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SWK Holdings Corporation (Nasdaq: SWKH) is a specialized finance company providing capital solutions primarily to the life sciences sector. The core focus of SWK is to monetize cash flow streams derived from commercial-stage products and intellectual properties. Through royalty purchases, financings, and synthetic revenue interests, SWK offers innovative financial structures aimed at minimizing equity dilution for its partners.
The company operates under two main segments: Finance Receivables and Pharmaceutical Development Services. The Finance Receivables segment generates the majority of the revenue, primarily through interest, fees, and royalties from various financing activities. SWK's financing solutions are designed to support the growth and commercialization efforts of small to mid-sized healthcare companies while maintaining low risk.
Recent achievements include the generation of $7.6 million in adjusted non-GAAP net income from the finance segment in Q2 2023, representing a 12% annualized return on tangible book value. The portfolio yield stands at an effective 14.5% and a realized 15.4%. The company expects continued growth in finance receivables, driven by multiple loan closings anticipated in the second half of 2023.
SWK also owns Enteris BioPharma, a clinical development and manufacturing organization. Enteris provides development services to pharmaceutical partners and offers innovative formulation solutions via its Peptelligence® platform. Enteris has booked $2.0 million in CDMO projects and is bidding on an additional $9.0 million worth of work projected to drive revenue growth in the latter half of 2023.
Financially, SWK's total revenue for Q2 2023 reached $9.5 million, marking a 36.8% increase year-over-year. The GAAP net income surged to $3.9 million, a 596.3% increase from the previous year. Additionally, the company reported a book value per share of $21.79 as of June 30, 2023, with an 8% year-over-year increase in non-GAAP tangible financing book value per share.
SWK continues to expand its financial capacity with a new $30 million offering of 9.00% Senior Notes due in 2027 and an expanded $60 million revolving credit facility. This capital will support further acquisitions, investments, and other general corporate purposes, enabling SWK to maintain its leadership in healthcare finance.
Enteris BioPharma, a subsidiary of SWK Holdings (SWKH), presented research on its oral formulation of leuprolide, Ovarest®, at the ASRM 2022 Congress. This study highlighted that oral leuprolide delivered drug levels surpassing those of injectable versions, demonstrating promising pharmacokinetics and safety in a trial with 22 patients. The Chief Medical Officer, Dr. Gary Shangold, noted that the results support further development of Ovarest as a less invasive alternative to injections, addressing significant unmet clinical needs for several disorders.
SWK Holdings Corporation announced a $5 million milestone payment received by its subsidiary, Enteris BioPharma, from Cara Therapeutics related to the clinical progress of Oral KORSUVA. This payment stems from the license agreement for the Peptelligence® technology, crucial for the oral formulation of CR845/difelikefalin. Enteris retains $2.5 million of this amount, adding to the previous $33 million received from Cara since the license's inception. Enteris remains eligible for further milestone payments and royalties based on developmental achievements.
SWK Holdings Corporation (Nasdaq: SWKH) announced key promotions within its executive management team on October 3, 2022. Yvette Heinrichson has been appointed as the new Chief Financial Officer, taking over from Charles Jacobson, who served in an outsourced capacity since 2012. Heinrichson aims to optimize the company's capital structure and streamline processes essential for financing growth. Additionally, John David Tamas has been promoted to Director of Underwriting, a newly created role, aimed at enhancing underwriting throughput. These changes reflect SWK's commitment to strengthen its leadership and capitalize on favorable market conditions.
Enteris BioPharma, a subsidiary of SWK Holdings (Nasdaq: SWKH), has published a white paper in Drug Development & Delivery focusing on the oral delivery of peptides. The paper discusses the challenges and opportunities in developing oral peptide therapies for chronic conditions like diabetes and obesity. Key physicochemical properties affecting oral delivery, such as molecule size and solubility, are highlighted. Enteris’ Peptelligence® platform is designed to enhance the oral bioavailability of peptides, potentially allowing oral administration for drugs typically given by injection.
SWK Holdings Corporation (Nasdaq: SWKH) announced participation in Lake Street Capital's 6th Annual Best Ideas Growth Conference 'BIG6' on September 14, 2022, in New York City. President and Interim CEO, Jody Staggs, will conduct one-on-one meetings with investors to discuss SWK's business strategy, recent achievements, and future milestones. SWK specializes in providing non-dilutive financing to small- and mid-sized healthcare companies, with funding typically ranging from $5 million to $25 million. This participation aims to enhance visibility and attract potential investors.
SWK Holdings Corporation (Nasdaq: SWKH) has appointed Jody Staggs as President and Interim CEO, effective September 30, 2022, following the departure of Winston Black. This leadership change aims to build on SWK's established foundation as a premier specialty finance company in the life sciences sector. Staggs has a strong track record, recently overseeing $50 million in credit agreements with innovative companies. The firm reports a healthy portfolio worth approximately $219 million in investment assets, reinforcing its potential for shareholder returns.
SWK Holdings Corporation (Nasdaq: SWKH) reported a significant decline in its second quarter 2022 results, with total revenue of $6.9 million, down 68.8% from $22.3 million in Q2 2021. The GAAP net income decreased 96% to $0.6 million compared to $14.0 million for the same period last year. Core finance receivables segment adjusted net income fell to $4.6 million, a 50.3% drop year-over-year. Despite these challenges, SWK maintains a strong capital position with $77.1 million available for future opportunities and was recently added to the Russell 2000, 3000, and Microcap indexes.
SWK Holdings Corporation (Nasdaq: SWKH) will host a conference call on August 11, 2022, at 10:00 a.m. ET to discuss its Q2 2022 financial results. Participants can dial (844) 378-6488 (U.S.) or (412) 317-1079 (International) with passcode 10169701. An audio webcast will be available on SWK's website, with a 90-day archive post-event. SWK specializes in finance within the healthcare sector, partnering with product marketers and royalty holders to provide flexible financing solutions. The company also owns Enteris BioPharma, enhancing its financing capabilities.
SWK Holdings Corporation's subsidiary, Enteris BioPharma, was featured in Drug Development and Delivery, highlighting its capabilities in manufacturing highly potent active pharmaceutical ingredients (HPAPIs). Director of Manufacturing, Angelo P. Consalvo, emphasized Enteris's expertise and flexibility to meet the challenges posed by pandemic-induced supply chain disruptions. The company has completed renovations to its 32,000-square-foot facility in Boonton, NJ, which is tailored for HPAPI handling and solid oral dose manufacturing, enabling it to deliver quality products efficiently.
Enteris BioPharma, a subsidiary of SWK Holdings Corporation (Nasdaq: SWKH), announced an accepted abstract for oral presentation at the ASRM 2022 Scientific Congress & Expo from Oct 22-26, 2022, in Anaheim, CA. The abstract focuses on pharmacokinetics of an oral formulation of leuprolide developed using Enteris' Peptelligence® platform, showcasing its efficacy in delivering superior drug levels compared to injectable products. The presentation is set for Oct 26, 2022, at 11:05 AM PT, highlighting advancements in oral administration for better patient compliance, particularly for diseases influenced by GnRH agonists.
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