Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 45,189 $ 101,654
Short-term restricted cash 45,288 1,330
Investment in equity securities 1,521 3,529
Trade and other receivables, net 3,573 1,839
Short-term royalty and commercial payment receivables under the EIR method 13,269 14,763
Short-term royalty and commercial payment receivables under the cost recovery method 900 413
Prepaid expenses and other current assets 967 2,076
Total current assets 110,707 125,604
Long-term restricted cash 40,076 3,432
Property and equipment, net 24 32
Operating lease right-of-use assets 272 319
Long-term royalty and commercial payment receivables under the EIR method 4,678 4,970
Long-term royalty and commercial payment receivables under the cost recovery method 57,864 55,936
Exarafenib milestone asset (Note 6) 3,500 3,214
Investment in warrants 595  
Intangible assets, net 44,556 25,909
Other assets - long term 879 1,861
Total assets 263,151 221,277
Current liabilities:    
Accounts payable 2,654 1,053
Accrued and other liabilities 4,134 5,752
Contingent consideration under RPAs, AAAs, and CPPAs 0 3,000
Operating lease liabilities 2,508 446
Unearned revenue recognized under units-of-revenue method 1,320 1,361
Preferred stock dividend accrual 1,368 1,368
Current portion of long-term debt 14,345 11,394
Contingent value rights liabilities - current portion 1,976  
Total current liabilities 28,305 24,374
Unearned revenue recognized under units-of-revenue method - long-term 3,473 4,410
Exarafenib milestone contingent consideration (Note 6) 3,500 3,214
Long-term operating lease liabilities 20,678 483
Long-term debt 94,382 106,875
Contingent value rights liabilities - long-term 4,807  
Deferred tax liability 49  
Total liabilities 155,194 139,356
Commitments and Contingencies (Note 11)
Convertible preferred stock, $0.05 par value, 5,003 shares authorized, issued and outstanding as of September 30, 2025 and December 31, 2024 20,019 20,019
Stockholders' equity:    
Common stock, $0.0075 par value, 277,333,332 shares authorized, 12,310,300 and 11,952,377 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 92 90
Additional paid-in capital 1,301,542 1,298,747
Accumulated other comprehensive income 121 73
Accumulated deficit (1,213,866) (1,237,057)
Total stockholders' equity 87,938 61,902
Total liabilities, convertible preferred stock and stockholders' equity 263,151 221,277
8.625% Series A Cumulative, Perpetual Preferred Stock    
Stockholders' equity:    
Preferred stock 49 49
8.375% Series B Cumulative, Perpetual Preferred Stock    
Stockholders' equity:    
Preferred stock