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.
The Board of Directors of SWK Holdings Corporation (Nasdaq: SWKH) and its controlling stockholder, Carlson Capital, L.P., have announced the formation of a Strategic Review Committee to explore options aimed at maximizing shareholder value. The committee, chaired by Marcus Pennington of Carlson, will include existing board members and commence work immediately. Carlson has withdrawn its earlier acquisition proposal for the company's loan and royalty assets. No assurance of a transaction is made, and there is no set timetable for the committee's exploration.
SWK Holdings Corporation (SWKH) reported financial results for Q1 2021, achieving total revenue of $9.4 million, up from $7.3 million YoY, driven by finance receivables interest income. GAAP net income reached $3.4 million ($0.26 per share) compared to a loss of $4.7 million in Q1 2020. Notable increases include a 39% rise in adjusted non-GAAP net income to $4.7 million. The company also expanded its subsidiary, Enteris BioPharma, enhancing production capabilities. SWK closed $14 million in financings and formed a strategic review committee to explore options for maximizing shareholder value.
Enteris BioPharma, a subsidiary of SWK Holdings (Nasdaq: SWKH), has expanded its Boonton, NJ manufacturing facility by 32,000 square feet, incorporating 6,000 square feet of cleanroom space. This expansion includes a dedicated area for handling high potency active pharmaceutical ingredients (HPAPI) and allows for the development and manufacturing of solid oral doses, including those difficult to formulate. Enteris aims to enhance its contract development and manufacturing organization (CDMO) services and deepen existing partnerships, thereby positioning itself for future growth opportunities.
SWK Holdings Corporation (Nasdaq: SWKH) announced on April 5, 2021, that its Special Committee received a non-binding proposal from Carlson Capital, L.P. to acquire its loan and royalty assets for $193 million in cash. The proposal includes a special dividend to stockholders post-acquisition. The Special Committee, composed of independent directors, will review the proposal with financial and legal advisors, ensuring the best interests of stockholders are prioritized. There is no guarantee that a definitive agreement will be reached regarding the acquisition.
SWK Holdings Corporation (SWKH) reported strong financial results for Q4 2020, with total revenue of $10.9 million, up 16% from $9.4 million in Q4 2019. Income producing assets peaked at $206 million, a 17.6% annual increase. The company closed a $9 million loan with Sincerus Pharmaceuticals in March 2021. Key metrics include an 11.9% adjusted return on tangible financing book value and a tangible book value per share of $15.84, reflecting a 7.5% rise year-over-year. SWK anticipates receiving additional milestone payments from Cara Therapeutics related to its Oral KORSUVA program under development.
Sincerus Pharmaceuticals has secured its largest investment to date from SWK Holdings Corporation (Nasdaq: SWKH) to support the expansion of a state-of-the-art customized medication manufacturing facility in the U.S. This funding aims to enhance Sincerus' capabilities in providing customized prescription medications for dermatologists, enabling better patient care without third-party payor constraints. Sincerus reported significant growth in 2020, driven by the introduction of new services. The investment is expected to further the development of dermatologic products, benefitting both patients and healthcare providers.
Enteris BioPharma, a subsidiary of SWK Holdings Corporation (SWKH), announced that Dr. Gary Shangold will host a webinar on the 505(b)(2) regulatory pathway on March 30, 2021, at 1:00 p.m. ET. The session will cover how this pathway can streamline drug development, enabling the introduction of innovative products. CEO Rajiv Khosla emphasized its potential to enhance the market value of new drugs. Attendees can register for the webinar via the provided link.
SWK Holdings Corporation (Nasdaq: SWKH) announced that Chairman and CEO Winston Black will present at the Maxim Group Emerging Growth Virtual Conference from March 17 to March 19, 2021. The presentation, which will be available on demand, will cover SWK's business strategy, recent corporate achievements, and future milestones. Additionally, Black will participate in a live 'fireside chat' on March 19 at 12 PM ET and hold virtual meetings with investors. The webcast will be accessible on the SWK investor relations website post-conference.
SWK Holdings Corporation (Nasdaq: SWKH) reported a 20% year-over-year increase in earning assets, reaching approximately $208 million, alongside a $35 million capital deployment in royalty transactions and loans. The company highlighted advancements in its subsidiary, Enteris BioPharma, including the completion of a manufacturing facility and collaboration with Cara Therapeutics on the Oral KORSUVA clinical program, which is now involved in four trials. Enteris received $3 million from Cara in milestone payments, with expectations for further payments based on development milestones.
Enteris BioPharma, a subsidiary of SWK Holdings (Nasdaq: SWKH), announced a webinar on January 19, 2021, titled "Strategies for Entering Phase 1 Clinical Development with Limited API Quantities." Co-hosted by Thomas Daggs and Angelo Consalvo, the webinar will focus on CMC strategies for pharmaceutical companies managing limited access to active pharmaceutical ingredients (API). CEO Rajiv Khosla highlighted the challenges faced by emerging biotech firms in drug development.
Enteris is advancing various clinical products, including Ovarest® and Tobrate™.
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