Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 153,290,000 $ 57,826,000
Short-term restricted cash 160,000  
Short-term equity securities 161,000 335,000
Trade and other receivables, net 1,004,000 1,000
Short-term royalty and commercial payment receivables 14,215,000 2,366,000
Prepaid expenses and other current assets 483,000 725,000
Total current assets 169,313,000 61,253,000
Long-term restricted cash 6,100,000  
Property and equipment, net 25,000 7,000
Operating lease right-of-use assets 378,000 29,000
Long-term royalty and commercial payment receivables 57,952,000 63,683,000
Intangible assets, net   15,150,000
Other assets - long term 533,000 260,000
Total assets 234,301,000 140,382,000
Current liabilities:    
Accounts payable 653,000 524,000
Accrued and other liabilities 2,768,000 2,918,000
Contingent consideration under RPAs, AAAs and CPPAs 7,000,000 75,000
Operating lease liabilities 54,000 34,000
Unearned revenue recognized under units-of-revenue method 2,113,000 1,899,000
Preferred stock dividend accrual 1,368,000 1,368,000
Current portion of long-term debt 5,543,000  
Total current liabilities 19,499,000 6,818,000
Unearned revenue recognized under units-of-revenue method - long-term 7,228,000 9,550,000
Long-term operating lease liabilities 335,000  
Long-term debt 118,518,000  
Total liabilities 145,580,000 16,368,000
Commitments and Contingencies (Note 13)
Stockholders' equity:    
Common stock, $0.0075 par value, 277,333,332 shares authorized, 11,495,492 and 11,454,025 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively 86,000 86,000
Additional paid-in capital 1,311,809,000 1,306,271,000
Accumulated deficit (1,223,223,000) (1,182,392,000)
Total stockholders' equity 88,721,000 124,014,000
Total liabilities and stockholders' equity 234,301,000 140,382,000
8.625% Series A Cumulative, Perpetual Preferred Stock    
Stockholders' equity:    
Preferred Stock 49,000 49,000
8.375% Series B Cumulative, Perpetual Preferred Stock    
Stockholders' equity:    
Preferred Stock
Convertible preferred stock    
Stockholders' equity:    
Preferred Stock