, finance receivables and marketable investments. The Company invests its excess cash with major U.S. banks and financial institutions. The Company has not experienced any losses on its cash and cash equivalents.

Finance Receivables Segment

The Company performs ongoing credit evaluations of its partner companies and generally requires collateral. For the year ended December 31, 2021, five of our business partners accounted for 63 percent of our interest and accounts receivable. For the year ended December 31, 2020, five of our business partners accounted for 68 percent of our interest and accounts receivable.

Pharmaceutical Development Segment

For the years ended December 31, 2021 and 2020, Cara Therapeutics, Inc. (“Cara”) accounted for approximately 98 percent of Pharmaceutical Development segment revenues.

The Company does not expect its current or future credit risk exposures to have a significant impact on its operations. However, there can be no assurance that its business will not experience any adverse impact from credit risk in the future.

Stock-based Compensation

All employee and director stock-based compensation is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the requisite service period. Stock-based compensation expense is reduced for estimated future forfeitures. These estimates are revised in future periods if actual forfeitures differ from the estimates. Changes in forfeiture estimates impact compensation expense in the period in which the change in estimate occurs.

For restricted stock, the Company recognizes compensation expense in accordance with the fair value of the Company’s stock as determined on the grant date, amortized over the applicable service period. When vesting of awards is based wholly or in part upon the future performance of the stock price, such terms result in adjustments to the grant date fair value of the award and the derivation of a service period. If service is provided over the derived service period, the adjusted fair value of the awards will be recognized as compensation expense, regardless of whether or not the awards vest.

Income Taxes

Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded to reduce deferred tax assets to an amount where realization is more likely than not.

 

If the Company ultimately determines that the payment of such a liability is not necessary, then the Company reverses the liability and recognizes a tax benefit during the period in which the determination is made that the liability is no longer necessary. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax benefit in the statements of income.

 

Comprehensive Income

The consolidated statements of comprehensive income have been omitted, as net income equals comprehensive income for the years ended December 31, 2021 and 2020.

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 earnings per share for the following (in thousands, except per share amounts):

   Year Ended December 31, 
   2021   2020 
Numerator:          
Net income  $25,929   $5,202 
           
Denominator:          
Weighted-average shares outstanding   12,796    12,852 
Effect of dilutive securities   38    10 
Weighted-average diluted shares   12,834    12,862 
           
Basic net income per share  $2.03   $0.40 
Diluted net income per share  $2.02   $0.40 

 

As of December 31, 2021 and 2020, outstanding options to purchase shares of common stock and outstanding shares of restricted stock in an aggregate of approximately 368,000 and 443,000, respectively, have been excluded from the calculation of diluted net income per share as such securities were anti-dilutive.

 

Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards 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 is effective from March 12, 2020 through December 31, 2022. An entity may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. An entity may elect to apply the amendments in ASU 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. The one-time election to sell, transfer, or both sell and transfer debt securities classified as held-to-maturity may be made at any time after March 12, 2020 but no later than December 31, 2022. The Company has identified existing loans that reference 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 June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326).” This standard adds an impairment model, known as the current expected credit loss (“CECL”) model, that is based on expected losses rather than incurred losses. Under this guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of losses. This ASU describes the impairment allowance as a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be measured in a manner similar to current GAAP; however, the amendments in this update require that credit losses be presented as an allowance rather than as a write-down, which will allow an entity the ability to record reversals of credit losses in current period net income. On November 15, 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” which finalized various effective date delays for private companies, not-for-profit organizations, and certain smaller reporting companies. Under ASU 2019-10, the effective date for implementation of CECL for smaller reporting companies was extended to fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company is currently evaluating the new guidance but believes it is likely to incur more upfront losses on its portfolio under the new CECL model.
XML 21 R8.htm IDEA: XBRL DOCUMENT v3.22.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 2. Goodwill and Intangible Assets

 

Goodwill

 

There was no change in the carrying amount of goodwill from December 31, 2020 to December 31, 2021, and net book value remains at $8.4 million. The net book value of goodwill is solely related to the Enteris acquisition in 2019. The Company reviews goodwill for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than the carrying amount as a basis for determining whether it is necessary to perform an impairment test. If the qualitative assessment warrants further analysis, the Company compares the fair value of the reporting unit to its carrying value. The fair value of the reporting unit is determined using the market approach. If the fair value of the reporting unit exceeds the carrying value of net assets of the reporting unit, goodwill is not impaired. If the carrying value of the reporting unit’s goodwill exceeds its fair value, then the Company must record an impairment charge equal to the difference. As of December 31, 2021, the Company concluded that it is more likely than not that the fair value of the reporting unit is greater than its carrying value, and goodwill is not considered to be impaired.

 

Intangible Assets

 

As of December 31, 2021 and 2020, 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):

 

                               
   As of December 31, 2021 
   Gross Book
Value		   Accumulated
Amortization		   Net Book Value   Estimated Useful
Life		 
License Agreement (1)  $29,400     $19,780     $9,620      10 
Trade names and trademarks   210    50    160    10 
Customer relationships   240    56    184    10 
Total intangible assets  $29,850   $19,886   $9,964      
                     
   As of December 31, 2020 
   Gross Book
Value		   Accumulated
Amortization		   Net Book Value   Estimated Useful
Life		 
License Agreement (1)  $29,400     $16,336     $13,064      10 
Trade names and trademarks   210    29    181    10 
Customer relationships   240    32    208    10 
Total intangible assets  $29,850   $16,397   $13,453      

 

(1)Prior to our acquisition of Enteris, Enteris entered into a non-exclusive commercial license agreement (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.

 

Amortization expense was $3.5 million and $11.7 million for the years ended December 31, 2021 and 2020, respectively, and was recorded in depreciation and amortization expense. Based on amounts recorded at December 31, 2021, the Company will recognize acquired intangible asset amortization as follows (in thousands):

2022  $1,768 
2023   1,696 
2024   1,540 
2025   1,069 
2026   1,069 
Thereafter  $2,822 
Total  $9,964 
XML 22 R9.htm IDEA: XBRL DOCUMENT v3.22.1
Finance Receivables
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Finance Receivables

Note 3. Finance Receivables

Finance receivables are reported at their determined principal balances net of any unearned income, cumulative charge-offs 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.

As of December 31, 2021, the Company had a credit loss allowance of $8.4 million. Of the total $8.4 million, $1.2 million is associated with the Company’s Cambia® royalty, and $0.6 million is associated with the Company’s Besivance® royalty. The remaining $6.6 million is related to the Best ABT, Inc. (“Best”), second lien term loan that was recognized in order to reflect the Best royalty at its estimated fair value. The carrying values of finance receivables are as follows (in thousands):

               
   December 31, 
   2021   2020 
Term loans  $136,312   $164,032 
Royalty purchases   53,629    48,847 
Total before allowance for credit losses   189,941    212,879 
Allowance for credit losses   (8,388)   (8,388)
Total carrying value  $181,553   $204,491 

 

Credit Quality of 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 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. 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 and collectibility of remaining principal and interest is no longer doubtful. 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.

Receivables associated with royalty stream purchases would be considered to be impaired when it is probable that the Company will be unable to collect the book value of the remaining investment based upon adverse changes in the estimated underlying royalty stream.

When the Company identifies a finance receivable as impaired, it measures the impairment based on the present value of expected future cash flows, discounted at the receivable’s effective interest rate, or the estimated fair value of the collateral, less estimated costs to sell. If it is determined that the value of an impaired receivable is less than the recorded investment, the Company would recognize impairment with a charge to the allowance for credit losses. When the value of the impaired receivable is calculated by discounting expected cash flows, interest income would be recognized using the receivable’s effective interest rate over the remaining life of the receivable.

The Company individually develops the allowance for credit losses for any identified impaired loans. In developing the allowance for credit losses, the Company considers, among other things, the following credit quality indicators:

  · business characteristics and financial conditions of obligors;
     
  · current economic conditions and trends;
     
  · actual charge-off experience;
     
  · current delinquency levels;
     
  · value of underlying collateral and guarantees;
     
  · regulatory environment; and
     
  · any other relevant factors predicting investment recovery.
     

The following table presents nonaccrual and performing loans by portfolio financing structure: (in thousands):

   December 31, 2021   December 31, 2020 
   Nonaccrual   Performing   Total   Nonaccrual   Performing   Total 
Term loans  $18,288   $118,024   $136,312   $8,334   $155,698   $164,032 
Royalty purchases   3,362    41,879    45,241    3,863    36,596    40,459 
Total carrying value  $21,650   $159,903   $181,553   $12,197   $192,294   $204,491 

As of December 31, 2021, the Company had three finance receivables in nonaccrual status: (1) the term loan to B&D Dental Corporation (“B&D”), with a net carrying value of $8.3 million, (2) the term loan to Flowonix Medical, Inc. (“Flowonix”), with a net carrying value of $10.0 million, and (3) the Best royalty, with a net carrying value of $3.4 million. Although in nonaccrual status, the B&D and Flowonix term loans were not considered impaired as of December 31, 2021 and 2020. The Company collected $1.2 million on two of its nonaccrual finance receivables during the year ended December 31, 2021, of which $0.7 million was collected from Flowonix prior to being placed on non-accrual.

 

In March 2022, SWK Funding negotiated to terminate the B&D term loan upon receiving payment of $10.4 million, which was received on March 17, 2022. The carrying value of the term loan was $8.3 million as of December 31, 2021. Following this payment, B&D has no remaining payment obligations to the Company.
XML 23 R10.htm IDEA: XBRL DOCUMENT v3.22.1
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net

Note 4. Property and Equipment, Net

 

Property and equipment, net consisted of the following as of December 31, 2021 and 2020 (in thousands):

   December 31, 2021   December 31, 2020 
Production equipment and other  $3,042   $2,658 
Furniture and fixtures   38    86 
Leasehold improvements   3,648    143 
Construction-in progress   —    2,785 
Capitalized software   84    77 
Total   6,812    5,749 
Less accumulated depreciation and amortization   (1,033)   (538)
Property and equipment, net  $5,779   $5,211 

 

Depreciation and amortization expense on property and equipment was $0.6 million and $0.4 million for the years ended December 31, 2021 and 2020, respectively. 
XML 24 R11.htm IDEA: XBRL DOCUMENT v3.22.1
Marketable Investments
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Marketable Investments

Note 5. Marketable Investments

 

Investment in corporate debt securities and equity securities as of December 31, 2021 and 2020 consist of the following (in thousands):

  

Year Ended
December 31,

 
   2021   2020 
Corporate debt securities  $119   $241 
Equity securities   1,034    1,210 
Total marketable investments  $1,153   $1,451 

 

The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale debt securities as of December 31, 2021 and 2020, are as follows (in thousands):

December 31, 2021  Amortized Cost   Gross Unrealized
Gains		   Gross Unrealized
Losses		   Fair Value 
Corporate debt securities  $119   $—   $—   $119 
                     
                     
December 31, 2020  Amortized Cost   Gross Unrealized
Gains		   Gross Unrealized
Losses		   Fair Value 
Corporate debt securities  $241   $—   $—   $241 

The following table presents realized and unrealized gains and losses on equity securities as prescribed by ASC 321, Investment - Equity Securities during the year ended December 31, 2021 and 2020.

   December 31, 
   2021   2020 
Unrealized net gain (loss) on equity securities reflected in the Consolidated Statements of Income  $1,839   $(591)
Proceeds received on tender of equity securities   1,875    — 
Realized loss on tender/sale of equity securities reflected in the Consolidated Statements of Income   (140)   — 

Equity Securities

On October 29, 2021, Misonix, Inc. (“Misonix”) was acquired by Bioventus, Inc. (“Bioventus”). Upon closing of the transaction, the Company tendered its Misonix common stock and received $1.9 million in cash and 71,361 shares of Bioventus common stock, which are reflected at their estimated fair value of $1.0 million as of December 31, 2021. The Company recognized a $0.1 million realized loss on the tender of the Misonix common stock.
XML 25 R12.htm IDEA: XBRL DOCUMENT v3.22.1
Revolving Credit Facility
 12 Months Ended
Dec. 31, 2021
Revolving Credit Facility  
Revolving Credit Facility

Note 6. Revolving Credit Facility

 

On September 27, 2021, the Company entered into the Third Amendment to Loan and Security Agreement (the “Third Amendment”) with Cadence Bank, N.A. as a lender and the administrative agent. Pursuant to the Third Amendment, the Loan and Security Agreement dated as of June 29, 2018 (“Loan Agreement”) was amended to extend the Loan Agreement Termination Date to September 30, 2022 and increase the Loan Agreement Commitment to $22.0 million. The Loan Agreement requires the payment of an unused line fee of 0.50 percent and also provides for quarterly minimum fee income of $60,000 less the aggregate interest and unused line fees paid during the immediately preceding quarter. Unused line fees and minimum fee income are recorded as interest expense.

 

The Loan Agreement accrues interest at the Daily LIBOR Rate, with a floor of 1.00 percent, plus a 3.25 percent margin and principal is repayable in full at maturity. Interest is generally required to be paid monthly in arrears. In connection with the Third Amendment, the Company paid approximately $58,000 in amendment and other fees, which were capitalized as deferred financing costs and are being amortized on a straight-line basis over the remaining term of the Loan Agreement.

 

The Loan Agreement has an advance rate against the Company’s finance receivables portfolio, including 85 percent against senior first lien loans, 70 percent against second lien loans and 50 percent against royalty receivables, subject to certain eligibility requirements as defined in the Loan Agreement. The Loan Agreement contains certain affirmative and negative covenants including minimum asset coverage and minimum interest coverage ratios.

 

As of December 31, 2021, approximately $8,000 was outstanding under the credit facility, and $22.0 million was available for borrowing. During the year ended December 31, 2021 and 2020, the Company recognized $0.4 million and $0.5 million, respectively, of interest expense. 
XML 26 R13.htm IDEA: XBRL DOCUMENT v3.22.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 7. Commitments and Contingencies

Lease Obligations

ASC 842 establishes a right-of-use (“ROU”) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than twelve months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Company’s leases consist of operating leases for office space. The Company determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The Company’s corporate headquarters is in Dallas, Texas, where it leases approximately 2,400 square feet. Total rent expense recognized under the lease was $69,000 and $58,000 for the years ended December 31, 2021 and 2020, respectively. The office lease expires in May 2025.

The Enteris headquarters is located in Boonton, New Jersey, where Enteris leases approximately 32,000 square feet of space. Total rent expense recognized under the lease was $0.3 million and $0.2 million for the years ended December 31, 2021 and 2020. The office lease expires in December 2024 with an option to renew for an additional five years.

Consolidated future minimum rent is as follows (in thousands):

2022  $333 
2023   335 
2024   336 
2025   326 
2026   277 
Thereafter   826 
Total future lease payments  $2,433 

 

Unfunded Commitments

As of December 31, 2021, the Company’s unfunded commitments were as follows (in millions):

4Web, Inc.  $2.7 
Ideal Implant, Inc.   2.0 
MolecuLight, Inc.   2.0 
Trio Healthcare Ltd. Loan   0.5 
Total unfunded commitments  $7.2 

Unfunded commitments are contingent upon reaching an established revenue threshold or other performance metrics on or before a specified date or period of time per the terms of the royalty purchase or credit agreements, and in the case of loan transactions, are only subject to being advanced as long as an event of default does not exist.

 

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 December 31, 2021, 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 December 31, 2021 and 2020.
XML 27 R14.htm IDEA: XBRL DOCUMENT v3.22.1
Stockholders’ Equity
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Stockholders’ Equity

Note 8. Stockholders’ Equity

 

Common Stock

 

The total number of shares of common stock, $0.001 par value, that the Company is authorized to issue is 250,000,000.

Issuer Purchases of Equity Securities

On June 15, 2021, the Company’s board of directors (the “Board”) authorized a share repurchase program under which the Company was authorized to repurchase up to $5.0 million of the Company’s outstanding shares of common stock, or approximately 312,500 common shares, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities and Exchange Act. The share repurchase program expired on March 15, 2022. As of December 31, 2021, no shares had been repurchased under the share repurchase program.

 

Preferred Stock

The Company’s Board may, without further action by the stockholders, issue one or more series of preferred stock and fix the rights and preferences of those shares, including the dividend rights, dividend rates, conversion rights, exchange rights, voting rights, terms of redemption, redemption price or prices, liquidation preferences, the number of shares constituting any series and the designation of such series. As of December 31, 2021, no shares of preferred stock have been issued.

Stock Compensation Plans

The Company’s 2010 Stock Incentive Plan (the “2010 Stock Incentive Plan”) provides for options, restricted stock, and other customary forms of equity to be granted to the Company’s directors, officers, employees, and independent contractors. All forms of equity incentive compensation are granted at the discretion of the Board and have a term not greater than 10 years from the date of grant.

The calculation of the fair values of our stock-based compensation plans requires estimates that require management’s judgments. Under ASC 718, the fair value of each stock option is estimated on the grant date using the Black-Scholes option-pricing model. The valuation models require assumptions and estimates to determine expected volatility, expected life and expected risk-free interest rates. The expected volatility was determined using historical volatility of our stock based on the contractual life of the award. The risk-free interest rate assumption was based on the yield on zero-coupon U.S. Treasury strips at the award grant date. In valuing options granted in the fiscal year ended December 31, 2020, we used the below weighted-average assumptions. There were no options granted in the fiscal year ended December 31, 2021.

    For the Year Ended
December 31,		 
    2020 
Risk-free interest rate   0.40% - 0.47% 
Expected stock-price volatility   47.9% - 48.3% 
Expected life   6.2 years 

The following table summarizes activities under the 2010 Stock Incentive Plan for the indicated periods:

   Options Outstanding     
   Number of
Shares		   Weighted-
Average
Exercise
Price		   Weighted-
Average
Remaining
Contractual
Term
(in years)		   Aggregate
Intrinsic
Value
(in thousands)		 
Balances, December 31, 2019   302,500   $11.71    5.9   $313.4 
Options canceled and retired   —    —           
Options exercised   —    —           
Options granted   60,000    16.29           
Balances, December 31, 2020   362,500    12.47    5.6    810.1 
Options canceled and retired   —    —           
Options exercised   (75,000)   8.30           
Options granted   —    —           
Balances, December 31, 2021   287,500    10.75    5.7    1,745.8 
                     
Options vested and exercisable and expected to be vested and exercisable at December 31, 2021   287,500   $10.75    5.7   $1,745.8 
Options vested and exercisable at December 31, 2021   192,500   $12.88    5.7   $1,299.0 

 

At December 31, 2021, there were approximately 950,000 shares reserved for issuance under the 2010 Stock Incentive Plan, and the Company had $0.2 million of total unrecognized stock option expense for time-based awards, net of estimated forfeitures, which will be recognized over the weighted-average remaining period of 1.0 years.

The following table summarizes significant ranges of outstanding and exercisable options as of December 31, 2021:

 

 

Exercise Prices   Number
Outstanding		   Weighted-
Average
Remaining
Contractual
Life (in years)		   Weighted-
Average
Exercise
Price per
Share		   Number
Exercisable		   Weighted-
Average
Exercise
Price per
Share		 
$9.61    15,000    4.5   $9.61    15,000   $9.61 
 12.50    75,000    7.1    12.50    75,000    12.50 
 12.50    37,500    7.4    12.50    37,500    12.50 
 13.70    100,000    2.6    13.70    50,000    13.70 
 16.29    15,000    8.4    16.29    3,750    16.29 
 16.29    15,000    8.5    16.29    7,500    16.29 
 16.29    30,000    8.3    16.29    3,750    16.29 
 Total    287,500    5.7   $10.75    192,500   $12.88 

 

Employee stock-based compensation expense recognized for time-vesting options for the years ended December 31, 2021 and 2020, uses the Black-Scholes option pricing model for estimating the fair value of options granted under the Company’s equity incentive plans. Risk-free interest rates for the options were taken from the Daily Federal Yield Curve Rates on the grant dates for the expected life of the options as published by the Federal Reserve. The expected volatility was based upon historical data and other relevant factors such as the Company’s changes in historical volatility and its capital structure, in addition to mean reversion. Employee stock-based compensation expense recognized for market performance-vesting options uses a binomial lattice model for estimating the fair value of options granted under the Company’s equity incentive plan.

In calculating the expected life of stock options, the Company determines the amount of time from grant date to exercise date for exercised options and adjusts this number for the expected time to exercise for unexercised options. The expected time to exercise for unexercised options is calculated from grant as the midpoint between the expiration date of the option and the later of the measurement date or the vesting date. In developing the expected life assumption, all amounts of time are weighted by the number of underlying options.

 

During the year ended December 31, 2021, the Company’s Board approved the modification of the CEO’s stock options with respect to 75,000 shares with an exercise price of $8.30 per share pursuant to an award agreement dated May 14, 2012. The Company considered 50 percent of the 75,000 shares that had not vested to be fully vested as of December 31, 2021, and a cashless exercise of the 2012 award was facilitated by net settlement of exercise price and taxes. During the year ended December 31, 2021, the Company recognized $0.4 million of stock-based compensation expense as a result of this modification.

 

During the year ended December 31, 2021, the Company’s Board also approved the modification of the CEO’s stock options with respect to 100,000 Shares with an exercise price of $13.70 per share pursuant to an award agreement dated August 18, 2014. The Company and the CEO agreed that (i) the 2014 award will expire on August 18, 2024, unless it expires earlier due to a termination of employment in accordance with the 2014 award agreement, and (ii) 50 percent of the 2014 award has already vested due to the satisfaction of time-based vesting conditions set forth in the 2014 award agreement. The Company also agreed that the 50 percent of the 2014 award that had not vested as of December 31, 2021 shall not be forfeited as of December 31, 2021 and instead shall continue to be outstanding through the expiration of the 2014 award and eligible to vest upon the earlier to occur of (x) the first date on which the average closing price of a share as reported on the Nasdaq (or other exchange or quotation system on which the Shares are listed or traded) for the 30 consecutive calendar days ending on such date is greater than or equal to $20.60 or (y) the consummation of a Corporate Transaction in relation to the November 23, 2021 letter from Carlson Capital to members of the Board of the Company, provided that such event in (x) or (y) occurs prior to the expiration of the 2014 award.

 

During the year ended December 31, 2021, 8,761 restricted shares were granted and 24,727 restricted shares vested. During the year ended December 31, 2020, 8,305 restricted shares were granted and 37,989 restricted shares vested. As of December 31, 2021 and 2020, there were 74,221 and 27,471 shares of restricted stock outstanding, respectively.

 

In October 2019, the Board approved a change in the compensation plan for non-employee directors such that each non-employee director shall receive an annual cash retainer of $45,000 payable quarterly in arrears and an annual equity retainer of $25,000 payable in advance annually on October 1 of restricted shares of the Company’s common stock, subject to a one year cliff vesting period. In addition, each member of (i) the Audit Committee shall receive an additional fee of $11,000 payable quarterly in arrears; (ii) the Compensation Committee shall receive an additional fee of $2,000 payable quarterly in arrears and (iii) the Governance Committee shall receive an additional fee of $4,000 payable quarterly in arrears. Each non-employee director has the option to elect to receive up to 100 percent of the annual cash retainer in shares of the Company’s common stock.

 

During the years ended December 31, 2021 and 2020, the Board approved compensation for Board services by granting 18,978 and 24,940 shares, respectively, of common stock as compensation for the non-employee directors. The Company recorded $0.3 million in Board stock-based compensation expense during both the years ended December 31, 2021 and 2020. The Company recorded aggregate stock-based compensation expense, including the quarterly and annual Board grants, of $1.2 million and $0.7 million during the years ended December 31, 2021 and 2020, respectively.
XML 28 R15.htm IDEA: XBRL DOCUMENT v3.22.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 9. 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 years ended December 31, 2021 and 2020.

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.

Securities available for sale

Certain common equity securities are reported at fair value utilizing Level 1 inputs (exchange quoted prices).

Finance Receivables

The fair values of finance receivables are 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 Company recorded contingent consideration related to the August 2019 acquisition of Enteris and sharing of certain milestone and royalties due to Enteris pursuant to the License Agreement. Please refer to Note 2, Business Combinations, for further details on the Company’s acquisition of Enteris and contingent consideration.

 

The fair value measurements of the contingent consideration obligations and the related intangible assets 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 of December 31, 2021 and 2020, the acquisition-related contingent consideration was $8.5 million and $16.9 million, respectively. During the year ended December 31, 2021 and 2020, the Company recorded $0.3 million of income and $4.4 million of expense, respectively, for the change in fair value of contingent consideration. The Company made payments of $8.1 million and $2.0 million against the contingent consideration liability during the years ended December 31, 2021 and 2020, respectively.

 

Marketable Investments

 

If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities would be 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 would be 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 would be 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 bench mark 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 securities

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 following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 (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  $3,419   $—   $—   $3,419 
Marketable investments   1,153    1,034    —    119 
                     
Financial liabilities:                    
Contingent consideration payable  $8,530   $—   $—   $8,530 

 

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 (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  $2,972   $—   $—   $2,972 
Marketable investments   1,451    1,210    —    241 
                     
Financial liabilities:                    
Contingent consideration payable  $16,900   $—   $—   $16,900 

 

The changes on the value of the warrant assets during the years ended December 31, 2021 and 2020 were as follows (in thousands):

Fair Value - December 31, 2019  $3,555 
Issuance   79 
Canceled   — 
Change in fair value   (662)
Fair Value - December 31, 2020   2,972 
Issuance   175 
Canceled   — 
Change in fair value   272 
Fair Value - December 31, 2021  $3,419 

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 consolidated balance sheet. The fair values for warrants outstanding, for companies that have a readily determinable value, are measured using the Black-Scholes option pricing model. The following range of assumptions were used in the models to determine fair value:

 

    December 31, 
    2021    2020 
Dividend rate   —    — 
Risk-free rate   0.97% to 1.44%    0.17% to 0.65% 
Expected life (years)   2.6 to 7.0    3.6 to 7.4 
Expected volatility   60.2% to 142.0%       74.3% to 174.7% 

The following table presents financial assets measured at fair value on a nonrecurring basis as of December 31, 2021 and 2020 (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)

 
December 31, 2021                    
Impaired royalties  $5,612   $—   $—   $5,612 
December 31, 2020                    
Impaired royalties  $7,937   $—   $—   $7,937 

 

There were no liabilities measured at fair value on a nonrecurring basis as of December 31, 2021 or 2020.

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.

 

For the year ended December 31, 2021 (in thousands):

   Carrying
Value		   Fair Value   Level 1   Level 2   Level 3 
Financial assets:                         
Cash and cash equivalents  $42,863   $42,863   $42,863   $—   $— 
Finance receivables   181,553    181,553    —    —    181,553 
Marketable investments   1,153    1,153    1,034    —    119 
Warrant assets   3,419    3,419    —    —    3,419 
                          
Financial liabilities                         
Contingent consideration payable  $8,530   $8,530   $—   $—   $8,530 

For the year ended December 31, 2020 (in thousands):

   Carrying
Value		   Fair Value   Level 1   Level 2   Level 3 
Financial assets:                         
Cash and cash equivalents  $3,008   $3,008   $3,008   $—   $— 
Finance receivables   204,491    204,491    —    —    204,491 
Marketable investments   1,451    1,451    1,210    —    241 
Warrant assets   2,972    2,972    —    —    2,972 
                          
Financial liabilities                         
Contingent consideration payable  $16,900   $16,900   $—   $—   $16,900 
XML 29 R16.htm IDEA: XBRL DOCUMENT v3.22.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

Note 10. 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 years ended December 31, 2021 and 2020 (in thousands):

 

 

   December 31, 
   2021   2020 
Pharmaceutical Development Segment          
License Agreement  $15,871   $5,827 
Pharmaceutical development and other   974    76 
Total contract revenue  $16,845   $5,903 

 

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 revenues and are included in accounts payable and accrued liabilities in the consolidated balance sheets (in thousands):

 

 

   December 31, 
   2021   2020 
Pharmaceutical Development Segment          
Deferred revenue  $185   $350 
Total contract liabilities  $185   $350 

 

During the year ended December 31, 2021, the Company recognized $0.3 million of 2020 deferred revenue from satisfaction of performance obligations. Please refer to Notes 1 and 2 for further details on the Company’s deferred revenue and License Agreement, respectively. The Company did not have any contract assets nor did it have any contract liabilities related to the License Agreement as of December 31, 2021 or 2020.
XML 30 R17.htm IDEA: XBRL DOCUMENT v3.22.1
Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment Information

Note 11. 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 chief executive officer 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.

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 chief executive officer in assessing performance or allocating resources to the segments.

 

The following table presents financial information for the Company’s reportable revenue by geographic region for the periods indicated (in thousands): 

 

   Year Ended December 31,
   2021  2020
United States, country of domicile  $48,438   $33,275 
International   7,717    3,437 
     Total revenue  $56,155   $36,712 

 

 

The following tables present financial information for the Company’s reportable segments for the periods indicated (in thousands):

Year Ended December 31, 2021  Finance
Receivables		   Pharmaceutical
Development
and Other		   Holding
Company
and Other		   Consolidated 
Revenue  $39,310   $16,122   $—   $55,432 
Other revenue   —    723    —    723 
Interest expense   374    —    —    374 
Manufacturing, research and development   —    7,347    —    7,347 
Depreciation and amortization expense   —    4,055    6    4,061 
Change in fair value of acquisition-related contingent consideration   —    (287)   —    (287)
General and administrative   1,813    3,983    7,824    13,620 
Other income, net   1,971    —    —    1,971 
Income tax expense   —    —    7,082    7,082 
Consolidated net income (loss)   39,094    1,747    (14,912)   25,929 
                     
                     
Year Ended December 31, 2020  Finance
Receivables		   Pharmaceutical
Development
and Other		   Holding
Company
and Other		   Consolidated 
Revenue  $30,800   $5,903   $—   $36,703 
Other revenue   8    —    1    9 
Provision for credit losses and impairment expense   163    —    —    163 
Interest expense   455    —    —    455 
Manufacturing, research and development   —    4,268    —    4,268 
Depreciation and amortization expense   —    12,081    10    12,091 
Change in fair value of acquisition-related contingent consideration   —    4,400    —    4,400 
General and administrative   736    3,875    5,935    10,546 
Other (expense) income, net   (1,201)   —    77    (1,124)
Income tax benefit   —    —    (1,537)   (1,537)
Consolidated net income (loss)   28,253    (18,721)   (4,330)   5,202 

Included in Holdings Company and Other are the expenses of the parent holding company and certain other enterprise-wide overhead costs, which have been included for purposes of reconciling to the consolidated amounts. 
XML 31 R18.htm IDEA: XBRL DOCUMENT v3.22.1
Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes

Note 12. Income Taxes

The components of income before income tax provision are as follows (in thousands):

    December 31, 
    2021   2020 
 U.S.  $33,011   $3,665 

During the years ended December 31, 2021 or 2020, the Company’s provision for (benefit from) income taxes was as follows (in thousands):

 

   December 31, 
   2021   2020 
Current expense (benefit)          
State  $185   $174 
Deferred expense (benefit)          
Federal   6,944    (1,661)
State   (47)   (50)
Total income tax expense (benefit)  $7,082   $(1,537)

 

The components of the income tax provision (benefit) are as follows (in thousands):

   December 31, 
   2021   2020 
Federal tax provision at statutory rate  $6,945   $771 
Change in valuation allowance   (21,208)   (14,194)
State taxes, net of federal income tax benefit   95    84 
Mark-to-market adjustments   (58)   123 
Contingent consideration revaluation   (60)   924 
Other   (125)   411 
Write off of deferred tax assets   21,493    10,344 
Total income tax expense (benefit)  $7,082   $(1,537)

 

The Company records deferred tax assets if the realization of such assets is more likely than not to occur in accordance with accounting standards that address income taxes. Significant management judgment is required in determining whether a valuation allowance against the Company’s deferred tax assets is required. The Company has considered all available evidence, both positive and negative, such as historical levels of income and predictability of future forecasts of taxable income from existing investments, in determining whether a valuation allowance is required. The Company is also required to forecast future taxable income in accordance with accounting standards that address income taxes to assess the appropriateness of a valuation allowance, which further requires the exercise of significant management judgment. The Company focuses on forecasting future taxable income for the investment portfolio that exists as of the balance sheet date. Specifically, the Company evaluated the following criteria when considering a valuation allowance:

·the history of tax net operating losses in recent years;
·predictability of operating results;
·profitability for a sustained period of time; and
·level of profitability on a quarterly basis.

As of December 31, 2021, the Company had cumulative net income before tax for the three years then ended. Based on its historical operating performance, the Company has concluded that it was more likely than not that the Company would not be able to realize the full benefit of the U.S. federal and state deferred tax assets in the future. However, at December 31, 2021 the Company has concluded that it is more likely than not that the Company will be able to realize approximately $20.5 million benefit of the U.S. federal and state deferred tax assets in the future.

The Company will continue to assess the need for a valuation allowance on the deferred tax assets by evaluating both positive and negative evidence that may exist on a quarterly basis. Any adjustment to the deferred tax asset valuation allowance would be recorded in the consolidated statements of income for the period that the adjustment is determined to be required. The valuation allowance against deferred tax assets was $16.3 million and $37.5 million as of December 31, 2021 and 2020, respectively.

Deferred tax assets consist of the following (in thousands):

   December 31, 
   2021   2020 
Deferred tax assets:          
Credit carryforward  $3,077   $2,960 
Stock-based compensation   138    398 
Other   3,334    3,647 
Net operating losses   32,362    60,774 
Gross deferred tax assets   38,911    67,779 
Deferred tax liabilities:          
Intangible assets other than goodwill   (1,609)   (2,299)
Other   (479)   (496)
Valuation allowance   (16,284)   (37,493)
Net deferred tax assets  $20,539   $27,491 

 

The Tax Reform Act of 1986 limits the use of NOLs and tax credit carryforwards in certain situations where stock ownership changes occur. In the event the Company has had a change in ownership, the future utilization of the Company’s net operating loss and tax credit carryforwards could be limited.

As of December 31, 2021, the Company had NOL carryforwards for federal income tax purposes of approximately $154.1 million. The federal NOL carryforwards, if not offset against future income, will expire by 2037. Approximately $4.0 million can be carried forward indefinitely.

The Company also had federal research carryforwards of $3.1 million. The federal credits will expire by 2040, with the majority of such credits expiring by 2029.

The Company records liabilities, where appropriate, for all uncertain income tax positions and recognizes potential accrued interest and penalties related to unrecognized tax benefits within income tax expense. As of December 31, 2021 and 2020, the Company had approximately $0.3 million and $0.1 million, respectively, of unrecognized tax benefit, none of which would impact the effective tax rate if recognized. The Company does not expect the unrecognized tax benefits to change materially over the next twelve months. There are no tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within twelve months of December 31, 2021.

The Company is subject to taxation in the U.S. and various state jurisdictions. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending December 31, 2001 through December 31, 2021 due to carryforward of unutilized net operating losses and research and development credits. The Company does not anticipate significant changes to its uncertain tax positions through December 31, 2021.
XML 32 R19.htm IDEA: XBRL DOCUMENT v3.22.1
Subsequent Events
 12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

Note 13. Subsequent Events

 

In March 2022, SWK Funding negotiated to terminate the B&D term loan upon receiving payment of $10.4 million, which was received on March 17, 2022. The carrying value of the term loan was $8.3 million as of December 31, 2021. Following this payment, B&D has no remaining payment obligations to the Company.
XML 33 R20.htm IDEA: XBRL DOCUMENT v3.22.1
SWK Holdings Corporation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations

Nature of Operations

SWK Holdings Corporation (the “Company”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In July 2012, the Company commenced its strategy of building a specialty finance and asset management business. In August 2019, the Company commenced a complementary strategy of building a pharmaceutical development, manufacturing and intellectual property licensing business. The Company’s operations comprise two reportable segments: “Finance Receivables” and “Pharmaceutical Development.” The Company allocates capital to each segment in order to generate income through the sales of life science products by third parties. The Company is headquartered in Dallas, Texas.

The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. However, at this time, under current law, the Company does not anticipate that the Finance Receivables and/or Pharmaceutical Development segments will generate sufficient income to permit the Company to utilize all of its NOLs prior to their respective expiration dates. As such, it is possible that the Company might pursue additional strategies that it believes might result in the ability to utilize more of the NOLs.

As of March 21, 2022, the Company and its partners have executed transactions with 43 different parties under its specialty finance strategy, funding an aggregate $619.7 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.

On August 26, 2019, the Company commenced its Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc. (“Enteris”). Enteris is a clinical stage biopharmaceutical company offering innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform. Since its founding in 2013, Enteris has advanced multiple internal and external programs leveraging Peptelligence®, which enables the oral delivery of molecules that are typically injected, including peptides and BCS Class II, III, and IV small molecules, in an enteric-coated tablet formulation. Peptelligence® utilizes a unique multifaceted approach to increase the solubility and absorption of peptides and small molecules, addressing the complex challenges regarding solubility and permeability of therapeutics with low oral bioavailability. Peptelligence® is protected by an extensive patent estate, some of which extends until 2036.
Basis of Presentation and Principles of Consolidation

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. 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.
Reclassification

Reclassification

 

Certain prior year amounts have been reclassified to conform to current year presentation. The amounts for prior periods have been reclassified to be consistent with current year presentation and have no impact on previously reported total assets, total stockholders’ equity or net income.
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 accounts receivable; impairment of finance receivables; long-lived assets; property and equipment; intangible assets; goodwill; 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, and its business offering oral therapeutic formulation solutions built around Enteris’ pharmaceutical Peptelligence® platform, which enables the oral delivery of molecules that are typically injected, including peptides and BCS Class II, III, and IV small molecules in an enteric-coated tablet formulation.

 
Goodwill and Intangible Assets

Goodwill and Intangible Assets

The Company’s methodology for allocating the purchase price of an acquisition is based on established valuation techniques that reflect the consideration of a number of factors, including a valuation performed by a third-party appraiser. Goodwill is measured as the excess of the cost of an acquired business over the fair value assigned to identifiable assets acquired and liabilities assumed. Goodwill is considered impaired when the estimated fair value of the reporting unit that was allocated the goodwill is less than its carrying value. If the estimated fair value of such reporting unit is less than its carrying value, goodwill impairment is recognized based on that difference, not to exceed the carrying amount of goodwill. A reporting unit is an operating segment or a component of an operating segment provided that the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. Goodwill arising from the Enteris acquisition has been allocated to the Pharmaceutical Development segment.

 

Finite-lived intangible assets are amortized over their estimated useful life, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. Goodwill and indefinite-lived intangible assets are not amortized, but instead, are subject to annual impairment testing. We review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter and continually assess whether a triggering event has occurred to determine whether the carrying value exceeds the implied fair value. For the years ended December 31, 2021 and 2020, the Company determined there were no indicators of impairment relating to identifiable finite-lived intangible assets.

 

The identification and measurement of goodwill impairment involves the estimation of the fair value of the reporting unit. We have the option to assess impairment through a qualitative assessment, which includes factors such as general economic conditions, negative developments in equity and credit markets, adverse changes in the markets in which a reporting unit operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. When a potential impairment is indicated, we perform quantitative testing by comparing the estimated fair value of the reporting unit to the carrying value of the reported net assets. Under our quantitative testing, fair value is generally based on the income approach using a calculation of discounted cash flows, based on the most recent financial projections for the reporting unit. The revenue growth rates included in the financial projections are our best estimates based on current and forecasted market conditions, and the profit margin assumptions are projected by the reporting unit based on current cost structure and, when applicable, anticipated net cost reductions.

 

Based on the Company’s 2021 goodwill impairment testing, no goodwill impairment was indicated as of December 31, 2021.
Inventory

Inventory

Inventories are stated at the lower of cost or net realizable value, valued at specifically identified cost which approximates the first-in, first-out method. The components of inventory include raw materials of $0.6 million and $0.1 million as of December 31, 2021 and 2020 and are reflected in current assets in the consolidated balance sheets.
Property and Equipment, Net

Property and Equipment, Net

Property and equipment are recorded at cost less accumulated depreciation and amortization. Expenditures for major additions and improvements are capitalized, while minor replacements, maintenance, and repairs are charged to expense as incurred. In addition, we capitalize interest on borrowings during the active construction period of capital projects. Capitalized interest is added to the cost of the assets and depreciated over the estimated useful lives of the assets. Leased property meeting certain criteria is capitalized and the present value of the related lease payments is recorded as a liability and included in current liabilities.

 

Depreciation is recorded over the estimated useful lives of the assets involved using the straight-line method. Leasehold improvements and capitalized lease assets are amortized to depreciation expense over the estimated useful life of the asset or the respective lease term used in determining lease classification, whichever is shorter. The range of estimated useful lives is as follows:

 

Asset   Estimated Useful Life
Leasehold improvements   Lesser of lease term or useful life
Furniture, fixtures and equipment   3 to 15 years

 
Deferred Revenue and Deferred Costs

Deferred Revenue and Deferred Costs

 

Deferred revenue includes amounts that have been billed per the contractual terms but have not been recognized as revenue. The Company classifies as current the portion of deferred revenue that is expected to be recognized within one year from the balance sheet date. Deferred revenue was $0.2 million and $0.4 million as of December 31, 2021 and 2020, respectively, and is included in accounts payable and accrued liabilities in the consolidated balance sheets.

 
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 consolidated statements of income.

 
Finance Receivables

Finance Receivables

 

The Company extends credit to customers through a variety of financing arrangements, including revenue interest term loans. The amounts outstanding on loans are referred to as finance receivables and are included in finance receivables on the consolidated balance sheets. It is the Company’s expectation that the loans originated will be held for the foreseeable future or until maturity. In certain situations, for example to manage concentrations and/or credit risk, some or all of certain exposures may be sold. Loans for which the Company has the intent and ability to hold for the foreseeable future or until maturity are classified as held for investment (“HFI”). If the Company no longer has the intent or ability to hold loans for the foreseeable future, then the loans are transferred to held for sale (“HFS”). Loans entered into with the intent to resell are classified as HFS.

 

If it is determined that a loan should be transferred from HFI to HFS, then the balance is transferred at the lower of cost or fair value. At the time of transfer, a write-down of the loan is recorded as an impairment when the carrying amount exceeds fair value and the difference relates to credit quality. Otherwise the write-down is recorded as a reduction in finance receivable interest income, and any loan loss reserve is reversed. Once classified as HFS, the amount by which the carrying value exceeds fair value is recorded as a valuation allowance and is reflected as a reduction to finance receivable interest income.

 

If it is determined that a loan should be transferred from HFS to HFI, the loan is transferred at the lower of cost or fair value on the transfer date, which coincides with the date of change in management’s intent. The difference between the carrying value of the loan and the fair value, if lower, is reflected as a loan discount at the transfer date, which reduces its carrying value. Subsequent to the transfer, the discount is accreted into earnings as an increase to finance revenue interest income over the life of the loan using the effective interest method.

The Company accounts for its finance receivables at amortized cost, net of unamortized origination fees, if any. Related fees and costs are recorded net of any amounts reimbursed, and interest is accreted or accrued to interest revenue using the effective interest method. When and if supplemental payments are received from these long-term receivables, an adjustment to the estimated effective interest rate is affected prospectively.

 

The Company evaluates the collectibility of both interest and principal for each loan to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines it is probable that it will be unable to collect amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the carrying value of the financial asset to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the estimated fair value of the underlying collateral, less costs to sell, if the loan is collateralized and the Company expects repayment to be provided solely by the collateral. Impairment assessments require significant judgments and are based on significant assumptions related to the borrower’s credit risk, financial performance, expected sales, and estimated fair value of the collateral.
Allowance for Credit Losses on Finance Receivables

Allowance for Credit Losses on Finance Receivables

The allowance for credit losses is intended to provide for credit losses inherent in the finance receivables portfolio and is periodically reviewed for adequacy considering credit quality indicators, including expected and historical losses and levels of and trends in past due loans, non-performing assets and impaired loans, collateral values and economic conditions. The allowance for credit losses is determined based on specific allowances for loans that are impaired, based upon the value of underlying collateral or projected cash flows. Changes to the allowance for credit losses are recorded in the provision for loan credit losses in the consolidated statement of income.
Marketable Investments

Marketable Investments

The Company’s marketable investment portfolio includes debt and equity securities as of December 31, 2021. Equity securities that have readily determinable fair values are reported at fair value with gains and losses recognized in earnings. The debt security is classified as an available-for-sale security, which is reported at fair value with unrealized gains or losses recorded in statements of other comprehensive income, net of applicable income taxes. In any case where fair value might fall below amortized cost, the Company would consider whether that security is other-than temporarily impaired using all available information about the collectibility of the security. The Company would not consider that an other-than temporary impairment for a debt security has occurred if (1) the Company does not intend to sell the debt security, (2) it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis and (3) the present value of estimated cash flows will fully cover the amortized cost of the security. The Company would consider that an other-than-temporary impairment has occurred if any of the above mentioned three conditions are not met.

For a debt security for which an other-than-temporary impairment is considered to have occurred, the Company would recognize the entire difference between the amortized cost and the fair value in earnings if the Company intends to sell the debt security or it is more likely than not that the Company will be able to sell the debt security before recovery of its amortized cost basis. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company would separate the difference between the amortized cost and the fair value of the debt security into the credit loss component and the non-credit loss component. The credit loss component would be recognized in earnings and the non-credit loss component would be recognized in other comprehensive income, net of applicable income taxes.
Derivatives

Derivatives

All derivatives held by the Company are recognized in the consolidated balance sheets at fair value. The accounting treatment for subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives that are not hedges must be adjusted to fair value through the consolidated statements of income. If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against change in the fair value of hedged assets or liabilities through the consolidated statements of income or recorded in other comprehensive income. The Company had no derivatives designated as hedges as of December 31, 2021 and 2020. The Company holds warrants issued to the Company in conjunction with term loan investments discussed in Note 3. These warrants meet the definition of a derivative and are included in warrant assets in the consolidated balance sheets.
Revenue Recognition

Revenue Recognition

Finance Receivables Segment

 

The Company’s Finance Receivables segment records interest income on an accrual basis based on the effective interest rate method to the extent that it expects to collect such amounts. The Company recognizes investment management fees when clients invest in our recommended transactions as earned over the period the services are rendered. In general, the majority of investment management fees earned are charged either monthly or quarterly. Incentive fees, if any, are recognized when earned at the end of the relevant performance period, pursuant to the underlying contract. The Company did not recognize any management or incentive fees in 2021 or 2020. Other service revenues are recognized when contractual obligations are fulfilled or as services are provided.

Pharmaceutical Development Segment

 

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.

 

In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use its judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above; and (d) the contract term and pattern of satisfaction of the performance obligations under step (v) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied.

 

Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Deferred revenue as of December 31, 2021 and 2020 was $0.2 million and $0.4 million and is classified as current deferred revenue and is included in accounts payable and accrued liabilities in the consolidated balance sheets.

 

The Company evaluates collaboration agreements with respect to FASB ASC Topic 808, Collaborative Arrangements, considering the nature and contractual terms of the arrangement and the nature of its business operations to determine the classification of the transactions. When the Company is an active participant in the activity and exposed to significant risks and rewards dependent on the commercial success of the collaboration, it will record its transactions on a gross basis in the consolidated financial statements and describe the rights and obligations under the collaborative arrangement in the notes to the consolidated financial statements.

 

Exclusive Licenses

 

If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, manufacturing and commercialization capabilities of the collaboration partner; the retention of any key rights by the Company; and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from a promise for its intended purpose without the receipt of the remaining promises, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company exercises judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods.

Customer Options

If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised.

Research and Development Services

The promises under the Company’s collaboration agreements may include research and development services to be performed by the Company on behalf of the partner. Payments or reimbursements resulting from the Company’s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. Reimbursements from and payments to the partner that are the result of a collaborative relationship with the partner, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense.

Milestone Payments

 

At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.

 

Royalties

For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements.

 
Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. There were no such investments at December 31, 2021 or 2020, as all of our cash was held in checking, savings and brokerage accounts. As of December 31, 2021, cash equivalents were deposited in financial institutions and consisted of immediately available fund balances.  The Company maintains its cash deposits and cash equivalents with well-known and stable financial institutions.

 
Interest and Accounts Receivable

Interest and Accounts Receivable

 

The Company records interest receivable on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. When management does not expect that principal, interest, and other obligations due will be collected in full, the Company will generally place the loan on nonaccrual status and cease recognizing interest income on that loan until all principal and interest due has been paid or the Company believes the partner company has demonstrated the ability to repay the Company’s current and future contractual obligations. Any uncollected interest related to prior periods is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, the Company may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection. The Company did not recognize any provision for loan credit losses in 2021 and 2020.

Accounts receivable for management fees are recorded at the aggregate unpaid amount less any allowance for doubtful accounts. The Company determines an account receivable’s delinquency status based on its contractual terms. Interest is not charged on outstanding balances. Accounts are written-off only when all methods of recovery have been exhausted. As of December 31, 2021 and 2020, the allowance for doubtful accounts was zero.

 
Certain Risks and Concentrations

Certain Risks and Concentrations

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, interest and accounts receivable, finance receivables and marketable investments. The Company invests its excess cash with major U.S. banks and financial institutions. The Company has not experienced any losses on its cash and cash equivalents.

Finance Receivables Segment

The Company performs ongoing credit evaluations of its partner companies and generally requires collateral. For the year ended December 31, 2021, five of our business partners accounted for 63 percent of our interest and accounts receivable. For the year ended December 31, 2020, five of our business partners accounted for 68 percent of our interest and accounts receivable.

Pharmaceutical Development Segment

For the years ended December 31, 2021 and 2020, Cara Therapeutics, Inc. (“Cara”) accounted for approximately 98 percent of Pharmaceutical Development segment revenues.

The Company does not expect its current or future credit risk exposures to have a significant impact on its operations. However, there can be no assurance that its business will not experience any adverse impact from credit risk in the future.
Stock-based Compensation

Stock-based Compensation

All employee and director stock-based compensation is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the requisite service period. Stock-based compensation expense is reduced for estimated future forfeitures. These estimates are revised in future periods if actual forfeitures differ from the estimates. Changes in forfeiture estimates impact compensation expense in the period in which the change in estimate occurs.

For restricted stock, the Company recognizes compensation expense in accordance with the fair value of the Company’s stock as determined on the grant date, amortized over the applicable service period. When vesting of awards is based wholly or in part upon the future performance of the stock price, such terms result in adjustments to the grant date fair value of the award and the derivation of a service period. If service is provided over the derived service period, the adjusted fair value of the awards will be recognized as compensation expense, regardless of whether or not the awards vest.
Income Taxes

Income Taxes

Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded to reduce deferred tax assets to an amount where realization is more likely than not.

 

If the Company ultimately determines that the payment of such a liability is not necessary, then the Company reverses the liability and recognizes a tax benefit during the period in which the determination is made that the liability is no longer necessary. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax benefit in the statements of income.

 
Comprehensive Income

Comprehensive Income

The consolidated statements of comprehensive income have been omitted, as net income equals comprehensive income for the years ended December 31, 2021 and 2020.
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 earnings per share for the following (in thousands, except per share amounts):

   Year Ended December 31, 
   2021   2020 
Numerator:          
Net income  $25,929   $5,202 
           
Denominator:          
Weighted-average shares outstanding   12,796    12,852 
Effect of dilutive securities   38    10 
Weighted-average diluted shares   12,834    12,862 
           
Basic net income per share  $2.03   $0.40 
Diluted net income per share  $2.02   $0.40 

 

As of December 31, 2021 and 2020, outstanding options to purchase shares of common stock and outstanding shares of restricted stock in an aggregate of approximately 368,000 and 443,000, respectively, have been excluded from the calculation of diluted net income per share as such securities were anti-dilutive.

 
Recent Accounting Pronouncements

Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards 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 is effective from March 12, 2020 through December 31, 2022. An entity may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. An entity may elect to apply the amendments in ASU 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. The one-time election to sell, transfer, or both sell and transfer debt securities classified as held-to-maturity may be made at any time after March 12, 2020 but no later than December 31, 2022. The Company has identified existing loans that reference 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 June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326).” This standard adds an impairment model, known as the current expected credit loss (“CECL”) model, that is based on expected losses rather than incurred losses. Under this guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of losses. This ASU describes the impairment allowance as a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be measured in a manner similar to current GAAP; however, the amendments in this update require that credit losses be presented as an allowance rather than as a write-down, which will allow an entity the ability to record reversals of credit losses in current period net income. On November 15, 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” which finalized various effective date delays for private companies, not-for-profit organizations, and certain smaller reporting companies. Under ASU 2019-10, the effective date for implementation of CECL for smaller reporting companies was extended to fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company is currently evaluating the new guidance but believes it is likely to incur more upfront losses on its portfolio under the new CECL model.
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SWK Holdings Corporation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Useful Life of Property and Equipment, Net

SWK Holdings Corporation and Summary of Significant Accounting Policies
Asset   Estimated Useful Life
Leasehold improvements   Lesser of lease term or useful life
Furniture, fixtures and equipment   3 to 15 years
Schedule of Basic and Diluted Earning per Share

The following table shows the computation of basic and diluted earnings per share for the following (in thousands, except per share amounts):
SWK Holdings Corporation and Summary of Significant Accounting Policies (Details 2)
   Year Ended December 31, 
   2021   2020 
Numerator:          
Net income  $25,929   $5,202 
           
Denominator:          
Weighted-average shares outstanding   12,796    12,852 
Effect of dilutive securities   38    10 
Weighted-average diluted shares   12,834    12,862 
           
Basic net income per share  $2.03   $0.40 
Diluted net income per share  $2.02   $0.40 
XML 35 R22.htm IDEA: XBRL DOCUMENT v3.22.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

As of December 31, 2021 and 2020, 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):

 
Goodwill and Intangible Assets
                               
   As of December 31, 2021 
   Gross Book
Value		   Accumulated
Amortization		   Net Book Value   Estimated Useful
Life		 
License Agreement (1)  $29,400     $19,780     $9,620      10 
Trade names and trademarks   210    50    160    10 
Customer relationships   240    56    184    10 
Total intangible assets  $29,850   $19,886   $9,964      
                     
   As of December 31, 2020 
   Gross Book
Value		   Accumulated
Amortization		   Net Book Value   Estimated Useful
Life		 
License Agreement (1)  $29,400     $16,336     $13,064      10 
Trade names and trademarks   210    29    181    10 
Customer relationships   240    32    208    10 
Total intangible assets  $29,850   $16,397   $13,453      
Schedule of Intangible Asset Amortization Expense

Amortization expense was $3.5 million and $11.7 million for the years ended December 31, 2021 and 2020, respectively, and was recorded in depreciation and amortization expense. Based on amounts recorded at December 31, 2021, the Company will recognize acquired intangible asset amortization as follows (in thousands):
Goodwill and Intangible Assets (Details 2)
2022  $1,768 
2023   1,696 
2024   1,540 
2025   1,069 
2026   1,069 
Thereafter  $2,822 
Total  $9,964 
XML 36 R23.htm IDEA: XBRL DOCUMENT v3.22.1
Finance Receivables (Tables)
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Schedule of carrying value of finance receivables

Finance Receivables
               
   December 31, 
   2021   2020 
Term loans  $136,312   $164,032 
Royalty purchases   53,629    48,847 
Total before allowance for credit losses   189,941    212,879 
Allowance for credit losses   (8,388)   (8,388)
Total carrying value  $181,553   $204,491 
Schedule of analysis of nonaccrual and performing loans by portfolio segment

The following table presents nonaccrual and performing loans by portfolio financing structure: (in thousands):
Finance Receivables (Details 2)
   December 31, 2021   December 31, 2020 
   Nonaccrual   Performing   Total   Nonaccrual   Performing   Total 
Term loans  $18,288   $118,024   $136,312   $8,334   $155,698   $164,032 
Royalty purchases   3,362    41,879    45,241    3,863    36,596    40,459 
Total carrying value  $21,650   $159,903   $181,553   $12,197   $192,294   $204,491 
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Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following as of December 31, 2021 and 2020 (in thousands):

Property and Equipment, Net
   December 31, 2021   December 31, 2020 
Production equipment and other  $3,042   $2,658 
Furniture and fixtures   38    86 
Leasehold improvements   3,648    143 
Construction-in progress   —    2,785 
Capitalized software   84    77 
Total   6,812    5,749 
Less accumulated depreciation and amortization   (1,033)   (538)
Property and equipment, net  $5,779   $5,211 
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Marketable Investments (Tables)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of marketable investments

Investment in corporate debt securities and equity securities as of December 31, 2021 and 2020 consist of the following (in thousands):
Marketable Investments
  

Year Ended
December 31,

 
   2021   2020 
Corporate debt securities  $119   $241 
Equity securities   1,034    1,210 
Total marketable investments  $1,153   $1,451 
Schedule of available-for-sale securities reconciliation

The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale debt securities as of December 31, 2021 and 2020, are as follows (in thousands):
Marketable Investments (Details 2)
December 31, 2021  Amortized Cost   Gross Unrealized
Gains		   Gross Unrealized
Losses		   Fair Value 
Corporate debt securities  $119   $—   $—   $119 
                     
                     
December 31, 2020  Amortized Cost   Gross Unrealized
Gains		   Gross Unrealized
Losses		   Fair Value 
Corporate debt securities  $241   $—   $—   $241 
Schedule of Proceeds from sales, gross unrealized gains and gross unrealized losses for available-for-sale securities

The following table presents realized and unrealized gains and losses on equity securities as prescribed by ASC 321, Investment - Equity Securities during the year ended December 31, 2021 and 2020.
Marketable Investments (Details 3)
   December 31, 
   2021   2020 
Unrealized net gain (loss) on equity securities reflected in the Consolidated Statements of Income  $1,839   $(591)
Proceeds received on tender of equity securities   1,875    — 
Realized loss on tender/sale of equity securities reflected in the Consolidated Statements of Income   (140)   — 
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Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Minimum Rent

Consolidated future minimum rent is as follows (in thousands):
Commitments and Contingencies
2022  $333 
2023   335 
2024   336 
2025   326 
2026   277 
Thereafter   826 
Total future lease payments  $2,433 
Schedule of Unfunded Commitments

As of December 31, 2021, the Company’s unfunded commitments were as follows (in millions):
Commitments and Contingencies (Details 2)
4Web, Inc.  $2.7 
Ideal Implant, Inc.   2.0 
MolecuLight, Inc.   2.0 
Trio Healthcare Ltd. Loan   0.5 
Total unfunded commitments  $7.2 
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Stockholders’ Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule of Assumptions of Fair Value of Options Granted

Stockholders' Equity
    For the Year Ended
December 31,		 
    2020 
Risk-free interest rate   0.40% - 0.47% 
Expected stock-price volatility   47.9% - 48.3% 
Expected life   6.2 years 
Schedule of Stock Option Activity

The following table summarizes activities under the 2010 Stock Incentive Plan for the indicated periods:
Stockholders' Equity (Details 2)
   Options Outstanding     
   Number of
Shares		   Weighted-
Average
Exercise
Price		   Weighted-
Average
Remaining
Contractual
Term
(in years)		   Aggregate
Intrinsic
Value
(in thousands)		 
Balances, December 31, 2019   302,500   $11.71    5.9   $313.4 
Options canceled and retired   —    —           
Options exercised   —    —           
Options granted   60,000    16.29           
Balances, December 31, 2020   362,500    12.47    5.6    810.1 
Options canceled and retired   —    —           
Options exercised   (75,000)   8.30           
Options granted   —    —           
Balances, December 31, 2021   287,500    10.75    5.7    1,745.8 
                     
Options vested and exercisable and expected to be vested and exercisable at December 31, 2021   287,500   $10.75    5.7   $1,745.8 
Options vested and exercisable at December 31, 2021   192,500   $12.88    5.7   $1,299.0 
Schedule of Stock Options Outstanding

The following table summarizes significant ranges of outstanding and exercisable options as of December 31, 2021:

 

 
Stockholders' Equity (Details 3)
Exercise Prices   Number
Outstanding		   Weighted-
Average
Remaining
Contractual
Life (in years)		   Weighted-
Average
Exercise
Price per
Share		   Number
Exercisable		   Weighted-
Average
Exercise
Price per
Share		 
$9.61    15,000    4.5   $9.61    15,000   $9.61 
 12.50    75,000    7.1    12.50    75,000    12.50 
 12.50    37,500    7.4    12.50    37,500    12.50 
 13.70    100,000    2.6    13.70    50,000    13.70 
 16.29    15,000    8.4    16.29    3,750    16.29 
 16.29    15,000    8.5    16.29    7,500    16.29 
 16.29    30,000    8.3    16.29    3,750    16.29 
 Total    287,500    5.7   $10.75    192,500   $12.88 
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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of fair value assets measured on recurring basis

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 (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  $3,419   $—   $—   $3,419 
Marketable investments   1,153    1,034    —    119 
                     
Financial liabilities:                    
Contingent consideration payable  $8,530   $—   $—   $8,530 

 

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 (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  $2,972   $—   $—   $2,972 
Marketable investments   1,451    1,210    —    241 
                     
Financial liabilities:                    
Contingent consideration payable  $16,900   $—   $—   $16,900 
[custom:DisclosureFairValueMeasurementsDetailsAbstract]
   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  $3,419   $—   $—   $3,419 
Marketable investments   1,153    1,034    —    119 
                     
Financial liabilities:                    
Contingent consideration payable  $8,530   $—   $—   $8,530 

 

The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 (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  $2,972   $—   $—   $2,972 
Marketable investments   1,451    1,210    —    241 
                     
Financial liabilities:                    
Contingent consideration payable  $16,900   $—   $—   $16,900 
Schedule of fair value assets measured on recurring basis unobservable input reconciliation

The changes on the value of the warrant assets during the years ended December 31, 2021 and 2020 were as follows (in thousands):
Fair Value Measurements (Details 2)
Fair Value - December 31, 2019  $3,555 
Issuance   79 
Canceled   — 
Change in fair value   (662)
Fair Value - December 31, 2020   2,972 
Issuance   175 
Canceled   — 
Change in fair value   272 
Fair Value - December 31, 2021  $3,419 
Schedule of weighted average assumptions

 
Fair Value Measurements (Details 3)
    December 31, 
    2021    2020 
Dividend rate   —    — 
Risk-free rate   0.97% to 1.44%    0.17% to 0.65% 
Expected life (years)   2.6 to 7.0    3.6 to 7.4 
Expected volatility   60.2% to 142.0%       74.3% to 174.7% 
Schedule of fair value assets and liabilities measured on nonrecurring basis

The following table presents financial assets measured at fair value on a nonrecurring basis as of December 31, 2021 and 2020 (in thousands):
Fair Value Measurements (Details 4)
   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)

 
December 31, 2021                    
Impaired royalties  $5,612   $—   $—   $5,612 
December 31, 2020                    
Impaired royalties  $7,937   $—   $—   $7,937 
Schedule of fair value by balance sheet grouping

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.

 

For the year ended December 31, 2021 (in thousands):

   Carrying
Value		   Fair Value   Level 1   Level 2   Level 3 
Financial assets:                         
Cash and cash equivalents  $42,863   $42,863   $42,863   $—   $— 
Finance receivables   181,553    181,553    —    —    181,553 
Marketable investments   1,153    1,153    1,034    —    119 
Warrant assets   3,419    3,419    —    —    3,419 
                          
Financial liabilities                         
Contingent consideration payable  $8,530   $8,530   $—   $—   $8,530 

For the year ended December 31, 2020 (in thousands):

   Carrying
Value		   Fair Value   Level 1   Level 2   Level 3 
Financial assets:                         
Cash and cash equivalents  $3,008   $3,008   $3,008   $—   $— 
Finance receivables   204,491    204,491    —    —    204,491 
Marketable investments   1,451    1,451    1,210    —    241 
Warrant assets   2,972    2,972    —    —    2,972 
                          
Financial liabilities                         
Contingent consideration payable  $16,900   $16,900   $—   $—   $16,900 
[custom:DisclosureFairValueMeasurementsDetails5Abstract]
   Carrying
Value		   Fair Value   Level 1   Level 2   Level 3 
Financial assets:                         
Cash and cash equivalents  $42,863   $42,863   $42,863   $—   $— 
Finance receivables   181,553    181,553    —    —    181,553 
Marketable investments   1,153    1,153    1,034    —    119 
Warrant assets   3,419    3,419    —    —    3,419 
                          
Financial liabilities                         
Contingent consideration payable  $8,530   $8,530   $—   $—   $8,530 

For the year ended December 31, 2020 (in thousands):

   Carrying
Value		   Fair Value   Level 1   Level 2   Level 3 
Financial assets:                         
Cash and cash equivalents  $3,008   $3,008   $3,008   $—   $— 
Finance receivables   204,491    204,491    —    —    204,491 
Marketable investments   1,451    1,451    1,210    —    241 
Warrant assets   2,972    2,972    —    —    2,972 
                          
Financial liabilities                         
Contingent consideration payable  $16,900   $16,900   $—   $—   $16,900 
XML 42 R29.htm IDEA: XBRL DOCUMENT v3.22.1
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Recognized by Revenue Source

The following table provides the contract revenue recognized by revenue source for the years ended December 31, 2021 and 2020 (in thousands):

 

 
Revenue Recognition
   December 31, 
   2021   2020 
Pharmaceutical Development Segment          
License Agreement  $15,871   $5,827 
Pharmaceutical development and other   974    76 
Total contract revenue  $16,845   $5,903 
Schedule of Company's Contract Liabilities

The Company’s contract liabilities are presented as deferred revenues and are included in accounts payable and accrued liabilities in the consolidated balance sheets (in thousands):

 

 
Revenue Recognition (Details 2)
   December 31, 
   2021   2020 
Pharmaceutical Development Segment          
Deferred revenue  $185   $350 
Total contract liabilities  $185   $350 
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Segment Information (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Schedule of Reportable Segments

The following tables present financial information for the Company’s reportable segments for the periods indicated (in thousands):

Segment Information
Year Ended December 31, 2021  Finance
Receivables		   Pharmaceutical
Development
and Other		   Holding
Company
and Other		   Consolidated 
Revenue  $39,310   $16,122   $—   $55,432 
Other revenue   —    723    —    723 
Interest expense   374    —    —    374 
Manufacturing, research and development   —    7,347    —    7,347 
Depreciation and amortization expense   —    4,055    6    4,061 
Change in fair value of acquisition-related contingent consideration   —    (287)   —    (287)
General and administrative   1,813    3,983    7,824    13,620 
Other income, net   1,971    —    —    1,971 
Income tax expense   —    —    7,082    7,082 
Consolidated net income (loss)   39,094    1,747    (14,912)   25,929 
                     
                     
Year Ended December 31, 2020  Finance
Receivables		   Pharmaceutical
Development
and Other		   Holding
Company
and Other		   Consolidated 
Revenue  $30,800   $5,903   $—   $36,703 
Other revenue   8    —    1    9 
Provision for credit losses and impairment expense   163    —    —    163 
Interest expense   455    —    —    455 
Manufacturing, research and development   —    4,268    —    4,268 
Depreciation and amortization expense   —    12,081    10    12,091 
Change in fair value of acquisition-related contingent consideration   —    4,400    —    4,400 
General and administrative   736    3,875    5,935    10,546 
Other (expense) income, net   (1,201)   —    77    (1,124)
Income tax benefit   —    —    (1,537)   (1,537)
Consolidated net income (loss)   28,253    (18,721)   (4,330)   5,202 
XML 44 R31.htm IDEA: XBRL DOCUMENT v3.22.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax Provision

The components of income before income tax provision are as follows (in thousands):
Income Taxes
    December 31, 
    2021   2020 
 U.S.  $33,011   $3,665 
Schedule of Components of Income Tax Expense (Benefit)

During the years ended December 31, 2021 or 2020, the Company’s provision for (benefit from) income taxes was as follows (in thousands):

 
Income Taxes (Details 2)
   December 31, 
   2021   2020 
Current expense (benefit)          
State  $185   $174 
Deferred expense (benefit)          
Federal   6,944    (1,661)
State   (47)   (50)
Total income tax expense (benefit)  $7,082   $(1,537)
Income Taxes (Details 3)
   December 31, 
   2021   2020 
Federal tax provision at statutory rate  $6,945   $771 
Change in valuation allowance   (21,208)   (14,194)
State taxes, net of federal income tax benefit   95    84 
Mark-to-market adjustments   (58)   123 
Contingent consideration revaluation   (60)   924 
Other   (125)   411 
Write off of deferred tax assets   21,493    10,344 
Total income tax expense (benefit)  $7,082   $(1,537)
Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets consist of the following (in thousands):
Income Taxes (Details 4)
   December 31, 
   2021   2020 
Deferred tax assets:          
Credit carryforward  $3,077   $2,960 
Stock-based compensation   138    398 
Other   3,334    3,647 
Net operating losses   32,362    60,774 
Gross deferred tax assets   38,911    67,779 
Deferred tax liabilities:          
Intangible assets other than goodwill   (1,609)   (2,299)
Other   (479)   (496)
Valuation allowance   (16,284)   (37,493)
Net deferred tax assets  $20,539   $27,491 
XML 45 R32.htm IDEA: XBRL DOCUMENT v3.22.1
SWK Holdings Corporation and Summary of Significant Accounting Policies (Details) - Furniture and Fixtures [Member]
 12 Months Ended
Dec. 31, 2021
Minimum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 15 years
XML 46 R33.htm IDEA: XBRL DOCUMENT v3.22.1
SWK Holdings Corporation and Summary of Significant Accounting Policies (Details 2) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Net income $ 25,929 $ 5,202
Weighted-average shares outstanding 12,796,000 12,852,000
Effect of dilutive securities 38,000 10,000
Weighted-average diluted shares 12,834,000 12,862,000
Basic net income per share $ 2.03 $ 0.40
Diluted net income per share $ 2.02 $ 0.40
XML 47 R34.htm IDEA: XBRL DOCUMENT v3.22.1
SWK Holdings Corporation and Summary of Significant Accounting Policies (Details Narrative)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Number
shares
Dec. 31, 2020
USD ($)
shares
Financing Receivable, Impaired [Line Items]    
Number of Operating Segments | Number 2  
Inventory, Raw Materials, Gross $ 600 $ 100
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares 368,000 443,000
Pharmaceutical Development Services [Member]    
Financing Receivable, Impaired [Line Items]    
Deferred Revenue, Current $ 200 $ 400
XML 48 R35.htm IDEA: XBRL DOCUMENT v3.22.1
Goodwill and Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Indefinite-lived Intangible Assets [Line Items]    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill $ 29,850 $ 29,850
Finite-Lived Intangible Assets, Accumulated Amortization 19,886 16,397
Intangible Assets, Current 9,964 13,453
Licensing Agreements [Member]    
Indefinite-lived Intangible Assets [Line Items]    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [1] 29,400 29,400
Finite-Lived Intangible Assets, Accumulated Amortization [1] 19,780 16,336
Intangible Assets, Current [1] $ 9,620 $ 13,064
Finite-Lived Intangible Asset, Useful Life 10 years 10 years
Trademarks and Trade Names [Member]    
Indefinite-lived Intangible Assets [Line Items]    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill $ 210 $ 210
Finite-Lived Intangible Assets, Accumulated Amortization 50 29
Intangible Assets, Current $ 160 $ 181
Finite-Lived Intangible Asset, Useful Life 10 years 10 years
Customer Relationships [Member]    
Indefinite-lived Intangible Assets [Line Items]    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill $ 240 $ 240
Finite-Lived Intangible Assets, Accumulated Amortization 56 32
Intangible Assets, Current $ 184 $ 208
Finite-Lived Intangible Asset, Useful Life 10 years 10 years
[1] Prior to our acquisition of Enteris, Enteris entered into a non-exclusive commercial license agreement (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.
XML 49 R36.htm IDEA: XBRL DOCUMENT v3.22.1
Goodwill and Intangible Assets (Details 2)
$ in Thousands
Dec. 31, 2021
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2022 $ 1,768
2023 1,696
2024 1,540
2025 1,069
2026 1,069
Thereafter 2,822
Total $ 9,964
XML 50 R37.htm IDEA: XBRL DOCUMENT v3.22.1
Finance Receivables (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total before allowance for credit losses $ 189,941 $ 212,879
Allowance for credit losses (8,388) (8,388)
Total carrying value 181,553 204,491
Life Science Term Loans [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total before allowance for credit losses 136,312 164,032
Total carrying value 136,312 164,032
Life Science Royalty Purchases [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total before allowance for credit losses 53,629 48,847
Total carrying value $ 45,241 $ 40,459
XML 51 R38.htm IDEA: XBRL DOCUMENT v3.22.1
Finance Receivables (Details 2) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]    
Total carrying value $ 181,553 $ 204,491
Life Science Term Loans [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total carrying value 136,312 164,032
Life Science Royalty Purchases [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total carrying value 45,241 40,459
Nonperforming Financial Instruments [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total carrying value 21,650 12,197
Nonperforming Financial Instruments [Member] | Life Science Term Loans [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total carrying value 18,288 8,334
Nonperforming Financial Instruments [Member] | Life Science Royalty Purchases [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total carrying value 3,362 3,863
Performing Financial Instruments [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total carrying value 159,903 192,294
Performing Financial Instruments [Member] | Life Science Term Loans [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total carrying value 118,024 155,698
Performing Financial Instruments [Member] | Life Science Royalty Purchases [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total carrying value $ 41,879 $ 36,596
XML 52 R39.htm IDEA: XBRL DOCUMENT v3.22.1
Finance Receivables (Details Narrative) - USD ($)
$ in Thousands
Mar. 17, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]      
Financing Receivable, Allowance for Credit Loss   $ 8,388 $ 8,388
Cambia [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Financing Receivable, Allowance for Credit Loss   1,200  
Besivance [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Financing Receivable, Allowance for Credit Loss   600  
A B T Molecular Imaging Inc [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Financing Receivable, Allowance for Credit Loss   6,600  
B&D Dental Corporation      
Defined Benefit Plan Disclosure [Line Items]      
Loans and Leases Receivable, Gross   8,300  
B&D Dental Corporation | Subsequent Event [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Proceeds from Loan and Lease Originations and Principal Collections $ 10,400    
Flowonix Medical, Inc.      
Defined Benefit Plan Disclosure [Line Items]      
Loans and Leases Receivable, Gross   10,000  
Best Royalty [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Loans and Leases Receivable, Gross   $ 3,400  
XML 53 R40.htm IDEA: XBRL DOCUMENT v3.22.1
Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Abstract]    
Production equipment and other $ 3,042 $ 2,658
Furniture and fixtures 38 86
Leasehold improvements 3,648 143
Construction-in progress 2,785
Capitalized software 84 77
Total 6,812 5,749
Less accumulated depreciation and amortization (1,033) (538)
Property and equipment, net $ 5,779 $ 5,211
XML 54 R41.htm IDEA: XBRL DOCUMENT v3.22.1
Property and Equipment, Net (Details Narrative) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Impairment Effects on Earnings Per Share [Line Items]    
Depreciation, Depletion and Amortization, Nonproduction $ 4,061 $ 12,091
Property, Plant and Equipment [Member]    
Impairment Effects on Earnings Per Share [Line Items]    
Depreciation, Depletion and Amortization, Nonproduction $ 600 $ 400
XML 55 R42.htm IDEA: XBRL DOCUMENT v3.22.1
Marketable Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]    
Corporate debt securities $ 119 $ 241
Equity securities 1,034 1,210
Total marketable investments $ 1,153 $ 1,451
XML 56 R43.htm IDEA: XBRL DOCUMENT v3.22.1
Marketable Investments (Details 2) - Corporate Debt Securities [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Marketable Securities [Line Items]    
Debt Securities, Available-for-sale, Amortized Cost $ 119 $ 241
Available-for-sale Securities, Gross Unrealized Gain
Available-for-sale Securities $ 119 241
Available-for-sale Securities, Gross Unrealized Loss  
XML 57 R44.htm IDEA: XBRL DOCUMENT v3.22.1
Marketable Investments (Details 3) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Net Investment Income [Line Items]    
Unrealized net gain (loss) on equity securities reflected in the Consolidated Statements of Income $ 1,839 $ (591)
Proceeds received on tender of equity securities 1,875 53
Realized loss on tender/sale of equity securities reflected in the Consolidated Statements of Income (140) 53
Equity Securities, Investment Summary [Member]    
Net Investment Income [Line Items]    
Unrealized net gain (loss) on equity securities reflected in the Consolidated Statements of Income 1,839 (591)
Proceeds received on tender of equity securities 1,875
Realized loss on tender/sale of equity securities reflected in the Consolidated Statements of Income $ (140)
XML 58 R45.htm IDEA: XBRL DOCUMENT v3.22.1
Revolving Credit Facility (Details Narrative) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Line of Credit Facility [Line Items]    
Line of Credit Facility, Fair Value of Amount Outstanding $ 8,000  
Line of Credit Facility, Remaining Borrowing Capacity 22,000,000.0  
Interest Expense 374,000 $ 455,000
Revolving Credit Facility [Member]    
Line of Credit Facility [Line Items]    
Interest Expense $ 400,000 $ 500,000
XML 59 R46.htm IDEA: XBRL DOCUMENT v3.22.1
Commitments and Contingencies (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2022 $ 333
2023 335
2024 336
2025 326
2026 277
Thereafter 826
Total future lease payments $ 2,433
XML 60 R47.htm IDEA: XBRL DOCUMENT v3.22.1
Commitments and Contingencies (Details 2) - Unfunded Loan Commitment [Member]
$ in Thousands
Dec. 31, 2021
USD ($)
Financing Receivable, Impaired [Line Items]  
Commitments and Contingencies $ 7,200
4Web, Inc.  
Financing Receivable, Impaired [Line Items]  
Commitments and Contingencies 2,700
Ideal Implant, Inc.  
Financing Receivable, Impaired [Line Items]  
Commitments and Contingencies 2,000
MolecuLight, Inc.  
Financing Receivable, Impaired [Line Items]  
Commitments and Contingencies 2,000
Trio Healthcare Ltd. Loan  
Financing Receivable, Impaired [Line Items]  
Commitments and Contingencies $ 500
XML 61 R48.htm IDEA: XBRL DOCUMENT v3.22.1
Commitments and Contingencies (Details Narrative) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Corporate Headquarters [Member]    
Finite-Lived Intangible Assets [Line Items]    
Payments for Rent $ 69,000 $ 58,000
Enteris Headquarters [Member]    
Finite-Lived Intangible Assets [Line Items]    
Payments for Rent $ 300,000 $ 200,000
XML 62 R49.htm IDEA: XBRL DOCUMENT v3.22.1
Stockholders' Equity (Details) - Equity Option [Member]
 12 Months Ended
Dec. 31, 2020
Offsetting Assets [Line Items]  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term 6 years 2 months 12 days
Minimum [Member]  
Offsetting Assets [Line Items]  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 0.40%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 47.90%
Maximum [Member]  
Offsetting Assets [Line Items]  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 0.47%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 48.30%
XML 63 R50.htm IDEA: XBRL DOCUMENT v3.22.1
Stockholders' Equity (Details 2) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Offsetting Assets [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance $ 10.75    
Equity Option [Member]      
Offsetting Assets [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance 362,500 302,500  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance $ 12.47 $ 11.71  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term 5 years 8 months 12 days 5 years 7 months 6 days 5 years 10 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value $ 810,100 $ 313,400  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period 75,000  
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price $ 8.30  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 60,000  
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price $ 16.29  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance 287,500 362,500 302,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance $ 10.75 $ 12.47 $ 11.71
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value $ 1,745,800 $ 810,100 $ 313,400
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (75,000)  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number 287,500    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price $ 10.75    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term 5 years 8 months 12 days    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value $ 1,745,800    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number 192,500    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price $ 12.88    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term 5 years 8 months 12 days    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value $ 1,299,000.0    
XML 64 R51.htm IDEA: XBRL DOCUMENT v3.22.1
Stockholders' Equity (Details 3)
 12 Months Ended
Dec. 31, 2021
$ / shares
shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | shares 287,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares $ 10.75
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares 192,500
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ / shares $ 12.88
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term 5 years 8 months 12 days
Exercise Price $9.61 [Member]  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | shares 15,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares $ 9.61
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares 15,000
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ / shares $ 9.61
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term 4 years 6 months
Exercise Price $12.50 [Member]  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | shares 75,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares $ 12.50
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares 75,000
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ / shares $ 12.50
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term 7 years 1 month 6 days
Exercise Price $12.50 [Member]  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | shares 37,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares $ 12.50
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares 37,500
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ / shares $ 12.50
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term 7 years 4 months 24 days
Exercise Price $13.70 [Member]  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | shares 100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares $ 13.70
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares 50,000
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ / shares $ 13.70
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term 2 years 7 months 6 days
Exercise Price $16.29 [Member]  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | shares 15,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares $ 16.29
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares 3,750
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ / shares $ 16.29
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term 8 years 4 months 24 days
Exercise Price $16.29 [Member]  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | shares 15,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares $ 16.29
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares 7,500
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ / shares $ 16.29
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term 8 years 6 months
Exercise Price 16.29 [Member]  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | shares 30,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares $ 16.29
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares 3,750
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ / shares $ 16.29
Share-based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term 8 years 3 months 18 days
XML 65 R52.htm IDEA: XBRL DOCUMENT v3.22.1
Stockholders’ Equity (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Jun. 15, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Common Stock, Par or Stated Value Per Share $ 0.001 $ 0.001  
Common Stock, Shares Authorized 250,000,000 250,000,000  
Stock Repurchase Program, Authorized Amount     $ 5,000
Share-based Payment Arrangement, Noncash Expense $ 1,163 $ 728  
Non Employee Director [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture 18,978 24,940  
Share-based Payment Arrangement, Noncash Expense   $ 300  
Restricted Stock [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 8,761 8,305  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period 24,727 37,989  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 74,221 27,471  
Common Stock [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Stock Repurchase Program, Number of Shares Authorized to be Repurchased     312,500
Share-based Payment Arrangement, Noncash Expense  
XML 66 R53.htm IDEA: XBRL DOCUMENT v3.22.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Financial assets:      
Warrant assets $ 3,419 $ 2,972  
Marketable investments 1,153 1,451  
Financial liabilities:      
Contingent consideration payable 8,530 16,900  
Fair Value, Inputs, Level 1 [Member]      
Financial assets:      
Marketable investments 1,034 1,210  
Financial liabilities:      
Contingent consideration payable  
Fair Value, Inputs, Level 2 [Member]      
Financial assets:      
Marketable investments  
Financial liabilities:      
Contingent consideration payable  
Fair Value, Inputs, Level 3 [Member]      
Financial assets:      
Marketable investments 119 241  
Financial liabilities:      
Contingent consideration payable 8,530 16,900  
Fair Value, Recurring [Member]      
Financial assets:      
Warrant assets 3,419 2,972  
Marketable investments 1,153 1,451  
Financial liabilities:      
Contingent consideration payable 8,530 16,900  
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]      
Financial assets:      
Warrant assets  
Marketable investments 1,034 1,210  
Financial liabilities:      
Contingent consideration payable  
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]      
Financial assets:      
Warrant assets  
Marketable investments  
Financial liabilities:      
Contingent consideration payable  
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]      
Financial assets:      
Warrant assets 3,419 2,972 $ 3,555
Marketable investments 119 241  
Financial liabilities:      
Contingent consideration payable $ 8,530 $ 16,900  
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$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value - December 31, 2019 $ 2,972  
Fair Value - December 31, 2021 3,419 $ 2,972
Fair Value, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value - December 31, 2019 2,972  
Fair Value - December 31, 2021 3,419 2,972
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value - December 31, 2019 2,972 3,555
Issuance 175 79
Canceled
Change in fair value 272 (662)
Fair Value - December 31, 2021 $ 3,419 $ 2,972
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Fair Value Measurements (Details 3) - Warrant [Member]
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate 0.00% 0.00%
Minimum [Member]    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 0.97% 0.17%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term 2 years 7 months 6 days 3 years 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 60.20% 74.30%
Maximum [Member]    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 1.44% 0.65%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term 7 years 7 years 4 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 142.00% 174.70%
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$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired royalties $ 1,153 $ 1,451
Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired royalties 1,034 1,210
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired royalties
Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired royalties 119 241
Fair Value, Nonrecurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired royalties 5,612 7,937
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired royalties
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired royalties
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired royalties $ 5,612 $ 7,937
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Fair Value Measurements (Details 5) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Financial assets:      
Cash and cash equivalents $ 42,863 $ 3,008  
Cash and Cash Equivalents, at Carrying Value 42,863 3,008 $ 11,158
Finance receivables 181,553 204,491  
Financing Receivable, after Allowance for Credit Loss 181,553 204,491  
Marketable investments 1,153 1,451  
Investments 1,153 1,451  
Warrant assets 3,419 2,972  
Other Assets 3,419 2,972  
Financial liabilities      
Contingent consideration payable 8,530 16,900  
[custom:ContingentConsiderationPayableAtFairValue-0] 8,530 16,900  
Fair Value, Inputs, Level 1 [Member]      
Financial assets:      
Cash and cash equivalents 42,863 3,008  
Finance receivables  
Marketable investments 1,034 1,210  
Warrant assets  
Financial liabilities      
Contingent consideration payable  
Fair Value, Inputs, Level 2 [Member]      
Financial assets:      
Cash and cash equivalents  
Finance receivables  
Marketable investments  
Warrant assets  
Financial liabilities      
Contingent consideration payable  
Fair Value, Inputs, Level 3 [Member]      
Financial assets:      
Cash and cash equivalents  
Finance receivables 181,553 204,491  
Marketable investments 119 241  
Warrant assets 3,419 2,972  
Financial liabilities      
Contingent consideration payable $ 8,530 $ 16,900  
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Revenue Recognition (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Impaired [Line Items]    
Total contract revenue $ 56,155 $ 36,712
Pharmaceutical Development Services [Member]    
Financing Receivable, Impaired [Line Items]    
Total contract revenue 16,845 5,903
Pharmaceutical Development Services [Member] | Licensing Agreements [Member]    
Financing Receivable, Impaired [Line Items]    
Total contract revenue 15,871 5,827
Pharmaceutical Development Services [Member] | Other Intangible Assets [Member]    
Financing Receivable, Impaired [Line Items]    
Total contract revenue $ 974 $ 76
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Revenue Recognition (Details 2) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]    
Deferred revenue $ 185 $ 350
Total contract liabilities $ 185 $ 350
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Revenue Recognition (Details Narrative)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Pharmaceutical Development Services [Member]  
Financing Receivable, Impaired [Line Items]  
Increase (Decrease) in Accounts Receivable $ 300
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Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Impaired [Line Items]    
Revenue $ 55,432 $ 36,703
Other revenue 723 9
Interest expense 374 455
Manufacturing, research and development 7,347 4,268
Depreciation and amortization expense 4,061 12,091
Change in fair value of acquisition-related contingent consideration (287) 4,400
General and administrative 13,620 10,546
Other (expense) income, net 1,971 (1,124)
Income tax benefit 7,082 (1,537)
Consolidated net income (loss) 25,929 5,202
Provision for credit losses and impairment expense   163
Financing Receivable [Member]    
Financing Receivable, Impaired [Line Items]    
Revenue 39,310 30,800
Other revenue 8
Interest expense 374 455
Manufacturing, research and development
Depreciation and amortization expense
Change in fair value of acquisition-related contingent consideration
General and administrative 1,813 736
Other (expense) income, net 1,971 (1,201)
Income tax benefit
Consolidated net income (loss) 39,094 28,253
Provision for credit losses and impairment expense   163
Pharmaceutical Development Services [Member]    
Financing Receivable, Impaired [Line Items]    
Revenue 16,122 5,903
Other revenue 723
Interest expense
Manufacturing, research and development 7,347 4,268
Depreciation and amortization expense 4,055 12,081
Change in fair value of acquisition-related contingent consideration (287) 4,400
General and administrative 3,983 3,875
Other (expense) income, net
Income tax benefit
Consolidated net income (loss) 1,747 (18,721)
Provision for credit losses and impairment expense  
Holding Company And Other [Member]    
Financing Receivable, Impaired [Line Items]    
Revenue
Other revenue 1
Interest expense
Manufacturing, research and development
Depreciation and amortization expense 6 10
Change in fair value of acquisition-related contingent consideration
General and administrative 7,824 5,935
Other (expense) income, net 77
Income tax benefit 7,082 (1,537)
Consolidated net income (loss) $ (14,912) (4,330)
Provision for credit losses and impairment expense  
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Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]    
  $ 33,011 $ 3,665
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Income Taxes (Details 2) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Current expense (benefit)    
State $ 185 $ 174
Deferred expense (benefit)    
Federal 6,944 (1,661)
State (47) (50)
Total income tax expense (benefit) $ 7,082 $ (1,537)
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Income Taxes (Details 3) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]    
Federal tax provision at statutory rate $ 6,945 $ 771
Change in valuation allowance (21,208) (14,194)
State taxes, net of federal income tax benefit 95 84
Mark-to-market adjustments (58) 123
Contingent consideration revaluation (60) 924
Other (125) 411
Write off of deferred tax assets 21,493 10,344
Total income tax expense (benefit) $ 7,082 $ (1,537)
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Income Taxes (Details 4) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets:    
Credit carryforward $ 3,077 $ 2,960
Stock-based compensation 138 398
Other 3,334 3,647
Net operating losses 32,362 60,774
Gross deferred tax assets 38,911 67,779
Deferred tax liabilities:    
Intangible assets other than goodwill (1,609) (2,299)
Other (479) (496)
Valuation allowance (16,284) (37,493)
Net deferred tax assets $ 20,539 $ 27,491
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Income Taxes (Details Narrative) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]    
Deferred Tax Assets, Operating Loss Carryforwards, Domestic $ 154,100  
Deferred Tax Assets, Tax Credit Carryforwards, Research $ 3,100  
Unrecognized Tax Benefits   $ 300
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Subsequent Events (Details Narrative) - B&D Dental Corporation - USD ($)
$ in Thousands
Mar. 17, 2022
Dec. 31, 2021
Subsequent Event [Line Items]    
Loans and Leases Receivable, Gross   $ 8,300
Subsequent Event [Member]    
Subsequent Event [Line Items]    
Proceeds from Loan and Lease Originations and Principal Collections $ 10,400  
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CORPORATION DE 77-0435679 14755 Preston Road Suite 105 Dallas TX 75254 (972) 687-7250 Common Stock, par value $0.001 per share SWKH NASDAQ Preferred Stock Purchase Rights SWKH NASDAQ No No Yes Yes Non-accelerated Filer true false false 60761663 12829336 BPM LLP 207 San Jose, California 42863000 3008000 1803000 1911000 1034000 1210000 1727000 542000 47427000 6671000 181553000 204491000 119000 241000 3491000 3491000 20539000 27491000 3419000 2972000 9964000 13453000 8404000 8404000 5779000 5211000 1970000 1476000 282665000 273901000 5087000 3652000 8000 11758000 5095000 15410000 8530000 16900000 1804000 1079000 15429000 33389000 0.001 0.001 5000000 5000000 0 0 0 0 0.001 0.001 250000000 250000000 12836133 12836133 12792586 12792586 13000 13000 4431719000 4430924000 -4164496000 -4190425000 267236000 240512000 282665000 273901000 39310000 30800000 16122000 5903000 723000 9000 56155000 36712000 163000 7347000 4268000 13620000 10546000 4061000 12091000 -287000 4400000 374000 455000 25115000 31923000 272000 -586000 1839000 -591000 -140000 53000 33011000 3665000 7082000 -1537000 25929000 5202000 2.03 0.40 2.02 0.40 12796000 12852000 12834000 12862000 12917348 13000 4432146000 -4195627000 236532000 728000 728000 24940 5200 60000 60000 -154902 2010000 2010000 5202000 5202000 12792586 13000 4430924000 -4190425000 240512000 1163000 1163000 18978 -368000 -368000 24569 25929000 25929000 12836133 13000 4431719000 -4164496000 267236000 25929000 5202000 163000 49000 188000 6952000 -1711000 -272000 586000 1839000 -591000 -140000 53000 -287000 4400000 1130000 1983000 950000 2145000 1163000 728000 4061000 12091000 108000 643000 1788000 959000 2159000 1527000 34295000 19268000 1875000 53000 42350000 42859000 67192000 11752000 122000 62000 1078000 3937000 237000 25761000 -35166000 -368000 2010000 -11750000 11758000 8083000 2000000 -20201000 7748000 39855000 -8150000 3008000 11158000 42863000 3008000 175000 79000 60000 887000 <p id="xdx_80C_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_zfkIWyU6rdw3" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1. <span id="xdx_826_zVq3fY1UEaBd">SWK Holdings Corporation and Summary of Significant Accounting Policies</span></b></span></p> <p id="xdx_844_ecustom--NatureOfOperationsPolicyTextBlock_zV1fKEwZmAXd" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zLSujT1odRPl">Nature of Operations</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">SWK Holdings Corporation (the “Company”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In July 2012, the Company commenced its strategy of building a specialty finance and asset management business. In August 2019, the Company commenced a complementary strategy of building a pharmaceutical development, manufacturing and intellectual property licensing business. The Company’s operations comprise two reportable segments: “Finance Receivables” and “Pharmaceutical Development.” The Company allocates capital to each segment in order to generate income through the sales of life science products by third parties. The Company is headquartered in Dallas, Texas.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. However, at this time, under current law, the Company does not anticipate that the Finance Receivables and/or Pharmaceutical Development segments will generate sufficient income to permit the Company to utilize all of its NOLs prior to their respective expiration dates. As such, it is possible that the Company might pursue additional strategies that it believes might result in the ability to utilize more of the NOLs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">As of March 21, 2022, the Company and its partners have executed transactions with 43 different parties under its specialty finance strategy, funding an aggregate $619.7 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">On August 26, 2019, the Company commenced its Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc. (“Enteris”). Enteris is a clinical stage biopharmaceutical company offering innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform. Since its founding in 2013, Enteris has advanced multiple internal and external programs leveraging Peptelligence®, which enables the oral delivery of molecules that are typically injected, including peptides and BCS Class II, III, and IV small molecules, in an enteric-coated tablet formulation. Peptelligence® utilizes a unique multifaceted approach to increase the solubility and absorption of peptides and small molecules, addressing the complex challenges regarding solubility and permeability of therapeutics with low oral bioavailability. Peptelligence® is protected by an extensive patent estate, some of which extends until 2036.</span></p> <p id="xdx_84A_eus-gaap--ConsolidationPolicyTextBlock_z7WlpvaxP2yj" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zXqTMSDwE314">Basis of Presentation and Principles of Consolidation</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p id="xdx_848_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zxNGuy7r0Wd8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zjE2laUKrAc4">Reclassification</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Certain prior year amounts have been reclassified to conform to current year presentation. The amounts for prior periods have been reclassified to be consistent with current year presentation and have no impact on previously reported total assets, total stockholders’ equity or net income.</span></p> <p id="xdx_85B_zN4RjL5mrD8a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"/></p> <p id="xdx_844_eus-gaap--UseOfEstimates_z6zC8l1GlLMi" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zEgbxjkFgUKg">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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 accounts receivable; impairment of finance receivables; long-lived assets; property and equipment; intangible assets; goodwill; 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--SegmentReportingPolicyPolicyTextBlock_z0I7cXUOk1bk" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zxjS4jfCLf0e">Segment Information</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company earns revenues from its <span id="xdx_904_eus-gaap--NumberOfOperatingSegments_dc_uNumber_c20210101__20211231_z5K7m3DuEAr6">two</span> U.S.-based business segments: its specialty finance and asset management business offering customized financing solutions to a broad range of life-sciences companies, and its business offering oral therapeutic formulation solutions built around Enteris’ pharmaceutical Peptelligence® platform, which enables the oral delivery of molecules that are typically injected, including peptides and BCS Class II, III, and IV small molecules in an enteric-coated tablet formulation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p id="xdx_84F_eus-gaap--GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_zMWLVCWZHPDj" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_z8EBBzieW2qk">Goodwill and Intangible Assets</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company’s methodology for allocating the purchase price of an acquisition is based on established valuation techniques that reflect the consideration of a number of factors, including a valuation performed by a third-party appraiser. Goodwill is measured as the excess of the cost of an acquired business over the fair value assigned to identifiable assets acquired and liabilities assumed. Goodwill is considered impaired when the estimated fair value of the reporting unit that was allocated the goodwill is less than its carrying value. If the estimated fair value of such reporting unit is less than its carrying value, goodwill impairment is recognized based on that difference, not to exceed the carrying amount of goodwill. A reporting unit is an operating segment or a component of an operating segment provided that the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. Goodwill arising from the Enteris acquisition has been allocated to the Pharmaceutical Development segment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Finite-lived intangible assets are amortized over their estimated useful life, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. Goodwill and indefinite-lived intangible assets are not amortized, but instead, are subject to annual impairment testing. We review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter and continually assess whether a triggering event has occurred to determine whether the carrying value exceeds the implied fair value. For the years ended December 31, 2021 and 2020, the Company determined there were no indicators of impairment relating to identifiable finite-lived intangible assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 37.7pt"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The identification and measurement of goodwill impairment involves the estimation of the fair value of the reporting unit. We have the option to assess impairment through a qualitative assessment, which includes factors such as general economic conditions, negative developments in equity and credit markets, adverse changes in the markets in which a reporting unit operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. When a potential impairment is indicated, we perform quantitative testing by comparing the estimated fair value of the reporting unit to the carrying value of the reported net assets. Under our quantitative testing, fair value is generally based on the income approach using a calculation of discounted cash flows, based on the most recent financial projections for the reporting unit. The revenue growth rates included in the financial projections are our best estimates based on current and forecasted market conditions, and the profit margin assumptions are projected by the reporting unit based on current cost structure and, when applicable, anticipated net cost reductions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 37.7pt"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Based on the Company’s 2021 goodwill impairment testing, no goodwill impairment was indicated as of December 31, 2021.</span></p> <p id="xdx_85A_zC6YDlR4fv0h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"/> <p id="xdx_847_eus-gaap--InventoryPolicyTextBlock_z6zgG2XqRdP9" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zcSS1SnSvkQ8">Inventory</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Inventories are stated at the lower of cost or net realizable value, valued at specifically identified cost which approximates the first-in, first-out method. The components of inventory include raw materials of $<span id="xdx_907_eus-gaap--InventoryRawMaterials_iI_pn3p0_dm_c20211231_zfWsOo8zNxfb">0.6 million</span> and $<span id="xdx_903_eus-gaap--InventoryRawMaterials_iI_pn3d_dm_c20201231_z5Hwl5gLHQr9">0.1 million</span> as of December 31, 2021 and 2020 and are reflected in current assets in the consolidated balance sheets.</span></p> <p id="xdx_840_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zkPbr0ufaOoi" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zM8cVDgeNayf">Property and Equipment, Net</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Property and equipment are recorded at cost less accumulated depreciation and amortization. Expenditures for major additions and improvements are capitalized, while minor replacements, maintenance, and repairs are charged to expense as incurred. In addition, we capitalize interest on borrowings during the active construction period of capital projects. Capitalized interest is added to the cost of the assets and depreciated over the estimated useful lives of the assets. Leased property meeting certain criteria is capitalized and the present value of the related lease payments is recorded as a liability and included in current liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Depreciation is recorded over the estimated useful lives of the assets involved using the straight-line method. Leasehold improvements and capitalized lease assets are amortized to depreciation expense over the estimated useful life of the asset or the respective lease term used in determining lease classification, whichever is shorter. The range of estimated useful lives is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zBBZlyW958fi" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span id="xdx_8B4_zzLD3cldIzy5" style="display: none">Schedule of Useful Life of Property and Equipment, Net</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_884_ecustom--DisclosureSWKHoldingsCorporationAndSummaryOfSignificantAccountingPoliciesDetailsAbstract_zolTNLsZUhXe" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto" summary="xdx: Disclosure - SWK Holdings Corporation and Summary of Significant Accounting Policies (Details)"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Asset</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Useful Life</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lesser of lease term or useful life</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture, fixtures and equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dxH_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zZvlFhTaIzVe" title="::XDX::P3Y">3</span> to <span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dxH_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zLwq8bO9F07c" title="::XDX::P15Y">15</span> years</span></td></tr> </table> <p id="xdx_8A7_zZEHwDQsdXfl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_846_eus-gaap--RevenueRecognitionDeferredRevenue_zzbLiNO1Acwf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zI3j3tRrlyzg">Deferred Revenue and Deferred Costs</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Deferred revenue includes amounts that have been billed per the contractual terms but have not been recognized as revenue. The Company classifies as current the portion of deferred revenue that is expected to be recognized within one year from the balance sheet date. Deferred revenue was $0.2 million and $0.4 million as of December 31, 2021 and 2020, respectively, and is included in accounts payable and accrued liabilities in the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--ResearchAndDevelopmentExpensePolicy_z8m67Qznpf83" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zTsF7rt2Fzxb">Research and Development</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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 consolidated statements of income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_84E_eus-gaap--FinanceLoansAndLeasesReceivablePolicy_zy6QnDjVEKZ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zK8WA9jyS9ib">Finance Receivables</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company extends credit to customers through a variety of financing arrangements, including revenue interest term loans. The amounts outstanding on loans are referred to as finance receivables and are included in finance receivables on the consolidated balance sheets. It is the Company’s expectation that the loans originated will be held for the foreseeable future or until maturity. In certain situations, for example to manage concentrations and/or credit risk, some or all of certain exposures may be sold. Loans for which the Company has the intent and ability to hold for the foreseeable future or until maturity are classified as held for investment (“HFI”). If the Company no longer has the intent or ability to hold loans for the foreseeable future, then the loans are transferred to held for sale (“HFS”). Loans entered into with the intent to resell are classified as HFS.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">If it is determined that a loan should be transferred from HFI to HFS, then the balance is transferred at the lower of cost or fair value. At the time of transfer, a write-down of the loan is recorded as an impairment when the carrying amount exceeds fair value and the difference relates to credit quality. Otherwise the write-down is recorded as a reduction in finance receivable interest income, and any loan loss reserve is reversed. Once classified as HFS, the amount by which the carrying value exceeds fair value is recorded as a valuation allowance and is reflected as a reduction to finance receivable interest income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">If it is determined that a loan should be transferred from HFS to HFI, the loan is transferred at the lower of cost or fair value on the transfer date, which coincides with the date of change in management’s intent. The difference between the carrying value of the loan and the fair value, if lower, is reflected as a loan discount at the transfer date, which reduces its carrying value. Subsequent to the transfer, the discount is accreted into earnings as an increase to finance revenue interest income over the life of the loan using the effective interest method.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company accounts for its finance receivables at amortized cost, net of unamortized origination fees, if any. Related fees and costs are recorded net of any amounts reimbursed, and interest is accreted or accrued to interest revenue using the effective interest method. When and if supplemental payments are received from these long-term receivables, an adjustment to the estimated effective interest rate is affected prospectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company evaluates the collectibility of both interest and principal for each loan to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines it is probable that it will be unable to collect amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the carrying value of the financial asset to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the estimated fair value of the underlying collateral, less costs to sell, if the loan is collateralized and the Company expects repayment to be provided solely by the collateral. Impairment assessments require significant judgments and are based on significant assumptions related to the borrower’s credit risk, financial performance, expected sales, and estimated fair value of the collateral.</span></p> <p id="xdx_848_eus-gaap--FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts_zo3lNU7CPLDe" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86D_zHDSGP4e7Qmi">Allowance for Credit Losses on Finance Receivables</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The allowance for credit losses is intended to provide for credit losses inherent in the finance receivables portfolio and is periodically reviewed for adequacy considering credit quality indicators, including expected and historical losses and levels of and trends in past due loans, non-performing assets and impaired loans, collateral values and economic conditions. The allowance for credit losses is determined based on specific allowances for loans that are impaired, based upon the value of underlying collateral or projected cash flows. Changes to the allowance for credit losses are recorded in the provision for loan credit losses in the consolidated statement of income.</span></p> <p id="xdx_849_eus-gaap--MarketableSecuritiesPolicy_zk9GXaj077kh" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_z57G8gC0Mikf">Marketable Investments</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company’s marketable investment portfolio includes debt and equity securities as of December 31, 2021. Equity securities that have readily determinable fair values are reported at fair value with gains and losses recognized in earnings. The debt security is classified as an available-for-sale security, which is reported at fair value with unrealized gains or losses recorded in statements of other comprehensive income, net of applicable income taxes. In any case where fair value might fall below amortized cost, the Company would consider whether that security is other-than temporarily impaired using all available information about the collectibility of the security. The Company would not consider that an other-than temporary impairment for a debt security has occurred if (1) the Company does not intend to sell the debt security, (2) it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis and (3) the present value of estimated cash flows will fully cover the amortized cost of the security. The Company would consider that an other-than-temporary impairment has occurred if any of the above mentioned three conditions are not met.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">For a debt security for which an other-than-temporary impairment is considered to have occurred, the Company would recognize the entire difference between the amortized cost and the fair value in earnings if the Company intends to sell the debt security or it is more likely than not that the Company will be able to sell the debt security before recovery of its amortized cost basis. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company would separate the difference between the amortized cost and the fair value of the debt security into the credit loss component and the non-credit loss component. The credit loss component would be recognized in earnings and the non-credit loss component would be recognized in other comprehensive income, net of applicable income taxes.</span></p> <p id="xdx_84A_eus-gaap--DerivativesPolicyTextBlock_zFQGJTg4Snga" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zh4uoOLNtsy">Derivatives</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">All derivatives held by the Company are recognized in the consolidated balance sheets at fair value. The accounting treatment for subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives that are not hedges must be adjusted to fair value through the consolidated statements of income. If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against change in the fair value of hedged assets or liabilities through the consolidated statements of income or recorded in other comprehensive income. The Company had no derivatives designated as hedges as of December 31, 2021 and 2020. The Company holds warrants issued to the Company in conjunction with term loan investments discussed in Note 3. These warrants meet the definition of a derivative and are included in warrant assets in the consolidated balance sheets.</span></p> <p id="xdx_85F_zm8L1oWVmmEg" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"/> <p id="xdx_84B_eus-gaap--RevenueRecognitionPolicyTextBlock_zCYEw43iUolb" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zZ5fYC0JC84f">Revenue Recognition </span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Finance Receivables Segment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company’s Finance Receivables segment records interest income on an accrual basis based on the effective interest rate method to the extent that it expects to collect such amounts. The Company recognizes investment management fees when clients invest in our recommended transactions as earned over the period the services are rendered. In general, the majority of investment management fees earned are charged either monthly or quarterly. Incentive fees, if any, are recognized when earned at the end of the relevant performance period, pursuant to the underlying contract. The Company did not recognize any management or incentive fees in 2021 or 2020. Other service revenues are recognized when contractual obligations are fulfilled or as services are provided.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Pharmaceutical Development Segment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use its judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above; and (d) the contract term and pattern of satisfaction of the performance obligations under step (v) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Deferred revenue as of December 31, 2021 and 2020 was $<span id="xdx_905_eus-gaap--DeferredRevenueCurrent_iI_pn3p0_dm_c20211231__us-gaap--FinancingReceivablePortfolioSegmentAxis__custom--PharmaceuticalDevelopmentServicesMember_zPfQO2lT0cT3">0.2 million</span> and $<span id="xdx_90B_eus-gaap--DeferredRevenueCurrent_iI_pn3p0_dm_c20201231__us-gaap--FinancingReceivablePortfolioSegmentAxis__custom--PharmaceuticalDevelopmentServicesMember_zIPwaykYpSs6">0.4 million</span> and is classified as current deferred revenue and is included in accounts payable and accrued liabilities in the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company evaluates collaboration agreements with respect to FASB ASC Topic 808, <span style="font-family: Times New Roman, Times, Serif"><i>Collaborative Arrangements</i></span>, considering the nature and contractual terms of the arrangement and the nature of its business operations to determine the classification of the transactions. When the Company is an active participant in the activity and exposed to significant risks and rewards dependent on the commercial success of the collaboration, it will record its transactions on a gross basis in the consolidated financial statements and describe the rights and obligations under the collaborative arrangement in the notes to the consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exclusive Licenses</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, manufacturing and commercialization capabilities of the collaboration partner; the retention of any key rights by the Company; and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from a promise for its intended purpose without the receipt of the remaining promises, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company exercises judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Customer Options</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research and Development Services</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The promises under the Company’s collaboration agreements may include research and development services to be performed by the Company on behalf of the partner. Payments or reimbursements resulting from the Company’s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. Reimbursements from and payments to the partner that are the result of a collaborative relationship with the partner, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Milestone Payments</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Royalties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p id="xdx_845_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zerZ6iRvjq6e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_z8iyqYRlKE92">Cash and Cash Equivalents</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. There were no such investments at December 31, 2021 or 2020, as all of our cash was held in checking, savings and brokerage accounts. As of December 31, 2021, cash equivalents were deposited in financial institutions and consisted of immediately available fund balances.  The Company maintains its cash deposits and cash equivalents with well-known and stable financial institutions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zWiopVR2gIXk" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zoKjCqL2Y4mk">Interest and Accounts Receivable </span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company records interest receivable on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. When management does not expect that principal, interest, and other obligations due will be collected in full, the Company will generally place the loan on nonaccrual status and cease recognizing interest income on that loan until all principal and interest due has been paid or the Company believes the partner company has demonstrated the ability to repay the Company’s current and future contractual obligations. Any uncollected interest related to prior periods is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, the Company may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection. The Company did not recognize any provision for loan credit losses in 2021 and 2020.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Accounts receivable for management fees are recorded at the aggregate unpaid amount less any allowance for doubtful accounts. The Company determines an account receivable’s delinquency status based on its contractual terms. Interest is not charged on outstanding balances. Accounts are written-off only when all methods of recovery have been exhausted. As of December 31, 2021 and 2020, the allowance for doubtful accounts was zero.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zApFtqSN4yG9" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zPEGgObwN9Fj">Certain Risks and Concentrations</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, interest and accounts receivable, finance receivables and marketable investments. The Company invests its excess cash with major U.S. banks and financial institutions. The Company has not experienced any losses on its cash and cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Finance Receivables Segment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company performs ongoing credit evaluations of its partner companies and generally requires collateral. For the year ended December 31, 2021, five of our business partners accounted for 63 percent of our interest and accounts receivable. For the year ended December 31, 2020, five of our business partners accounted for 68 percent of our interest and accounts receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Pharmaceutical Development Segment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">For the years ended December 31, 2021 and 2020, Cara Therapeutics, Inc. (“Cara”) accounted for approximately 98 percent of Pharmaceutical Development segment revenues.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company does not expect its current or future credit risk exposures to have a significant impact on its operations. However, there can be no assurance that its business will not experience any adverse impact from credit risk in the future.</span></p> <p id="xdx_84D_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zbj7Uj7r45X5" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_z4SI5bnwepb9">Stock-based Compensation</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">All employee and director stock-based compensation is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the requisite service period. Stock-based compensation expense is reduced for estimated future forfeitures. These estimates are revised in future periods if actual forfeitures differ from the estimates. Changes in forfeiture estimates impact compensation expense in the period in which the change in estimate occurs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">For restricted stock, the Company recognizes compensation expense in accordance with the fair value of the Company’s stock as determined on the grant date, amortized over the applicable service period. When vesting of awards is based wholly or in part upon the future performance of the stock price, such terms result in adjustments to the grant date fair value of the award and the derivation of a service period. If service is provided over the derived service period, the adjusted fair value of the awards will be recognized as compensation expense, regardless of whether or not the awards vest.</span></p> <p id="xdx_84A_eus-gaap--IncomeTaxPolicyTextBlock_zjZSzUv6thDe" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zPEWnucuOJZ1">Income Taxes </span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded to reduce deferred tax assets to an amount where realization is more likely than not.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">If the Company ultimately determines that the payment of such a liability is not necessary, then the Company reverses the liability and recognizes a tax benefit during the period in which the determination is made that the liability is no longer necessary. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax benefit in the statements of income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_zybuNqSfmoDf" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zMXNm67hzDpl">Comprehensive Income </span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The consolidated statements of comprehensive income have been omitted, as net income equals comprehensive income for the years ended December 31, 2021 and 2020.</span></p> <p id="xdx_853_zVXDVwsw2AHe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"/> <p id="xdx_842_eus-gaap--EarningsPerSharePolicyTextBlock_z7staUGcoV9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zNqVCJc7wnul">Net Income per Share</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p id="xdx_896_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zN37LWUDMnnh" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table shows the computation of basic and diluted earnings per share for the following (in thousands, except per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span id="xdx_8B5_zm1JStsCD5if" style="display: none">Schedule of Basic and Diluted Earning per Share </span></p> <table cellpadding="0" cellspacing="0" id="xdx_888_ecustom--DisclosureSWKHoldingsCorporationAndSummaryOfSignificantAccountingPoliciesDetails2Abstract_pn3n3_zgx0eFP39tHk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SWK Holdings Corporation and Summary of Significant Accounting Policies (Details 2)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_49C_20210101__20211231_ziqvnTBhG3y9" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_496_20200101__20201231_ze818NnuHx98" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-indent: -8.65pt">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ProfitLoss_zt8ryIzzHEx9" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; width: 74%; text-align: left; padding-left: 17.3pt">Net income</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">25,929</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">5,202</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -8.65pt; padding-left: 8.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-indent: -8.65pt">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pin3_zVQUfljam4Ga" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-left: 17.3pt">Weighted-average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,796</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,852</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--WeightedAverageNumberDilutedSharesOutstandingAdjustment_pin3_zCV1V5G98fR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 1pt; padding-left: 17.3pt">Effect of dilutive securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pin3_zOISRKoSOoT6" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-bottom: 2.5pt; padding-left: 17.3pt">Weighted-average diluted shares</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,834</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,862</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -8.65pt; padding-left: 8.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EarningsPerShareBasic_pid_z3elhdQbFVsk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; padding-bottom: 2.5pt; text-indent: -8.65pt">Basic net income per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2.03</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.40</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EarningsPerShareDiluted_pid_zKCsXUuTWIJ" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-bottom: 2.5pt; padding-left: 8.65pt">Diluted net income per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2.02</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.40</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_z9t0mj5zauEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">As of December 31, 2021 and 2020, outstanding options to purchase shares of common stock and outstanding shares of restricted stock in an aggregate of approximately <span id="xdx_903_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20210101__20211231_zH7h09rxrfIl">368,000</span> and <span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20200101__20201231_zIktjMPoxkOl">443,000</span>, respectively, have been excluded from the calculation of diluted net income per share as such securities were anti-dilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p id="xdx_84C_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zXdbVJBjBP49" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zO3rjHH79Zqb">Recent Accounting Pronouncements</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards 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 is effective from March 12, 2020 through December 31, 2022. An entity may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. An entity may elect to apply the amendments in ASU 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. The one-time election to sell, transfer, or both sell and transfer debt securities classified as held-to-maturity may be made at any time after March 12, 2020 but no later than December 31, 2022. The Company has identified existing loans that reference 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326).” This standard adds an impairment model, known as the current expected credit loss (“CECL”) model, that is based on expected losses rather than incurred losses. Under this guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of losses. This ASU describes the impairment allowance as a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be measured in a manner similar to current GAAP; however, the amendments in this update require that credit losses be presented as an allowance rather than as a write-down, which will allow an entity the ability to record reversals of credit losses in current period net income. On November 15, 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” which finalized various effective date delays for private companies, not-for-profit organizations, and certain smaller reporting companies. Under ASU 2019-10, the effective date for implementation of CECL for smaller reporting companies was extended to fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company is currently evaluating the new guidance but believes it is likely to incur more upfront losses on its portfolio under the new CECL model.</span></p> <p id="xdx_844_ecustom--NatureOfOperationsPolicyTextBlock_zV1fKEwZmAXd" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zLSujT1odRPl">Nature of Operations</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">SWK Holdings Corporation (the “Company”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In July 2012, the Company commenced its strategy of building a specialty finance and asset management business. In August 2019, the Company commenced a complementary strategy of building a pharmaceutical development, manufacturing and intellectual property licensing business. The Company’s operations comprise two reportable segments: “Finance Receivables” and “Pharmaceutical Development.” The Company allocates capital to each segment in order to generate income through the sales of life science products by third parties. The Company is headquartered in Dallas, Texas.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. However, at this time, under current law, the Company does not anticipate that the Finance Receivables and/or Pharmaceutical Development segments will generate sufficient income to permit the Company to utilize all of its NOLs prior to their respective expiration dates. As such, it is possible that the Company might pursue additional strategies that it believes might result in the ability to utilize more of the NOLs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">As of March 21, 2022, the Company and its partners have executed transactions with 43 different parties under its specialty finance strategy, funding an aggregate $619.7 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">On August 26, 2019, the Company commenced its Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc. (“Enteris”). Enteris is a clinical stage biopharmaceutical company offering innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform. Since its founding in 2013, Enteris has advanced multiple internal and external programs leveraging Peptelligence®, which enables the oral delivery of molecules that are typically injected, including peptides and BCS Class II, III, and IV small molecules, in an enteric-coated tablet formulation. Peptelligence® utilizes a unique multifaceted approach to increase the solubility and absorption of peptides and small molecules, addressing the complex challenges regarding solubility and permeability of therapeutics with low oral bioavailability. Peptelligence® is protected by an extensive patent estate, some of which extends until 2036.</span></p> <p id="xdx_84A_eus-gaap--ConsolidationPolicyTextBlock_z7WlpvaxP2yj" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zXqTMSDwE314">Basis of Presentation and Principles of Consolidation</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p id="xdx_848_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zxNGuy7r0Wd8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zjE2laUKrAc4">Reclassification</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Certain prior year amounts have been reclassified to conform to current year presentation. The amounts for prior periods have been reclassified to be consistent with current year presentation and have no impact on previously reported total assets, total stockholders’ equity or net income.</span></p> <p id="xdx_844_eus-gaap--UseOfEstimates_z6zC8l1GlLMi" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zEgbxjkFgUKg">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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 accounts receivable; impairment of finance receivables; long-lived assets; property and equipment; intangible assets; goodwill; 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--SegmentReportingPolicyPolicyTextBlock_z0I7cXUOk1bk" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zxjS4jfCLf0e">Segment Information</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company earns revenues from its <span id="xdx_904_eus-gaap--NumberOfOperatingSegments_dc_uNumber_c20210101__20211231_z5K7m3DuEAr6">two</span> U.S.-based business segments: its specialty finance and asset management business offering customized financing solutions to a broad range of life-sciences companies, and its business offering oral therapeutic formulation solutions built around Enteris’ pharmaceutical Peptelligence® platform, which enables the oral delivery of molecules that are typically injected, including peptides and BCS Class II, III, and IV small molecules in an enteric-coated tablet formulation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> 2 <p id="xdx_84F_eus-gaap--GoodwillAndIntangibleAssetsIntangibleAssetsPolicy_zMWLVCWZHPDj" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_z8EBBzieW2qk">Goodwill and Intangible Assets</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company’s methodology for allocating the purchase price of an acquisition is based on established valuation techniques that reflect the consideration of a number of factors, including a valuation performed by a third-party appraiser. Goodwill is measured as the excess of the cost of an acquired business over the fair value assigned to identifiable assets acquired and liabilities assumed. Goodwill is considered impaired when the estimated fair value of the reporting unit that was allocated the goodwill is less than its carrying value. If the estimated fair value of such reporting unit is less than its carrying value, goodwill impairment is recognized based on that difference, not to exceed the carrying amount of goodwill. A reporting unit is an operating segment or a component of an operating segment provided that the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. Goodwill arising from the Enteris acquisition has been allocated to the Pharmaceutical Development segment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Finite-lived intangible assets are amortized over their estimated useful life, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. Goodwill and indefinite-lived intangible assets are not amortized, but instead, are subject to annual impairment testing. We review goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter and continually assess whether a triggering event has occurred to determine whether the carrying value exceeds the implied fair value. For the years ended December 31, 2021 and 2020, the Company determined there were no indicators of impairment relating to identifiable finite-lived intangible assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 37.7pt"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The identification and measurement of goodwill impairment involves the estimation of the fair value of the reporting unit. We have the option to assess impairment through a qualitative assessment, which includes factors such as general economic conditions, negative developments in equity and credit markets, adverse changes in the markets in which a reporting unit operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. When a potential impairment is indicated, we perform quantitative testing by comparing the estimated fair value of the reporting unit to the carrying value of the reported net assets. Under our quantitative testing, fair value is generally based on the income approach using a calculation of discounted cash flows, based on the most recent financial projections for the reporting unit. The revenue growth rates included in the financial projections are our best estimates based on current and forecasted market conditions, and the profit margin assumptions are projected by the reporting unit based on current cost structure and, when applicable, anticipated net cost reductions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 37.7pt"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Based on the Company’s 2021 goodwill impairment testing, no goodwill impairment was indicated as of December 31, 2021.</span></p> <p id="xdx_847_eus-gaap--InventoryPolicyTextBlock_z6zgG2XqRdP9" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zcSS1SnSvkQ8">Inventory</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Inventories are stated at the lower of cost or net realizable value, valued at specifically identified cost which approximates the first-in, first-out method. The components of inventory include raw materials of $<span id="xdx_907_eus-gaap--InventoryRawMaterials_iI_pn3p0_dm_c20211231_zfWsOo8zNxfb">0.6 million</span> and $<span id="xdx_903_eus-gaap--InventoryRawMaterials_iI_pn3d_dm_c20201231_z5Hwl5gLHQr9">0.1 million</span> as of December 31, 2021 and 2020 and are reflected in current assets in the consolidated balance sheets.</span></p> 600000 100000 <p id="xdx_840_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zkPbr0ufaOoi" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_866_zM8cVDgeNayf">Property and Equipment, Net</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Property and equipment are recorded at cost less accumulated depreciation and amortization. Expenditures for major additions and improvements are capitalized, while minor replacements, maintenance, and repairs are charged to expense as incurred. In addition, we capitalize interest on borrowings during the active construction period of capital projects. Capitalized interest is added to the cost of the assets and depreciated over the estimated useful lives of the assets. Leased property meeting certain criteria is capitalized and the present value of the related lease payments is recorded as a liability and included in current liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Depreciation is recorded over the estimated useful lives of the assets involved using the straight-line method. Leasehold improvements and capitalized lease assets are amortized to depreciation expense over the estimated useful life of the asset or the respective lease term used in determining lease classification, whichever is shorter. The range of estimated useful lives is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p id="xdx_893_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zBBZlyW958fi" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span id="xdx_8B4_zzLD3cldIzy5" style="display: none">Schedule of Useful Life of Property and Equipment, Net</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_884_ecustom--DisclosureSWKHoldingsCorporationAndSummaryOfSignificantAccountingPoliciesDetailsAbstract_zolTNLsZUhXe" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto" summary="xdx: Disclosure - SWK Holdings Corporation and Summary of Significant Accounting Policies (Details)"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Asset</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Useful Life</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lesser of lease term or useful life</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture, fixtures and equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dxH_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zZvlFhTaIzVe" title="::XDX::P3Y">3</span> to <span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dxH_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zLwq8bO9F07c" title="::XDX::P15Y">15</span> years</span></td></tr> </table> <p id="xdx_8A7_zZEHwDQsdXfl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_893_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zBBZlyW958fi" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span id="xdx_8B4_zzLD3cldIzy5" style="display: none">Schedule of Useful Life of Property and Equipment, Net</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_884_ecustom--DisclosureSWKHoldingsCorporationAndSummaryOfSignificantAccountingPoliciesDetailsAbstract_zolTNLsZUhXe" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto" summary="xdx: Disclosure - SWK Holdings Corporation and Summary of Significant Accounting Policies (Details)"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Asset</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Useful Life</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lesser of lease term or useful life</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture, fixtures and equipment</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dxH_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zZvlFhTaIzVe" title="::XDX::P3Y">3</span> to <span id="xdx_90C_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dxH_c20210101__20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zLwq8bO9F07c" title="::XDX::P15Y">15</span> years</span></td></tr> </table> <p id="xdx_846_eus-gaap--RevenueRecognitionDeferredRevenue_zzbLiNO1Acwf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zI3j3tRrlyzg">Deferred Revenue and Deferred Costs</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Deferred revenue includes amounts that have been billed per the contractual terms but have not been recognized as revenue. The Company classifies as current the portion of deferred revenue that is expected to be recognized within one year from the balance sheet date. Deferred revenue was $0.2 million and $0.4 million as of December 31, 2021 and 2020, respectively, and is included in accounts payable and accrued liabilities in the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p id="xdx_84D_eus-gaap--ResearchAndDevelopmentExpensePolicy_z8m67Qznpf83" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zTsF7rt2Fzxb">Research and Development</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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 consolidated statements of income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p id="xdx_84E_eus-gaap--FinanceLoansAndLeasesReceivablePolicy_zy6QnDjVEKZ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zK8WA9jyS9ib">Finance Receivables</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company extends credit to customers through a variety of financing arrangements, including revenue interest term loans. The amounts outstanding on loans are referred to as finance receivables and are included in finance receivables on the consolidated balance sheets. It is the Company’s expectation that the loans originated will be held for the foreseeable future or until maturity. In certain situations, for example to manage concentrations and/or credit risk, some or all of certain exposures may be sold. Loans for which the Company has the intent and ability to hold for the foreseeable future or until maturity are classified as held for investment (“HFI”). If the Company no longer has the intent or ability to hold loans for the foreseeable future, then the loans are transferred to held for sale (“HFS”). Loans entered into with the intent to resell are classified as HFS.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">If it is determined that a loan should be transferred from HFI to HFS, then the balance is transferred at the lower of cost or fair value. At the time of transfer, a write-down of the loan is recorded as an impairment when the carrying amount exceeds fair value and the difference relates to credit quality. Otherwise the write-down is recorded as a reduction in finance receivable interest income, and any loan loss reserve is reversed. Once classified as HFS, the amount by which the carrying value exceeds fair value is recorded as a valuation allowance and is reflected as a reduction to finance receivable interest income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">If it is determined that a loan should be transferred from HFS to HFI, the loan is transferred at the lower of cost or fair value on the transfer date, which coincides with the date of change in management’s intent. The difference between the carrying value of the loan and the fair value, if lower, is reflected as a loan discount at the transfer date, which reduces its carrying value. Subsequent to the transfer, the discount is accreted into earnings as an increase to finance revenue interest income over the life of the loan using the effective interest method.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company accounts for its finance receivables at amortized cost, net of unamortized origination fees, if any. Related fees and costs are recorded net of any amounts reimbursed, and interest is accreted or accrued to interest revenue using the effective interest method. When and if supplemental payments are received from these long-term receivables, an adjustment to the estimated effective interest rate is affected prospectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company evaluates the collectibility of both interest and principal for each loan to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines it is probable that it will be unable to collect amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the carrying value of the financial asset to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the estimated fair value of the underlying collateral, less costs to sell, if the loan is collateralized and the Company expects repayment to be provided solely by the collateral. Impairment assessments require significant judgments and are based on significant assumptions related to the borrower’s credit risk, financial performance, expected sales, and estimated fair value of the collateral.</span></p> <p id="xdx_848_eus-gaap--FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts_zo3lNU7CPLDe" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86D_zHDSGP4e7Qmi">Allowance for Credit Losses on Finance Receivables</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The allowance for credit losses is intended to provide for credit losses inherent in the finance receivables portfolio and is periodically reviewed for adequacy considering credit quality indicators, including expected and historical losses and levels of and trends in past due loans, non-performing assets and impaired loans, collateral values and economic conditions. The allowance for credit losses is determined based on specific allowances for loans that are impaired, based upon the value of underlying collateral or projected cash flows. Changes to the allowance for credit losses are recorded in the provision for loan credit losses in the consolidated statement of income.</span></p> <p id="xdx_849_eus-gaap--MarketableSecuritiesPolicy_zk9GXaj077kh" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_z57G8gC0Mikf">Marketable Investments</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company’s marketable investment portfolio includes debt and equity securities as of December 31, 2021. Equity securities that have readily determinable fair values are reported at fair value with gains and losses recognized in earnings. The debt security is classified as an available-for-sale security, which is reported at fair value with unrealized gains or losses recorded in statements of other comprehensive income, net of applicable income taxes. In any case where fair value might fall below amortized cost, the Company would consider whether that security is other-than temporarily impaired using all available information about the collectibility of the security. The Company would not consider that an other-than temporary impairment for a debt security has occurred if (1) the Company does not intend to sell the debt security, (2) it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis and (3) the present value of estimated cash flows will fully cover the amortized cost of the security. The Company would consider that an other-than-temporary impairment has occurred if any of the above mentioned three conditions are not met.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">For a debt security for which an other-than-temporary impairment is considered to have occurred, the Company would recognize the entire difference between the amortized cost and the fair value in earnings if the Company intends to sell the debt security or it is more likely than not that the Company will be able to sell the debt security before recovery of its amortized cost basis. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company would separate the difference between the amortized cost and the fair value of the debt security into the credit loss component and the non-credit loss component. The credit loss component would be recognized in earnings and the non-credit loss component would be recognized in other comprehensive income, net of applicable income taxes.</span></p> <p id="xdx_84A_eus-gaap--DerivativesPolicyTextBlock_zFQGJTg4Snga" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_862_zh4uoOLNtsy">Derivatives</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">All derivatives held by the Company are recognized in the consolidated balance sheets at fair value. The accounting treatment for subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives that are not hedges must be adjusted to fair value through the consolidated statements of income. If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against change in the fair value of hedged assets or liabilities through the consolidated statements of income or recorded in other comprehensive income. The Company had no derivatives designated as hedges as of December 31, 2021 and 2020. The Company holds warrants issued to the Company in conjunction with term loan investments discussed in Note 3. These warrants meet the definition of a derivative and are included in warrant assets in the consolidated balance sheets.</span></p> <p id="xdx_84B_eus-gaap--RevenueRecognitionPolicyTextBlock_zCYEw43iUolb" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zZ5fYC0JC84f">Revenue Recognition </span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Finance Receivables Segment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company’s Finance Receivables segment records interest income on an accrual basis based on the effective interest rate method to the extent that it expects to collect such amounts. The Company recognizes investment management fees when clients invest in our recommended transactions as earned over the period the services are rendered. In general, the majority of investment management fees earned are charged either monthly or quarterly. Incentive fees, if any, are recognized when earned at the end of the relevant performance period, pursuant to the underlying contract. The Company did not recognize any management or incentive fees in 2021 or 2020. Other service revenues are recognized when contractual obligations are fulfilled or as services are provided.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Pharmaceutical Development Segment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use its judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above; and (d) the contract term and pattern of satisfaction of the performance obligations under step (v) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Deferred revenue as of December 31, 2021 and 2020 was $<span id="xdx_905_eus-gaap--DeferredRevenueCurrent_iI_pn3p0_dm_c20211231__us-gaap--FinancingReceivablePortfolioSegmentAxis__custom--PharmaceuticalDevelopmentServicesMember_zPfQO2lT0cT3">0.2 million</span> and $<span id="xdx_90B_eus-gaap--DeferredRevenueCurrent_iI_pn3p0_dm_c20201231__us-gaap--FinancingReceivablePortfolioSegmentAxis__custom--PharmaceuticalDevelopmentServicesMember_zIPwaykYpSs6">0.4 million</span> and is classified as current deferred revenue and is included in accounts payable and accrued liabilities in the consolidated balance sheets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company evaluates collaboration agreements with respect to FASB ASC Topic 808, <span style="font-family: Times New Roman, Times, Serif"><i>Collaborative Arrangements</i></span>, considering the nature and contractual terms of the arrangement and the nature of its business operations to determine the classification of the transactions. When the Company is an active participant in the activity and exposed to significant risks and rewards dependent on the commercial success of the collaboration, it will record its transactions on a gross basis in the consolidated financial statements and describe the rights and obligations under the collaborative arrangement in the notes to the consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exclusive Licenses</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, manufacturing and commercialization capabilities of the collaboration partner; the retention of any key rights by the Company; and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from a promise for its intended purpose without the receipt of the remaining promises, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company exercises judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Customer Options</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research and Development Services</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The promises under the Company’s collaboration agreements may include research and development services to be performed by the Company on behalf of the partner. Payments or reimbursements resulting from the Company’s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. Reimbursements from and payments to the partner that are the result of a collaborative relationship with the partner, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Milestone Payments</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Royalties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> 200000 400000 <p id="xdx_845_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zerZ6iRvjq6e" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_z8iyqYRlKE92">Cash and Cash Equivalents</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. There were no such investments at December 31, 2021 or 2020, as all of our cash was held in checking, savings and brokerage accounts. As of December 31, 2021, cash equivalents were deposited in financial institutions and consisted of immediately available fund balances.  The Company maintains its cash deposits and cash equivalents with well-known and stable financial institutions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zWiopVR2gIXk" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_867_zoKjCqL2Y4mk">Interest and Accounts Receivable </span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company records interest receivable on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. When management does not expect that principal, interest, and other obligations due will be collected in full, the Company will generally place the loan on nonaccrual status and cease recognizing interest income on that loan until all principal and interest due has been paid or the Company believes the partner company has demonstrated the ability to repay the Company’s current and future contractual obligations. Any uncollected interest related to prior periods is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, the Company may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection. The Company did not recognize any provision for loan credit losses in 2021 and 2020.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Accounts receivable for management fees are recorded at the aggregate unpaid amount less any allowance for doubtful accounts. The Company determines an account receivable’s delinquency status based on its contractual terms. Interest is not charged on outstanding balances. Accounts are written-off only when all methods of recovery have been exhausted. As of December 31, 2021 and 2020, the allowance for doubtful accounts was zero.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zApFtqSN4yG9" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_zPEGgObwN9Fj">Certain Risks and Concentrations</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, interest and accounts receivable, finance receivables and marketable investments. The Company invests its excess cash with major U.S. banks and financial institutions. The Company has not experienced any losses on its cash and cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Finance Receivables Segment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company performs ongoing credit evaluations of its partner companies and generally requires collateral. For the year ended December 31, 2021, five of our business partners accounted for 63 percent of our interest and accounts receivable. For the year ended December 31, 2020, five of our business partners accounted for 68 percent of our interest and accounts receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Pharmaceutical Development Segment</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">For the years ended December 31, 2021 and 2020, Cara Therapeutics, Inc. (“Cara”) accounted for approximately 98 percent of Pharmaceutical Development segment revenues.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company does not expect its current or future credit risk exposures to have a significant impact on its operations. However, there can be no assurance that its business will not experience any adverse impact from credit risk in the future.</span></p> <p id="xdx_84D_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zbj7Uj7r45X5" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_z4SI5bnwepb9">Stock-based Compensation</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">All employee and director stock-based compensation is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the requisite service period. Stock-based compensation expense is reduced for estimated future forfeitures. These estimates are revised in future periods if actual forfeitures differ from the estimates. Changes in forfeiture estimates impact compensation expense in the period in which the change in estimate occurs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">For restricted stock, the Company recognizes compensation expense in accordance with the fair value of the Company’s stock as determined on the grant date, amortized over the applicable service period. When vesting of awards is based wholly or in part upon the future performance of the stock price, such terms result in adjustments to the grant date fair value of the award and the derivation of a service period. If service is provided over the derived service period, the adjusted fair value of the awards will be recognized as compensation expense, regardless of whether or not the awards vest.</span></p> <p id="xdx_84A_eus-gaap--IncomeTaxPolicyTextBlock_zjZSzUv6thDe" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zPEWnucuOJZ1">Income Taxes </span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded to reduce deferred tax assets to an amount where realization is more likely than not.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">If the Company ultimately determines that the payment of such a liability is not necessary, then the Company reverses the liability and recognizes a tax benefit during the period in which the determination is made that the liability is no longer necessary. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax benefit in the statements of income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_zybuNqSfmoDf" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zMXNm67hzDpl">Comprehensive Income </span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The consolidated statements of comprehensive income have been omitted, as net income equals comprehensive income for the years ended December 31, 2021 and 2020.</span></p> <p id="xdx_842_eus-gaap--EarningsPerSharePolicyTextBlock_z7staUGcoV9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zNqVCJc7wnul">Net Income per Share</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p id="xdx_896_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zN37LWUDMnnh" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table shows the computation of basic and diluted earnings per share for the following (in thousands, except per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span id="xdx_8B5_zm1JStsCD5if" style="display: none">Schedule of Basic and Diluted Earning per Share </span></p> <table cellpadding="0" cellspacing="0" id="xdx_888_ecustom--DisclosureSWKHoldingsCorporationAndSummaryOfSignificantAccountingPoliciesDetails2Abstract_pn3n3_zgx0eFP39tHk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SWK Holdings Corporation and Summary of Significant Accounting Policies (Details 2)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_49C_20210101__20211231_ziqvnTBhG3y9" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_496_20200101__20201231_ze818NnuHx98" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-indent: -8.65pt">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ProfitLoss_zt8ryIzzHEx9" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; width: 74%; text-align: left; padding-left: 17.3pt">Net income</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">25,929</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">5,202</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -8.65pt; padding-left: 8.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-indent: -8.65pt">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pin3_zVQUfljam4Ga" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-left: 17.3pt">Weighted-average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,796</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,852</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--WeightedAverageNumberDilutedSharesOutstandingAdjustment_pin3_zCV1V5G98fR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 1pt; padding-left: 17.3pt">Effect of dilutive securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pin3_zOISRKoSOoT6" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-bottom: 2.5pt; padding-left: 17.3pt">Weighted-average diluted shares</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,834</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,862</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -8.65pt; padding-left: 8.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EarningsPerShareBasic_pid_z3elhdQbFVsk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; padding-bottom: 2.5pt; text-indent: -8.65pt">Basic net income per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2.03</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.40</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EarningsPerShareDiluted_pid_zKCsXUuTWIJ" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-bottom: 2.5pt; padding-left: 8.65pt">Diluted net income per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2.02</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.40</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AD_z9t0mj5zauEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">As of December 31, 2021 and 2020, outstanding options to purchase shares of common stock and outstanding shares of restricted stock in an aggregate of approximately <span id="xdx_903_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20210101__20211231_zH7h09rxrfIl">368,000</span> and <span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_c20200101__20201231_zIktjMPoxkOl">443,000</span>, respectively, have been excluded from the calculation of diluted net income per share as such securities were anti-dilutive.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p id="xdx_896_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_zN37LWUDMnnh" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table shows the computation of basic and diluted earnings per share for the following (in thousands, except per share amounts):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span id="xdx_8B5_zm1JStsCD5if" style="display: none">Schedule of Basic and Diluted Earning per Share </span></p> <table cellpadding="0" cellspacing="0" id="xdx_888_ecustom--DisclosureSWKHoldingsCorporationAndSummaryOfSignificantAccountingPoliciesDetails2Abstract_pn3n3_zgx0eFP39tHk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SWK Holdings Corporation and Summary of Significant Accounting Policies (Details 2)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_49C_20210101__20211231_ziqvnTBhG3y9" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_496_20200101__20201231_ze818NnuHx98" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-indent: -8.65pt">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ProfitLoss_zt8ryIzzHEx9" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; width: 74%; text-align: left; padding-left: 17.3pt">Net income</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">25,929</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">5,202</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -8.65pt; padding-left: 8.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-indent: -8.65pt">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pin3_zVQUfljam4Ga" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-left: 17.3pt">Weighted-average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,796</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,852</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--WeightedAverageNumberDilutedSharesOutstandingAdjustment_pin3_zCV1V5G98fR2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 1pt; padding-left: 17.3pt">Effect of dilutive securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pin3_zOISRKoSOoT6" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-bottom: 2.5pt; padding-left: 17.3pt">Weighted-average diluted shares</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,834</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,862</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -8.65pt; padding-left: 8.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EarningsPerShareBasic_pid_z3elhdQbFVsk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; padding-bottom: 2.5pt; text-indent: -8.65pt">Basic net income per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2.03</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.40</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EarningsPerShareDiluted_pid_zKCsXUuTWIJ" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-bottom: 2.5pt; padding-left: 8.65pt">Diluted net income per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2.02</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.40</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 25929000 5202000 12796000 12852000 38000 10000 12834000 12862000 2.03 0.40 2.02 0.40 368000 443000 <p id="xdx_84C_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zXdbVJBjBP49" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zO3rjHH79Zqb">Recent Accounting Pronouncements</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards 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 is effective from March 12, 2020 through December 31, 2022. An entity may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. An entity may elect to apply the amendments in ASU 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. The one-time election to sell, transfer, or both sell and transfer debt securities classified as held-to-maturity may be made at any time after March 12, 2020 but no later than December 31, 2022. The Company has identified existing loans that reference 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326).” This standard adds an impairment model, known as the current expected credit loss (“CECL”) model, that is based on expected losses rather than incurred losses. Under this guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of losses. This ASU describes the impairment allowance as a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be measured in a manner similar to current GAAP; however, the amendments in this update require that credit losses be presented as an allowance rather than as a write-down, which will allow an entity the ability to record reversals of credit losses in current period net income. On November 15, 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” which finalized various effective date delays for private companies, not-for-profit organizations, and certain smaller reporting companies. Under ASU 2019-10, the effective date for implementation of CECL for smaller reporting companies was extended to fiscal years, and interim periods within those years, beginning after December 15, 2022. The Company is currently evaluating the new guidance but believes it is likely to incur more upfront losses on its portfolio under the new CECL model.</span></p> <p id="xdx_808_eus-gaap--GoodwillAndIntangibleAssetsDisclosureTextBlock_zLeV3Flisupl" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2. <span id="xdx_826_zLFzqo1MadK">Goodwill and Intangible Assets </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Goodwill </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">There was no change in the carrying amount of goodwill from </span><span style="font-size: 10pt">December 31, 2020 <span style="font-family: Times New Roman, Times, Serif; color: #212529">to </span>December 31, 2021<span style="font-family: Times New Roman, Times, Serif; color: #212529">, and net book value remains at $8.4 million. The net book value of goodwill is solely related to the Enteris acquisition in 2019. The Company reviews goodwill for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than the carrying amount as a basis for determining whether it is necessary to perform an impairment test. If the qualitative assessment warrants further analysis, the Company compares the fair value of the reporting unit to its carrying value. The fair value of the reporting unit is determined using the market approach. If the fair value of the reporting unit exceeds the carrying value of net assets of the reporting unit, goodwill is not impaired. If the carrying value of the reporting unit’s goodwill exceeds its fair value, then the Company must record an impairment charge equal to the difference. As of </span>December 31, 2021<span style="font-family: Times New Roman, Times, Serif; color: #212529">, the Company concluded that it is more likely than not that the fair value of the reporting unit is greater than its carrying value, and goodwill is not considered to be impaired.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Intangible Assets</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p id="xdx_89E_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock_z6QHECdkWPb2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">As of </span><span style="font-size: 10pt">December 31, 2021 and 2020, <span style="font-family: Times New Roman, Times, Serif; color: #212529">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):</span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-size: 10pt"><span style="font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8BD_zwGPnJCf4ZR7" style="display: none">Schedule of Intangible Assets</span></span></span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_88F_ecustom--DisclosureGoodwillAndIntangibleAssetsDetailsAbstract_pn3n3_zvPrnxp7tLu2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Goodwill and Intangible Assets (Details)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td id="xdx_480_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_zIoqYjm14j64" style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td id="xdx_48C_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_zFuURkwNfkji" style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td id="xdx_484_eus-gaap--IntangibleAssetsCurrent_iI_zj5zJgY4n2ue" style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">As of December 31, 2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Gross Book<br/> Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Accumulated<br/> Amortization</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Net Book Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Estimated Useful<br/> Life</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_413_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zPh1BCWR0SHg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 48%; text-align: left; text-indent: -8.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">License Agreement <sup id="xdx_F48_zgVM7l1VMlaj">(1)</sup></span></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">29,400</td><td style="width: 1%; text-align: left">   </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">19,780</td><td style="width: 1%; text-align: left">   </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">9,620</td><td style="width: 1%; text-align: left">   </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxH_c20210101__20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zONazz7lZDRl" style="width: 8%; text-align: right" title="::XDX::P10Y">10</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_411_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zbMdhxCMdI79" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Trade names and trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">210</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxH_c20210101__20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zpnHZQoqfjjd" style="text-align: right" title="::XDX::P10Y">10</td><td style="text-align: left"> </td></tr> <tr id="xdx_412_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zZtoWi5pqeC4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Customer relationships</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">240</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">56</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">184</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxH_c20210101__20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zLNWir8cWfOd" style="border-bottom: Black 1pt solid; text-align: right" title="::XDX::P10Y">10</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_41A_20211231_zJxpocxljG1g" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Total intangible assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,850</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,886</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,964</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">As of December 31, 2020</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Gross Book<br/> Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Accumulated<br/> Amortization</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Net Book Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Estimated Useful<br/> Life</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_416_20201231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zEn0gkF6BQY2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 48%; text-align: left; text-indent: -8.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">License Agreement <sup id="xdx_F44_zxokR5WmuoQ">(1)</sup></span></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">29,400</td><td style="width: 1%; text-align: left">   </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">16,336</td><td style="width: 1%; text-align: left">   </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">13,064</td><td style="width: 1%; text-align: left">   </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxH_c20200101__20201231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zNoncyCamw7e" style="width: 8%; text-align: right" title="::XDX::P10Y">10</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_414_20201231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_z3SLSgCYGQp8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Trade names and trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">210</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">181</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxH_c20200101__20201231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zSwI5VCLoJTk" style="text-align: right" title="::XDX::P10Y">10</td><td style="text-align: left"> </td></tr> <tr id="xdx_415_20201231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zFegOqIswJ17" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Customer relationships</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">240</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">208</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxH_c20200101__20201231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_z1WudCCGdpIc" style="border-bottom: Black 1pt solid; text-align: right" title="::XDX::P10Y">10</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_414_20201231_zkqR9Lnj3sWh" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Total intangible assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,850</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,397</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,453</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F08_znBZpwzA5cCb">(1)</sup></span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F11_zJP5UBwT1r25" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to our acquisition of Enteris, Enteris entered into a non-exclusive commercial license agreement (the “License Agreement”) with Cara Therapeutics, Inc. (“Cara”), for oral formulation rights to Enteris’ Peptelligence® technology to develop and commercialize Oral KORSUVA<sup>TM</sup> 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.</span></td> </tr></table> <p id="xdx_8AE_zs9jh0miRxul" style="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify; color: #212529"><span style="font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zOFnaKc3Qtb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Amortization expense was $<span id="xdx_906_eus-gaap--AmortizationOfIntangibleAssets_pn3p0_dm_c20210101__20211231_zXmByl0ducui">3.5 million</span> and $<span id="xdx_90F_eus-gaap--AmortizationOfIntangibleAssets_pn3p0_dm_c20200101__20201231_z2UwxDnur3C3">11.7 million</span> for the years ended </span><span style="font-size: 10pt">December 31, 2021 and 2020<span style="font-family: Times New Roman, Times, Serif; color: #212529">, respectively, and was recorded in depreciation and amortization expense. Based on amounts recorded at December 31, 2021, the Company will recognize acquired intangible asset amortization as follows (in thousands):</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span id="xdx_8BD_zXcn8lMXQrs3" style="display: none">Schedule of Intangible Asset Amortization Expense</span></p> <table cellpadding="0" cellspacing="0" id="xdx_88A_ecustom--DisclosureGoodwillAndIntangibleAssetsDetails2Abstract_pn3n3_zIEgXuJyeFye" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto" summary="xdx: Disclosure - Goodwill and Intangible Assets (Details 2)"> <tr style="vertical-align: bottom"> <td style="text-align: center"/><td style="text-align: center"/> <td style="text-align: center"/><td id="xdx_49A_20211231_zlLny3ORRw0l" style="text-align: center"/><td style="text-align: center"/></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_maFLIANzQY9_zbcW2oOhheTc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; text-align: left">2022</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,768</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_maFLIANzQY9_zW4Sthf16ue7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,696</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_maFLIANzQY9_z7fBMsvGk8xb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,540</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_maFLIANzQY9_zin6IM5PYd14" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,069</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_maFLIANzQY9_zshe6lFxTupl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,069</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_maFLIANzQY9_zy0RkibYCRNf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,822</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtFLIANzQY9_zJCwDbYzMEs9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 6pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,964</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AE_zzHOnC8lUQ2j" style="margin-top: 0; margin-bottom: 0"/> <p id="xdx_89E_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock_z6QHECdkWPb2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">As of </span><span style="font-size: 10pt">December 31, 2021 and 2020, <span style="font-family: Times New Roman, Times, Serif; color: #212529">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):</span> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-size: 10pt"><span style="font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8BD_zwGPnJCf4ZR7" style="display: none">Schedule of Intangible Assets</span></span></span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_88F_ecustom--DisclosureGoodwillAndIntangibleAssetsDetailsAbstract_pn3n3_zvPrnxp7tLu2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Goodwill and Intangible Assets (Details)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td id="xdx_480_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill_iI_zIoqYjm14j64" style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td id="xdx_48C_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iI_zFuURkwNfkji" style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td id="xdx_484_eus-gaap--IntangibleAssetsCurrent_iI_zj5zJgY4n2ue" style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td> <td style="white-space: nowrap; font-weight: bold; text-align: center"> </td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">As of December 31, 2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Gross Book<br/> Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Accumulated<br/> Amortization</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Net Book Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Estimated Useful<br/> Life</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_413_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zPh1BCWR0SHg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 48%; text-align: left; text-indent: -8.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">License Agreement <sup id="xdx_F48_zgVM7l1VMlaj">(1)</sup></span></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">29,400</td><td style="width: 1%; text-align: left">   </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">19,780</td><td style="width: 1%; text-align: left">   </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">9,620</td><td style="width: 1%; text-align: left">   </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxH_c20210101__20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zONazz7lZDRl" style="width: 8%; text-align: right" title="::XDX::P10Y">10</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_411_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zbMdhxCMdI79" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Trade names and trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">210</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">160</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxH_c20210101__20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zpnHZQoqfjjd" style="text-align: right" title="::XDX::P10Y">10</td><td style="text-align: left"> </td></tr> <tr id="xdx_412_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zZtoWi5pqeC4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Customer relationships</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">240</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">56</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">184</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxH_c20210101__20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zLNWir8cWfOd" style="border-bottom: Black 1pt solid; text-align: right" title="::XDX::P10Y">10</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_41A_20211231_zJxpocxljG1g" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Total intangible assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,850</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">19,886</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,964</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="14" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">As of December 31, 2020</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Gross Book<br/> Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Accumulated<br/> Amortization</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Net Book Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Estimated Useful<br/> Life</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_416_20201231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zEn0gkF6BQY2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 48%; text-align: left; text-indent: -8.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">License Agreement <sup id="xdx_F44_zxokR5WmuoQ">(1)</sup></span></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">29,400</td><td style="width: 1%; text-align: left">   </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">16,336</td><td style="width: 1%; text-align: left">   </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">13,064</td><td style="width: 1%; text-align: left">   </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxH_c20200101__20201231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zNoncyCamw7e" style="width: 8%; text-align: right" title="::XDX::P10Y">10</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_414_20201231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_z3SLSgCYGQp8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Trade names and trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">210</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">181</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxH_c20200101__20201231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zSwI5VCLoJTk" style="text-align: right" title="::XDX::P10Y">10</td><td style="text-align: left"> </td></tr> <tr id="xdx_415_20201231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zFegOqIswJ17" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Customer relationships</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">240</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">208</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxH_c20200101__20201231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_z1WudCCGdpIc" style="border-bottom: Black 1pt solid; text-align: right" title="::XDX::P10Y">10</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_414_20201231_zkqR9Lnj3sWh" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Total intangible assets</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">29,850</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,397</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,453</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 29400000 19780000 9620000 210000 50000 160000 240000 56000 184000 29850000 19886000 9964000 29400000 16336000 13064000 210000 29000 181000 240000 32000 208000 29850000 16397000 13453000 <p id="xdx_890_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zOFnaKc3Qtb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Amortization expense was $<span id="xdx_906_eus-gaap--AmortizationOfIntangibleAssets_pn3p0_dm_c20210101__20211231_zXmByl0ducui">3.5 million</span> and $<span id="xdx_90F_eus-gaap--AmortizationOfIntangibleAssets_pn3p0_dm_c20200101__20201231_z2UwxDnur3C3">11.7 million</span> for the years ended </span><span style="font-size: 10pt">December 31, 2021 and 2020<span style="font-family: Times New Roman, Times, Serif; color: #212529">, respectively, and was recorded in depreciation and amortization expense. Based on amounts recorded at December 31, 2021, the Company will recognize acquired intangible asset amortization as follows (in thousands):</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span id="xdx_8BD_zXcn8lMXQrs3" style="display: none">Schedule of Intangible Asset Amortization Expense</span></p> <table cellpadding="0" cellspacing="0" id="xdx_88A_ecustom--DisclosureGoodwillAndIntangibleAssetsDetails2Abstract_pn3n3_zIEgXuJyeFye" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto" summary="xdx: Disclosure - Goodwill and Intangible Assets (Details 2)"> <tr style="vertical-align: bottom"> <td style="text-align: center"/><td style="text-align: center"/> <td style="text-align: center"/><td id="xdx_49A_20211231_zlLny3ORRw0l" style="text-align: center"/><td style="text-align: center"/></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_maFLIANzQY9_zbcW2oOhheTc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; text-align: left">2022</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,768</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_maFLIANzQY9_zW4Sthf16ue7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,696</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_maFLIANzQY9_z7fBMsvGk8xb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,540</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_maFLIANzQY9_zin6IM5PYd14" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,069</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_maFLIANzQY9_zshe6lFxTupl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,069</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_maFLIANzQY9_zy0RkibYCRNf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,822</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_mtFLIANzQY9_zJCwDbYzMEs9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 6pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">9,964</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1768000 1696000 1540000 1069000 1069000 2822000 9964000 <p id="xdx_809_eus-gaap--FinancingReceivablesTextBlock_zu4ZT3uTIHT4" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3. <span id="xdx_825_zDTIHjqcbFf7">Finance Receivables </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Finance receivables are reported at their determined principal balances net of any unearned income, cumulative charge-offs 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">As of December 31, 2021, the Company had a credit loss allowance of $8.4 million. Of the total $8.4 million, $<span id="xdx_904_eus-gaap--FinancingReceivableAllowanceForCreditLosses_iI_pn3p0_dm_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CambiaMember_zjm9s3ap0IAh">1.2 million</span> is associated with the Company’s Cambia® royalty, and $<span id="xdx_90C_eus-gaap--FinancingReceivableAllowanceForCreditLosses_iI_pn3p0_dm_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BesivanceMember_z36cEedtISrl">0.6 million</span> is associated with the Company’s Besivance® royalty. The remaining $<span id="xdx_90A_eus-gaap--FinancingReceivableAllowanceForCreditLosses_iI_pn3p0_dm_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ABTMolecularImagingIncMember_zhLgHoIYq4Ol">6.6 million</span> is related to the Best ABT, Inc. (“Best”), second lien term loan that was recognized in order to reflect the Best royalty at its estimated fair value. The carrying values of finance receivables are as follows (in thousands):</span></p> <p id="xdx_898_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zCtM6V8INKsk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span id="xdx_8BF_zrj1AeizyA1i" style="display: none">Schedule of carrying value of finance receivables</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_889_ecustom--DisclosureFinanceReceivablesDetailsAbstract_pn3n3_zu63VT100Stj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in" summary="xdx: Disclosure - Finance Receivables (Details)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td> <td id="xdx_497_20211231_zCi14ZuAjQ1d" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td> <td id="xdx_49E_20201231_zMvHUWT0b4i6" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--NotesReceivableGross_iI_hus-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__custom--LifeScienceTermLoansMember_zOccKmzu7Bii" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 74%; text-align: left; text-indent: -8.65pt">Term loans</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">136,312</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">164,032</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NotesReceivableGross_iI_hus-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__custom--LifeScienceRoyaltyPurchasesMember_zYjyGpsVRI04" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Royalty purchases</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">53,629</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">48,847</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NotesReceivableGross_iI_maNRNzInv_zLi5jRix9EKe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Total before allowance for credit losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">189,941</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">212,879</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--FinancingReceivableAllowanceForCreditLosses_iNI_di_msNRNzInv_zOn4oMcwylYj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Allowance for credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,388</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,388</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--NotesReceivableNet_iTI_mtNRNzInv_zFfLMtLSH3F9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; padding-bottom: 2.5pt; padding-left: 17.3pt">Total carrying value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">181,553</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">204,491</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AC_z0fBKahp01Pe" style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit Quality of Finance Receivables</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">On a quarterly basis, 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. 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 and collectibility of remaining principal and interest is no longer doubtful. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Receivables associated with royalty stream purchases would be considered to be impaired when it is probable that the Company will be unable to collect the book value of the remaining investment based upon adverse changes in the estimated underlying royalty stream.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">When the Company identifies a finance receivable as impaired, it measures the impairment based on the present value of expected future cash flows, discounted at the receivable’s effective interest rate, or the estimated fair value of the collateral, less estimated costs to sell. If it is determined that the value of an impaired receivable is less than the recorded investment, the Company would recognize impairment with a charge to the allowance for credit losses. When the value of the impaired receivable is calculated by discounting expected cash flows, interest income would be recognized using the receivable’s effective interest rate over the remaining life of the receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company individually develops the allowance for credit losses for any identified impaired loans. In developing the allowance for credit losses, the Company considers, among other things, the following credit quality indicators:</span></p> <table cellpadding="0" cellspacing="0" style="font: 12pt Arial Unicode MS; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Symbol; font-size: 10pt">·</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">business characteristics and financial conditions of obligors;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Symbol; font-size: 10pt">·</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">current economic conditions and trends;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Symbol; font-size: 10pt">·</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual charge-off experience;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Symbol; font-size: 10pt">·</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">current delinquency levels;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Symbol; font-size: 10pt">·</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">value of underlying collateral and guarantees;</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Arial Unicode MS; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-size: 1pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-size: 1pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 1pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Symbol; font-size: 10pt">·</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory environment; and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Symbol; font-size: 10pt">·</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other relevant factors predicting investment recovery.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> </table> <p id="xdx_898_eus-gaap--ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock_zUsKJN1mPoZe" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><span style="font-size: 10pt">The following table presents nonaccrual and performing loans by portfolio financing structure: (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span id="xdx_8B6_zBJhw2Xy5my8" style="display: none">Schedule of analysis of nonaccrual and performing loans by portfolio segment</span></p> <table cellpadding="0" cellspacing="0" id="xdx_88A_ecustom--DisclosureFinanceReceivablesDetails2Abstract_pn3n3_zcExvD0FiVLb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Finance Receivables (Details 2)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_495_20211231__us-gaap--FinancialInstrumentPerformanceStatusAxis__us-gaap--NonperformingFinancingReceivableMember_zvb3iBRtpdCb" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_491_20211231__us-gaap--FinancialInstrumentPerformanceStatusAxis__us-gaap--PerformingFinancingReceivableMember_z30f1zChokNe" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_499_20211231_zxx6YELEtSN5" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"/><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_499_20201231__us-gaap--FinancialInstrumentPerformanceStatusAxis__us-gaap--NonperformingFinancingReceivableMember_zSRk0c4vVHJ5" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_495_20201231__us-gaap--FinancialInstrumentPerformanceStatusAxis__us-gaap--PerformingFinancingReceivableMember_zaFD3nNn4uc1" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_495_20201231_zOM7FH84LEZ8" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31, 2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31, 2020</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Nonaccrual</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Performing</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Total</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Nonaccrual</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Performing</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NotesReceivableNet_iI_hus-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__custom--LifeScienceTermLoansMember_zdQ3kPsKV99e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 34%; text-align: left; text-indent: -8.65pt">Term loans</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">18,288</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">118,024</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">136,312</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">8,334</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">155,698</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">164,032</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--NotesReceivableNet_iI_hus-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__custom--LifeScienceRoyaltyPurchasesMember_z2vEb5bS5DG6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Royalty purchases</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,362</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41,879</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">45,241</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,863</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36,596</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">40,459</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NotesReceivableNet_iI_zr3UeE4yXDSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; padding-bottom: 2.5pt; padding-left: 17.3pt">Total carrying value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,650</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">159,903</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">181,553</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,197</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">192,294</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">204,491</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A3_zSlmKGSJIl6" style="margin-top: 0; margin-bottom: 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">As of December 31, 2021, the Company had three finance receivables in nonaccrual status: (1) the term loan to <span id="xdx_915_ecustom--BAndDDentalMember_zoOIznQ9oTY6">B&amp;D Dental Corporation</span> (“B&amp;D”), with a net carrying value of $<span id="xdx_90D_eus-gaap--LoansAndLeasesReceivableGrossCarryingAmount_iI_pn3p0_dm_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BAndDDentalMember_zSFXFJopGzWf">8.3 million</span>, (2) the term loan to <span id="xdx_912_ecustom--FlowonixMedicalIncMember_zAAGtiUTeAW5">Flowonix Medical, Inc.</span> (“Flowonix”), with a net carrying value of $<span id="xdx_90B_eus-gaap--LoansAndLeasesReceivableGrossCarryingAmount_iI_pn3p0_dm_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FlowonixMedicalIncMember_zpN3PSh4QRsd">10.0 million</span>, and (3) the Best royalty, with a net carrying value of $<span id="xdx_90B_eus-gaap--LoansAndLeasesReceivableGrossCarryingAmount_iI_pn3p0_dm_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BestRoyaltyMember_zIPqI5np5FG8">3.4 million</span>. Although in nonaccrual status, the B&amp;D and Flowonix term loans were not considered impaired as of December 31, 2021 and 2020. The Company collected $1.2 million on two of its nonaccrual finance receivables during the year ended December 31, 2021, of which $0.7 million was collected from Flowonix prior to being placed on non-accrual.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2022, SWK Funding negotiated to terminate the B&amp;D term loan upon receiving payment of $<span id="xdx_90C_eus-gaap--ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1_pn3p0_dm_c20220316__20220317__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BAndDDentalMember_zjcdAm5Ue6ib">10.4 million</span>, which was received on March 17, 2022. The carrying value of the term loan was $<span id="xdx_90D_eus-gaap--LoansAndLeasesReceivableGrossCarryingAmount_iI_pn3p0_dm_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BAndDDentalMember_zZLZJ9kySeMd">8.3 million</span> as of December 31, 2021. Following this payment, B&amp;D has no remaining payment obligations to the Company.</span></p> 1200000 600000 6600000 <p id="xdx_898_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zCtM6V8INKsk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span id="xdx_8BF_zrj1AeizyA1i" style="display: none">Schedule of carrying value of finance receivables</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_889_ecustom--DisclosureFinanceReceivablesDetailsAbstract_pn3n3_zu63VT100Stj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.5in" summary="xdx: Disclosure - Finance Receivables (Details)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td> <td id="xdx_497_20211231_zCi14ZuAjQ1d" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td> <td id="xdx_49E_20201231_zMvHUWT0b4i6" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--NotesReceivableGross_iI_hus-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__custom--LifeScienceTermLoansMember_zOccKmzu7Bii" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 74%; text-align: left; text-indent: -8.65pt">Term loans</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">136,312</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">164,032</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--NotesReceivableGross_iI_hus-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__custom--LifeScienceRoyaltyPurchasesMember_zYjyGpsVRI04" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Royalty purchases</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">53,629</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">48,847</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NotesReceivableGross_iI_maNRNzInv_zLi5jRix9EKe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Total before allowance for credit losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">189,941</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">212,879</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--FinancingReceivableAllowanceForCreditLosses_iNI_di_msNRNzInv_zOn4oMcwylYj" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Allowance for credit losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,388</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,388</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--NotesReceivableNet_iTI_mtNRNzInv_zFfLMtLSH3F9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; padding-bottom: 2.5pt; padding-left: 17.3pt">Total carrying value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">181,553</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">204,491</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 136312000 164032000 53629000 48847000 189941000 212879000 8388000 8388000 181553000 204491000 <p id="xdx_898_eus-gaap--ScheduleOfFinancingReceivablesNonAccrualStatusTableTextBlock_zUsKJN1mPoZe" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><span style="font-size: 10pt">The following table presents nonaccrual and performing loans by portfolio financing structure: (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span id="xdx_8B6_zBJhw2Xy5my8" style="display: none">Schedule of analysis of nonaccrual and performing loans by portfolio segment</span></p> <table cellpadding="0" cellspacing="0" id="xdx_88A_ecustom--DisclosureFinanceReceivablesDetails2Abstract_pn3n3_zcExvD0FiVLb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Finance Receivables (Details 2)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_495_20211231__us-gaap--FinancialInstrumentPerformanceStatusAxis__us-gaap--NonperformingFinancingReceivableMember_zvb3iBRtpdCb" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_491_20211231__us-gaap--FinancialInstrumentPerformanceStatusAxis__us-gaap--PerformingFinancingReceivableMember_z30f1zChokNe" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_499_20211231_zxx6YELEtSN5" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"/><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_499_20201231__us-gaap--FinancialInstrumentPerformanceStatusAxis__us-gaap--NonperformingFinancingReceivableMember_zSRk0c4vVHJ5" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_495_20201231__us-gaap--FinancialInstrumentPerformanceStatusAxis__us-gaap--PerformingFinancingReceivableMember_zaFD3nNn4uc1" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_495_20201231_zOM7FH84LEZ8" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31, 2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31, 2020</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Nonaccrual</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Performing</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Total</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Nonaccrual</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Performing</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--NotesReceivableNet_iI_hus-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__custom--LifeScienceTermLoansMember_zdQ3kPsKV99e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 34%; text-align: left; text-indent: -8.65pt">Term loans</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">18,288</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">118,024</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">136,312</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">8,334</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">155,698</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">164,032</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--NotesReceivableNet_iI_hus-gaap--AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis__custom--LifeScienceRoyaltyPurchasesMember_z2vEb5bS5DG6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Royalty purchases</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,362</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41,879</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">45,241</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,863</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">36,596</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">40,459</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--NotesReceivableNet_iI_zr3UeE4yXDSf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; padding-bottom: 2.5pt; padding-left: 17.3pt">Total carrying value</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,650</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">159,903</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">181,553</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,197</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">192,294</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">204,491</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 18288000 118024000 136312000 8334000 155698000 164032000 3362000 41879000 45241000 3863000 36596000 40459000 21650000 159903000 181553000 12197000 192294000 204491000 8300000 10000000.0 3400000 10400000 8300000 <p id="xdx_805_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zWGgHwUgEmwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 4. <span id="xdx_828_zc9fWCKgxlIk">Property and Equipment, Net</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_895_eus-gaap--PropertyPlantAndEquipmentTextBlock_zWmavaruFITc" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in; text-align: justify"><span style="font-size: 10pt"> Property and equipment, net consisted of the following as of December 31, 2021 and 2020 (in thousands): </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><span id="xdx_8BD_zdhjflDeKRJa" style="display: none">Schedule of Property and Equipment, Net</span></p> <table cellpadding="0" cellspacing="0" id="xdx_880_ecustom--DisclosurePropertyAndEquipmentNetDetailsAbstract_pn3n3_z0MwhYZqFSuh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Property and Equipment, Net (Details)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20211231_zElFSnsFuzDk" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31, 2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20201231_zcnHDXRXC483" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31, 2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentOther_iI_maPPAEGzBKP_zHvJXWAiL0ji" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 74%; text-align: left; text-indent: -8.65pt">Production equipment and other</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,042</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">2,658</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--FurnitureAndFixturesGross_iI_maPPAEGzBKP_zOcBAESvmsMf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LeaseholdImprovementsGross_iI_maPPAEGzBKP_z4s1UK0wTwid" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,648</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">143</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ConstructionInProgressGross_iI_maPPAEGzBKP_zAXIWvaQ8aJ9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Construction-in progress</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0650">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,785</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CapitalizedComputerSoftwareGross_iI_maPPAEGzBKP_zEwJETUTf3yd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Capitalized software</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">84</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">77</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iTI_mtPPAEGzBKP_maPPAENzbIj_z9pFPuzPPTgd" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-left: 17.3pt">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,812</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,749</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzbIj_zRPSdkzjRWMk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Less accumulated depreciation and amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,033</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(538</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzbIj_zsiFdLBIbB9j" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,779</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,211</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A2_z7iwCt61BkZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Depreciation and amortization expense on property and equipment was $<span id="xdx_90E_eus-gaap--DepreciationAndAmortization_pn3p0_dm_c20210101__20211231__us-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_z4k5G9nSs3Oc">0.6 million</span> and $<span id="xdx_902_eus-gaap--DepreciationAndAmortization_pn3p0_dm_c20200101__20201231__us-gaap--FairValueByAssetClassAxis__us-gaap--PropertyPlantAndEquipmentMember_zigpm2RuFo6b">0.4 million</span> for the years ended December 31, 2021 and 2020, respectively. </span></p> <p id="xdx_895_eus-gaap--PropertyPlantAndEquipmentTextBlock_zWmavaruFITc" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in; text-align: justify"><span style="font-size: 10pt"> Property and equipment, net consisted of the following as of December 31, 2021 and 2020 (in thousands): </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><span id="xdx_8BD_zdhjflDeKRJa" style="display: none">Schedule of Property and Equipment, Net</span></p> <table cellpadding="0" cellspacing="0" id="xdx_880_ecustom--DisclosurePropertyAndEquipmentNetDetailsAbstract_pn3n3_z0MwhYZqFSuh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Property and Equipment, Net (Details)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20211231_zElFSnsFuzDk" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31, 2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20201231_zcnHDXRXC483" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31, 2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentOther_iI_maPPAEGzBKP_zHvJXWAiL0ji" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 74%; text-align: left; text-indent: -8.65pt">Production equipment and other</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,042</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">2,658</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--FurnitureAndFixturesGross_iI_maPPAEGzBKP_zOcBAESvmsMf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">86</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LeaseholdImprovementsGross_iI_maPPAEGzBKP_z4s1UK0wTwid" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,648</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">143</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ConstructionInProgressGross_iI_maPPAEGzBKP_zAXIWvaQ8aJ9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Construction-in progress</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0650">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,785</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--CapitalizedComputerSoftwareGross_iI_maPPAEGzBKP_zEwJETUTf3yd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Capitalized software</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">84</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">77</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iTI_mtPPAEGzBKP_maPPAENzbIj_z9pFPuzPPTgd" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-left: 17.3pt">Total</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,812</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,749</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzbIj_zRPSdkzjRWMk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Less accumulated depreciation and amortization</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,033</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(538</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzbIj_zsiFdLBIbB9j" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,779</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,211</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 3042000 2658000 38000 86000 3648000 143000 2785000 84000 77000 6812000 5749000 1033000 538000 5779000 5211000 600000 400000 <p id="xdx_80C_eus-gaap--InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_zRttORCy3QOi" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 5. <span id="xdx_82C_zT4SxBEwW8Oh">Marketable Investments </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_893_eus-gaap--InvestmentHoldingsScheduleOfInvestmentsTableTextBlock_zo3tf7Ankdqc" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Investment in corporate debt securities and equity securities as of December 31, 2021 and 2020 consist of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8B8_zkl62U9pkGtd" style="display: none">Schedule of marketable investments</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_881_ecustom--DisclosureMarketableInvestmentsDetailsAbstract_pn3n3_zyaowDwY9Av9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Marketable Investments (Details)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"/><td style="padding-bottom: 1pt"/> <td style="white-space: nowrap; text-align: center"/> <td id="xdx_491_20211231_zLYdRzaCLLO4" style="white-space: nowrap; text-align: center"/> <td style="white-space: nowrap; text-align: center"/> <td style="white-space: nowrap; text-align: center"/> <td style="white-space: nowrap; text-align: center"/> <td id="xdx_497_20201231_ziioaqnUDHjj" style="white-space: nowrap; text-align: center"/><td style="padding-bottom: 1pt"/></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended<br/> December 31,</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--AvailableForSaleSecuritiesDebtSecurities_iI_maIzegN_z504BTaELSL4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 74%; text-align: left; text-indent: -8.65pt">Corporate debt securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">119</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">241</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--MarketableSecurities_iI_maIzegN_zhWKMfiw8oM8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Equity securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,034</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,210</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Investments_iTI_mtIzegN_zxLYwJGDEMkd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Total marketable investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,153</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,451</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A5_zpCIbZxNdeGd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p id="xdx_895_eus-gaap--ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock_zZwFfD0ZXMpd" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale debt securities as of December 31, 2021 and 2020, are as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8B7_zAr0JjuLBf83" style="display: none">Schedule of available-for-sale securities reconciliation</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_881_ecustom--DisclosureMarketableInvestmentsDetails2Abstract_pn3n3_zRV7L9FS2HL6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Marketable Investments (Details 2)"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">December 31, 2021</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Amortized Cost</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Gross Unrealized<br/> Gains</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Gross Unrealized<br/> Losses</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 45%; text-align: left">Corporate debt securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--AvailableForSaleDebtSecuritiesAmortizedCostBasis_iI_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zd0jgnQPQsug" style="width: 8%; text-align: right">119</td><td style="width: 2%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--AvailableForSaleSecuritiesGrossUnrealizedGains_c20210101__20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zbEZCVe44jxh" style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0686">—</span></td><td style="width: 2%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--AvailableForSaleSecuritiesGrossUnrealizedGains_c20210101__20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_z6wjM1UwWpo7" style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0687">—</span></td><td style="width: 2%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--AvailableForSaleSecurities_iI_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zA2tXn7xLjD4" style="width: 8%; text-align: right">119</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">December 31, 2020</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Amortized Cost</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Gross Unrealized<br/> Gains</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Gross Unrealized<br/> Losses</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 45%; text-align: left">Corporate debt securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--AvailableForSaleDebtSecuritiesAmortizedCostBasis_iI_c20201231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zGZPZUh1bz9h" style="width: 8%; text-align: right">241</td><td style="width: 2%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--AvailableForSaleSecuritiesGrossUnrealizedGains_c20200101__20201231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_z429MmvpvbB2" style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0690">—</span></td><td style="width: 2%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--AvailableForSaleSecuritiesGrossUnrealizedLoss_c20200101__20201231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zE0VpvBf2TSc" style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0691">—</span></td><td style="width: 2%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--AvailableForSaleSecurities_iI_c20201231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zK3jdBKpbCWi" style="width: 8%; text-align: right">241</td><td style="width: 1%; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zX0T9HoHKY08" style="margin-top: 0; margin-bottom: 0"/> <p id="xdx_891_eus-gaap--ScheduleOfRealizedGainLossTableTextBlock_z6EMRor90o9b" style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table presents realized and unrealized gains and losses on equity securities as prescribed by ASC 321, <span style="font-family: Times New Roman, Times, Serif"><i>Investment - Equity Securities</i></span> during the year ended December 31, 2021 and 2020.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8B7_zqSFeKpvLld7" style="display: none">Schedule of Proceeds from sales, gross unrealized gains and gross unrealized losses for available-for-sale securities</span></span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_884_ecustom--DisclosureMarketableInvestmentsDetails3Abstract_pn3n3_zUstnAXrNOcg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Marketable Investments (Details 3)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_497_20210101__20211231__us-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesInvestmentSummaryMember_zpnOzC4FIOa4" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_496_20200101__20201231__us-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesInvestmentSummaryMember_zJXrsyFGbNOb" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--MarketableSecuritiesUnrealizedGainLoss_zTz6ASlVKP8j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 74%; text-align: left; text-indent: -8.65pt">Unrealized net gain (loss) on equity securities reflected in the Consolidated Statements of Income</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,839</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">(591</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_402_ecustom--CashReceivedFromSettlementOfWarrants_zQWuhb3DaKTc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Proceeds received on tender of equity securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,875</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0702">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--MarketableSecuritiesGainLoss_zE9m42GY1eO3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Realized loss on tender/sale of equity securities reflected in the Consolidated Statements of Income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(140</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0705">—</span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AB_zgmGMveuxXlk" style="margin-top: 0; margin-bottom: 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity Securities </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">On October 29, 2021, Misonix, Inc. (“Misonix”) was acquired by Bioventus, Inc. (“Bioventus”). Upon closing of the transaction, the Company tendered its Misonix common stock and received $1.9 million in cash and 71,361 shares of Bioventus common stock, which are reflected at their estimated fair value of $1.0 million as of December 31, 2021. The Company recognized a $0.1 million realized loss on the tender of the Misonix common stock.</span></p> <p id="xdx_893_eus-gaap--InvestmentHoldingsScheduleOfInvestmentsTableTextBlock_zo3tf7Ankdqc" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Investment in corporate debt securities and equity securities as of December 31, 2021 and 2020 consist of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8B8_zkl62U9pkGtd" style="display: none">Schedule of marketable investments</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_881_ecustom--DisclosureMarketableInvestmentsDetailsAbstract_pn3n3_zyaowDwY9Av9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Marketable Investments (Details)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"/><td style="padding-bottom: 1pt"/> <td style="white-space: nowrap; text-align: center"/> <td id="xdx_491_20211231_zLYdRzaCLLO4" style="white-space: nowrap; text-align: center"/> <td style="white-space: nowrap; text-align: center"/> <td style="white-space: nowrap; text-align: center"/> <td style="white-space: nowrap; text-align: center"/> <td id="xdx_497_20201231_ziioaqnUDHjj" style="white-space: nowrap; text-align: center"/><td style="padding-bottom: 1pt"/></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year Ended<br/> December 31,</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--AvailableForSaleSecuritiesDebtSecurities_iI_maIzegN_z504BTaELSL4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 74%; text-align: left; text-indent: -8.65pt">Corporate debt securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">119</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">241</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--MarketableSecurities_iI_maIzegN_zhWKMfiw8oM8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Equity securities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,034</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,210</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--Investments_iTI_mtIzegN_zxLYwJGDEMkd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Total marketable investments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,153</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,451</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 119000 241000 1034000 1210000 1153000 1451000 <p id="xdx_895_eus-gaap--ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock_zZwFfD0ZXMpd" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale debt securities as of December 31, 2021 and 2020, are as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8B7_zAr0JjuLBf83" style="display: none">Schedule of available-for-sale securities reconciliation</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_881_ecustom--DisclosureMarketableInvestmentsDetails2Abstract_pn3n3_zRV7L9FS2HL6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Marketable Investments (Details 2)"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">December 31, 2021</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Amortized Cost</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Gross Unrealized<br/> Gains</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Gross Unrealized<br/> Losses</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 45%; text-align: left">Corporate debt securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--AvailableForSaleDebtSecuritiesAmortizedCostBasis_iI_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zd0jgnQPQsug" style="width: 8%; text-align: right">119</td><td style="width: 2%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--AvailableForSaleSecuritiesGrossUnrealizedGains_c20210101__20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zbEZCVe44jxh" style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0686">—</span></td><td style="width: 2%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--AvailableForSaleSecuritiesGrossUnrealizedGains_c20210101__20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_z6wjM1UwWpo7" style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0687">—</span></td><td style="width: 2%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--AvailableForSaleSecurities_iI_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zA2tXn7xLjD4" style="width: 8%; text-align: right">119</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left">December 31, 2020</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Amortized Cost</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Gross Unrealized<br/> Gains</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Gross Unrealized<br/> Losses</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 45%; text-align: left">Corporate debt securities</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--AvailableForSaleDebtSecuritiesAmortizedCostBasis_iI_c20201231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zGZPZUh1bz9h" style="width: 8%; text-align: right">241</td><td style="width: 2%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--AvailableForSaleSecuritiesGrossUnrealizedGains_c20200101__20201231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_z429MmvpvbB2" style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0690">—</span></td><td style="width: 2%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--AvailableForSaleSecuritiesGrossUnrealizedLoss_c20200101__20201231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zE0VpvBf2TSc" style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0691">—</span></td><td style="width: 2%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--AvailableForSaleSecurities_iI_c20201231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zK3jdBKpbCWi" style="width: 8%; text-align: right">241</td><td style="width: 1%; text-align: left"> </td></tr> </table> 119000 119000 241000 241000 <p id="xdx_891_eus-gaap--ScheduleOfRealizedGainLossTableTextBlock_z6EMRor90o9b" style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table presents realized and unrealized gains and losses on equity securities as prescribed by ASC 321, <span style="font-family: Times New Roman, Times, Serif"><i>Investment - Equity Securities</i></span> during the year ended December 31, 2021 and 2020.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8B7_zqSFeKpvLld7" style="display: none">Schedule of Proceeds from sales, gross unrealized gains and gross unrealized losses for available-for-sale securities</span></span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_884_ecustom--DisclosureMarketableInvestmentsDetails3Abstract_pn3n3_zUstnAXrNOcg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Marketable Investments (Details 3)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_497_20210101__20211231__us-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesInvestmentSummaryMember_zpnOzC4FIOa4" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_496_20200101__20201231__us-gaap--InvestmentTypeAxis__us-gaap--EquitySecuritiesInvestmentSummaryMember_zJXrsyFGbNOb" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_eus-gaap--MarketableSecuritiesUnrealizedGainLoss_zTz6ASlVKP8j" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 74%; text-align: left; text-indent: -8.65pt">Unrealized net gain (loss) on equity securities reflected in the Consolidated Statements of Income</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">1,839</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">(591</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_402_ecustom--CashReceivedFromSettlementOfWarrants_zQWuhb3DaKTc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Proceeds received on tender of equity securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,875</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0702">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--MarketableSecuritiesGainLoss_zE9m42GY1eO3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Realized loss on tender/sale of equity securities reflected in the Consolidated Statements of Income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(140</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0705">—</span></td><td style="text-align: left"> </td></tr> </table> 1839000 -591000 1875000 -140000 <p id="xdx_804_ecustom--RevolvingCreditFacilityTextBlock_zK8hz7qEjNv2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 6. <span id="xdx_82D_z6CJf49IrG1d">Revolving Credit Facility</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">On September 27, 2021, the Company entered into the Third Amendment to Loan and Security Agreement (the “Third Amendment”) with Cadence Bank, N.A. as a lender and the administrative agent. Pursuant to the Third Amendment, the Loan and Security Agreement dated as of June 29, 2018 (“Loan Agreement”) was amended to extend the Loan Agreement Termination Date to September 30, 2022 and increase the Loan Agreement Commitment to $22.0 million. The Loan Agreement requires the payment of an unused line fee of 0.50 percent and also provides for quarterly minimum fee income of $60,000 less the aggregate interest and unused line fees paid during the immediately preceding quarter. Unused line fees and minimum fee income are recorded as interest expense.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Loan Agreement accrues interest at the Daily LIBOR Rate, with a floor of 1.00 percent, plus a 3.25 percent margin and principal is repayable in full at maturity. Interest is generally required to be paid monthly in arrears. In connection with the Third Amendment, the Company paid approximately $58,000 in amendment and other fees, which were capitalized as deferred financing costs and are being amortized on a straight-line basis over the remaining term of the Loan Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Loan Agreement has an advance rate against the Company’s finance receivables portfolio, including 85 percent against senior first lien loans, 70 percent against second lien loans and 50 percent against royalty receivables, subject to certain eligibility requirements as defined in the Loan Agreement. The Loan Agreement contains certain affirmative and negative covenants including minimum asset coverage and minimum interest coverage ratios.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">As of December 31, 2021, approximately $<span id="xdx_90E_eus-gaap--LineOfCreditFacilityFairValueOfAmountOutstanding_iI_pdp0_c20211231_zjpKkg3QayHi">8,000 </span> was outstanding under the credit facility, and $<span id="xdx_90D_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn3p0_dm_c20211231_zGRdMb7nFW2b">22.0 million</span> was available for borrowing. During the year ended December 31, 2021 and 2020, the Company recognized $<span id="xdx_90F_eus-gaap--InterestExpense_pn3d_dm_c20210101__20211231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zsXnKkWMyUN4">0.4 million</span> and $<span id="xdx_909_eus-gaap--InterestExpense_pn3d_dm_c20200101__20201231__us-gaap--CreditFacilityAxis__us-gaap--RevolvingCreditFacilityMember_zO4lZKPJdTgb">0.5 million</span>, respectively, of interest expense. </span></p> 8000 22000000.0 400000 500000 <p id="xdx_803_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z27WtI1DdBLc" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 7. <span id="xdx_82A_zt3FFGU4VISh">Commitments and Contingencies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Lease Obligations</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">ASC 842 establishes a right-of-use (“ROU”) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than twelve months. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The Company’s leases consist of operating leases for office space. The Company determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company’s corporate headquarters is in Dallas, Texas, where it leases approximately 2,400 square feet. Total rent expense recognized under the lease was $<span id="xdx_90F_eus-gaap--PaymentsForRent_pp0p0_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--CorporateHeadquartersMember_zvZxlhyxjOX2">69,000</span> and $<span id="xdx_908_eus-gaap--PaymentsForRent_pp0p0_c20200101__20201231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--CorporateHeadquartersMember_z4db8Wtt5CVd">58,000</span> for the years ended December 31, 2021 and 2020, respectively. The office lease expires in May 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Enteris headquarters is located in Boonton, New Jersey, where Enteris leases approximately 32,000 square feet of space. Total rent expense recognized under the lease was $<span id="xdx_903_eus-gaap--PaymentsForRent_pn3p0_dm_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--EnterisHeadquartersMember_zid1N4G3QJc3">0.3 million</span> and $<span id="xdx_90D_eus-gaap--PaymentsForRent_pn3p0_dm_c20200101__20201231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--EnterisHeadquartersMember_znuAzTA0Hfy">0.2 million</span> for the years ended December 31, 2021 and 2020. The office lease expires in December 2024 with an option to renew for an additional five years.</span></p> <p id="xdx_89F_eus-gaap--ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_zmMGhxVT86q6" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Consolidated future minimum rent is as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span id="xdx_8B6_zPDal8Uz6et7" style="display: none">Schedule of Future Minimum Rent</span></p> <table cellpadding="0" cellspacing="0" id="xdx_88D_ecustom--DisclosureCommitmentsAndContingenciesDetailsAbstract_pn3n3_z1QeoK8CPtQh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%" summary="xdx: Disclosure - Commitments and Contingencies (Details)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"/><td/> <td style="text-align: left"/><td id="xdx_497_20211231_zlEXrxo1Zy4l" style="text-align: right"/><td style="text-align: left"/></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzbLh_zzFanTV8yBRh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 87%; text-align: left; text-indent: -8.65pt">2022</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">333</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPzbLh_zPVKAzauIjVe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">335</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maLOLLPzbLh_z1ockEV7mSdj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">336</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_maLOLLPzbLh_zR1cw0GEDCd9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">326</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_maLOLLPzbLh_zW1kB39xo5Wl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">277</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_maLOLLPzbLh_zlVGxFAYG8k9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">826</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzbLh_zrtRan8TsXk6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Total future lease payments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,433</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AA_zifNfl5rJUsi" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Unfunded Commitments</i></span></p> <p id="xdx_895_eus-gaap--OtherCommitmentsTableTextBlock_zmD3DMHRcIYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">As of December 31, 2021, the Company’s unfunded commitments were as follows (in millions):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8BF_zwJJ15bEIftk" style="display: none">Schedule of Unfunded Commitments</span></span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_882_ecustom--DisclosureCommitmentsAndContingenciesDetails2Abstract_pn3n6_z2YByiVc8FVh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%" summary="xdx: Disclosure - Commitments and Contingencies (Details 2)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"/><td/> <td style="text-align: left"/><td id="xdx_485_eus-gaap--CommitmentsAndContingencies_iI_pn3n6_zWYFhyLLmuil" style="text-align: right"/><td style="text-align: left"/></tr> <tr id="xdx_412_20211231__us-gaap--FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis__us-gaap--UnfundedLoanCommitmentMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FourWebIncMember_zQaUbMoGOrXk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 87%; text-align: left; text-indent: -8.65pt"><span id="xdx_916_ecustom--FourWebIncMember_zypjnOfmbAa1">4Web, Inc.</span></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">2.7</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_41D_20211231__us-gaap--FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis__us-gaap--UnfundedLoanCommitmentMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IdealImplantIncMember_zNbQ2SKY4LLk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"><span id="xdx_911_ecustom--IdealImplantIncMember_zb5h28MMHnX7">Ideal Implant, Inc.</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.0</td><td style="text-align: left"> </td></tr> <tr id="xdx_41F_20211231__us-gaap--FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis__us-gaap--UnfundedLoanCommitmentMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MolecuLightIncMember_zGSa1ADKJdac" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"><span id="xdx_91A_ecustom--MolecuLightIncMember_zfl00Mlpvrha">MolecuLight, Inc.</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.0</td><td style="text-align: left"> </td></tr> <tr id="xdx_419_20211231__us-gaap--FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis__us-gaap--UnfundedLoanCommitmentMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TrioHealthcareLtdLoanMember_z9wdqPr5cnF8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt"><span id="xdx_91E_ecustom--TrioHealthcareLtdLoanMember_zvnBwWfMyIA">Trio Healthcare Ltd. Loan</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.5</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_416_20211231__us-gaap--FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis__us-gaap--UnfundedLoanCommitmentMember_zEvKDSGeQFM8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Total unfunded commitments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7.2</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A3_zH5KYwZyXK0e" style="margin-top: 0; margin-bottom: 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Unfunded commitments are contingent upon reaching an established revenue threshold or other performance metrics on or before a specified date or period of time per the terms of the royalty purchase or credit agreements, and in the case of loan transactions, are only subject to being advanced as long as an event of default does not exist.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Litigation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/><span style="font-size: 10pt">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 December 31, 2021, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indemnification</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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 December 31, 2021 and 2020.</span></p> 69000 58000 300000 200000 <p id="xdx_89F_eus-gaap--ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_zmMGhxVT86q6" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Consolidated future minimum rent is as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span id="xdx_8B6_zPDal8Uz6et7" style="display: none">Schedule of Future Minimum Rent</span></p> <table cellpadding="0" cellspacing="0" id="xdx_88D_ecustom--DisclosureCommitmentsAndContingenciesDetailsAbstract_pn3n3_z1QeoK8CPtQh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%" summary="xdx: Disclosure - Commitments and Contingencies (Details)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"/><td/> <td style="text-align: left"/><td id="xdx_497_20211231_zlEXrxo1Zy4l" style="text-align: right"/><td style="text-align: left"/></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzbLh_zzFanTV8yBRh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 87%; text-align: left; text-indent: -8.65pt">2022</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">333</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPzbLh_zPVKAzauIjVe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">335</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maLOLLPzbLh_z1ockEV7mSdj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">336</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_maLOLLPzbLh_zR1cw0GEDCd9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">326</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFive_iI_maLOLLPzbLh_zW1kB39xo5Wl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">277</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_iI_maLOLLPzbLh_zlVGxFAYG8k9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">826</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzbLh_zrtRan8TsXk6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Total future lease payments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,433</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 333000 335000 336000 326000 277000 826000 2433000 <p id="xdx_895_eus-gaap--OtherCommitmentsTableTextBlock_zmD3DMHRcIYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">As of December 31, 2021, the Company’s unfunded commitments were as follows (in millions):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8BF_zwJJ15bEIftk" style="display: none">Schedule of Unfunded Commitments</span></span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_882_ecustom--DisclosureCommitmentsAndContingenciesDetails2Abstract_pn3n6_z2YByiVc8FVh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%" summary="xdx: Disclosure - Commitments and Contingencies (Details 2)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"/><td/> <td style="text-align: left"/><td id="xdx_485_eus-gaap--CommitmentsAndContingencies_iI_pn3n6_zWYFhyLLmuil" style="text-align: right"/><td style="text-align: left"/></tr> <tr id="xdx_412_20211231__us-gaap--FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis__us-gaap--UnfundedLoanCommitmentMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FourWebIncMember_zQaUbMoGOrXk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 87%; text-align: left; text-indent: -8.65pt"><span id="xdx_916_ecustom--FourWebIncMember_zypjnOfmbAa1">4Web, Inc.</span></td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">2.7</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_41D_20211231__us-gaap--FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis__us-gaap--UnfundedLoanCommitmentMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--IdealImplantIncMember_zNbQ2SKY4LLk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"><span id="xdx_911_ecustom--IdealImplantIncMember_zb5h28MMHnX7">Ideal Implant, Inc.</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.0</td><td style="text-align: left"> </td></tr> <tr id="xdx_41F_20211231__us-gaap--FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis__us-gaap--UnfundedLoanCommitmentMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MolecuLightIncMember_zGSa1ADKJdac" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"><span id="xdx_91A_ecustom--MolecuLightIncMember_zfl00Mlpvrha">MolecuLight, Inc.</span></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.0</td><td style="text-align: left"> </td></tr> <tr id="xdx_419_20211231__us-gaap--FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis__us-gaap--UnfundedLoanCommitmentMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--TrioHealthcareLtdLoanMember_z9wdqPr5cnF8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt"><span id="xdx_91E_ecustom--TrioHealthcareLtdLoanMember_zvnBwWfMyIA">Trio Healthcare Ltd. Loan</span></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.5</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_416_20211231__us-gaap--FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis__us-gaap--UnfundedLoanCommitmentMember_zEvKDSGeQFM8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Total unfunded commitments</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7.2</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 2700000 2000000.0 2000000.0 500000 7200000 <p id="xdx_804_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zlDEI5XiYT7j" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 8. <span id="xdx_822_zXR5DCFzyzOe">Stockholders’ Equity</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common Stock</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The total number of shares of common stock, $<span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20211231_zJKLeBgWoMN6">0.001</span> par value, that the Company is authorized to issue is <span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_iI_c20211231_zExeQiglKMW7">250,000,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Issuer Purchases of Equity Securities</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">On June 15, 2021, the Company’s board of directors (the “Board”) authorized a share repurchase program under which the Company was authorized to repurchase up to $<span id="xdx_900_eus-gaap--StockRepurchaseProgramAuthorizedAmount1_iI_pn3p0_dm_c20210615_zA1KgLPIOvy6">5.0 million</span> of the Company’s outstanding shares of common stock, or approximately <span id="xdx_906_eus-gaap--StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_iI_pid_c20210615__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z5pkELAYAV78">312,500</span> common shares, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities and Exchange Act. The share repurchase program expired on March 15, 2022. As of December 31, 2021, no shares had been repurchased under the share repurchase program.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Preferred Stock</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company’s Board may, without further action by the stockholders, issue one or more series of preferred stock and fix the rights and preferences of those shares, including the dividend rights, dividend rates, conversion rights, exchange rights, voting rights, terms of redemption, redemption price or prices, liquidation preferences, the number of shares constituting any series and the designation of such series. As of December 31, 2021, no shares of preferred stock have been issued.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stock Compensation Plans </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company’s 2010 Stock Incentive Plan (the “2010 Stock Incentive Plan”) provides for options, restricted stock, and other customary forms of equity to be granted to the Company’s directors, officers, employees, and independent contractors. All forms of equity incentive compensation are granted at the discretion of the Board and have a term not greater than 10 years from the date of grant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The calculation of the fair values of our stock-based compensation plans requires estimates that require management’s judgments. Under ASC 718, the fair value of each stock option is estimated on the grant date using the Black-Scholes option-pricing model. The valuation models require assumptions and estimates to determine expected volatility, expected life and expected risk-free interest rates. The expected volatility was determined using historical volatility of our stock based on the contractual life of the award. The risk-free interest rate assumption was based on the yield on zero-coupon U.S. Treasury strips at the award grant date. In valuing options granted in the fiscal year ended December 31, 2020, we used the below weighted-average assumptions. There were no options granted in the fiscal year ended December 31, 2021.</span></p> <p id="xdx_89E_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zCNGjjUqKAxa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"/><span id="xdx_8B1_zdloWjulg8Ud" style="display: none">Schedule of Assumptions of Fair Value of Options Granted</span></p> <table cellpadding="0" cellspacing="0" id="xdx_880_ecustom--DisclosureStockholdersEquityDetailsAbstract_pid_zvoI08YbsVo9" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; background-color: White; border-collapse: collapse; width: 75%; margin-right: auto" summary="xdx: Disclosure - Stockholders' Equity (Details)"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">For the Year Ended<br/> December 31,</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; text-align: left">Risk-free interest rate</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember__srt--RangeAxis__srt--MinimumMember_ztqMpFU0Fln8">0.40%</span> - <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember__srt--RangeAxis__srt--MaximumMember_zhXJa0WZYWug">0.47%</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected stock-price volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember__srt--RangeAxis__srt--MinimumMember_zLc1r5hYRLGa">47.9%</span> - <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember__srt--RangeAxis__srt--MaximumMember_z9spCAHQKu87">48.3%</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected life</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxH_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zMW6aYxgqcIi" title="::XDX::P6Y2M12D">6.2 years</span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A2_zCONCAtpTCmg" style="margin-top: 0; margin-bottom: 0"/> <p id="xdx_892_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zgaIzMp7tE2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><span style="font-size: 10pt">The following table summarizes activities under the 2010 Stock Incentive Plan for the indicated periods:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-size: 10pt"><span id="xdx_8BC_zEGU9o4OqRMk" style="display: none">Schedule of Stock Option Activity</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_884_ecustom--DisclosureStockholdersEquityDetails2Abstract_pp0p0_zbqZWn1XStz7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholders' Equity (Details 2)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Options Outstanding</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Number of<br/> Shares</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted-<br/> Average<br/> Exercise<br/> Price</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted-<br/> Average<br/> Remaining <br/> Contractual <br/> Term <br/> (in years)</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Aggregate<br/> Intrinsic <br/> Value <br/> (in thousands)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 48%; text-indent: -8.65pt">Balances, December 31, 2019</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zEoA1qjlhoxd" style="width: 8%; text-align: right">302,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zpJHLTbMB1a6" style="width: 8%; text-align: right">11.71</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dxH_c20190101__20191231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_ztIWJEiXqGM9" style="width: 8%; text-align: right" title="::XDX::P5Y10M18D">5.9</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pp0n3_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z3ROMhtxiYO6" style="width: 8%; text-align: right">313.4</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Options canceled and retired</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Options exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z4FhSu5UArK8" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0772">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z2CG7ru2Iugd" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0773">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 1pt; padding-left: 17.3pt">Options granted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zMpVUoP6Q7zb" style="border-bottom: Black 1pt solid; text-align: right">60,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zZsUpHPpvtMb" style="padding-bottom: 1pt; text-align: right">16.29</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-indent: -8.65pt">Balances, December 31, 2020</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zp2syjC0OTT9" style="text-align: right">362,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zU15viE4e92b" style="text-align: right">12.47</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dxH_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zLxyCYYGsywk" style="text-align: right" title="::XDX::P5Y7M6D">5.6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pp0n3_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zQwlk8RAxC86" style="text-align: right">810.1</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Options canceled and retired</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Options exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zVUiVddr5iWi" style="text-align: right">(75,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zxEeCqhvI86c" style="text-align: right">8.30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 1pt; padding-left: 17.3pt">Options granted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zudiz0b3VBHb" style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0782">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zBydTfQPP9Ok" style="padding-bottom: 1pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0783">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; padding-bottom: 2.5pt; text-indent: -8.65pt">Balances, December 31, 2021</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z5dm1t9HfE2j" style="border-bottom: Black 2.5pt double; text-align: right">287,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zSsOIqj0gHZ8" style="padding-bottom: 2.5pt; text-align: right">10.75</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td id="xdx_982_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zOoOZC3xhJb3" style="padding-bottom: 2.5pt; text-align: right" title="::XDX::P5Y8M12D">5.7</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pp0n3_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z7iGwVXOY7eb" style="padding-bottom: 2.5pt; text-align: right">1,745.8</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Options vested and exercisable and expected to be vested and exercisable at December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_c20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zG5tu5W8xFPc" style="text-align: right">287,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_pid_c20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zDU0Kbz6kP0j" style="text-align: right">10.75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dxH_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_ztMyFSnD8O66" style="text-align: right" title="::XDX::P5Y8M12D">5.7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iI_pp0n3_c20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zst4TL0K9xTg" style="text-align: right">1,745.8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Options vested and exercisable at December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zuz4Gqd0Qbe1" style="text-align: right">192,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zs00xBloBUYe" style="text-align: right">12.88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dxH_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_ziCDwPBz50jl" style="text-align: right" title="::XDX::P5Y8M12D">5.7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_pp0n3_c20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zbah72PoC5Xd" style="text-align: right">1,299.0</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A8_zninTZ5SqUlf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">At December 31, 2021, there were approximately 950,000 shares reserved for issuance under the 2010 Stock Incentive Plan, and the Company had $0.2 million of total unrecognized stock option expense for time-based awards, net of estimated forfeitures, which will be recognized over the weighted-average remaining period of 1.0 years.</span></p> <p id="xdx_89C_eus-gaap--ScheduleOfStockOptionsRollForwardTableTextBlock_zCXOHl1Trrsd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table summarizes significant ranges of outstanding and exercisable options as of December 31, 2021:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span id="xdx_8BF_zh4m4jl6dij7" style="display: none">Schedule of Stock Options Outstanding</span></span><span style="font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_885_ecustom--DisclosureStockholdersEquityDetails3Abstract_pid_zqpYgFGm0acd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Stockholders' Equity (Details 3)"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Exercise Prices</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_484_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_zlsGUe4aOlb3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Number<br/> Outstanding</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted-<br/> Average <br/> Remaining <br/> Contractual <br/> Life (in years)</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_486_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_zO5hV2vdzjKb" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted-<br/> Average <br/> Exercise <br/> Price per<br/> Share</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_481_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions_iI_zgkpF2VOnRL" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Number<br/> Exercisable</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_480_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1_iI_zcwY53BHos0i" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted-<br/> Average <br/> Exercise <br/> Price per <br/> Share</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_416_20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice9.61Member_zdri2agW964c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">9.61</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">15,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice9.61Member_zs5ZwC2pu4w3" style="width: 12%; text-align: right" title="::XDX::P4Y6M">4.5</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">9.61</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">15,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">9.61</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_41A_20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice12.50Member_zZ1VI0PNSXo5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right">12.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice12.50Member_zSKohqH8AjJ2" style="text-align: right" title="::XDX::P7Y1M6D">7.1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.50</td><td style="text-align: left"> </td></tr> <tr id="xdx_415_20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice12.50TwoMember_zW313p2BhP7b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: right">12.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice12.50TwoMember_znJ1XIQLXn46" style="text-align: right" title="::XDX::P7Y4M24D">7.4</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.50</td><td style="text-align: left"> </td></tr> <tr id="xdx_41A_20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice13.70Member_zxXcvFhMdDLe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right">13.70</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice13.70Member_zn17sOaOCP1" style="text-align: right" title="::XDX::P2Y7M6D">2.6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.70</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.70</td><td style="text-align: left"> </td></tr> <tr id="xdx_417_20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice16.29Member_zc5usQ2LDIyj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: right">16.29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice16.29Member_zX0tAlh6SeMb" style="text-align: right" title="::XDX::P8Y4M24D">8.4</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.29</td><td style="text-align: left"> </td></tr> <tr id="xdx_41F_20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice16.29TwoMember_zKWRl702M9tk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right">16.29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice16.29TwoMember_z81kjYjk61Fl" style="text-align: right" title="::XDX::P8Y6M">8.5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.29</td><td style="text-align: left"> </td></tr> <tr id="xdx_419_20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice16.29ThreeMember_zipUqojQJqMe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">16.29</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice16.29ThreeMember_zDfINYkgtrr4" style="border-bottom: Black 1pt solid; text-align: right" title="::XDX::P8Y3M18D">8.3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16.29</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,750</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16.29</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_418_20211231_z0Rz10d9WO66" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">287,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231_zCIR8ljqOp54" style="border-bottom: Black 2.5pt double; text-align: right" title="::XDX::P5Y8M12D">5.7</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10.75</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">192,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12.88</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AF_zQHQUQWXieHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Employee stock-based compensation expense recognized for time-vesting options for the years ended December 31, 2021 and 2020, uses the Black-Scholes option pricing model for estimating the fair value of options granted under the Company’s equity incentive plans. Risk-free interest rates for the options were taken from the Daily Federal Yield Curve Rates on the grant dates for the expected life of the options as published by the Federal Reserve. The expected volatility was based upon historical data and other relevant factors such as the Company’s changes in historical volatility and its capital structure, in addition to mean reversion. Employee stock-based compensation expense recognized for market performance-vesting options uses a binomial lattice model for estimating the fair value of options granted under the Company’s equity incentive plan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">In calculating the expected life of stock options, the Company determines the amount of time from grant date to exercise date for exercised options and adjusts this number for the expected time to exercise for unexercised options. The expected time to exercise for unexercised options is calculated from grant as the midpoint between the expiration date of the option and the later of the measurement date or the vesting date. In developing the expected life assumption, all amounts of time are weighted by the number of underlying options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">During the year ended December 31, 2021, the Company’s Board approved the modification of the CEO’s stock options with respect to 75,000 shares with an exercise price of $8.30 per share pursuant to an award agreement dated May 14, 2012. The Company considered 50 percent of the 75,000 shares that had not vested to be fully vested as of December 31, 2021, and a cashless exercise of the 2012 award was facilitated by net settlement of exercise price and taxes. During the year ended December 31, 2021, the Company recognized $0.4 million of stock-based compensation expense as a result of this modification.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the year ended December 31, 2021, the Company’s Board also approved the modification of the CEO’s stock options with respect to 100,000 Shares with an exercise price of $13.70 per share pursuant to an award agreement dated August 18, 2014. The Company and the CEO agreed that (i) the 2014 award will expire on August 18, 2024, unless it expires earlier due to a termination of employment in accordance with the 2014 award agreement, and (ii) 50 percent of the 2014 award has already vested due to the satisfaction of time-based vesting conditions set forth in the 2014 award agreement. The Company also agreed that the 50 percent of the 2014 award that had not vested as of December 31, 2021 shall not be forfeited as of December 31, 2021 and instead shall continue to be outstanding through the expiration of the 2014 award and eligible to vest upon the earlier to occur of (x) the first date on which the average closing price of a share as reported on the Nasdaq (or other exchange or quotation system on which the Shares are listed or traded) for the 30 consecutive calendar days ending on such date is greater than or equal to $20.60 or (y) the consummation of a Corporate Transaction in relation to the November 23, 2021 letter from Carlson Capital to members of the Board of the Company, provided that such event in (x) or (y) occurs prior to the expiration of the 2014 award.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.45in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">During the year ended December 31, 2021, <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zWanyFM0M119">8,761</span> restricted shares were granted and <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_pid_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z4Sfat8au8Gb">24,727</span> restricted shares vested. During the year ended December 31, 2020, <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20200101__20201231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zvAY4lXD0Qlh">8,305</span> restricted shares were granted and <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_pid_c20200101__20201231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zWtoGarDVx87">37,989</span> restricted shares vested. As of December 31, 2021 and 2020, there were <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_pid_c20211231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zBBozXRzbRZ4">74,221</span> and <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_pid_c20201231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_z5BT129yASS5">27,471</span> shares of restricted stock outstanding, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">In October 2019, the Board approved a change in the compensation plan for non-employee directors such that each non-employee director shall receive an annual cash retainer of $45,000 payable quarterly in arrears and an annual equity retainer of $25,000 payable in advance annually on October 1 of restricted shares of the Company’s common stock, subject to a one year cliff vesting period. In addition, each member of (i) the Audit Committee shall receive an additional fee of $11,000 payable quarterly in arrears; (ii) the Compensation Committee shall receive an additional fee of $2,000 payable quarterly in arrears and (iii) the Governance Committee shall receive an additional fee of $4,000 payable quarterly in arrears. Each non-employee director has the option to elect to receive up to 100 percent of the annual cash retainer in shares of the Company’s common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">During the years ended December 31, 2021 and 2020, the Board approved compensation for Board services by granting <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationGross_pid_c20210101__20211231__srt--TitleOfIndividualAxis__custom--NonEmployeeDirectorMember_zy6H12PoizTl">18,978 </span></span><span style="font-size: 10pt">and <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesShareBasedCompensationGross_pid_c20200101__20201231__srt--TitleOfIndividualAxis__custom--NonEmployeeDirectorMember_zTDEJW2B546k">24,940 </span></span><span style="font-size: 10pt">shares, respectively, of common stock as compensation for the non-employee directors. The Company recorded $<span id="xdx_909_eus-gaap--ShareBasedCompensation_pn3p0_dm_c20200101__20201231__srt--TitleOfIndividualAxis__custom--NonEmployeeDirectorMember_zWpwy4fbtK12">0.3 million</span></span> <span style="font-size: 10pt">in Board stock-based compensation expense during both the years ended December 31, 2021 and 2020. The Company recorded aggregate stock-based compensation expense, including the quarterly and annual Board grants, of $1.2 million and $0.7 million during the years ended December 31, 2021 and 2020, respectively.</span></p> 0.001 250000000 5000000.0 312500 <p id="xdx_89E_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zCNGjjUqKAxa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"/><span id="xdx_8B1_zdloWjulg8Ud" style="display: none">Schedule of Assumptions of Fair Value of Options Granted</span></p> <table cellpadding="0" cellspacing="0" id="xdx_880_ecustom--DisclosureStockholdersEquityDetailsAbstract_pid_zvoI08YbsVo9" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; background-color: White; border-collapse: collapse; width: 75%; margin-right: auto" summary="xdx: Disclosure - Stockholders' Equity (Details)"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">For the Year Ended<br/> December 31,</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%; text-align: left">Risk-free interest rate</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right"><span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember__srt--RangeAxis__srt--MinimumMember_ztqMpFU0Fln8">0.40%</span> - <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember__srt--RangeAxis__srt--MaximumMember_zhXJa0WZYWug">0.47%</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected stock-price volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember__srt--RangeAxis__srt--MinimumMember_zLc1r5hYRLGa">47.9%</span> - <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember__srt--RangeAxis__srt--MaximumMember_z9spCAHQKu87">48.3%</span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected life</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxH_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zMW6aYxgqcIi" title="::XDX::P6Y2M12D">6.2 years</span></td><td style="text-align: left"> </td></tr> </table> 0.0040 0.0047 0.479 0.483 <p id="xdx_892_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zgaIzMp7tE2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><span style="font-size: 10pt">The following table summarizes activities under the 2010 Stock Incentive Plan for the indicated periods:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-size: 10pt"><span id="xdx_8BC_zEGU9o4OqRMk" style="display: none">Schedule of Stock Option Activity</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_884_ecustom--DisclosureStockholdersEquityDetails2Abstract_pp0p0_zbqZWn1XStz7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Stockholders' Equity (Details 2)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Options Outstanding</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Number of<br/> Shares</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted-<br/> Average<br/> Exercise<br/> Price</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted-<br/> Average<br/> Remaining <br/> Contractual <br/> Term <br/> (in years)</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Aggregate<br/> Intrinsic <br/> Value <br/> (in thousands)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 48%; text-indent: -8.65pt">Balances, December 31, 2019</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zEoA1qjlhoxd" style="width: 8%; text-align: right">302,500</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zpJHLTbMB1a6" style="width: 8%; text-align: right">11.71</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_988_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dxH_c20190101__20191231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_ztIWJEiXqGM9" style="width: 8%; text-align: right" title="::XDX::P5Y10M18D">5.9</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pp0n3_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z3ROMhtxiYO6" style="width: 8%; text-align: right">313.4</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Options canceled and retired</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Options exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z4FhSu5UArK8" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0772">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z2CG7ru2Iugd" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0773">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 1pt; padding-left: 17.3pt">Options granted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zMpVUoP6Q7zb" style="border-bottom: Black 1pt solid; text-align: right">60,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zZsUpHPpvtMb" style="padding-bottom: 1pt; text-align: right">16.29</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-indent: -8.65pt">Balances, December 31, 2020</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zp2syjC0OTT9" style="text-align: right">362,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zU15viE4e92b" style="text-align: right">12.47</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dxH_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zLxyCYYGsywk" style="text-align: right" title="::XDX::P5Y7M6D">5.6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pp0n3_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zQwlk8RAxC86" style="text-align: right">810.1</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Options canceled and retired</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Options exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zVUiVddr5iWi" style="text-align: right">(75,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zxEeCqhvI86c" style="text-align: right">8.30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 1pt; padding-left: 17.3pt">Options granted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zudiz0b3VBHb" style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0782">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zBydTfQPP9Ok" style="padding-bottom: 1pt; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0783">—</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; padding-bottom: 2.5pt; text-indent: -8.65pt">Balances, December 31, 2021</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z5dm1t9HfE2j" style="border-bottom: Black 2.5pt double; text-align: right">287,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zSsOIqj0gHZ8" style="padding-bottom: 2.5pt; text-align: right">10.75</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td id="xdx_982_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zOoOZC3xhJb3" style="padding-bottom: 2.5pt; text-align: right" title="::XDX::P5Y8M12D">5.7</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pp0n3_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z7iGwVXOY7eb" style="padding-bottom: 2.5pt; text-align: right">1,745.8</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-indent: -8.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Options vested and exercisable and expected to be vested and exercisable at December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_c20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zG5tu5W8xFPc" style="text-align: right">287,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_pid_c20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zDU0Kbz6kP0j" style="text-align: right">10.75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1_dxH_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_ztMyFSnD8O66" style="text-align: right" title="::XDX::P5Y8M12D">5.7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue_iI_pp0n3_c20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zst4TL0K9xTg" style="text-align: right">1,745.8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Options vested and exercisable at December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zuz4Gqd0Qbe1" style="text-align: right">192,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_c20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zs00xBloBUYe" style="text-align: right">12.88</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dxH_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_ziCDwPBz50jl" style="text-align: right" title="::XDX::P5Y8M12D">5.7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_pp0n3_c20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zbah72PoC5Xd" style="text-align: right">1,299.0</td><td style="text-align: left"> </td></tr> </table> 302500 11.71 313400 60000 16.29 362500 12.47 810100 75000 8.30 287500 10.75 1745800 287500 10.75 1745800 192500 12.88 1299000.0 <p id="xdx_89C_eus-gaap--ScheduleOfStockOptionsRollForwardTableTextBlock_zCXOHl1Trrsd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table summarizes significant ranges of outstanding and exercisable options as of December 31, 2021:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span id="xdx_8BF_zh4m4jl6dij7" style="display: none">Schedule of Stock Options Outstanding</span></span><span style="font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_885_ecustom--DisclosureStockholdersEquityDetails3Abstract_pid_zqpYgFGm0acd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%" summary="xdx: Disclosure - Stockholders' Equity (Details 3)"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Exercise Prices</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_484_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions_iI_zlsGUe4aOlb3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Number<br/> Outstanding</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted-<br/> Average <br/> Remaining <br/> Contractual <br/> Life (in years)</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_486_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_zO5hV2vdzjKb" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted-<br/> Average <br/> Exercise <br/> Price per<br/> Share</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_481_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions_iI_zgkpF2VOnRL" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Number<br/> Exercisable</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_480_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1_iI_zcwY53BHos0i" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted-<br/> Average <br/> Exercise <br/> Price per <br/> Share</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_416_20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice9.61Member_zdri2agW964c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">9.61</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">15,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice9.61Member_zs5ZwC2pu4w3" style="width: 12%; text-align: right" title="::XDX::P4Y6M">4.5</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">9.61</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">15,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">9.61</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_41A_20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice12.50Member_zZ1VI0PNSXo5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right">12.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice12.50Member_zSKohqH8AjJ2" style="text-align: right" title="::XDX::P7Y1M6D">7.1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">75,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.50</td><td style="text-align: left"> </td></tr> <tr id="xdx_415_20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice12.50TwoMember_zW313p2BhP7b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: right">12.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice12.50TwoMember_znJ1XIQLXn46" style="text-align: right" title="::XDX::P7Y4M24D">7.4</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.50</td><td style="text-align: left"> </td></tr> <tr id="xdx_41A_20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice13.70Member_zxXcvFhMdDLe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right">13.70</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice13.70Member_zn17sOaOCP1" style="text-align: right" title="::XDX::P2Y7M6D">2.6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.70</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.70</td><td style="text-align: left"> </td></tr> <tr id="xdx_417_20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice16.29Member_zc5usQ2LDIyj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: right">16.29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice16.29Member_zX0tAlh6SeMb" style="text-align: right" title="::XDX::P8Y4M24D">8.4</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.29</td><td style="text-align: left"> </td></tr> <tr id="xdx_41F_20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice16.29TwoMember_zKWRl702M9tk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right">16.29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice16.29TwoMember_z81kjYjk61Fl" style="text-align: right" title="::XDX::P8Y6M">8.5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.29</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.29</td><td style="text-align: left"> </td></tr> <tr id="xdx_419_20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice16.29ThreeMember_zipUqojQJqMe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">16.29</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">30,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePrice16.29ThreeMember_zDfINYkgtrr4" style="border-bottom: Black 1pt solid; text-align: right" title="::XDX::P8Y3M18D">8.3</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16.29</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,750</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16.29</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_418_20211231_z0Rz10d9WO66" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">287,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_987_eus-gaap--SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_dxH_c20210101__20211231_zCIR8ljqOp54" style="border-bottom: Black 2.5pt double; text-align: right" title="::XDX::P5Y8M12D">5.7</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10.75</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">192,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12.88</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 15000 9.61 15000 9.61 75000 12.50 75000 12.50 37500 12.50 37500 12.50 100000 13.70 50000 13.70 15000 16.29 3750 16.29 15000 16.29 7500 16.29 30000 16.29 3750 16.29 287500 10.75 192500 12.88 8761 24727 8305 37989 74221 27471 18978 24940 300000 <p id="xdx_802_eus-gaap--FairValueDisclosuresTextBlock_z9rGBw4w9W6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 9. <span id="xdx_82A_zTZYS4J3hjsk">Fair Value Measurements</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><span style="font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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 years ended December 31, 2021 and 2020.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash and cash equivalents</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets’ fair values.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Securities available for sale</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Certain common equity securities are reported at fair value utilizing Level 1 inputs (exchange quoted prices).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Finance Receivables</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The fair values of finance receivables are 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contingent Consideration</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company recorded contingent consideration related to the August 2019 acquisition of Enteris and sharing of certain milestone and royalties due to Enteris pursuant to the License Agreement. Please refer to Note 2, <span style="font-family: Times New Roman, Times, Serif"><i>Business Combinations</i></span>, for further details on the Company’s acquisition of Enteris and contingent consideration.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The fair value measurements of the contingent consideration obligations and the related intangible assets 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. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">As of December 31, 2021 and 2020, the acquisition-related contingent consideration was $8.5 million and $16.9 million, respectively. During the year ended December 31, 2021 and 2020, the Company recorded $0.3 million of income and $4.4 million of expense, respectively, for the change in fair value of contingent consideration. The Company made payments of $8.1 million and $2.0 million against the contingent consideration liability during the years ended December 31, 2021 and 2020, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Marketable Investments</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities would be 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 would be 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 would be 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 bench mark 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivative securities</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p id="xdx_899_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_zeJMnuaDJlc9" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8BB_zvsBV7YqzZHb" style="display: none">Schedule of fair value assets measured on recurring basis</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_892_ecustom--DisclosureFairValueMeasurementsDetailsAbstract_pn3n3_zSjJtTE5bUAf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Fair Value Measurements (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z2ZOASiTHkT4" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Total Carrying<br/> Value in<br/> Consolidated<br/> Balance Sheets</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zIj6iDVALtcg" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quoted Prices in<br/> Active Markets for<br/> Identical Assets or<br/> Liabilities<br/> (Level 1)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zP51NKZE6E02" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant Other<br/> Observable Inputs<br/> (Level 2)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zIBiLChi6vhd" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant<br/> Unobservable<br/> Inputs<br/> (Level 3)</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40F_ecustom--FinancialAssetsAbstract_iB_zQlK387PKLjh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--WarrantAssets_i01I_pn3n3_zd6J4gkDTOO4" style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">Warrant assets</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,419</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0862">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0863">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,419</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--InvestmentsFairValueDisclosure_i01I_pn3n3_zCI9gAJUY2D3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Marketable investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,034</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0868">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--FinancialLiabilitiesAbstract_iB_zbtqjwP1Rtg6" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Financial liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--ContingentConsiderationPayable_i01I_pn3n3_znRDl89R6Ucd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contingent consideration payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0877">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0878">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,530</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 (in thousands):</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zYSUDBFeUpmf" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Total Carrying<br/> Value in<br/> Consolidated <br/> Balance Sheets</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zitzRcVlajKk" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quoted Prices in <br/> Active Markets for<br/> Identical Assets or<br/> Liabilities<br/> (Level 1)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zt67tAkJMGxk" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant Other<br/> Observable Inputs<br/> (Level 2)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zFGd4K9uZ5Oh" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant <br/> Unobservable<br/> Inputs<br/> (Level 3)</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_ecustom--FinancialAssetsAbstract_iB_zg9vc8U1T9x2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--WarrantAssets_i01I_pn3n3_zEbIbN40IbVa" style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">Warrant assets</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,972</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0887">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0888">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,972</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InvestmentsFairValueDisclosure_i01I_pn3n3_zPVP4241fA9e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Marketable investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,210</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0893">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">241</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--FinancialLiabilitiesAbstract_iB_zBeGbYkoco6h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ContingentConsiderationPayable_i01I_pn3n3_zmhtHDAJbqxf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contingent consideration payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0902">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0903">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,900</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A2_z1VCyTva4bJe" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p id="xdx_890_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zXnWIfU8cRh3" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The changes on the value of the warrant assets during the years ended December 31, 2021 and 2020 were as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span style="font-size: 10pt"><span id="xdx_8BB_zgpkxLtu9KEj" style="display: none">Schedule of fair value assets measured on recurring basis unobservable input reconciliation</span></span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_887_ecustom--DisclosureFairValueMeasurementsDetails2Abstract_pn3n3_ztWOvU98RZs8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in" summary="xdx: Disclosure - Fair Value Measurements (Details 2)"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td/><td/> <td style="text-align: left"/><td id="xdx_4B4_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zpSBDBry5Hl3" style="text-align: right"/><td style="text-align: left"/></tr> <tr id="xdx_434_c20200101__20201231_ecustom--WarrantAssets_iS_pn3n3_zX4CzmTIx5Kh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%">Fair Value - December 31, 2019</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,555</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_430_c20200101__20201231_ecustom--WarrantIssuances_pn3n3_zwOSjAmxDldh" style="vertical-align: bottom; background-color: White"> <td>Issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">79</td><td style="text-align: left"> </td></tr> <tr id="xdx_43B_c20200101__20201231_ecustom--WarrantsCanceled_pn3n3_zoW57b4XBwEk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Canceled</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0914">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_438_c20200101__20201231_eus-gaap--FairValueOptionChangesInFairValueGainLoss1_pn3n3_zqrRqesPfAnc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(662</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43F_c20200101__20201231_ecustom--WarrantAssets_iE_pn3n3_zoshDVqrFb57" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Fair Value - December 31, 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,972</td><td style="text-align: left"> </td></tr> <tr id="xdx_438_c20210101__20211231_ecustom--WarrantIssuances_pn3n3_ztNLujDOklG9" style="vertical-align: bottom; background-color: White"> <td>Issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">175</td><td style="text-align: left"> </td></tr> <tr id="xdx_438_c20210101__20211231_ecustom--WarrantsCanceled_pn3n3_zk3Ho36z33df" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Canceled</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0922">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_433_c20210101__20211231_eus-gaap--FairValueOptionChangesInFairValueGainLoss1_pn3n3_zZEfqnxXw8r3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">272</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43A_c20210101__20211231_ecustom--WarrantAssets_iE_pn3n3_zHRg4RY9pfPe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Fair Value - December 31, 2021</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,419</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8AB_zKuCz25adRee" style="margin-top: 0; margin-bottom: 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 9pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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 consolidated balance sheet. The fair values for warrants outstanding, for companies that have a readily determinable value, are measured using the Black-Scholes option pricing model. The following range of assumptions were used in the models to determine fair value:</span></p> <p id="xdx_895_ecustom--FairValueLiabilitiesMeasuredValuationAssumptionTableTextBlock_zRj1GYv2Q51f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8B9_z98xPqQictbe" style="display: none">Schedule of weighted average assumptions</span></span><span style="font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_885_ecustom--DisclosureFairValueMeasurementsDetails3Abstract_pn3n3_zLumajXXB6Tj" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; background-color: White; border-collapse: collapse; width: 90%; margin-right: auto" summary="xdx: Disclosure - Fair Value Measurements (Details 3)"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Dividend rate</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp0_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember_zsRaH6jiVq98">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp0_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember_z39hq7HltJ9">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-free rate</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_zgeJUgHFAel4">0.97%</span> to <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_z6gwTfsowCc8">1.44%</span></span></td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_zhhAp5PlfgMk">0.17%</span> to <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_zlrOibL7MkMj">0.65%</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected life (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtxH_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_z0NUEdhtTnS6" title="::XDX::P2Y7M6D">2.6</span> to <span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtxH_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_ziTFGx6tpHCf" title="::XDX::P7Y">7.0</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtxH_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_zfQnJfehsVK9" title="::XDX::P3Y7M6D">3.6</span> to <span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtxH_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_zhErMzSbRHd" title="::XDX::P7Y4M24D">7.4</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_z5qpHOrJalU1">60.2%</span> to <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_z8hCCIR9xM8i">142.0%</span></span></td><td style="text-align: left">    </td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_zzZxXrXdOom7">74.3%</span> to <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_z8PxqV0YChq8">174.7%</span></span></td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A6_z75GPqya51L8" style="margin-top: 0; margin-bottom: 0"/> <p id="xdx_891_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_zb1uwdnlhNbc" style="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table presents financial assets measured at fair value on a nonrecurring basis as of December 31, 2021 and 2020 (in thousands):</span></p> <p id="xdx_8BC_zAsWMLFPSu8k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify; text-indent: 0.5in">Schedule of fair value assets and liabilities measured on nonrecurring basis</p> <table cellpadding="0" cellspacing="0" id="xdx_884_ecustom--DisclosureFairValueMeasurementsDetails4Abstract_pn3n3_zLXTKYHyzp4b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Fair Value Measurements (Details 4)"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BD_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsNonrecurringMember_zrIOEfhsrkY" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Total Carrying<br/> Value in<br/> Consolidated<br/> Balance Sheets</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B7_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsNonrecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel1Member_z6yd9EfbZoDg" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quoted Prices in<br/> Active Markets for <br/> Identical Assets or<br/> Liabilities<br/> (Level 1)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B7_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsNonrecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel2Member_zBqXfziWKcxd" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant Other<br/> Observable Inputs<br/> (Level 2)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BE_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsNonrecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zdYTd6Y1rnae" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant<br/> Unobservable<br/> Inputs<br/> (Level 3)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt">December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_435_c20211231_eus-gaap--InvestmentsFairValueDisclosure_iI_zvkU1VBKXGkk" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; width: 40%; text-align: left; padding-left: 17.3pt">Impaired royalties</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,612</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0951">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0952">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,612</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt">December 31, 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_436_c20201231_eus-gaap--InvestmentsFairValueDisclosure_iI_zMtrPjVBl3Ii" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Impaired royalties</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">7,937</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0956">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0957">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">7,937</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AC_zyM7wNSO46A4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">There were no liabilities measured at fair value on a nonrecurring basis as of December 31, 2021 or 2020.</span></p> <p id="xdx_898_eus-gaap--FairValueByBalanceSheetGroupingTextBlock_zdNoFO4LfM12" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8B8_zUcW69fjfXwb" style="display: none">Schedule of fair value by balance sheet grouping</span></span><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">For the year ended December 31, 2021 (in thousands):</span></p> <table cellpadding="0" cellspacing="0" id="xdx_893_ecustom--DisclosureFairValueMeasurementsDetails5Abstract_pn3n3_zy2xWweP0vV8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Fair Value Measurements (Details 5)"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Carrying<br/> Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20211231_zdz56ykQCSd3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Fair Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zeerQ8oNMZ08" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 1</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zPbInfduTYo9" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 2</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zV720qlK2Lje" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_ecustom--FinancialAssetsAbstract0_iB_zeVswYJuvgh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_i01I_zucNpTKqM3K" style="vertical-align: bottom; background-color: White"> <td style="width: 35%; text-align: left">Cash and cash equivalents</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i01I_c20211231_z310OPThng57" style="width: 8%; text-align: right">42,863</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">42,863</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">42,863</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0971">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0972">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LoansReceivableFairValueDisclosure_i01I_zuyocPx5n7J5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance receivables</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--NotesReceivableNet_i01I_c20211231_zegfKztH3r6f" style="text-align: right">181,553</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">181,553</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0976">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0977">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">181,553</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InvestmentsFairValueDisclosure_i01I_z6MIiu379W2a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Marketable investments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Investments_i01I_c20211231_zIsFG97PoSVj" style="text-align: right">1,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,034</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0983">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherAssetsFairValueDisclosure_i01I_zIb2iMo0sjul" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrant assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OtherAssets_i01I_c20211231_zajvKzokmjdj" style="text-align: right">3,419</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,419</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0988">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0989">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,419</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--FinancialLiabilitiesAbstract_iB_zcfQfwE3WkE" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Financial liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--ContingentConsiderationPayable_i01I_zATVHEsxiERa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contingent consideration payable</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecustom--ContingentConsiderationPayableAtFairValue_i01I_c20211231_zKAXkQeQnf84" style="text-align: right">8,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0999">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1000">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,530</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><span style="font-size: 10pt">For the year ended December 31, 2020 (in thousands):</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Carrying<br/> Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20201231_zomCpkoQX246" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Fair Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z40xhaOhQhzj" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 1</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z0lmfGFdH2k2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 2</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zFaTn3aStXrh" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--FinancialAssetsAbstract0_iB_z8ss328qscv3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_i01I_zgWCpYrncrWj" style="vertical-align: bottom; background-color: White"> <td style="width: 35%; text-align: left">Cash and cash equivalents</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i01I_c20201231_z6qOYvvZKEqg" style="width: 8%; text-align: right">3,008</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,008</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,008</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1011">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1012">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LoansReceivableFairValueDisclosure_i01I_zSjS61n615Mj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance receivables</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--NotesReceivableNet_i01I_c20201231_zOs2xk01HbB3" style="text-align: right">204,491</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204,491</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1016">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1017">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204,491</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentsFairValueDisclosure_i01I_zMCr7taCSyh2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Marketable investments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Investments_i01I_c20201231_zFauDRyNKrR7" style="text-align: right">1,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,210</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1023">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">241</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherAssetsFairValueDisclosure_i01I_zGGxudkyAOY3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrant assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--OtherAssets_i01I_c20201231_zW8WPg8j1TNj" style="text-align: right">2,972</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,972</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1028">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1029">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,972</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--FinancialLiabilitiesAbstract_iB_ziFjNu2pU6ic" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Financial liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ContingentConsiderationPayable_i01I_z4SDrJjCeN9g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contingent consideration payable</td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_ecustom--ContingentConsiderationPayableAtFairValue_i01I_c20201231_zaiDY0N99ni3" style="text-align: right">16,900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1039">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1040">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,900</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8A2_zjszrg5rBwz" style="margin-top: 0; margin-bottom: 0"/> <p id="xdx_899_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_zeJMnuaDJlc9" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8BB_zvsBV7YqzZHb" style="display: none">Schedule of fair value assets measured on recurring basis</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_892_ecustom--DisclosureFairValueMeasurementsDetailsAbstract_pn3n3_zSjJtTE5bUAf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Fair Value Measurements (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z2ZOASiTHkT4" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Total Carrying<br/> Value in<br/> Consolidated<br/> Balance Sheets</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zIj6iDVALtcg" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quoted Prices in<br/> Active Markets for<br/> Identical Assets or<br/> Liabilities<br/> (Level 1)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zP51NKZE6E02" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant Other<br/> Observable Inputs<br/> (Level 2)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zIBiLChi6vhd" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant<br/> Unobservable<br/> Inputs<br/> (Level 3)</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40F_ecustom--FinancialAssetsAbstract_iB_zQlK387PKLjh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--WarrantAssets_i01I_pn3n3_zd6J4gkDTOO4" style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">Warrant assets</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,419</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0862">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0863">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,419</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--InvestmentsFairValueDisclosure_i01I_pn3n3_zCI9gAJUY2D3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Marketable investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,034</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0868">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--FinancialLiabilitiesAbstract_iB_zbtqjwP1Rtg6" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Financial liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--ContingentConsiderationPayable_i01I_pn3n3_znRDl89R6Ucd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contingent consideration payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0877">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0878">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,530</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 (in thousands):</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zYSUDBFeUpmf" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Total Carrying<br/> Value in<br/> Consolidated <br/> Balance Sheets</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zitzRcVlajKk" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quoted Prices in <br/> Active Markets for<br/> Identical Assets or<br/> Liabilities<br/> (Level 1)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zt67tAkJMGxk" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant Other<br/> Observable Inputs<br/> (Level 2)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zFGd4K9uZ5Oh" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant <br/> Unobservable<br/> Inputs<br/> (Level 3)</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_ecustom--FinancialAssetsAbstract_iB_zg9vc8U1T9x2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--WarrantAssets_i01I_pn3n3_zEbIbN40IbVa" style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">Warrant assets</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,972</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0887">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0888">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,972</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InvestmentsFairValueDisclosure_i01I_pn3n3_zPVP4241fA9e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Marketable investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,210</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0893">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">241</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--FinancialLiabilitiesAbstract_iB_zBeGbYkoco6h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ContingentConsiderationPayable_i01I_pn3n3_zmhtHDAJbqxf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contingent consideration payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0902">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0903">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,900</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_892_ecustom--DisclosureFairValueMeasurementsDetailsAbstract_pn3n3_zSjJtTE5bUAf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Fair Value Measurements (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z2ZOASiTHkT4" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Total Carrying<br/> Value in<br/> Consolidated<br/> Balance Sheets</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zIj6iDVALtcg" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quoted Prices in<br/> Active Markets for<br/> Identical Assets or<br/> Liabilities<br/> (Level 1)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zP51NKZE6E02" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant Other<br/> Observable Inputs<br/> (Level 2)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zIBiLChi6vhd" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant<br/> Unobservable<br/> Inputs<br/> (Level 3)</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40F_ecustom--FinancialAssetsAbstract_iB_zQlK387PKLjh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--WarrantAssets_i01I_pn3n3_zd6J4gkDTOO4" style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">Warrant assets</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,419</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0862">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0863">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,419</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--InvestmentsFairValueDisclosure_i01I_pn3n3_zCI9gAJUY2D3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Marketable investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,034</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0868">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--FinancialLiabilitiesAbstract_iB_zbtqjwP1Rtg6" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Financial liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--ContingentConsiderationPayable_i01I_pn3n3_znRDl89R6Ucd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contingent consideration payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0877">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0878">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,530</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 (in thousands):</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zYSUDBFeUpmf" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Total Carrying<br/> Value in<br/> Consolidated <br/> Balance Sheets</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zitzRcVlajKk" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quoted Prices in <br/> Active Markets for<br/> Identical Assets or<br/> Liabilities<br/> (Level 1)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zt67tAkJMGxk" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant Other<br/> Observable Inputs<br/> (Level 2)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20201231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zFGd4K9uZ5Oh" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant <br/> Unobservable<br/> Inputs<br/> (Level 3)</b></span></p></td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_401_ecustom--FinancialAssetsAbstract_iB_zg9vc8U1T9x2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--WarrantAssets_i01I_pn3n3_zEbIbN40IbVa" style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">Warrant assets</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,972</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0887">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0888">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,972</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--InvestmentsFairValueDisclosure_i01I_pn3n3_zPVP4241fA9e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Marketable investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,210</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0893">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">241</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--FinancialLiabilitiesAbstract_iB_zBeGbYkoco6h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ContingentConsiderationPayable_i01I_pn3n3_zmhtHDAJbqxf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Contingent consideration payable</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0902">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0903">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,900</td><td style="text-align: left"> </td></tr> </table> 3419000 3419000 1153000 1034000 119000 8530000 8530000 2972000 2972000 1451000 1210000 241000 16900000 16900000 <p id="xdx_890_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_zXnWIfU8cRh3" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The changes on the value of the warrant assets during the years ended December 31, 2021 and 2020 were as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span style="font-size: 10pt"><span id="xdx_8BB_zgpkxLtu9KEj" style="display: none">Schedule of fair value assets measured on recurring basis unobservable input reconciliation</span></span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_887_ecustom--DisclosureFairValueMeasurementsDetails2Abstract_pn3n3_ztWOvU98RZs8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.5in" summary="xdx: Disclosure - Fair Value Measurements (Details 2)"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td/><td/> <td style="text-align: left"/><td id="xdx_4B4_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsRecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zpSBDBry5Hl3" style="text-align: right"/><td style="text-align: left"/></tr> <tr id="xdx_434_c20200101__20201231_ecustom--WarrantAssets_iS_pn3n3_zX4CzmTIx5Kh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 87%">Fair Value - December 31, 2019</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,555</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_430_c20200101__20201231_ecustom--WarrantIssuances_pn3n3_zwOSjAmxDldh" style="vertical-align: bottom; background-color: White"> <td>Issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">79</td><td style="text-align: left"> </td></tr> <tr id="xdx_43B_c20200101__20201231_ecustom--WarrantsCanceled_pn3n3_zoW57b4XBwEk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Canceled</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0914">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_438_c20200101__20201231_eus-gaap--FairValueOptionChangesInFairValueGainLoss1_pn3n3_zqrRqesPfAnc" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(662</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43F_c20200101__20201231_ecustom--WarrantAssets_iE_pn3n3_zoshDVqrFb57" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Fair Value - December 31, 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,972</td><td style="text-align: left"> </td></tr> <tr id="xdx_438_c20210101__20211231_ecustom--WarrantIssuances_pn3n3_ztNLujDOklG9" style="vertical-align: bottom; background-color: White"> <td>Issuance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">175</td><td style="text-align: left"> </td></tr> <tr id="xdx_438_c20210101__20211231_ecustom--WarrantsCanceled_pn3n3_zk3Ho36z33df" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Canceled</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0922">—</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_433_c20210101__20211231_eus-gaap--FairValueOptionChangesInFairValueGainLoss1_pn3n3_zZEfqnxXw8r3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Change in fair value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">272</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43A_c20210101__20211231_ecustom--WarrantAssets_iE_pn3n3_zHRg4RY9pfPe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Fair Value - December 31, 2021</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,419</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 3555000 79000 -662000 2972000 175000 272000 3419000 <p id="xdx_895_ecustom--FairValueLiabilitiesMeasuredValuationAssumptionTableTextBlock_zRj1GYv2Q51f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8B9_z98xPqQictbe" style="display: none">Schedule of weighted average assumptions</span></span><span style="font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_885_ecustom--DisclosureFairValueMeasurementsDetails3Abstract_pn3n3_zLumajXXB6Tj" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; background-color: White; border-collapse: collapse; width: 90%; margin-right: auto" summary="xdx: Disclosure - Fair Value Measurements (Details 3)"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December 31,</b></span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: left">Dividend rate</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right"><span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp0_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember_zsRaH6jiVq98">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp0_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember_z39hq7HltJ9">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Risk-free rate</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_zgeJUgHFAel4">0.97%</span> to <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_z6gwTfsowCc8">1.44%</span></span></td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_zhhAp5PlfgMk">0.17%</span> to <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_zlrOibL7MkMj">0.65%</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected life (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtxH_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_z0NUEdhtTnS6" title="::XDX::P2Y7M6D">2.6</span> to <span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtxH_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_ziTFGx6tpHCf" title="::XDX::P7Y">7.0</span></span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtxH_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_zfQnJfehsVK9" title="::XDX::P3Y7M6D">3.6</span> to <span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtxH_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_zhErMzSbRHd" title="::XDX::P7Y4M24D">7.4</span></span></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_z5qpHOrJalU1">60.2%</span> to <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_c20210101__20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_z8hCCIR9xM8i">142.0%</span></span></td><td style="text-align: left">    </td><td> </td> <td style="text-align: left"> </td><td style="white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MinimumMember_zzZxXrXdOom7">74.3%</span> to <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_c20200101__20201231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--WarrantMember__srt--RangeAxis__srt--MaximumMember_z8PxqV0YChq8">174.7%</span></span></td><td style="text-align: left"> </td></tr> </table> 0 0 0.0097 0.0144 0.0017 0.0065 0.602 1.420 0.743 1.747 <p id="xdx_891_eus-gaap--FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock_zb1uwdnlhNbc" style="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table presents financial assets measured at fair value on a nonrecurring basis as of December 31, 2021 and 2020 (in thousands):</span></p> <p id="xdx_8BC_zAsWMLFPSu8k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify; text-indent: 0.5in">Schedule of fair value assets and liabilities measured on nonrecurring basis</p> <table cellpadding="0" cellspacing="0" id="xdx_884_ecustom--DisclosureFairValueMeasurementsDetails4Abstract_pn3n3_zLXTKYHyzp4b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Fair Value Measurements (Details 4)"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BD_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsNonrecurringMember_zrIOEfhsrkY" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Total Carrying<br/> Value in<br/> Consolidated<br/> Balance Sheets</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B7_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsNonrecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel1Member_z6yd9EfbZoDg" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quoted Prices in<br/> Active Markets for <br/> Identical Assets or<br/> Liabilities<br/> (Level 1)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B7_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsNonrecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel2Member_zBqXfziWKcxd" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant Other<br/> Observable Inputs<br/> (Level 2)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td><td style="white-space: nowrap; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BE_us-gaap--FairValueByMeasurementFrequencyAxis_us-gaap--FairValueMeasurementsNonrecurringMember_us-gaap--FairValueByFairValueHierarchyLevelAxis_us-gaap--FairValueInputsLevel3Member_zdYTd6Y1rnae" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant<br/> Unobservable<br/> Inputs<br/> (Level 3)</b></span></p></td><td style="white-space: nowrap; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt">December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_435_c20211231_eus-gaap--InvestmentsFairValueDisclosure_iI_zvkU1VBKXGkk" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; width: 40%; text-align: left; padding-left: 17.3pt">Impaired royalties</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,612</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0951">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0952">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,612</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; font-weight: bold; text-indent: -8.65pt">December 31, 2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_436_c20201231_eus-gaap--InvestmentsFairValueDisclosure_iI_zMtrPjVBl3Ii" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Impaired royalties</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">7,937</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0956">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0957">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">7,937</td><td style="text-align: left"> </td></tr> </table> 5612000 5612000 7937000 7937000 <p id="xdx_898_eus-gaap--FairValueByBalanceSheetGroupingTextBlock_zdNoFO4LfM12" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8B8_zUcW69fjfXwb" style="display: none">Schedule of fair value by balance sheet grouping</span></span><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">For the year ended December 31, 2021 (in thousands):</span></p> <table cellpadding="0" cellspacing="0" id="xdx_893_ecustom--DisclosureFairValueMeasurementsDetails5Abstract_pn3n3_zy2xWweP0vV8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Fair Value Measurements (Details 5)"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Carrying<br/> Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20211231_zdz56ykQCSd3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Fair Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zeerQ8oNMZ08" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 1</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zPbInfduTYo9" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 2</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zV720qlK2Lje" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_ecustom--FinancialAssetsAbstract0_iB_zeVswYJuvgh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_i01I_zucNpTKqM3K" style="vertical-align: bottom; background-color: White"> <td style="width: 35%; text-align: left">Cash and cash equivalents</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i01I_c20211231_z310OPThng57" style="width: 8%; text-align: right">42,863</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">42,863</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">42,863</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0971">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0972">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LoansReceivableFairValueDisclosure_i01I_zuyocPx5n7J5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance receivables</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--NotesReceivableNet_i01I_c20211231_zegfKztH3r6f" style="text-align: right">181,553</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">181,553</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0976">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0977">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">181,553</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InvestmentsFairValueDisclosure_i01I_z6MIiu379W2a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Marketable investments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Investments_i01I_c20211231_zIsFG97PoSVj" style="text-align: right">1,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,034</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0983">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherAssetsFairValueDisclosure_i01I_zIb2iMo0sjul" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrant assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OtherAssets_i01I_c20211231_zajvKzokmjdj" style="text-align: right">3,419</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,419</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0988">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0989">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,419</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--FinancialLiabilitiesAbstract_iB_zcfQfwE3WkE" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Financial liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--ContingentConsiderationPayable_i01I_zATVHEsxiERa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contingent consideration payable</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecustom--ContingentConsiderationPayableAtFairValue_i01I_c20211231_zKAXkQeQnf84" style="text-align: right">8,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0999">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1000">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,530</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><span style="font-size: 10pt">For the year ended December 31, 2020 (in thousands):</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Carrying<br/> Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20201231_zomCpkoQX246" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Fair Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z40xhaOhQhzj" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 1</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z0lmfGFdH2k2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 2</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zFaTn3aStXrh" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--FinancialAssetsAbstract0_iB_z8ss328qscv3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_i01I_zgWCpYrncrWj" style="vertical-align: bottom; background-color: White"> <td style="width: 35%; text-align: left">Cash and cash equivalents</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i01I_c20201231_z6qOYvvZKEqg" style="width: 8%; text-align: right">3,008</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,008</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,008</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1011">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1012">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LoansReceivableFairValueDisclosure_i01I_zSjS61n615Mj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance receivables</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--NotesReceivableNet_i01I_c20201231_zOs2xk01HbB3" style="text-align: right">204,491</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204,491</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1016">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1017">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204,491</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentsFairValueDisclosure_i01I_zMCr7taCSyh2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Marketable investments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Investments_i01I_c20201231_zFauDRyNKrR7" style="text-align: right">1,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,210</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1023">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">241</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherAssetsFairValueDisclosure_i01I_zGGxudkyAOY3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrant assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--OtherAssets_i01I_c20201231_zW8WPg8j1TNj" style="text-align: right">2,972</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,972</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1028">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1029">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,972</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--FinancialLiabilitiesAbstract_iB_ziFjNu2pU6ic" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Financial liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ContingentConsiderationPayable_i01I_z4SDrJjCeN9g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contingent consideration payable</td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_ecustom--ContingentConsiderationPayableAtFairValue_i01I_c20201231_zaiDY0N99ni3" style="text-align: right">16,900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1039">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1040">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,900</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_893_ecustom--DisclosureFairValueMeasurementsDetails5Abstract_pn3n3_zy2xWweP0vV8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Fair Value Measurements (Details 5)"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Carrying<br/> Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20211231_zdz56ykQCSd3" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Fair Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zeerQ8oNMZ08" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 1</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zPbInfduTYo9" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 2</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20211231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zV720qlK2Lje" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_403_ecustom--FinancialAssetsAbstract0_iB_zeVswYJuvgh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_i01I_zucNpTKqM3K" style="vertical-align: bottom; background-color: White"> <td style="width: 35%; text-align: left">Cash and cash equivalents</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i01I_c20211231_z310OPThng57" style="width: 8%; text-align: right">42,863</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">42,863</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">42,863</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0971">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0972">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--LoansReceivableFairValueDisclosure_i01I_zuyocPx5n7J5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance receivables</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--NotesReceivableNet_i01I_c20211231_zegfKztH3r6f" style="text-align: right">181,553</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">181,553</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0976">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0977">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">181,553</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--InvestmentsFairValueDisclosure_i01I_z6MIiu379W2a" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Marketable investments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--Investments_i01I_c20211231_zIsFG97PoSVj" style="text-align: right">1,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,034</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0983">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherAssetsFairValueDisclosure_i01I_zIb2iMo0sjul" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrant assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eus-gaap--OtherAssets_i01I_c20211231_zajvKzokmjdj" style="text-align: right">3,419</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,419</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0988">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0989">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,419</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--FinancialLiabilitiesAbstract_iB_zcfQfwE3WkE" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Financial liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_ecustom--ContingentConsiderationPayable_i01I_zATVHEsxiERa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contingent consideration payable</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_ecustom--ContingentConsiderationPayableAtFairValue_i01I_c20211231_zKAXkQeQnf84" style="text-align: right">8,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,530</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0999">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1000">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,530</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><span style="font-size: 10pt">For the year ended December 31, 2020 (in thousands):</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Carrying<br/> Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20201231_zomCpkoQX246" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Fair Value</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_z40xhaOhQhzj" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 1</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z0lmfGFdH2k2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 2</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zFaTn3aStXrh" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Level 3</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--FinancialAssetsAbstract0_iB_z8ss328qscv3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Financial assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_i01I_zgWCpYrncrWj" style="vertical-align: bottom; background-color: White"> <td style="width: 35%; text-align: left">Cash and cash equivalents</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i01I_c20201231_z6qOYvvZKEqg" style="width: 8%; text-align: right">3,008</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,008</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,008</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1011">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1012">—</span></td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LoansReceivableFairValueDisclosure_i01I_zSjS61n615Mj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finance receivables</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--NotesReceivableNet_i01I_c20201231_zOs2xk01HbB3" style="text-align: right">204,491</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204,491</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1016">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1017">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204,491</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--InvestmentsFairValueDisclosure_i01I_zMCr7taCSyh2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Marketable investments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--Investments_i01I_c20201231_zFauDRyNKrR7" style="text-align: right">1,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,210</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1023">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">241</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--OtherAssetsFairValueDisclosure_i01I_zGGxudkyAOY3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrant assets</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--OtherAssets_i01I_c20201231_zW8WPg8j1TNj" style="text-align: right">2,972</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,972</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1028">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1029">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,972</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--FinancialLiabilitiesAbstract_iB_ziFjNu2pU6ic" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Financial liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ContingentConsiderationPayable_i01I_z4SDrJjCeN9g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Contingent consideration payable</td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_ecustom--ContingentConsiderationPayableAtFairValue_i01I_c20201231_zaiDY0N99ni3" style="text-align: right">16,900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,900</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1039">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1040">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,900</td><td style="text-align: left"> </td></tr> </table> 42863000 42863000 42863000 181553000 181553000 181553000 1153000 1153000 1034000 119000 3419000 3419000 3419000 8530000 8530000 8530000 3008000 3008000 3008000 204491000 204491000 204491000 1451000 1451000 1210000 241000 2972000 2972000 2972000 16900000 16900000 16900000 <p id="xdx_800_eus-gaap--RevenueFromContractWithCustomerTextBlock_zbzPBkbRFlL5" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 10. <span id="xdx_826_zJ2zktJWHiS5">Revenue Recognition</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p id="xdx_89C_ecustom--ScheduleOfRevenueRecognizedByRevenueSourceTableTextBlock_zASobLDnOSbl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table provides the contract revenue recognized by revenue source for the years ended December 31, 2021 and 2020 (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span style="font-size: 10pt"> </span><span id="xdx_8BA_zq3jLMpZigje" style="display: none">Schedule of Revenue Recognized by Revenue Source</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_88F_ecustom--DisclosureRevenueRecognitionDetailsAbstract_pn3n3_zNxv76I3JbTi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Revenue Recognition (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: center"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_491_20210101__20211231_zgytm9TJXw99" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_49B_20200101__20201231_zlHCjRnJ227g" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Pharmaceutical Development Segment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_hus-gaap--FinancingReceivablePortfolioSegmentAxis__custom--PharmaceuticalDevelopmentServicesMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zjCfTloOYrE4" style="vertical-align: bottom; background-color: White"> <td style="width: 74%; text-align: left">License Agreement</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">15,871</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">5,827</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_hus-gaap--FinancingReceivablePortfolioSegmentAxis__custom--PharmaceuticalDevelopmentServicesMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--OtherIntangibleAssetsMember_zKk9vzLpIINe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Pharmaceutical development and other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">974</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">76</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_hus-gaap--FinancingReceivablePortfolioSegmentAxis__custom--PharmaceuticalDevelopmentServicesMember_ze2rnvdKoyU8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 6pt">Total contract revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,845</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,903</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A3_z5cgspj9kWO8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company’s contract liabilities represent advance consideration received from customers and are recognized as revenue when the related performance obligation is satisfied.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_z0Dmxb0IIFR6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company’s contract liabilities are presented as deferred revenues and are included in accounts payable and accrued liabilities in the consolidated balance sheets (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span id="xdx_8B5_zUkkCy5eTSa9" style="display: none">Schedule of Company's Contract Liabilities</span><span style="font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_88A_ecustom--DisclosureRevenueRecognitionDetails2Abstract_pn3n3_zkTdQ8ApVMh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Revenue Recognition (Details 2)"> <tr style="vertical-align: bottom"> <td style="text-align: center"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_49F_20211231_za4eI1nWLfq" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_49A_20201231_zv8FUrmoTZoj" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Pharmaceutical Development Segment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredRevenue_iI_zR4ZiJ2UWZJ8" style="vertical-align: bottom; background-color: White"> <td style="width: 74%; text-align: left; padding-bottom: 1pt">Deferred revenue</td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">185</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">350</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ContractWithCustomerLiability_iI_zhtE9oiJdKu2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 6pt">Total contract liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">185</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A9_zk5BTavJ636h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">During the year ended December 31, 2021, the Company recognized $<span id="xdx_90E_eus-gaap--IncreaseDecreaseInAccountsReceivable_pn3p0_dm_c20210101__20211231__us-gaap--FinancingReceivablePortfolioSegmentAxis__custom--PharmaceuticalDevelopmentServicesMember_zPKB6H2FZvY7">0.3 million</span> of 2020 deferred revenue from satisfaction of performance obligations. Please refer to Notes 1 and 2 for further details on the Company’s deferred revenue and License Agreement, respectively. The Company did not have any contract assets nor did it have any contract liabilities related to the License Agreement as of December 31, 2021 or 2020.</span></p> <p id="xdx_89C_ecustom--ScheduleOfRevenueRecognizedByRevenueSourceTableTextBlock_zASobLDnOSbl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following table provides the contract revenue recognized by revenue source for the years ended December 31, 2021 and 2020 (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span style="font-size: 10pt"> </span><span id="xdx_8BA_zq3jLMpZigje" style="display: none">Schedule of Revenue Recognized by Revenue Source</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_88F_ecustom--DisclosureRevenueRecognitionDetailsAbstract_pn3n3_zNxv76I3JbTi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Revenue Recognition (Details)"> <tr style="vertical-align: bottom"> <td style="text-align: center"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_491_20210101__20211231_zgytm9TJXw99" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_49B_20200101__20201231_zlHCjRnJ227g" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Pharmaceutical Development Segment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_hus-gaap--FinancingReceivablePortfolioSegmentAxis__custom--PharmaceuticalDevelopmentServicesMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zjCfTloOYrE4" style="vertical-align: bottom; background-color: White"> <td style="width: 74%; text-align: left">License Agreement</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">15,871</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">5,827</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_hus-gaap--FinancingReceivablePortfolioSegmentAxis__custom--PharmaceuticalDevelopmentServicesMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--OtherIntangibleAssetsMember_zKk9vzLpIINe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Pharmaceutical development and other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">974</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">76</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--Revenues_hus-gaap--FinancingReceivablePortfolioSegmentAxis__custom--PharmaceuticalDevelopmentServicesMember_ze2rnvdKoyU8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 6pt">Total contract revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">16,845</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,903</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 15871000 5827000 974000 76000 16845000 5903000 <p id="xdx_89D_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_z0Dmxb0IIFR6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company’s contract liabilities are presented as deferred revenues and are included in accounts payable and accrued liabilities in the consolidated balance sheets (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span id="xdx_8B5_zUkkCy5eTSa9" style="display: none">Schedule of Company's Contract Liabilities</span><span style="font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_88A_ecustom--DisclosureRevenueRecognitionDetails2Abstract_pn3n3_zkTdQ8ApVMh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Revenue Recognition (Details 2)"> <tr style="vertical-align: bottom"> <td style="text-align: center"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_49F_20211231_za4eI1nWLfq" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_49A_20201231_zv8FUrmoTZoj" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Pharmaceutical Development Segment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredRevenue_iI_zR4ZiJ2UWZJ8" style="vertical-align: bottom; background-color: White"> <td style="width: 74%; text-align: left; padding-bottom: 1pt">Deferred revenue</td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">185</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 8%; text-align: right">350</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ContractWithCustomerLiability_iI_zhtE9oiJdKu2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 6pt">Total contract liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">185</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">350</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 185000 350000 185000 350000 300000 <p id="xdx_801_eus-gaap--SegmentReportingDisclosureTextBlock_zSprYQ4k0D7h" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 11. <span id="xdx_824_zPmIqk0MJvH7">Segment Information </span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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 chief executive officer uses to make decisions about the Company’s operating matters.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">As described in Note 1, <span style="font-family: Times New Roman, Times, Serif"><i>SWK Holdings Corporation and Summary of Significant Accounting Policies,</i></span> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">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 chief executive officer in assessing performance or allocating resources to the segments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0"><span style="font-size: 10pt">The following table presents financial information for the Company’s reportable revenue by geographic region for the periods indicated (in thousands):</span><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"/></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">United States, country of domicile</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">48,438</td><td style="width: 1%; text-align: left"> </td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">33,275</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">International</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,717</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,437</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">     Total revenue</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">56,155</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">36,712</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-size: 10pt"> </span></p> <p id="xdx_89D_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zo7RKPlG3SUf" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following tables present financial information for the Company’s reportable segments for the periods indicated (in thousands): </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8BE_z8Hnn0Gt9Wg5" style="display: none">Schedule of Reportable Segments</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_88C_ecustom--DisclosureSegmentInformationDetailsAbstract_pn3n3_ziV1Vr3amQzb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Segment Information (Details)"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-left: 8.65pt; font-weight: bold; text-align: left; text-indent: -8.65pt">Year Ended December 31, 2021</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20210101__20211231__us-gaap--FinancingReceivablePortfolioSegmentAxis__us-gaap--FinanceReceivablesMember_zg22PzXSLHce" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Finance<br/> Receivables</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20210101__20211231__us-gaap--FinancingReceivablePortfolioSegmentAxis__custom--PharmaceuticalDevelopmentServicesMember_zYmPrGwXIK3d" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Pharmaceutical<br/> Development<br/> and Other</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20210101__20211231__us-gaap--FinancingReceivablePortfolioSegmentAxis__custom--HoldingCompanyAndOtherMember_zuDzl8zM1E1d" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Holding<br/> Company<br/> and Other</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20210101__20211231_z5kvSQYjuPr8" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--RevenuesExcludingOtherRevenue_zkAJHFDLUHug" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 48%; text-indent: -8.65pt">Revenue</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">39,310</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">16,122</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1078">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">55,432</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RevenueNotFromContractWithCustomerOther_zjImkJfko5de" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Other revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1081">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">723</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1083">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">723</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--InterestExpense_zyHqTYirqDGa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">374</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1087">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1088">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">374</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ResearchAndDevelopmentExpense_z7BqzCKinNXh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Manufacturing, research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1091">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,347</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1093">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,347</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DepreciationAndAmortization_zU1ycoJVKyhi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Depreciation and amortization expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1096">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,055</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,061</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ChangeInFairValueOfAcquisitionrelatedContingentConsideration_zy5TDek9YBT5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Change in fair value of acquisition-related contingent consideration</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1101">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(287</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1103">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(287</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--GeneralAndAdministrativeExpense_zwa6IWXRxfxe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">General and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,813</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,983</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,824</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,620</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherOperatingIncomeExpenseNet_zSO6CZ6uB5I4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Other income, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,971</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1112">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1113">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,971</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxExpenseBenefit_zsQmCtbrqwMf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Income tax expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1116">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1117">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,082</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,082</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ProfitLoss_zbZAEUzXqW8d" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Consolidated net income (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,094</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,747</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14,912</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,929</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-left: 8.65pt; font-weight: bold; text-align: left; text-indent: -8.65pt">Year Ended December 31, 2020</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20200101__20201231__us-gaap--FinancingReceivablePortfolioSegmentAxis__us-gaap--FinanceReceivablesMember_zBzjzdM4LFW7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Finance<br/> Receivables</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20200101__20201231__us-gaap--FinancingReceivablePortfolioSegmentAxis__custom--PharmaceuticalDevelopmentServicesMember_zNqAwGvHeABf" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Pharmaceutical<br/> Development<br/> and Other</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20200101__20201231__us-gaap--FinancingReceivablePortfolioSegmentAxis__custom--HoldingCompanyAndOtherMember_zJ4li5lPE8m1" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Holding<br/> Company<br/> and Other</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20200101__20201231_z5HYwEWeYF3k" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_ecustom--RevenuesExcludingOtherRevenue_zdkuxGwWdp4l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-indent: -8.65pt">Revenue</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">30,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,903</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1128">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">36,703</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueNotFromContractWithCustomerOther_zGUbcY3yhJfa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Other revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1132">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ProvisionForLoanAndLeaseLosses_ziu5fgLhlMqd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Provision for credit losses and impairment expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">163</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1137">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1138">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">163</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InterestExpense_zTVi9LEGrNTl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">455</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1142">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1143">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">455</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ResearchAndDevelopmentExpense_zKmeNs8vmqQ9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Manufacturing, research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1146">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,268</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1148">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,268</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DepreciationAndAmortization_z1Kc1oYspEB3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Depreciation and amortization expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1151">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,081</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,091</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--ChangeInFairValueOfAcquisitionrelatedContingentConsideration_zzAAmsyGHd26" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Change in fair value of acquisition-related contingent consideration</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1156">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1158">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,400</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--GeneralAndAdministrativeExpense_z0RfwKii4Ct4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">General and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">736</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,875</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,935</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,546</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherOperatingIncomeExpenseNet_zlU45Ni5oj57" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Other (expense) income, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,201</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1167">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">77</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,124</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxExpenseBenefit_zOUo9mFciQG1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Income tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1171">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1172">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,537</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,537</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--ProfitLoss_zr0UUHUgsAx2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Consolidated net income (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,253</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(18,721</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,330</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,202</td><td style="text-align: left"> </td></tr> </table> <p id="xdx_8AB_zpdR3DdmdVdl" style="margin-top: 0; margin-bottom: 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">Included in Holdings Company and Other are the expenses of the parent holding company and certain other enterprise-wide overhead costs, which have been included for purposes of reconciling to the consolidated amounts. </span></p> <p id="xdx_89D_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_zo7RKPlG3SUf" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The following tables present financial information for the Company’s reportable segments for the periods indicated (in thousands): </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_8BE_z8Hnn0Gt9Wg5" style="display: none">Schedule of Reportable Segments</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_88C_ecustom--DisclosureSegmentInformationDetailsAbstract_pn3n3_ziV1Vr3amQzb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Segment Information (Details)"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-left: 8.65pt; font-weight: bold; text-align: left; text-indent: -8.65pt">Year Ended December 31, 2021</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20210101__20211231__us-gaap--FinancingReceivablePortfolioSegmentAxis__us-gaap--FinanceReceivablesMember_zg22PzXSLHce" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Finance<br/> Receivables</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20210101__20211231__us-gaap--FinancingReceivablePortfolioSegmentAxis__custom--PharmaceuticalDevelopmentServicesMember_zYmPrGwXIK3d" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Pharmaceutical<br/> Development<br/> and Other</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20210101__20211231__us-gaap--FinancingReceivablePortfolioSegmentAxis__custom--HoldingCompanyAndOtherMember_zuDzl8zM1E1d" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Holding<br/> Company<br/> and Other</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20210101__20211231_z5kvSQYjuPr8" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_ecustom--RevenuesExcludingOtherRevenue_zkAJHFDLUHug" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 48%; text-indent: -8.65pt">Revenue</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">39,310</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">16,122</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1078">—</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">55,432</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RevenueNotFromContractWithCustomerOther_zjImkJfko5de" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Other revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1081">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">723</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1083">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">723</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--InterestExpense_zyHqTYirqDGa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">374</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1087">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1088">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">374</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--ResearchAndDevelopmentExpense_z7BqzCKinNXh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Manufacturing, research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1091">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,347</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1093">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,347</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DepreciationAndAmortization_zU1ycoJVKyhi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Depreciation and amortization expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1096">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,055</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,061</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--ChangeInFairValueOfAcquisitionrelatedContingentConsideration_zy5TDek9YBT5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Change in fair value of acquisition-related contingent consideration</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1101">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(287</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1103">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(287</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--GeneralAndAdministrativeExpense_zwa6IWXRxfxe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">General and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,813</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,983</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,824</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,620</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherOperatingIncomeExpenseNet_zSO6CZ6uB5I4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Other income, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,971</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1112">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1113">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,971</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxExpenseBenefit_zsQmCtbrqwMf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Income tax expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1116">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1117">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,082</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,082</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ProfitLoss_zbZAEUzXqW8d" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Consolidated net income (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,094</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,747</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14,912</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,929</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; padding-left: 8.65pt; font-weight: bold; text-align: left; text-indent: -8.65pt">Year Ended December 31, 2020</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20200101__20201231__us-gaap--FinancingReceivablePortfolioSegmentAxis__us-gaap--FinanceReceivablesMember_zBzjzdM4LFW7" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Finance<br/> Receivables</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20200101__20201231__us-gaap--FinancingReceivablePortfolioSegmentAxis__custom--PharmaceuticalDevelopmentServicesMember_zNqAwGvHeABf" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Pharmaceutical<br/> Development<br/> and Other</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20200101__20201231__us-gaap--FinancingReceivablePortfolioSegmentAxis__custom--HoldingCompanyAndOtherMember_zJ4li5lPE8m1" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Holding<br/> Company<br/> and Other</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20200101__20201231_z5HYwEWeYF3k" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Consolidated</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_ecustom--RevenuesExcludingOtherRevenue_zdkuxGwWdp4l" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-indent: -8.65pt">Revenue</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">30,800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,903</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1128">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">36,703</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--RevenueNotFromContractWithCustomerOther_zGUbcY3yhJfa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Other revenue</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1132">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ProvisionForLoanAndLeaseLosses_ziu5fgLhlMqd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Provision for credit losses and impairment expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">163</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1137">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1138">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">163</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--InterestExpense_zTVi9LEGrNTl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">455</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1142">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1143">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">455</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ResearchAndDevelopmentExpense_zKmeNs8vmqQ9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Manufacturing, research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1146">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,268</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1148">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,268</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DepreciationAndAmortization_z1Kc1oYspEB3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Depreciation and amortization expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1151">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,081</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,091</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--ChangeInFairValueOfAcquisitionrelatedContingentConsideration_zzAAmsyGHd26" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Change in fair value of acquisition-related contingent consideration</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1156">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1158">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,400</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--GeneralAndAdministrativeExpense_z0RfwKii4Ct4" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">General and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">736</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,875</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,935</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,546</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherOperatingIncomeExpenseNet_zlU45Ni5oj57" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Other (expense) income, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,201</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1167">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">77</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,124</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxExpenseBenefit_zOUo9mFciQG1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Income tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1171">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1172">—</span></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,537</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,537</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--ProfitLoss_zr0UUHUgsAx2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Consolidated net income (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,253</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(18,721</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,330</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,202</td><td style="text-align: left"> </td></tr> </table> 39310000 16122000 55432000 723000 723000 374000 374000 7347000 7347000 4055000 6000 4061000 -287000 -287000 1813000 3983000 7824000 13620000 1971000 1971000 7082000 7082000 39094000 1747000 -14912000 25929000 30800000 5903000 36703000 8000 1000 9000 163000 163000 455000 455000 4268000 4268000 12081000 10000 12091000 4400000 4400000 736000 3875000 5935000 10546000 -1201000 77000 -1124000 -1537000 -1537000 28253000 -18721000 -4330000 5202000 <p id="xdx_801_eus-gaap--IncomeTaxDisclosureTextBlock_zjH5vSHQ7P57" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 12. <span id="xdx_824_zKsVD8FAXVNe">Income Taxes </span></b></span></p> <p id="xdx_890_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_z3dZHjITwvp1" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><span style="font-size: 10pt">The components of income before income tax provision are as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span id="xdx_8BD_z6FrcwRiMkH2" style="display: none">Schedule of Income before Income Tax Provision</span></p> <table cellpadding="0" cellspacing="0" id="xdx_881_ecustom--DisclosureIncomeTaxesDetailsAbstract_pn3n3_ztSOKKIyoDY8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Income Taxes (Details)"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"/><td style="padding-bottom: 1pt"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="font-weight: bold; text-align: center"/> <td id="xdx_49A_20210101__20211231_zh8kKkaQ6EX6" style="font-weight: bold; text-align: center"/> <td style="font-weight: bold; text-align: center"/> <td style="font-weight: bold; text-align: center"/> <td style="font-weight: bold; text-align: center"/> <td id="xdx_49E_20200101__20201231_zI1jGgSUH9V4" style="font-weight: bold; text-align: center"/><td style="padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--CurrentFederalTaxExpenseBenefit_zmJsQJm7TX8h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 48%; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.</span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 2.5pt"/> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">33,011</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">3,665</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_8A3_zdhkGmt8Lh45" style="margin-top: 0; margin-bottom: 0"/> <p id="xdx_89D_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zwzbAQ1poHpa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">During the years ended December 31, 2021 or 2020, the Company’s provision for (benefit from) income taxes was as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span id="xdx_8B9_zmM6jAyzcwT9" style="display: none">Schedule of Components of Income Tax Expense (Benefit)</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_884_ecustom--DisclosureIncomeTaxesDetails2Abstract_pn3n3_zYuOvMaBEXY1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Income Taxes (Details 2)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_492_20210101__20211231_zJHviirhhUY2" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_49B_20200101__20201231_zSUawg65cRVd" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefitAbstract_iB_zl5cJbx0Res2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Current expense (benefit)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_i01_maITEBzrLC_zPMCNdDQ4Zdi" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; width: 74%; padding-left: 17.3pt">State</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">185</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">174</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredFederalStateAndLocalTaxExpenseBenefitAbstract_iB_z4mrmW3jD336" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Deferred expense (benefit)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_i01_maITEBzrLC_zWM773sGyeeb" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-left: 17.3pt">Federal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,944</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,661</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_i01_maITEBzrLC_zM4LuKmcOXz2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; padding-bottom: 1pt; padding-left: 17.3pt">State</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(47</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(50</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxExpenseBenefit_i01T_mtITEBzrLC_zQzKSW7ui3Yl" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 25.95pt">Total income tax expense (benefit)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,082</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,537</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><span style="font-size: 10pt">The components of the income tax provision (benefit) are as follows (in thousands):</span></p> <table cellpadding="0" cellspacing="0" id="xdx_889_ecustom--DisclosureIncomeTaxesDetails3Abstract_pn3n3_zzhYhWAtJws3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Income Taxes (Details 3)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_494_20210101__20211231_zN06ti7a0nJf" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_494_20200101__20201231_znfdW07LV2qk" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBzD3n_zYkonMhIEWt4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 74%; text-align: left; text-indent: -8.65pt">Federal tax provision at statutory rate</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">6,945</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">771</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzD3n_zXUaGSjNJOU1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(21,208</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14,194</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maITEBzD3n_zPq4P3XwUE93" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">State taxes, net of federal income tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">84</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--EffectiveIncomeTaxRateReconciliationMarkToMarketAdjustments_maITEBzD3n_zcpZ9H0ZCBx9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Mark-to-market adjustments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(58</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--EffectiveIncomeTaxRateReconciliationContingentConsiderationRevaluation_maITEBzD3n_zp2kqHv2dqB6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Contingent consideration revaluation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(60</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">924</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_maITEBzD3n_zpiUSqsqO5P2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-indent: -8.65pt">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(125</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">411</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--EffectiveIncomeTaxRateReconciliationWriteOffOfDeferredTaxAssets_maITEBzD3n_zY7JjB53ZAqe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Write off of deferred tax assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21,493</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,344</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzD3n_zrVuyCK1Gnr" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Total income tax expense (benefit)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,082</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,537</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_8A1_zCQBdILvdQq6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company records deferred tax assets if the realization of such assets is more likely than not to occur in accordance with accounting standards that address income taxes. Significant management judgment is required in determining whether a valuation allowance against the Company’s deferred tax assets is required. The Company has considered all available evidence, both positive and negative, such as historical levels of income and predictability of future forecasts of taxable income from existing investments, in determining whether a valuation allowance is required. The Company is also required to forecast future taxable income in accordance with accounting standards that address income taxes to assess the appropriateness of a valuation allowance, which further requires the exercise of significant management judgment. The Company focuses on forecasting future taxable income for the investment portfolio that exists as of the balance sheet date. Specifically, the Company evaluated the following criteria when considering a valuation allowance:</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 10pt; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Symbol">·</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the history of tax net operating losses in recent years;</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 10pt; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Symbol">·</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">predictability of operating results;</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 10pt; margin-bottom: 10pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Symbol">·</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">profitability for a sustained period of time; and</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 10pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font: 10pt Symbol">·</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">level of profitability on a quarterly basis.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">As of December 31, 2021, the Company had cumulative net income before tax for the three years then ended. Based on its historical operating performance, the Company has concluded that it was more likely than not that the Company would not be able to realize the full benefit of the U.S. federal and state deferred tax assets in the future. However, at December 31, 2021 the Company has concluded that it is more likely than not that the Company will be able to realize approximately $20.5 million benefit of the U.S. federal and state deferred tax assets in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company will continue to assess the need for a valuation allowance on the deferred tax assets by evaluating both positive and negative evidence that may exist on a quarterly basis. Any adjustment to the deferred tax asset valuation allowance would be recorded in the consolidated statements of income for the period that the adjustment is determined to be required. The valuation allowance against deferred tax assets was $16.3 million and $37.5 million as of December 31, 2021 and 2020, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"/> <p id="xdx_897_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z9dHn8FCYzHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><span style="font-size: 10pt">Deferred tax assets consist of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span id="xdx_8B6_zasCzWJns51j" style="display: none">Schedule of Deferred Tax Assets and Liabilities</span></p> <table cellpadding="0" cellspacing="0" id="xdx_881_ecustom--DisclosureIncomeTaxesDetails4Abstract_pn3n3_zlMP4AG60N8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Income Taxes (Details 4)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_491_20211231_zrUejgmkwmO8" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_49D_20201231_zlV28QyCh5P7" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--ComponentsOfDeferredTaxAssetsAbstract_iB_zEoSpDDiscHg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwards_i01I_maDTAGzJGL_zNJn0sztll8f" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; width: 74%; text-align: left; padding-left: 17.3pt">Credit carryforward</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,077</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">2,960</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_i01I_maDTAGzJGL_zrZP5MiGdUGi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">398</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsOther_i01I_maDTAGzJGL_zYa9JMk1uZF3" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-left: 17.3pt">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,334</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,647</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_i01I_maDTAGzJGL_zIinS9zwtR33" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 1pt; padding-left: 17.3pt">Net operating losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32,362</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60,774</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsGross_i01TI_mtDTAGzJGL_maDTALNzLIg_zIn66mZvmeei" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Gross deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,911</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,779</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxLiabilitiesNetAbstract_iB_zSRk2wNRbqQk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets_i01NI_di_msDTALNzLIg_z8LLVJSsSm3e" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Intangible assets other than goodwill</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,609</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,299</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxLiabilitiesOther_i01NI_di_msDTALNzLIg_zwAyyh256sm" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; padding-left: 17.3pt">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(479</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(496</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTALNzLIg_z7VFJyXujVAb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(16,284</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(37,493</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_mtDTALNzLIg_zbW2hc2SYN5f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Net deferred tax assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">20,539</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">27,491</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_8A6_zcDNdhBogYE8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Tax Reform Act of 1986 limits the use of NOLs and tax credit carryforwards in certain situations where stock ownership changes occur. In the event the Company has had a change in ownership, the future utilization of the Company’s net operating loss and tax credit carryforwards could be limited.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">As of December 31, 2021, the Company had NOL carryforwards for federal income tax purposes of approximately $<span id="xdx_901_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwardsDomestic_iI_pn3p0_dm_c20211231_zpvVNVk8e369">154.1 million</span>. The federal NOL carryforwards, if not offset against future income, will expire by 2037. Approximately $4.0 million can be carried forward indefinitely.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company also had federal research carryforwards of $<span id="xdx_909_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn3p0_dm_c20211231_zdyQwcZ50pna">3.1 million</span>. The federal credits will expire by 2040, with the majority of such credits expiring by 2029.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company records liabilities, where appropriate, for all uncertain income tax positions and recognizes potential accrued interest and penalties related to unrecognized tax benefits within income tax expense. As of December 31, 2021 and 2020, the Company had approximately $<span id="xdx_901_eus-gaap--UnrecognizedTaxBenefits_iI_pn3p0_dm_c20201231_zbOkdGc4JdLe">0.3 million</span></span> <span style="font-size: 10pt">and $0.1 million, respectively, of unrecognized tax benefit, none of which would impact the effective tax rate if recognized. The Company does not expect the unrecognized tax benefits to change materially over the next twelve months. There are no tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within twelve months of December 31, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">The Company is subject to taxation in the U.S. and various state jurisdictions. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending December 31, 2001 through December 31, 2021 due to carryforward of unutilized net operating losses and research and development credits. The Company does not anticipate significant changes to its uncertain tax positions through December 31, 2021.</span></p> <p id="xdx_890_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_z3dZHjITwvp1" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><span style="font-size: 10pt">The components of income before income tax provision are as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span id="xdx_8BD_z6FrcwRiMkH2" style="display: none">Schedule of Income before Income Tax Provision</span></p> <table cellpadding="0" cellspacing="0" id="xdx_881_ecustom--DisclosureIncomeTaxesDetailsAbstract_pn3n3_ztSOKKIyoDY8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Income Taxes (Details)"> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"/><td style="padding-bottom: 1pt"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="font-weight: bold; text-align: center"/> <td id="xdx_49A_20210101__20211231_zh8kKkaQ6EX6" style="font-weight: bold; text-align: center"/> <td style="font-weight: bold; text-align: center"/> <td style="font-weight: bold; text-align: center"/> <td style="font-weight: bold; text-align: center"/> <td id="xdx_49E_20200101__20201231_zI1jGgSUH9V4" style="font-weight: bold; text-align: center"/><td style="padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="text-align: center"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_405_eus-gaap--CurrentFederalTaxExpenseBenefit_zmJsQJm7TX8h" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 48%; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.</span></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 2.5pt"/> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">33,011</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">3,665</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 33011000 3665000 <p id="xdx_89D_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zwzbAQ1poHpa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">During the years ended December 31, 2021 or 2020, the Company’s provision for (benefit from) income taxes was as follows (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><span id="xdx_8B9_zmM6jAyzcwT9" style="display: none">Schedule of Components of Income Tax Expense (Benefit)</span></span></p> <table cellpadding="0" cellspacing="0" id="xdx_884_ecustom--DisclosureIncomeTaxesDetails2Abstract_pn3n3_zYuOvMaBEXY1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Income Taxes (Details 2)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_492_20210101__20211231_zJHviirhhUY2" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_49B_20200101__20201231_zSUawg65cRVd" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--CurrentFederalStateAndLocalTaxExpenseBenefitAbstract_iB_zl5cJbx0Res2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Current expense (benefit)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_i01_maITEBzrLC_zPMCNdDQ4Zdi" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; width: 74%; padding-left: 17.3pt">State</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">185</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">174</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredFederalStateAndLocalTaxExpenseBenefitAbstract_iB_z4mrmW3jD336" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Deferred expense (benefit)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_i01_maITEBzrLC_zWM773sGyeeb" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-left: 17.3pt">Federal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,944</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,661</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_i01_maITEBzrLC_zM4LuKmcOXz2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; padding-bottom: 1pt; padding-left: 17.3pt">State</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(47</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(50</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxExpenseBenefit_i01T_mtITEBzrLC_zQzKSW7ui3Yl" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 25.95pt">Total income tax expense (benefit)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,082</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,537</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> 185000 174000 6944000 -1661000 -47000 -50000 7082000 -1537000 <table cellpadding="0" cellspacing="0" id="xdx_889_ecustom--DisclosureIncomeTaxesDetails3Abstract_pn3n3_zzhYhWAtJws3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Income Taxes (Details 3)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_494_20210101__20211231_zN06ti7a0nJf" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_494_20200101__20201231_znfdW07LV2qk" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBzD3n_zYkonMhIEWt4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; width: 74%; text-align: left; text-indent: -8.65pt">Federal tax provision at statutory rate</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">6,945</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">771</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzD3n_zXUaGSjNJOU1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(21,208</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14,194</td><td style="text-align: left">)</td></tr> <tr id="xdx_40E_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maITEBzD3n_zPq4P3XwUE93" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">State taxes, net of federal income tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">84</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--EffectiveIncomeTaxRateReconciliationMarkToMarketAdjustments_maITEBzD3n_zcpZ9H0ZCBx9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Mark-to-market adjustments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(58</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">123</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--EffectiveIncomeTaxRateReconciliationContingentConsiderationRevaluation_maITEBzD3n_zp2kqHv2dqB6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Contingent consideration revaluation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(60</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">924</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--IncomeTaxReconciliationOtherReconcilingItems_maITEBzD3n_zpiUSqsqO5P2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-indent: -8.65pt">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(125</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">411</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--EffectiveIncomeTaxRateReconciliationWriteOffOfDeferredTaxAssets_maITEBzD3n_zY7JjB53ZAqe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Write off of deferred tax assets</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21,493</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,344</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzD3n_zrVuyCK1Gnr" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Total income tax expense (benefit)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,082</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,537</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> 6945000 771000 -21208000 -14194000 95000 84000 -58000 123000 -60000 924000 -125000 411000 21493000 10344000 7082000 -1537000 <p id="xdx_897_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z9dHn8FCYzHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><span style="font-size: 10pt">Deferred tax assets consist of the following (in thousands):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span id="xdx_8B6_zasCzWJns51j" style="display: none">Schedule of Deferred Tax Assets and Liabilities</span></p> <table cellpadding="0" cellspacing="0" id="xdx_881_ecustom--DisclosureIncomeTaxesDetails4Abstract_pn3n3_zlMP4AG60N8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%" summary="xdx: Disclosure - Income Taxes (Details 4)"> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"/><td style="font-weight: bold; padding-bottom: 1pt"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_491_20211231_zrUejgmkwmO8" style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td style="white-space: nowrap; font-weight: bold; text-align: center"/> <td id="xdx_49D_20201231_zlV28QyCh5P7" style="white-space: nowrap; font-weight: bold; text-align: center"/><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"/></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">December 31,</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 8.65pt; white-space: nowrap; text-align: center; text-indent: -8.65pt"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--ComponentsOfDeferredTaxAssetsAbstract_iB_zEoSpDDiscHg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Deferred tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwards_i01I_maDTAGzJGL_zNJn0sztll8f" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; width: 74%; text-align: left; padding-left: 17.3pt">Credit carryforward</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">3,077</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">2,960</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_i01I_maDTAGzJGL_zrZP5MiGdUGi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Stock-based compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">138</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">398</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsOther_i01I_maDTAGzJGL_zYa9JMk1uZF3" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; padding-left: 17.3pt">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,334</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,647</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_i01I_maDTAGzJGL_zIinS9zwtR33" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 1pt; padding-left: 17.3pt">Net operating losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32,362</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">60,774</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsGross_i01TI_mtDTAGzJGL_maDTALNzLIg_zIn66mZvmeei" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Gross deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,911</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,779</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxLiabilitiesNetAbstract_iB_zSRk2wNRbqQk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 8.65pt; text-align: left; text-indent: -8.65pt">Deferred tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets_i01NI_di_msDTALNzLIg_z8LLVJSsSm3e" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -8.65pt; text-align: left; padding-left: 17.3pt">Intangible assets other than goodwill</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,609</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,299</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxLiabilitiesOther_i01NI_di_msDTALNzLIg_zwAyyh256sm" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; padding-left: 17.3pt">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(479</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(496</td><td style="text-align: left">)</td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTALNzLIg_z7VFJyXujVAb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 8.65pt; text-align: left; padding-bottom: 1pt; text-indent: -8.65pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(16,284</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(37,493</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_mtDTALNzLIg_zbW2hc2SYN5f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -8.65pt; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Net deferred tax assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">20,539</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">27,491</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 3077000 2960000 138000 398000 3334000 3647000 32362000 60774000 38911000 67779000 1609000 2299000 479000 496000 16284000 37493000 20539000 27491000 154100000 3100000 300000 <p id="xdx_80B_eus-gaap--SubsequentEventsTextBlock_ze8Zrapw6Tv7" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 13. <span id="xdx_822_zswFW0EC7v8c">Subsequent Events</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In March 2022, SWK Funding negotiated to terminate the B&amp;D term loan upon receiving payment of $<span id="xdx_908_eus-gaap--ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1_pn3p0_dm_c20220316__20220317__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BAndDDentalMember_zAeoZqPz3yu3">10.4 million</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, which was received on March 17, 2022. The carrying value of the term loan was $<span id="xdx_902_eus-gaap--LoansAndLeasesReceivableGrossCarryingAmount_iI_pn3p0_dm_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--BAndDDentalMember_z7C1a5Qz5wle">8.3 million</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as of December 31, 2021. Following this payment, B&amp;D has no remaining payment obligations to the Company.</span></p> 10400000 8300000 Prior to our acquisition of Enteris, Enteris entered into a non-exclusive commercial license agreement (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. 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