Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 82,908 $ 101,654
Short-term restricted cash 5,441 1,330
Investment in equity securities 382 3,529
Trade and other receivables, net 4,896 1,839
Short-term royalty and commercial payment receivables under the EIR method 22,780 14,763
Short-term royalty and commercial payment receivables under the cost recovery method 0 413
Prepaid expenses and other current assets 852 2,076
Total current assets 117,259 125,604
Long-term restricted cash 45,361 3,432
Property and equipment, net 21 32
Operating lease right-of-use assets 256 319
Long-term royalty and commercial payment receivables under the EIR method 4,433 4,970
Long-term royalty and commercial payment receivables under the cost recovery method 55,888 55,936
Exarafenib milestone asset (Note 6) 3,600 3,214
Investment in warrants 697  
Intangible assets, net 44,756 25,909
Other assets - long term 427 1,861
Total assets 272,698 221,277
Current liabilities:    
Accounts payable 2,208 1,053
Accrued and other current liabilities 9,885 5,752
Contingent consideration under RPAs, AAAs, and CPPAs 0 3,000
Operating lease liabilities 2,464 446
Unearned revenue recognized under units-of-revenue method 1,268 1,361
Preferred stock dividend accrual 1,424 1,368
Current portion of long-term debt 12,526 11,394
Contingent value rights liabilities - current portion 5,045  
Total current liabilities 34,820 24,374
Unearned revenue recognized under units-of-revenue method - long-term 3,193 4,410
Exarafenib milestone contingent consideration (Note 6) 3,600 3,214
Long-term operating lease liabilities 20,114 483
Long-term debt 96,451 106,875
Contingent value rights liabilities - long-term 10,457  
Deferred tax liability 103  
Total liabilities 168,738 139,356
Commitments and Contingencies (Note 11)
Convertible preferred stock, $0.05 par value, 5,003 shares authorized, issued and outstanding as of December 31, 2025 and December 31, 2024 20,019 20,019
Stockholders' equity:    
Common stock, $0.0075 par value, 277,333,332 shares authorized, 11,858,955 and 11,952,377 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively 89 90
Additional paid-in capital 1,305,200 1,298,747
Accumulated other comprehensive income 53 73
Accumulated deficit (1,221,450) (1,237,057)
Total stockholders' equity 83,941 61,902
Total liabilities, convertible preferred stock and stockholders' equity 272,698 221,277
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