Welcome to our dedicated page for SWK Holdings Corporation news (Ticker: SWKH), a resource for investors and traders seeking the latest updates and insights on SWK Holdings Corporation stock.
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 (Nasdaq: SWKH), has launched a redesigned corporate website showcasing its comprehensive Bench to Market™ services. The website provides pharmaceutical customers with a detailed overview of Enteris' core technologies, including its Peptelligence® and ProPerma® oral drug delivery platforms. This upgrade aims to facilitate partnerships by offering clear insights into Enteris' capabilities in contract development and manufacturing. CEO Rajiv Khosla emphasized the expansion of Enteris' services, catering to pharmaceutical companies needing development and manufacturing support for oral drug products.
SWK Holdings Corporation (Nasdaq: SWKH) announced that its Special Committee has concluded its investigation regarding Carlson Capital's non-binding proposal to acquire remaining shares at $20.20 each. Following discussions and counterproposals, the Special Committee determined an agreement could not be reached and decided to dissolve. The Company remains focused on growing its specialty finance business within the global healthcare sector, as previously stated on November 1, 2021.
Enteris BioPharma, a subsidiary of SWK Holdings (Nasdaq: SWKH), showcased its 2021 achievements and 2022 growth potential in its latest press release. Key highlights include the expansion of its manufacturing capabilities in Boonton, NJ, enhancing its contract development and manufacturing organization (CDMO) services. Enteris successfully completed a Phase 1 trial for its Peptelligence oral tablet formulation of leuprolide and secured $15 million in milestone payments from Cara Therapeutics for the development of Oral KORSUVA. The company anticipates significant growth opportunities through new partnerships and internal development programs in the upcoming year.
Enteris BioPharma, a biotechnology firm under SWK Holdings Corporation (Nasdaq: SWKH), is set to engage in two significant events: Biotech Showcase Virtual from January 17-19, 2022 and BIO Partnering at JPM from January 10-14, 2022. These events coincide with the J.P. Morgan 40th Annual Healthcare Conference 2022, where Enteris aims to connect with industry leaders regarding its proprietary drug delivery technologies, Peptelligence® and ProPerma®. The company is advancing its internal product pipeline, addressing critical unmet clinical needs.
SWK Holdings Corporation (Nasdaq: SWKH) announced that its subsidiary, Enteris BioPharma, has received a $5 million milestone payment from Cara Therapeutics (Nasdaq: CARA) related to their licensing agreement for the Peptelligence® oral formulation technology utilized in Oral KORSUVA™. Enteris retains $3 million of this payment. This payment brings the total to $28 million since the license's inception. Enteris is also eligible for further milestone payments tied to Oral KORSUVA's development, with Cara planning to initiate a Phase 3 program in 2022.
SWK Holdings Corporation (Nasdaq: SWKH) announced receipt of a non-binding acquisition proposal from Carlson Capital, L.P. on November 23, 2021, offering $19.00 per share for all outstanding shares not held by Carlson. The Company's Board has established a special committee of independent directors to evaluate this proposal. The outcome remains uncertain, with no assurance of a definitive agreement or transaction completion. Meanwhile, the company emphasizes its focus on providing financing solutions in the healthcare sector through partnerships and its ownership of Enteris Biopharma.
Enteris BioPharma, a subsidiary of SWK Holdings (SWKH), published an article titled "The 505(b)(2) Pathway – Pharma's 'Goldilocks' Opportunity" in Pharma Tech Outlook. Authored by Gary Shangold, M.D., the article discusses the benefits of the 505(b)(2) regulatory pathway, which allows for innovative drug improvements without redundant studies, thus fostering innovation. It emphasizes the potential for commercial value and market expansion through effective application of this pathway in drug development.
SWK Holdings Corporation (SWKH) announced its third-quarter 2021 financial results, demonstrating a 12.7% increase in tangible book value per share, now $17.50. The finance receivables segment reported a 17.6% rise in adjusted non-GAAP net income, totaling $7.7 million, while total revenue decreased to $9.6 million from $10.6 million in Q3 2020. The finance portfolio yielded 18.8%, up from 17.4% year-over-year. The company's strategic review concluded, allowing a focus on specialty finance, with plans to increase leverage prudently to capitalize on market opportunities.
SWK Holdings Corporation (Nasdaq: SWKH) has completed a strategic review to maximize stockholder value, concluding no supported transaction was identified. The Board has approved a new streamlined business plan to enhance growth and capital allocation. CEO Winston Black highlighted a past deployment of over $600 million into 42 investments with a realized IRR of 20%. The company aims to leverage its assets and consider dividends or share repurchases to enhance shareholder returns. SWK believes its specialty finance and royalty portfolio hold substantial value beyond their GAAP carrying amounts.
Enteris BioPharma, a subsidiary of SWK Holdings (Nasdaq: SWKH), will participate in the virtual Partnership Opportunities in Drug Delivery (PODD) 2021 Conference on October 28-29, 2021. The company aims to engage with pharmaceutical executives about its innovative formulation technologies, Peptelligence® and ProPerma®, which facilitate oral delivery of challenging compounds. Enteris is advancing several programs leveraging these technologies, some already in late-stage clinical development. The conference emphasizes the growing interest in oral biologics delivery.
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