Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 85,600 $ 82,908
Short-term restricted cash 8,862 5,441
Investment in equity securities 494 382
Trade and other receivables, net 4,595 4,896
Short-term royalty and commercial payment receivables under the EIR method 18,724 22,780
Short-term royalty and commercial payment receivables under the cost recovery method 0 0
Prepaid expenses and other current assets 473 852
Total current assets 118,748 117,259
Long-term restricted cash 44,281 45,361
Property and equipment, net 18 21
Operating lease right-of-use assets 239 256
Long-term royalty and commercial payment receivables under the EIR method 4,235 4,433
Long-term royalty and commercial payment receivables under the cost recovery method 55,886 55,888
Exarafenib milestone asset (Note 6) 3,704 3,600
Investment in warrants 709 697
Intangible assets, net 43,864 44,756
Other assets - long term 174 427
Total assets 271,858 272,698
Current liabilities:    
Accounts payable 3,534 2,208
Accrued and other current liabilities 3,211 9,885
Contingent consideration under RPAs, AAAs, and CPPAs 0  
Operating lease liabilities 2,392 2,464
Unearned revenue recognized under units-of-revenue method 1,291 1,268
Preferred stock dividend accrual 1,452 1,424
Current portion of long-term debt 14,013 12,526
Contingent value rights liabilities - current portion 7,184 5,045
Total current liabilities 33,077 34,820
Unearned revenue recognized under units-of-revenue method - long-term 2,860 3,193
Exarafenib milestone contingent consideration (Note 6) 3,704 3,600
Long-term operating lease liabilities 19,502 20,114
Long-term debt 88,825 96,451
Contingent value rights liabilities - long-term 10,892 10,457
Deferred tax liability 103 103
Total liabilities 158,963 168,738
Commitments and Contingencies (Note 11)
Convertible preferred stock, $0.05 par value, 5,003 shares authorized, issued and outstanding as of March 31, 2026 and December 31, 2025 20,019 20,019
Stockholders' equity:    
Common stock, $0.0075 par value, 277,333,332 shares authorized, 11,909,854 and 11,858,955 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 89 89
Additional paid-in capital 1,309,868 1,305,200
Accumulated other comprehensive income 119 53
Accumulated deficit (1,217,249) (1,221,450)
Total stockholders' equity 92,876 83,941
Total liabilities, convertible preferred stock and stockholders' equity 271,858 272,698
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