SWK Holdings Corporation Announces Financial Results for Fourth Quarter 2023
- Strong financial performance in the fourth quarter of 2023 with a net income of $2.8 million.
- Full-year net income for 2023 was $15.9 million, compared to $13.5 million in 2022.
- Closed a $33.0 million public offering of senior notes and repurchased shares of common stock.
- Signed an Exclusive Option and Asset Purchase Agreement with a strategic partner for $6 million.
- Finance Receivables segment showed growth with a 16.1% increase in gross finance receivables.
- The company achieved a 14.0% effective yield in the finance portfolio for the fourth quarter of 2023.
- Non-GAAP adjusted net income for the Finance Receivables segment decreased by 16.6% from the previous year.
- The company reported a decrease in Finance Receivables segment revenue for the fourth quarter of 2023.
- There was an $8.4 million goodwill impairment at the Company's Enteris subsidiary.
- SWK had $26.0 million in non-accrual finance receivables as of December 31, 2023.
Insights
The reported increase in net income for SWK Holdings Corporation, both quarterly and annually, suggests a positive trajectory for the company's profitability. The public offering of senior notes and the repurchase of common stock reflect a proactive capital management strategy that could enhance shareholder value. The stock repurchases may indicate the management's confidence in the company's intrinsic value and could signal to the market a potential undervaluation of the stock.
The Exclusive Option and Asset Purchase Agreement represents a strategic move that could reduce cash burn and provide stable revenue streams for the next two years. This may reassure investors of a more focused and financially secure operation, potentially leading to a more favorable view of the company's future earnings and risk profile.
However, the finance receivables segment showing a decreased adjusted non-GAAP net income year-over-year requires attention. The decline may raise concerns about the performance of investments and the quality of the finance receivables portfolio, despite the overall increase in the portfolio's size and yield. Investors should monitor the portfolio's health, especially in light of the non-accrual finance receivables, which may affect future revenue recognition and cash flows.
The specialty finance sector continues to be an attractive space for investment, particularly in the life sciences industry where SWK operates. The company's focus on small- to mid-sized commercial-stage companies could capitalize on the demand for customized loan and royalty products. The growth in gross finance receivables and the increase in effective yield of the finance portfolio are indicative of SWK's ability to identify and capitalize on profitable lending opportunities.
However, the market should also consider the goodwill impairment at the Enteris subsidiary, which may suggest overvaluation of past acquisitions or a change in the expected profitability of these assets. This could impact investor perception and the company's valuation. The increase in book value per share is a positive sign, but the tangible book value per share, which excludes intangible assets, provides a more conservative valuation metric that investors might prefer for assessing the company's real economic value.
The Enteris Exclusive Option and Asset Purchase Agreement may have significant legal implications. The structure of the agreement, including the option fee and guaranteed annual revenue payments, suggests a complex contractual arrangement that requires careful legal scrutiny to ensure compliance and minimize risk. The exclusion of Enteris Intellectual Property from the agreement indicates a strategic decision to retain potentially valuable assets, which could be a source of future revenue or strategic partnerships.
It is also essential to understand the legal aspects of the senior notes offering and how it affects the company's debt structure and covenants. Investors should assess the terms of these notes, such as interest rates and maturity dates, to gauge the potential impact on the company's financial flexibility and debt servicing capabilities.
Conference Call and Live Audio Webcast Scheduled for Thursday, March 21, 2024, at 10:00 a.m. ET
Corporate Highlights
- Fourth quarter 2023 and 2022 net income was
$2.8 million - Full year 2023 net income was
$15.9 million , compared to full year 2022 net income of$13.5 million - Closed a
$33.0 million public offering of senior notes - Repurchased 14,233 shares of common stock during the fourth quarter for a total cost of
$0.2 million ; year-to-date 2024 through March 14th, repurchased an additional 51,169 shares for a total cost of$0.9 million - After quarter end, signed Exclusive Option and Asset Purchase Agreement granting strategic partner an exclusive two-year option to purchase certain tangible assets of Enteris for approximately
$6 million , in exchange for a low-single digit million dollar option fee as well as mid-single digit million dollar guaranteed annual revenue payments in calendar years 2024 and 2025
Finance Receivables Segment Update
- Fourth quarter 2023 finance receivables segment adjusted non-GAAP net income was
$3.7 million , compared with segment adjusted non-GAAP net income of$4.4 million for the fourth quarter of 2022 - For 2023, the specialty finance segment generated a
10.0% adjusted return on tangible book value - As of December 31, 2023, gross finance receivables were
$288.4 million , a16.1% increase from December 31, 2022 - During the fourth quarter 2023, closed four new financing transactions totaling
$55.1 million including a$20.0 million loan to Shield Therapeutics PLC, a$6.0 million loan to Nicoya Lifesciences, Inc., a$15.0 million loan to Journey Medical Corporation, and the$14.1 million purchase of a series of sales-based milestones on a portfolio of Immune Globulin products - Fourth quarter 2023 finance portfolio effective yield was
14.0% , a 10-basis-point increase from December 31, 2022 - Fourth quarter 2023 finance portfolio realized yield was
14.1% , a 310-basis-point increase from December 31, 2022 - As of December 31, 2023, book value per share was
$22.43 and non-GAAP tangible financing book value per share was$19.61
DALLAS, TX / ACCESSWIRE / March 21, 2024 / SWK Holdings Corporation (NASDAQ:SWKH) ("SWK" or the "Company"), a life science-focused specialty finance company catering to small- and mid-sized commercial-stage companies, today provided a business update and announced its financial and operating results for the fourth quarter ended December 31, 2023.
"The fourth quarter concluded a productive 2023 for SWK which we believe sets the stage for improved financial returns in 2024. During the quarter we improved our balance sheet through the issuance of
Mr. Staggs continued: "In March we signed an Exclusive Option and Asset Purchase agreement with a strategic partner granting the partner a two-year exclusive option to purchase certain Enteris tangible assets for
"The agreement immediately reduces the Enteris cash burn and will continue to do so over the life of the agreement. The agreement does not include Enteris Intellectual Property including the Cara Therapeutics' license and associated milestones and royalties, other licenses, the Peptelligence ® platform, or internally developed 505b2 programs. SWK will continue to work with Enteris management to monetize these assets."
Mr. Staggs continued: "The Exclusive Option and Asset Purchase agreement validates the progress our colleagues at Enteris have made over the past year and will provide additional resources for the team to build the Enteris CDMO platform.Moreover, the agreement allows SWK to focus on our core Specialty Finance segment and we expect the reduced Enteris cash burn will permit our shareholders to benefit from our Specialty Finance segment earnings to a greater degree."
Mr. Staggs concluded: "We are bullish on SWK's prospects in 2024 given our increased finance receivables portfolio, available liquidity to fund new deals, and continued demand for our customized loan and royalty products targeting innovative life science companies.
Fourth Quarter 2023 Financial Results
For the fourth quarter 2023, SWK reported total revenue of
Pre-tax net income for the three months ended December 31, 2023 was
GAAP net income for the quarter ended December 31, 2023, totaled
During the year ended December 31, 2023, there were
Book value per share was
Tables detailing SWK's financial performance for the fourth quarter of 2023 are below.
Portfolio Status
During the fourth quarter SWK closed three term loans deploying
For the fourth quarter 2023, the realized yield of the finance receivables portfolio was
As of December 31, 2023, non-accrual finance receivables totaled
As of December 31, 2023, SWK had
Total portfolio investment activity for the three months ended December 31, 2023 and 2022 was as follows (in thousands):
Three Months Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
Beginning Portfolio | $ | 224,951 | $ | 222,178 | ||||
Interest paid-in-kind | 1,500 | 2,660 | ||||||
Provision for credit losses | (2,371 | ) | (3,491 | ) | ||||
Investment in finance receivables | 55,100 | 21,368 | ||||||
Loan discount and fee accretion | 323 | 765 | ||||||
Remeasurement of finance receivable | 478 | 539 | ||||||
Net unrealized (loss) gain on marketable investments and warrant assets | (81 | ) | (200 | ) | ||||
Principal payments received on investments | (2,885 | ) | (513 | ) | ||||
Royalty (paydown) accretion | (1,247 | ) | (1,235 | ) | ||||
Realized loss on sale of investments | - | (130 | ) | |||||
Warrant and equity investments, net of sales and cancellations | 543 | (4,090 | ) | |||||
Ending Portfolio | $ | 276,311 | $ | 237,851 | ||||
Adjusted Non-GAAP Net Income
The following table provides a reconciliation of SWK's reported (GAAP) consolidated net income to SWK's adjusted consolidated net income (Non-GAAP) for the three months ended December 31, 2023 and 2022. The table eliminates provisions for (benefits from) income taxes, non-cash mark-to-market changes on warrant assets and equity securities, amortization of Enteris' intangible assets, goodwill impairment expense, foreign currency transaction gains or losses, and any non-cash impact on the remeasurement of contingent consideration (in thousands):
Three Months Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
Net income | $ | 2,844 | $ | 2,832 | ||||
Add (subtract): Income tax (benefit) expense | (2,233 | ) | (7,211 | ) | ||||
Add: Enteris amortization expense | 426 | 426 | ||||||
Add (subtract): Unrealized net (loss) gain on warrants assets | (690 | ) | 206 | |||||
Add: Goodwill impairment expense | 8,404 | - | ||||||
Subtract: Unrealized net gain on equity securities | - | (6 | ) | |||||
Add: Foreign currency transaction (loss) gain | (391 | ) | 215 | |||||
Add (subtract): Loss (gain) on change in fair value of contingent consideration | (6,300 | ) | 5,170 | |||||
Add: warrant write-off | 774 | - | ||||||
Adjusted income before income tax (benefit) expense | $ | 2,834 | $ | 1,632 | ||||
Adjusted income tax (benefit) expense | - | - | ||||||
Non-GAAP net income | $ | 2,834 | $ | 1,632 | ||||
In the table above, management has deducted the following non-cash items: (i) change in the fair-market value of equities and warrants, as mark-to-market changes are non-cash, (ii) income taxes, as the Company has substantial net operating losses to offset against future income, (iii) amortization expense associated with Enteris' intangible assets, (iv) (gain) loss on remeasurement of contingent consideration, (v) foreign currency (loss) gain, and (vi) impairment expense associated with Enteris' goodwill.
Finance Receivables Adjusted Non-GAAP Net Income
The following table provides a reconciliation of SWK's consolidated adjusted income before provision for income tax expense, listed in the table above, to the non-GAAP adjusted net income for the Finance Receivable segment for the three months ended December 31, 2023 and 2022. The table eliminates Enteris' operating loss. The adjusted income before income tax expense is derived in the table above and eliminates income tax expense, non-cash mark-to-market changes on warrant assets and equity securities (in thousands):
Three Months Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
Non-GAAP net income | $ | 2,834 | $ | 1,632 | ||||
Add (subtract): Enteris operating loss (income), excluding amortization expense and change in fair value of contingent consideration | 823 | 2,752 | ||||||
Adjusted Finance Receivable segment income before income tax (benefit) expense | $ | 3,657 | $ | 4,384 | ||||
Adjusted income tax (benefit) expense | - | - | ||||||
Finance Receivables segment adjusted non-GAAP net income | $ | 3,657 | $ | 4,384 | ||||
Non-GAAP Tangible Finance Book Value Per Share
The following table provides a reconciliation of SWK's GAAP book value per share to its non-GAAP tangible finance book value per share as of December 31, 2023 and 2022. The table eliminates the deferred tax assets, intangible assets, goodwill, Enteris' property and equipment and acquisition-related contingent consideration (in thousands, except per share data):
Year Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
GAAP shareholder's equity | $ | 280,315 | $ | 279,929 | ||||
Shares outstanding | 12,498 | 12,843 | ||||||
GAAP book value per share | $ | 22.43 | $ | 21.80 | ||||
Less: Deferred tax assets, net | (28,290 | ) | (24,480 | ) | ||||
Less: Intangible assets, net | (6,487 | ) | (8,190 | ) | ||||
Less: Goodwill | - | (8,404 | ) | |||||
Less: Enteris Property and equipment, net | (5,306 | ) | (5,817 | ) | ||||
Plus: Contingent consideration payable | 4,900 | 11,200 | ||||||
Non-GAAP tangible finance book value | 245,132 | 244,238 | ||||||
Shares outstanding | 12,498 | 12,843 | ||||||
Tangible book value per share | $ | 19.61 | $ | 19.02 | ||||
Non-GAAP Financial Measures
This release includes non-GAAP adjusted net income, non-GAAP finance receivable segment net income, and non-GAAP tangible financing book value per share, which are metrics that are not compliant with generally accepted accounting principles in the United States (GAAP).
Non-GAAP adjusted net income is adjusted for certain items including (i) changes in the fair-market value of public equity-related assets and SWK's warrant assets as mark-to-market changes are non-cash, (ii) income taxes as the Company has substantial net operating losses to offset against future income, (iii) changes in the fair-market value of contingent consideration associated with the Enteris acquisition as these changes are non-cash, and (iv) depreciation and amortization expenses, primarily associated with the Enteris acquisition.
In addition to the adjustments noted above, non-GAAP finance receivable segment net income also excludes Enteris' operating losses.
Non-GAAP tangible financing book value per share excludes the deferred tax asset, intangible assets, goodwill, Enteris' PP&E, and contingent consideration associated with the Enteris transaction.
These non-GAAP measures may not be directly comparable to similar measures used by other companies in the Company's industry, as other companies may define such measures differently. Management believes that these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends and provides useful additional information relating to our operations and financial condition. The Company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Non-GAAP financial results are reported in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Further, non-GAAP financial measures, even if similarly titled, may not be calculated in the same manner by all companies, and therefore should not be compared.
Conference Call Information
SWK Holdings will host a conference call and live audio webcast on Thursday, March 21, 2024 at 10:00 a.m. ET, to discuss its corporate and financial results for the fourth quarter 2023.
Interested participants and investors may access the audio webcast via https://www.webcaster4.com/Webcast/Page/3029/50146 or the Events section of SWK Holdings' Investor Relations website, https://swkhold.investorroom.com/events.
Additionally, interested participants and investors may access the conference call telephonically by dialing either:
- 888-506-0062 (U.S.)
- 973-528-0011 (International)
- Participant Access Code: 884093
An archive of the webcast will remain available on SWK Holdings' website for 12 months beginning at approximately 11:00 a.m. ET, on March 21, 2024.
About SWK Holdings Corporation
SWK Holdings Corporation is a life science focused specialty finance company partnering with small- and mid-sized commercial-stage healthcare companies. SWK provides non-dilutive financing to fuel the development and commercialization of lifesaving and life-enhancing medical technologies and products. SWK's unique financing structures provide flexible financing solutions at an attractive cost of capital to create long-term value for all SWK stakeholders. SWK's solutions include structured debt, traditional royalty monetization, synthetic royalty transactions, and asset purchases typically ranging in size from
Safe Harbor For Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as "believes," "expects," "anticipates," "intends," "estimates," "plan," "will," "may," "look forward," "intend," "guidance," "future" or similar expressions are forward-looking statements. Because these statements reflect SWK's current views, expectations and beliefs concerning future events, these forward-looking statements involve risks and uncertainties. Investors should note that many factors, as more fully described under the caption "Risk Factors" and elsewhere in SWK's Form 10-K, Form 10-Q and Form 8-K filings with the Securities and Exchange Commission and as otherwise enumerated herein, could affect the Company's future financial results and could cause actual results to differ materially from those expressed in such forward-looking statements. The forward-looking statements in this press release are qualified by these risk factors. These are factors that, individually or in the aggregate, could cause the Company's actual results to differ materially from expected and historical results. You should not place undue reliance on any forward-looking statements, which speak only as of the date they are made. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise .
For more information, please contact:
Tiberend Strategic Advisors, Inc.
Daniel Kontoh-Boateng (Investors)
dboateng@tiberend.com
Eric Reiss (Media)
ereiss@tiberend.com
SWK HOLDINGS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
Year Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 4,503 | $ | 6,156 | ||||
Restricted cash | 733 | - | ||||||
Interest and accounts receivable, net | 4,729 | 3,094 | ||||||
Other current assets | 1,904 | 1,114 | ||||||
Total current assets | 11,869 | 10,364 | ||||||
Finance receivables, net | 274,504 | 236,555 | ||||||
Collateral on foreign currency forward contract | 2,750 | 2,750 | ||||||
Marketable investments | 48 | 76 | ||||||
Deferred tax assets, net | 28,290 | 24,480 | ||||||
Warrant assets | 1,759 | 1,220 | ||||||
Goodwill | - | 8,404 | ||||||
Intangible assets, net | 6,487 | 8,190 | ||||||
Property and equipment, net | 5,438 | 5,840 | ||||||
Other non-current assets | 3,109 | 1,742 | ||||||
Total assets | $ | 334,254 | $ | 299,621 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 3,944 | $ | 3,902 | ||||
Revolving credit facility | - | 2,445 | ||||||
Total current liabilities | 3,944 | 6,347 | ||||||
Contingent consideration payable | 4,900 | 11,200 | ||||||
Unsecured senior notes, net | 30,781 | - | ||||||
Revolving credit facility | 12,350 | - | ||||||
Other non-current liabilities | 1,964 | 2,145 | ||||||
Total liabilities | 53,939 | 19,692 | ||||||
Stockholders' equity: | ||||||||
Preferred Stock, | - | - | ||||||
Common stock, | 12 | 12 | ||||||
Additional paid-in capital | 4,425,104 | 4,430,922 | ||||||
Accumulated deficit | (4,144,801 | ) | (4,151,005 | ) | ||||
Total stockholders' equity | 280,315 | 279,929 | ||||||
Total liabilities and stockholders' equity | $ | 334,254 | $ | 299,621 | ||||
SWK HOLDINGS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenues: | ||||||||||||||||
Finance receivable interest income, including fees | $ | 9,200 | $ | 9,716 | $ | 36,346 | $ | 35,461 | ||||||||
Pharmaceutical development | 586 | 24 | 1,202 | 5,485 | ||||||||||||
Other | 104 | 57 | 212 | 538 | ||||||||||||
Total revenues | 9,890 | 9,797 | 37,760 | 41,484 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Allowance for credit losses | 2,371 | 3,491 | 1,912 | 3,491 | ||||||||||||
Impairment of goodwill | 8,404 | - | 8,404 | - | ||||||||||||
Interest expense | 1,128 | 98 | 1,849 | 340 | ||||||||||||
Pharmaceutical manufacturing, research and development expense | 602 | 1,780 | 3,436 | 6,952 | ||||||||||||
General and administrative | 2,716 | 2,436 | 11,232 | 12,964 | ||||||||||||
Change in fair value of acquisition-related contingent consideration | (6,300 | ) | 5,170 | (6,300 | ) | 5,170 | ||||||||||
Depreciation and amortization expense | 640 | 635 | 2,577 | 2,599 | ||||||||||||
Income from operations | 329 | (3,813 | ) | 14,650 | 9,968 | |||||||||||
Other income (expense), net | ||||||||||||||||
Unrealized net (loss) gain on warrants | 690 | (206 | ) | (55 | ) | 417 | ||||||||||
Unrealized net loss on equity securities | - | 6 | - | (528 | ) | |||||||||||
Realized loss from investments | (799 | ) | (151 | ) | (799 | ) | (151 | ) | ||||||||
Foreign currency transaction gain (loss) | 391 | (214 | ) | 817 | (215 | ) | ||||||||||
Income before income tax benefit | 611 | (4,378 | ) | 14,613 | 9,491 | |||||||||||
Income tax benefit | (2,233 | ) | (7,210 | ) | (1,274 | ) | (4,000 | ) | ||||||||
Net income | $ | 2,844 | $ | 2,832 | $ | 15,887 | $ | 13,491 | ||||||||
Net income per share | ||||||||||||||||
Basic | $ | 0.23 | $ | 0.22 | $ | 1.26 | $ | 1.05 | ||||||||
Diluted | $ | 0.23 | $ | 0.22 | $ | 1.25 | $ | 1.05 | ||||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 12,503 | 12,849 | 12,653 | 12,835 | ||||||||||||
Diluted | 12,558 | 12,911 | 12,696 | 12,880 | ||||||||||||
SWK HOLDINGS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | ||||||||
Cash flows from operating activities: | 2023 | 2022 | ||||||
Net income | $ | 15,887 | $ | 13,491 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Allowance for credit losses | 1,912 | 3,491 | ||||||
Amortization of debt issuance costs | 493 | 69 | ||||||
Impairment of goodwill | 8,404 | - | ||||||
Right-of-use asset amortization | 333 | 229 | ||||||
Deferred income taxes | (1,286 | ) | (3,941 | ) | ||||
Change in fair value of warrants | 55 | (417 | ) | |||||
Change in fair value of equity securities | - | 528 | ||||||
Realized loss from write down of warrant assets | 799 | - | ||||||
Foreign currency transaction (gain) loss | (1,876 | ) | 754 | |||||
Loss on sale of marketable securities | - | 151 | ||||||
Change in fair value of acquisition-related contingent consideration | (6,300 | ) | 5,170 | |||||
Loan discount and fee accretion | (3,827 | ) | (2,204 | ) | ||||
Interest paid-in-kind | (1,826 | ) | (5,995 | ) | ||||
Stock-based compensation | 509 | 500 | ||||||
Depreciation and amortization expense | 2,577 | 2,599 | ||||||
Changes in operating assets and liabilities: | ||||||||
Interest and accounts receivable | (1,635 | ) | (1,291 | ) | ||||
Derivative assets and liabilities, net | 1,059 | (539 | ) | |||||
Collateral on forward currency exchange contract | - | (2,750 | ) | |||||
Other assets | (787 | ) | (44 | ) | ||||
Accounts payable and other liabilities | 396 | (1,599 | ) | |||||
Net cash provided by operating activities | 14,887 | 8,202 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from sale of investments and finance receivables | 13,942 | 4,151 | ||||||
Investment in finance receivables | (74,125 | ) | (93,118 | ) | ||||
Repayment of finance receivables | 11,703 | 45,673 | ||||||
Corporate debt securities principal payments | 28 | 43 | ||||||
Purchases of property and equipment | (496 | ) | (297 | ) | ||||
Net cash used in investing activities | (48,948 | ) | (43,548 | ) | ||||
Cash flows from financing activities: | ||||||||
Net settlement for employee taxes on restricted stock and options | - | (160 | ) | |||||
Payments for financing costs | (3,407 | ) | - | |||||
Repurchases of common stock, including fees and expenses | (6,327 | ) | (1,138 | ) | ||||
Proceeds from senior unsecured notes | 32,969 | - | ||||||
Net proceeds from revolving credit facilities | 9,905 | 2,437 | ||||||
Payment of acquisition-related contingent consideration | - | (2,500 | ) | |||||
Net cash provided by (used in) financing activities | 33,140 | (1,361 | ) | |||||
Net decrease in cash, cash equivalents and restricted cash | (920 | ) | (36,707 | ) | ||||
Cash, cash equivalents and restricted cash, beginning of period | 6,156 | 42,863 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 5,236 | $ | 6,156 | ||||
Supplemental noncash flow activity: | ||||||||
Warrants received in connection with finance receivables | $ | 1,364 | $ | 1,180 | ||||
Cash paid for interest | $ | 1,351 | $ | 268 | ||||
Fair value of common stock received upon exercise of warrant | $ | - | $ | 3,667 | ||||
SOURCE: SWK Holdings Corp.
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