SWK (SWKH) 10-K 30 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 27, 2020	Jun. 28, 2019
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Current Fiscal Year End Date	--12-31
Entity File Number	000-27163
Entity Registrant Name	SWK Holdings Corp
Entity Central Index Key	0001089907
Entity Tax Identification Number	77-0435679
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	14755 Preston Road
Entity Address, Address Line Two	Suite 105
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	972
Local Phone Number	687-7250
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 35,538,769
Entity Common Stock, Shares Outstanding		12,907,790
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 11,158	$ 20,227
Accounts receivable	2,554	2,195
Marketable investments	1,802
Other current assets	1,087	138
Total current assets	16,601	22,560
Finance receivables, net	172,825	166,610
Marketable investments	466	532
Deferred tax asset, net	25,780	22,684
Warrant assets	3,555	2,777
Intangible assets, net	25,113
Goodwill	8,404
Property, plant and equipment, net	1,292	25
Other assets	336	474
Total assets	254,372	215,662
Current Liabilities:
Accounts payable and accrued liabilities	3,061	2,581
Total current liabilities	3,061	2,581
Contingent consideration payable	14,500
Warrant liability	76	13
Other non-current liabilities	203	11
Total liabilities	17,840	2,605
Commitments and contingencies
Stockholders' equity:
Preferred Stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding
Common Stock, $0.001 par value; 250,000,000 shares authorized; 12,917,348 and 12,933,674 shares issued and outstanding at December 31, 2019 and 2018, respectively	13	13
Additional paid-in capital	4,432,146	4,432,499
Accumulated deficit	(4,195,627)	(4,219,455)
Total SWK Holdings Corporation stockholders' equity	236,532	213,057
Total liabilities and stockholders' equity	$ 254,372	$ 215,662

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	250,000,000	250,000,000
Common stock, issued	12,917,348	12,933,674
Common stock, outstanding	12,917,348	12,933,674

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues
Finance receivable interest income, including fees	$ 30,117	$ 25,978
Pharmaceutical development	621
Other	9	12
Revenues	30,747	25,990
Costs and expenses:
Provision for loan credit losses	2,209	6,179
Impairment expense		7,875
General and administrative	7,430	4,866
Depreciation and amortization expense	4,954	17
Pharmaceutical manufacturing, research and development expense	1,176
Interest expense	338	160
Total costs and expenses	16,107	19,097
Other income (expense), net
Unrealized net gain on derivatives	362	484
Unrealized net loss on equity securities	1,643	(1,035)
Loss on write off of investments	197	(105)
Income (loss) before provision (benifit) for income taxes	16,842	6,237
Provision (benefit) for income taxes	(6,986)	42
Consolidated net income	$ 23,828	$ 6,195
Net income (loss) per share attributable to SWK Holdings Corporation Stockholders
Basic (in dollars per share)	$ 1.85	$ 0.47
Diluted (in dollars per share)	$ 1.85	$ 0.47
Weighted Average Shares
Basic (in shares)	12,906,000	13,051,000
Diluted (in shares)	12,911,000	13,054,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Consolidated net income	$ 23,828	$ 6,195
Other comprehensive income (loss), net of tax
Other comprehensive income, net of tax
Comprehensive income	$ 23,828	$ 6,195

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance at Dec. 31, 2017	$ 13	$ 4,433,589	$ (4,225,863)	$ 213	$ 207,952
Beginning Balance, in Shares at Dec. 31, 2017	13,053,422
Stock-based compensation		267			267
Issuance of common stock
Issuance of common stock, in Shares	20,318
Repurchases of common stock in open market		(1,357)			(1,357)
Repurchases of common stock in open market (in shares)	(140,066)
Cumulative effect of adoption of New Accounting Principles			213	(213)
Net income			6,195		6,195
Ending Balance at Dec. 31, 2018	$ 13	4,432,499	(4,219,455)		213,057
Ending Balance, in Shares at Dec. 31, 2018	12,933,674
Stock-based compensation		530			530
Issuance of common stock
Issuance of common stock, in Shares	73,074
Repurchases of common stock in open market		(883)			(883)
Repurchases of common stock in open market (in shares)	(89,400)
Net income			23,828		23,828
Ending Balance at Dec. 31, 2019	$ 13	$ 4,432,146	$ (4,195,627)		$ 236,532
Ending Balance, in Shares at Dec. 31, 2019	12,917,348

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Consolidated net income	$ 23,828	$ 6,195
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for loan credit losses	2,209	6,179
Amortization of debt issuance costs	188
Impairment expense		7,875
Deferred income taxes	(7,100)	31
Change in fair value of warrants	(362)	(484)
Change in fair value of equity securities	(1,643)	1,035
Gain on sale of investments	(197)	105
Loan discount amortization and fee accretion	(349)	487
Interest paid-in-kind	(1,287)	(191)
Stock-based compensation	530	267
Interest income in excess of cash collected	(82)	(249)
Other	4,954	28
Changes in operating assets and liabilities:
Interest receivable	(214)	(558)
Other assets	(205)	202
Accounts payable and other liabilities	1,734	(1,296)
Net cash provided by operating activities	18,536	19,626
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(19,719)
Proceeds from sale of investments	197	221
Investment in equity securities	(159)
Investment in finance receivables	(51,039)	(90,110)
Repayment of finance receivables	43,980	61,706
Corporate debt security principal payment	66	69
Other	(48)	(16)
Net cash provided by (used in) investing activities	(26,722)	(28,130)
Cash flows from financing activities:
Repurchases of common stock, including fees and expenses	(883)	(1,357)
Debt issuance costs		(469)
Net cash used in financing activities	(883)	(1,826)
Net decrease in cash and cash equivalents	(9,069)	(10,330)
Cash and cash equivalents at beginning of period	20,227	30,557
Cash and cash equivalents at end of period	11,158	20,227
Supplemental noncash flow activity:
Warrants received in connection with finance receivables	353	1,490
Contingent consideration in connection with business combination	$ 14,500

SWK Holdings Corporation and Su

SWK Holdings Corporation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
SWK Holdings Corporation and Summary of Significant Accounting Policies	Note 1. SWK Holdings Corporation and Summary of Significant Accounting Policies Nature of Operations SWK Holdings Corporation (the “Company”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In July 2012, the Company commenced its strategy of building a specialty finance and asset management business. In August 2019, the Company commenced a complementary strategy of building a pharmaceutical development, manufacturing and intellectual property licensing business. The Company’s operations comprise two reportable segments: “Finance Receivables” and “Pharmaceutical Development.” The Company allocates capital to each segment in order to generate income through the sales of life science products by third parties. The Company is headquartered in Dallas, Texas, and as of December 31, 2019, the Company had 30 employees. The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. However, at this time, under current law, the Company does not anticipate that the Finance Receivables and/or Pharmaceutical Development segments will generate sufficient income to permit the Company to utilize all of its NOLs prior to their respective expiration dates. As such, it is possible that the Company might pursue additional strategies that it believes might result in the ability to utilize more of the NOLs. As of March 23, 2020, the Company and its partners have executed transactions with 36 different parties under its specialty finance strategy, funding an aggregate $539.1 million in various financial products across the life science sector. The Company’s portfolio includes senior and subordinated debt backed by royalties and synthetic royalties paid by companies in the life science sector, and purchased royalties generated by sales of life science products and related intellectual property. On August 26, 2019, the Company commenced its Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc. (“Enteris”). SWK Products Holdings LLC (“SWK Products”), a wholly-owned subsidiary of the Company, entered into a merger agreement pursuant to which Enteris became a wholly-owned subsidiary of SWK Products. Enteris is a clinical stage biopharmaceutical company offering innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform. Since its founding in 2013, Enteris has advanced multiple internal and external programs leveraging Peptelligence®, which enables the oral delivery of molecules that are typically injected, including peptides and BCS Class II, III, and IV small molecules, in an enteric-coated tablet formulation. Peptelligence® utilizes a unique multifaceted approach to increase the solubility and absorption of peptides and small molecules, addressing the complex challenges regarding solubility and permeability of therapeutics with low oral bioavailability. Peptelligence® is protected by an extensive patent estate that extends until 2036. Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The consolidated financial statements include the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a variable interest entity (“VIE”) when it possesses both the power to direct the activities of the VIE that most significantly impact its economic performance and the Company is either obligated to absorb the losses that could potentially be significant to the VIE or the Company holds the right to receive benefits from the VIE that could potentially be significant to the VIE, after elimination of intercompany accounts and transactions. The Company owns interests in various partnerships and limited liability companies, or LLCs. The Company consolidates its investments in these partnerships or LLCs, where the Company, as the general partner or managing member, exercises effective control, even though the Company’s ownership may be less than 50 percent, the related governing agreements provide the Company with broad powers, and the other parties do not participate in the management of the entities and do not effectively have the ability to remove the Company. The Company has reviewed each of the underlying agreements to determine if it has effective control. If circumstances change and it is determined this control does not exist, any such investment would be recorded using the equity method of accounting. Although this would change individual line items within the Company’s consolidated financial statements, it would have no effect on its operations and/or total stockholders’ equity attributable to the Company. Reclassification Certain prior year amounts have been reclassified to conform to current year presentation. The amounts for prior periods have been reclassified to be consistent with current year presentation and have no impact on previously reported total assets, total stockholders’ equity or net income. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition; stock-based compensation; valuation of accounts receivable; impairment of financing receivables; long-lived assets; valuation of property, plant and equipment; intangible assets and goodwill; valuation of warrants; contingent consideration; valuation of income taxes; and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and consequently, actual results may differ from these estimates. The Company’s estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause changes to those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, and economic downturns, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. The most significant estimates and assumptions are used to determine amounts and values of, but are not limited to: revenue recognition related to product and collaboration revenue; acquisition date fair value and subsequent fair value estimates used to assess impairment of long-lived assets, including goodwill; licensing agreements; in-process research and development; other intangible assets; contingent consideration; and income taxes, inclusive of a valuation allowance. Business Combination We account for business combinations under the acquisition method of accounting. This method requires the recording of acquired assets and assumed liabilities at their acquisition date fair values. The excess of the purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Results of operations related to business combinations are included prospectively beginning with the date of acquisition and transaction costs related to business combinations are recorded within selling, general and administrative expenses. Refer to Note 2, Business Combinations Segment Reporting The Company earns revenues from its two U.S.-based business segments: as a specialty finance and asset management business offering customized financing solutions to a broad range of life-sciences companies (the Finance Receivables segment), and as of August 26, 2019, the Company’s offering of oral therapeutic formulation solutions built around Enteris’ pharmaceutical Peptelligence ® Segment Information Goodwill and Intangible Assets The Company’s methodology for allocating the purchase price of an acquisition is based on established valuation techniques that reflect the consideration of a number of factors, including a valuation performed by a third-party appraiser. Goodwill is measured as the excess of the cost of an acquired business over the fair value assigned to identifiable assets acquired and liabilities assumed. Goodwill is considered impaired when the estimated fair value of the reporting unit that was allocated the goodwill is less than its carrying value. If the estimated fair value of such reporting unit is less than its carrying value, goodwill impairment is recognized based on that difference, not to exceed the carrying amount of goodwill. A reporting unit is an operating segment or a component of an operating segment provided that the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. Goodwill arising from the Enteris acquisition has been allocated to the Pharmaceutical Development segment. Finite-lived intangible assets are amortized over their estimated useful life, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. Intangible assets should be tested for impairment at the time of a triggering event, if one were to occur. Finite-lived intangible assets may be impaired when the estimated undiscounted future cash flows generated from the assets are less than their carrying amounts. Inventory Inventories are stated at the lower of cost or net realizable value, valued at specifically identified cost which approximates the first-in, first-out (“FIFO”) method. The components of inventory include raw materials of $0.2 million as of December 30, 2019 and are reflected in Other Assets in the Consolidated Balance Sheets. The Company had no inventory as of December 31, 2018. Property and Equipment, Net Property and equipment are recorded at cost less accumulated depreciation and amortization. Expenditures for major additions and improvements are capitalized, while minor replacements, maintenance, and repairs are charged to expense as incurred. In addition, we capitalize interest on borrowings during the active construction period of capital projects. Capitalized interest is added to the cost of the assets and depreciated over the estimated useful lives of the assets. Leased property meeting certain criteria is capitalized and the present value of the related lease payments is recorded as a liability and included in current liabilities. Depreciation is recorded over the estimated useful lives of the assets involved using the straight-line method. Leasehold improvements and capitalized lease assets are amortized to depreciation expense over the estimated useful life of the asset or the respective lease term used in determining lease classification, whichever is shorter. The range of estimated useful lives is as follows: Asset Estimated Useful Life Leasehold improvements Lesser of lease term or useful life Furniture, fixtures and equipment 3 to 10 years Deferred Revenue and Deferred Costs Deferred revenue includes amounts that have been billed per the contractual terms but have not been recognized as revenue. The Company classifies as current the portion of deferred revenue that are expected to be recognized within one year from the balance sheet date. Deferred revenue of $0.1 million is included in accounts payable and accrued liabilities in the Consolidated Balance Sheets. There were no deferred revenues as of December 31, 2018. Research and Development Research and development expenses include the costs associated with internal research and development and research and development conducted for the Company by third parties. These costs primarily consist of salaries and other benefits, pre-clinical and clinical trials, outside consultants, and supplies. All research and development costs discussed above are expensed as incurred. Third-party expenses reimbursed under research and development contracts, which are not refundable, are recorded as a reduction to pharmaceutical manufacturing research and development expense in the Consolidated Statements of Income. Finance Receivables The Company extends credit to customers through a variety of financing arrangements, including revenue interest term loans. The amounts outstanding on loans are referred to as finance receivables and are included in Finance Receivables on the consolidated balance sheets. It is the Company’s expectation that the loans originated will be held for the foreseeable future or until maturity. In certain situations, for example to manage concentrations and/or credit risk, some or all of certain exposures may be sold. Loans for which the Company has the intent and ability to hold for the foreseeable future or until maturity are classified as held for investment (“HFI”). If the Company no longer has the intent or ability to hold loans for the foreseeable future, then the loans are transferred to held for sale (“HFS”). Loans entered into with the intent to resell are classified as HFS. If it is determined that a loan should be transferred from HFI to HFS, then the balance is transferred at the lower of cost or fair value. At the time of transfer, a write-down of the loan is recorded as an impairment when the carrying amount exceeds fair value and the difference relates to credit quality. Otherwise the write-down is recorded as a reduction in finance receivable interest income, and any loan loss reserve is reversed. Once classified as HFS, the amount by which the carrying value exceeds fair value is recorded as a valuation allowance and is reflected as a reduction to finance receivable interest income. If it is determined that a loan should be transferred from HFS to HFI, the loan is transferred at the lower of cost or fair value on the transfer date, which coincides with the date of change in management’s intent. The difference between the carrying value of the loan and the fair value, if lower, is reflected as a loan discount at the transfer date, which reduces its carrying value. Subsequent to the transfer, the discount is accreted into earnings as an increase to finance revenue interest income over the life of the loan using the effective interest method. The Company accounts for its finance receivables at amortized cost, net of unamortized origination fees, if any. Related fees and costs are recorded net of any amounts reimbursed, and interest is accreted or accrued to interest revenue using the effective interest method. When and if supplemental payments are received from these long-term receivables, an adjustment to the estimated effective interest rate is affected prospectively. The Company evaluates the collectability of both interest and principal for each loan to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines it is probable that it will be unable to collect amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the carrying value of the financial asset to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the estimated fair value of the underlying collateral, less costs to sell, if the loan is collateralized and the Company expects repayment to be provided solely by the collateral. Impairment assessments require significant judgments and are based on significant assumptions related to the borrower’s credit risk, financial performance, expected sales, and estimated fair value of the collateral. Allowance for Credit Losses on Finance Receivables The allowance for credit losses is intended to provide for credit losses inherent in the financing receivables portfolio and is periodically reviewed for adequacy considering credit quality indicators, including expected and historical losses and levels of and trends in past due loans, non-performing assets and impaired loans, collateral values and economic conditions. The allowance for credit losses is determined based on specific allowances for loans that are impaired, based upon the value of underlying collateral or projected cash flows. Changes to the allowance for credit losses are recorded in the provision for loan credit losses in the consolidated statement of income. Marketable Investments The Company’s marketable investment portfolio includes debt and equity securities as of December 31, 2019. Equity securities that have readily determinable fair values are reported at fair value with gains and losses recognized in earnings. The debt security is classified as an available-for-sale security, which is reported at fair value with unrealized gains or losses recorded in statements of income, net of applicable income taxes. In any case where fair value might fall below amortized cost, the Company would consider whether that security is other-than-temporarily impaired using all available information about the collectability of the security. The Company would not consider that an other-than temporary impairment for a debt security has occurred if (1) the Company does not intend to sell the debt security, (2) it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis and (3) the present value of estimated cash flows will fully cover the amortized cost of the security. The Company would consider that an other-than-temporary impairment has occurred if any of the above mentioned three conditions are not met. For a debt security for which an other-than-temporary impairment is considered to have occurred, the Company would recognize the entire difference between the amortized cost and the fair value in earnings if the Company intends to sell the debt security or it is more likely than not that the Company will be able to sell the debt security before recovery of its amortized cost basis. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company would separate the difference between the amortized cost and the fair value of the debt security into the credit loss component and the non-credit loss component. The credit loss component would be recognized in earnings and the non-credit loss component would be recognized in other comprehensive income, net of applicable income taxes. Derivatives All derivatives held by the Company are recognized in the consolidated balance sheets at fair value. The accounting treatment for subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives that are not hedges must be adjusted to fair value through the consolidated statements of income. If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against change in the fair value of hedged assets or liabilities through the consolidated statements of income or recorded in other comprehensive income. The Company had no derivatives designated as hedges as of December 31, 2019 and 2018. The Company holds warrants issued to the Company in conjunction with term loan investments discussed in Note 3. These warrants meet the definition of a derivative and are included in warrant assets in the consolidated balance sheets. The Company issued a warrant on its own common stock as discussed in Note 7. This warrant meets the definition of a derivative and is reflected as a warrant liability at fair value in the consolidated balance sheets. Revenue Recognition Finance Receivables Segment The Company’s Finance Receivables segment records interest income on an accrual basis based on the effective interest rate method to the extent that it expects to collect such amounts. The Company recognizes investment management fees when clients invest in our recommended transactions as earned over the period the services are rendered. In general, the majority of investment management fees earned are charged either monthly or quarterly. Incentive fees, if any, are recognized when earned at the end of the relevant performance period, pursuant to the underlying contract. Other service revenues are recognized when contractual obligations are fulfilled or as services are provided. Pharmaceutical Development Segment The Company’s Pharmaceutical Development segment enters into collaboration and licensing agreements with strategic partners, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use its judgment to determine: a) the number of performance obligations based on the determination under step (ii) above; b) the transaction price under step (iii) above; c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above; and d) the contract term and pattern of satisfaction of the performance obligations under step (v) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Deferred revenue as of December 31, 2019 was $0.1 million and is included in accounts payable and accrued liabilities in the consolidated balance sheets. There were no deferred revenues as of December 31, 2018. The Company evaluates collaboration agreements with respect to FASB ASC Topic 808, Collaborative Arrangements, considering the nature and contractual terms of the arrangement and the nature of its business operations to determine the classification of the transactions. When the Company is an active participant in the activity and exposed to significant risks and rewards dependent on the commercial success of the collaboration, it will record its transactions on a gross basis in the consolidated financial statements and describe the rights and obligations under the collaborative arrangement in the notes to the consolidated financial statements. Exclusive Licenses If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, manufacturing and commercialization capabilities of the collaboration partner; the retention of any key rights by the Company; and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from a promise for its intended purpose without the receipt of the remaining promises, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company exercises judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods. Customer Options If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised. Research and Development Services The promises under the Company’s collaboration agreements may include research and development services to be performed by the Company on behalf of the partner. Payments or reimbursements resulting from the Company’s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. Reimbursements from and payments to the partner that are the result of a collaborative relationship with the partner, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense. Milestone Payments At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Royalties For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. There were no such investments at December 31, 2019 or 2018, as all of our cash was held in checking or savings accounts. As of December 31, 2019, cash equivalents were deposited in financial institutions and consisted of immediately available fund balances. The Company maintains its cash deposits and cash equivalents with well-known and stable financial institutions. Interest and Accounts Receivable The Company records interest receivable on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. When management does not expect that principal, interest, and other obligations due will be collected in full, the Company will generally place the loan on nonaccrual status and cease recognizing interest income on that loan until all principal and interest due has been paid or the Company believes the portfolio company has demonstrated the ability to repay the Company’s current and future contractual obligations. Any uncollected interest related to prior periods is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, the Company may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection. The Company recognized $2.2 million and $6.2 million in provision for loan credit losses during 2019 and 2018, respectively. Accounts receivable for management fees are recorded at the aggregate unpaid amount less any allowance for doubtful accounts. The Company determines an account receivable’s delinquency status based on its contractual terms. Interest is not charged on outstanding balances. Accounts are written-off only when all methods of recovery have been exhausted. As of December 31, 201

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2019
Business Combinations [Abstract]
Business Combinations	Note 2. Business Combinations On August 26, 2019, Enteris, a biotechnology company offering innovative formulation solutions utilizing its proprietary oral drug delivery technology, merged with a wholly-owned subsidiary of the Company, with Enteris continuing as the surviving entity. The total merger consideration was $34.6 million, which included contingent consideration of $14.5 million, which includes $0.1 million due to seller. The purchase consideration is subject to certain adjustments with respect to cash, debt, working capital, transaction expenses and the value of the contingent consideration agreement entered into, in connection with the transaction. The acquisition was accounted for under the acquisition method of accounting. Accordingly, the purchase consideration was allocated to the assets acquired and liabilities assumed based upon their estimated fair values as of the date of the acquisition. The excess of the purchase consideration over the estimated fair value of the net assets of Enteris was recorded as goodwill, which consists largely of synergies and the acquisition of intangible assets. The resulting goodwill is not expected to be deductible for tax purpose. The allocation of the purchase consideration has been prepared on a preliminary basis and changes to the allocation to certain assets, liabilities, including tax estimates and potential indemnities, may be revised as additional information becomes available. The Company will finalize the acquisition accounting within the required measurement period of one year. The following table summarizes the allocation of the purchase consideration (at fair value) to the assets and liabilities of Enteris as of August 26, 2019 (the date of acquisition) (in thousands): Fair Cash $ 334 Accounts receivable 145 Inventory 274 Prepaid expenses and other current assets 121 Property and equipment 1,324 Patents and other intangible assets 29,850 Right of use operating lease asset 348 Other assets 110 Goodwill 8,404 Accounts payable (255 ) Accrued expenses and other current liabilities (1,365 ) Deferred revenue (385 ) Lease liability (348 ) Deferred tax liability (3,988 ) Total purchase price $ 34,569 Revenues and net loss of Enteris from August 26, 2019 (the date of acquisition) through December 31, 2019 were $0.6 million and $6.7 million, respectively. Acquisition-related expenses were expensed as incurred. Unaudited Supplemental Pro Forma Information The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2018, the earliest period presented herein (in thousands): Twelve Months Ended 2019 2018 Revenues $ 43,706 $ 29,734 Net income 22,671 (10,649 ) The pro forma financial information includes adjustments that are directly attributable to the business combination and are factually supportable. The pro forma adjustments include incremental amortization and depreciation of intangible assets and property and equipment based on preliminary values of each asset and acquisition-related expenses. The pro forma financial information excludes non-recurring acquisition-related expenses. These pro forma results are illustrative only and not indicative of the actual results of operations that would have been achieved nor are they indicative of future results of operations. Goodwill The change in the carrying amount of goodwill from December 31, 2018 to December 31, 2019 is as follows, with the addition solely due to the acquisition of Enteris (in thousands): Net Book December 31, 2018 $ — Acquisition of Enteris 8,404 December 31, 2019 $ 8,404 As the goodwill is attributable to the acquisition of Enteris, the Company will perform the annual goodwill impairment test during the fourth quarter of every year, commencing in 2020. Intangible Assets As of December 31, 2019, the gross book value and accumulated amortization of intangible assets were as follows (in thousands, except estimated useful life data): As of December 31, 2019 Gross Book Accumulated Net Book Estimated Useful Life Licensing agreement $ 29,400 $ 4,792 $ 24,608 10 Patents 66 8 58 1-20 Trade names and trademarks 210 8 202 10 Customer relationships 240 8 232 10 $ 29,916 $ 4,816 $ 25,100 Deferred patent costs 13 — 13 N/A Total intangibles $ 29,929 $ 4,816 $ 25,113 Amortization expense was $4.8 million for the period ended December 31, 2019 and was recorded in depreciation and amortization expense. Based on amounts recorded at December 31, 2019, the Company will recognize acquired intangible asset amortization through 2033 as follows (in thousands): 2020 $ 12,198 2021 3,006 2022 1,764 2023 1,764 2024 1,421 Thereafter 4,947 $ 25,100

Finance Receivables

Finance Receivables	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Finance Receivables	Note 3. Finance Receivables Finance receivables are reported at their determined principal balances net of any unearned income, cumulative charge-offs and unamortized deferred fees and costs. Unearned income and deferred fees and costs are amortized to interest income based on all cash flows expected using the effective interest method. The carrying value of finance receivables are as follows (in thousands): As of December 31, Portfolio 2019 2018 Term Loans $ 150,453 $ 136,379 Royalty Purchases 30,760 36,410 Total before allowance for credit losses 181,213 172,789 Allowance for credit losses (8,388 ) (6,179 ) Total carrying value $ 172,825 $ 166,610 Credit Quality of Finance Receivables The Company originates finance receivables to companies primarily in the life sciences sector. This concentration of credit exposes the Company to a higher degree of risk associated with this sector. On a quarterly basis, the Company evaluates the carrying value of each finance receivable for impairment. A term loan is considered to be impaired when, based on current information and events, it is determined that the Company will not be able to collect the amounts due according to the loan contract, including scheduled interest payments. This evaluation is generally based on delinquency information, an assessment of the borrower’s financial condition and the adequacy of collateral, if any. The Company would generally place term loans on nonaccrual status when the full and timely collection of interest or principal becomes uncertain and they are 90 days past due for interest or principal, unless the term loan is both well-secured and in the process of collection. When placed on nonaccrual, the Company would reverse any accrued unpaid interest receivable against interest income and amortization of any net deferred fees is suspended. Generally, the Company would return a term loan to accrual status when all delinquent interest and principal become current under the terms of the credit agreement and collectability of remaining principal and interest is no longer doubtful. In certain circumstances, the Company may place a finance receivable on nonaccrual status but conclude it is not impaired. The Company may retain independent third-party valuations on such nonaccrual positions to support impairment decisions. Receivables associated with royalty stream purchases would be considered to be impaired when it is probable that the Company will be unable to collect the book value of the remaining investment based upon adverse changes in the estimated underlying royalty stream. When the Company identifies a finance receivable as impaired, it measures the impairment based on the present value of expected future cash flows, discounted at the receivable’s effective interest rate, or the estimated fair value of the collateral, less estimated costs to sell. If it is determined that the value of an impaired receivable is less than the recorded investment, the Company would recognize impairment with a charge to the allowance for credit losses. When the value of the impaired receivable is calculated by discounting expected cash flows, interest income would be recognized using the receivable’s effective interest rate over the remaining life of the receivable. The Company individually develops the allowance for credit losses for any identified impaired loans. In developing the allowance for credit losses, the Company considers, among other things, the following credit quality indicators: ▪ business characteristics and financial conditions of obligors; ▪ current economic conditions and trends; ▪ actual charge-off experience; ▪ current delinquency levels; ▪ value of underlying collateral and guarantees; ▪ regulatory environment; and ▪ any other relevant factors predicting investment recovery. The following table presents nonaccrual and performing loans by portfolio segment (in thousands): December 31, 2019 December 31, 2018 Nonaccrual Performing Total Nonaccrual Performing Total Term Loans $ 8,337 $ 142,116 $ 150,453 $ 8,337 $ 128,042 $ 136,379 Royalty Purchases 7,614 14,758 22,372 5,784 24,447 30,231 Total carrying value $ 15,951 $ 156,874 $ 172,825 $ 14,121 $ 152,489 $ 166,610 As of December 31, 2019 the Company had three finance receivables in nonaccrual status: (a) the term loan to B&D Dental Corporation (“B&D”), with a net carrying value of $8.3 million, (b) the Best ABT, Inc. (“Best”) royalty, with a net carrying value of $4.1 million, and (c) the Tissue Regeneration Therapeutics, Inc. (“TRT”) royalty, with a net carrying value of $3.5 million. As of December 31, 2018, the Company had two term loans associated with two portfolio companies in nonaccrual status with a carrying value, net of provision for credit loss allowance, of $14.1 million. The Company collected $0.6 million on one nonaccrual loan during the year ended December 31, 2018. Although in nonaccrual status, the B&D the term loan and the TRT royalty were not considered impaired as of December 31, 2019. The Company collected $0.1 million on one of its nonaccrual royalties during the year ended December 31, 2019. (Please see B&D, Best, Besivance and TRT below for further details regarding nonaccrual and impaired finance receivables). B&D On December 10, 2013, the Company entered into a five-year credit agreement to provide B&D a senior secured term loan with a principal amount of $6.0 million funded upon close, net of an arrangement fee of $60,000. The loan was scheduled to mature on December 10, 2018. Subsequently, the terms of the loan have been amended, and the Company has funded additional amounts to B&D. As of December 31, 2019, the total amount funded was $8.3 million. B&D is currently evaluating strategic options, including a potential sale of the business. B&D is currently in default under the terms of the credit agreement, and as a result, the Company classified the loan to nonaccrual status as of September 30, 2015. During 2016 and 2018, the Company executed three additional amendments to the loan to advance an additional $0.7 million in order to directly pay critical vendors and protect the value of the collateral. The Company obtained a third-party valuation of B&D. As a result of the third-party valuation and facts and circumstances regarding B&D’s operations, the Company believes its collateral position is greater than the unpaid balance; thus, accrued interest has not been reversed nor has an allowance been recorded as of December 31, 2019. Best On October 31, 2018, ABT announced that it entered into an asset purchase agreement with Best ABT, Inc., a wholly-owned subsidiary of Best Medical International, Inc. (“Best”), for aggregate consideration of (i) $500,000, paid over ten years in equal quarterly installments, plus (ii) a ten percent royalty on ABT’s net sales, including any commercialized improvements made to ABT’s technology, paid quarterly for the ten year period from closing pursuant to a royalty security agreement by and between Best and SWK Funding LLC, a wholly-owned subsidiary of the Company (“SWK Funding”). SWK Funding will receive 100 percent of the consideration. On November 8, 2018, the Bankruptcy Court approved the asset sale transaction, and the Company has no further funding liabilities. During the year ended December 31, 2018, the Company re-evaluated its collateral position, considering the expected outcome of the Chapter 11 process, and as a result, the Company recognized an impairment expense of $5.3 million to write off the second lien term loan, as well as provision for credit losses of $5.0 million to reflect the Best royalty at its estimated fair value of $5.7 million. During the year ended December 31, 2019, the Company re-evaluated the value of the Best royalty based on 2019 business trends, and as a result, the Company recognized a provision of credit losses of $1.6 million to reflect the Best royalty at its estimated fair value of $4.1 million. Besivance On April 2, 2013, the Company purchased an effective 2.4 percent royalty on sales of Besivance® from InSite Vision for $6.0 million. Besivance is marketed by Bausch & Lomb, formerly known as Valeant Pharmaceuticals. Sales performance of Besivance® has weakened primarily due to substantial declines in prescription volumes, which in conjunction with elevated sales chargebacks and various rebates (gross sales to net sales deductions), has resulted in material reductions in the product’s net sales and associated royalties payable to the Company. During the three months ended March 31, 2019, the Company reduced its expectations for future royalty receipts and recognized an allowance for credit loss on the royalty purchase of $0.6 million. TRT On June 13, 2013, the Company purchased royalties from TRT related to its technology licenses in the family cord banking services sector for $2.0 million, and on October 20, 2014, funded an additional $1.25 million upon the achievement of royalty receipts-based milestones. During the quarter ended March 31, 2016, royalty payments from the primary U.S. licensee ended as a result of the licensee terminating a technology license. SWK and TRT continue to evaluate both options in regard to enforcing TRT’s intellectual property rights against this licensee, as well as seeking additional U.S. licensees. TRT’s Canadian licensee continues to pay royalties. SWK is in discussions with TRT to restructure the purchase agreement. Given uncertainties regarding the outcome of the negotiations and the ultimate timing of cash flows related to the U.S. intellectual property, SWK has placed the TRT royalty on non-accrual status, although does not consider it impaired. SWK evaluated several factors in this determination, including input from intellectual property counsel regarding the strength of the related intellectual property, continued receipt of Canadian licensee royalty payments and anticipated terms of the restructured purchase agreement.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Note 4. Property and Equipment, Net Property and equipment, net consisted of the following as of December 31, 2019 and 2018 (in thousands): December 31, December 31, Production equipment and other $ 1,188 $ 17 Furniture and fixtures 87 48 Leasehold improvements 149 — Capitalized software 49 7 Total 1,473 72 Less accumulated depreciation (181 ) (47 ) Property and equipment, net $ 1,292 $ 25 The Company acquired propery and equipment with a fair value of $1.3 million in connection with its acquisition of Enteris. Depreciation and amortization expense on property and equipment was $0.1 million and $17,000 for the years ended December 31, 2019 and 2018.

Marketable Investments and Corp

Marketable Investments and Corporate Debt Securities	12 Months Ended
	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Marketable Investments and Corporate Debt Securities	Note 5. Marketable Investments Investment in marketable investments at December 31, 2019 and 2018 consist of the following (in thousands): Year Ended December 31, 2019 2018 Corporate debt securities $ 466 $ 532 Equity securities 1,802 — Total marketable investments $ 2,268 $ 532 The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale debt securities as of December 31, 2019 and 2018, are as follows (in thousands): December 31, 2019 Amortized Gross Gross Fair Corporate debt securities $ 466 $ — $ — $ 466 December 31, 2018 Amortized Gross Gross Fair Corporate debt securities $ 532 $ — $ — $ 532 The following table presents the proceeds from sales and realized net gains and losses on equity securities that were sold during the year ended December 31, 2019 and 2018. The table also includes unrealized net losses on equity securities as prescribed by ASC 321, “Investment - Equity Securities.” December 31, 2019 2018 Proceeds from sale of equity securities $ 197 $ 221 Realized net gain (loss) on sale of equity securities 197 (105 ) Unrealized net income (loss) on equity securities reflected in the Consolidated Statements of Income 1,643 (1,035 ) The Company did not have any marketable investments with unrealized losses at December 31, 2019. Marketable Investments As of December 31, 2019, the Company’s marketable investments include 96,810 shares of Misonix, Inc. (“Misonix”) common stock received pursuant to Misonix’s purchase of Solsys Medical, Inc. (“Solsys”) on September 27, 2019. During the year ended December 31, 2019 and prior to the acquisition, the Company exercised its Solsys warrants in a cashless transaction to purchase Solsys preferred stock and exercised its preemptive right to protect against dilution of its Solsys equity position. Of the total 109,472 shares of Misonix common stock received for its Solsys equity interests, 12,662 shares are held in escrow by Misonix, are subject to reduction based on terms of the acquisition agreement, and any shares remaining at the end of the escrow period will be released within 15 to 18 months post closing of the acquisition. The 96,810 shares are subject to a one year lock-up that expires on September 27, 2020. As of December 31, 2019, the 96,810 shares of Misonix common stock are reflected at their estimated fair value of $1.8 million. Debt Securities On July 9, 2013, the Company entered into a note purchase agreement to purchase, at par, $3.0 million of a total of $100.0 million aggregate principal amount of senior secured notes due in November 2026. The agreement allows the first interest payment date to include paid-in-kind notes for any cash shortfall, of which the Company received $0.1 million on November 15, 2013. The notes are secured only by certain royalty and milestone payments associated with the sales of pharmaceutical products. The senior secured notes have been placed on non-accrual status as of June 30, 2016. Total cash collected during the year ended December 31, 2019 was $0.1 million which was credited to the notes’ carrying value. As of December 31, 2019, the notes are reflected at their estimated fair value of $0.5 million and are included in corporate debt securities in the Condensed Consolidated Balance Sheets.

Revolving Credit Facility

Revolving Credit Facility	12 Months Ended
	Dec. 31, 2019
SWKHP Holdings LP [Member]
Revolving Credit Facility	Note 6. Revolving Credit Facility On June 29, 2018, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with State Bank and Trust Company as a lender and the administrative agent (“State Bank”) pursuant to which State Bank will provide the Company with up to a $20 million revolving senior secured credit facility, which the Company can draw down and repay until maturity, subject to borrowing base eligibility. The Loan Agreement matures on June 29, 2021. The Loan Agreement accrues interest at the Daily LIBOR Rate, with a floor of 1.00 percent, plus a 3.25 percent margin and principal is repayable in full at maturity. Interest is generally required to be paid monthly in arrears. The Loan Agreement requires the payment of an unused line fee of 0.50 percent, which will be recorded as interest expense. The Company paid $0.5 million in fees at closing, which have been capitalized as deferred financing costs and will be amortized on a straight-line basis over the term of the Loan Agreement. The Loan Agreement has an advance rate against the Company’s finance receivables portfolio, including 85 percent against senior first lien loans, 70 percent against second lien loans and 50 percent against royalty receivables, subject to certain eligibility requirements as defined in the Loan Agreement. The Loan Agreement contains certain affirmative and negative covenants, including minimum asset coverage and minimum interest coverage ratios. As of December 31, 2019, the Company was in compliance with its covenants. During the year ended December 31, 2019 and 2018, the Company recorded $0.3 million and $0.2 million respectively, of interest expense, which is included in costs and expenses. As of December 31, 2019, no amount was outstanding under the Loan Agreement, and $20.0 million was available for borrowing. As of March 23, 2020, the Company drew $15.0 million under the Loan Agreement, which increased the Company’s cash balance to $23.6 million.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 7. Related Party Transactions On September 6, 2013, in connection with entering into a credit facility, the Company issued warrants to an affiliate of a stockholder, Carlson Capital, L.P. (the “Stockholder”), for 100,000 shares of the Company’s common stock at a strike price of $13.88 per share. The warrants have a price anti-dilution mechanism that was triggered by the price that shares were sold by the Company in a rights offering in 2014, and as a result, the strike price of the warrants was reduced to $13.48 per share. Due to certain provisions within the warrant agreement, the warrants meet the definition of a derivative and do not qualify for a scope exception, as it is not considered indexed to the Company’s stock. As such, the warrants are reflected as a warrant liability in the consolidated balance sheets. The Company recorded a nominal gain for the year ended December 31, 2019 and 2018. The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions: December 31, 2019 2018 Dividend rate — % — % Risk-free rate 1.6 % 2.5 % Expected life (years) 0.7 1.7 Expected volatility 31.8 % 18.6 % The changes on the value of the warrant liability during the years ended December 31, 2019 and 2018 were as follows (in thousands): Fair value – December 31, 2017 $ 91 Issuances — Change in fair value (78 ) Fair value – December 31, 2018 $ 13 Issuances — Changes in fair value 63 Fair value – December 31, 2019 $ 76

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8. Commitments and Contingencies Lease Obligations The Company’s corporate headquarters is in Dallas, Texas, where it leases approximately 2,400 square feet. Total rent expense recognized under the lease was $57,000 and $55,000 for the years ended December 31, 2019 and 2018, respectively. The office lease expires in May 2020. The Enteris headquarters is located in Boonton, New Jersey, where Enteris leases approximately 32,00 square feet of space. Total rent expense recognized under the lease was $73,000 from August 26, 2019 through December 31, 2019. The office lease expires in May 2021. Consolidated future minimum rent is as follows (in thousands): 2020 $ 232 2021 83 2022 — Total future minimum rent with non-cancelable terms of one year or more $ 315 Unfunded Commitments As of December 31, 2019, the Company’s unfunded commitments were as follows (in millions): 4Web, Inc. $ 3.0 Aimmune Therapeutics, Inc. 3.8 eTon Pharmaceuticals, Inc. 5.0 Harrow Health, Inc. 3.0 Total Unfunded Commitments $ 14.8 The unfunded commitment is contingent upon a borrower reaching an established revenue threshold or other performance metrics on or before a specified date or period of time per the terms of the credit agreement, and is only subject to being advanced as long as an event of default does not exist. As of March 23, 2020, the aggregate unfunded commitment decreased to $6.3 million as a result of funding $3.0 million to 4Web, Inc. and $2.5 million to Aimmune Therapeutics, Inc. pursuant to the terms of the credit agreements, and an expiration of the commitment to Harrow Health, Inc. subsequent to year end. Litigation The Company is involved in, or has been involved in, arbitrations or various other legal proceedings that arise from the normal course of its business. The ultimate outcome of any litigation is uncertain, and either unfavorable or favorable outcomes could have a material impact on the Company’s results of operations, balance sheets and cash flows due to defense costs, and divert management resources. The Company cannot predict the timing or outcome of these claims and other proceedings. As of December 31, 2019, the Company is not involved in any arbitration and/or other legal proceeding that it expects to have a material effect on its business, financial condition, results of operations and cash flows. Indemnification As permitted by Delaware law, the Company has agreements whereby it indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving in such capacity, or in other capacities at the Company’s request. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer insurance policy that limits its exposure and enables the Company to recover a portion of any such amounts. As a result of the Company’s insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is insignificant. Accordingly, the Company had no liabilities recorded for these agreements as of December 31, 2019 and 2018.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 9. Stockholders’ Equity Common Stock The total number of shares of common stock, $0.001 par value, that the Company is authorized to issue is 250,000,000. On December 21, 2018 and September 5, 2019, the Board authorized a share repurchase program, which are more fully described in Part II, Item 5 under Issuer Purchases of Equity Securities. The December 21, 2018 share repurchase program expired on May 31, 2019, and the September 5, 2019 share repurchase program expired on February 29, 2020. Preferred Stock The Company’s board of directors (the “Board”) may, without further action by the stockholders, issue one or more series of preferred stock and fix the rights and preferences of those shares, including the dividend rights, dividend rates, conversion rights, exchange rights, voting rights, terms of redemption, redemption price or prices, liquidation preferences, the number of shares constituting any series and the designation of such series. As of December 31, 2019, no shares of preferred stock have been issued. Stock Compensation Plans The Company’s 2010 Stock Incentive Plan (the “2010 Stock Incentive Plan”) provides for options, restricted stock, and other customary forms of equity to be granted to the Company’s directors, officers, employees, and independent contractors. All forms of equity incentive compensation are granted at the discretion of the Board and have a term not greater than 10 years from the date of grant. The Company’s Chief Executive Officer, (“CEO”) received a grant of options to acquire up to 75,000 shares of the Company’s common stock, effective as of January 28, 2019. The options have a per-share exercise price of $12.50. The options are subject to vesting in equal annual installments over a three-year period based on the CEO’s continued employment with the Company. The options are subject to accelerated vesting upon a termination of the CEO’s employment if the CEO’s employment is terminated by the CEO for “Good Reason” as defined in the CEO’s employment agreement effective as of January 1, 2019. Furthermore, the 2012 and 2014 options received by the CEO were amended to extend the expiration dates to December 31, 2021. The options will be forfeited and of no force and effect to the extent the options have not vested or become exercisable on or before December 31, 2021. The CEO also received a restricted stock award of 37,500 shares of restricted stock, subject to terms and conditions of the award agreement and the 2010 Stock Incentive Plan. The restricted stock is subject to vesting in equal annual installments over a three-year period but only to the extent the CEO is employed by or performing services for the Company. However, the restricted stock shall vest upon the CEO’s death, “Disability” and “Good Reason,” as defined in the Employment Agreement between the Company and the CEO effective January 1, 2019. The following table summarizes activities under the 2010 Stock Incentive Plan for the indicated periods: Options Outstanding Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number of Exercise Term Value Shares Price (in years) (in thousands) Balances, December 31, 2017 190,000 $ 11.25 5.9 $ 214.4 Options canceled and retired — Options exercised — Options granted — Balances, December 31, 2018 190,000 11.25 4.9 90 Options canceled and retired — Options exercised — Options granted 112,500 Balances, December 31, 2019 302,500 11.71 5.9 313.4 Options vested and exercisable and expected to be vested and exercisable at December 31, 2019 302,500 $ 11.71 5.9 $ 313.4 Options vested and exercisable at December 31, 2019 117,500 $ 12.06 5.9 $ 96.3 At December 31, 2019, there were 0.2 million shares reserved for issuance under the 2010 Stock Incentive Plan, and the Company had $0.4 million of total unrecognized stock option expense, net of estimated forfeitures, which will be recognized over the weighted average remaining period of 1.3 years. The following table summarizes significant ranges of outstanding and exercisable options as of December 31, 2019: Exercise Number Weighted Weighted Number Weighted $ 8.30 75,000 3.4 $ 8.30 18,750 $ 8.30 9.61 15,000 6.5 9.61 11,250 9.61 12.50 75,000 9.1 12.50 25,000 12.50 12.50 37,500 9.4 12.50 12,500 12.50 13.70 100,000 4.6 13.70 50,000 13.70 Total 302,500 5.9 11.71 117,500 12.06 Employee stock-based compensation expense recognized for time-vesting options for the years ended December 31, 2019 and 2018, uses the Black-Scholes option pricing model for estimating the fair value of options granted under the Company’s equity incentive plans. Risk-free interest rates for the options were taken from the Daily Federal Yield Curve Rates on the grant dates for the expected life of the options as published by the Federal Reserve. The expected volatility was based upon historical data and other relevant factors such as the Company’s changes in historical volatility and its capital structure, in addition to mean reversion. Employee stock-based compensation expense recognized for market performance-vesting options uses a binomial lattice model for estimating the fair value of options granted under the Company’s equity incentive plan. In calculating the expected life of stock options, the Company determines the amount of time from grant date to exercise date for exercised options and adjusts this number for the expected time to exercise for unexercised options. The expected time to exercise for unexercised options is calculated from grant as the midpoint between the expiration date of the option and the later of the measurement date or the vesting date. In developing the expected life assumption, all amounts of time are weighted by the number of underlying options. During the year ended December 31, 2019, 57,155 restricted shares were granted and 12,500 restricted shares vested. During the year ended December 31, 2018, no restricted shares were granted, or vested. As of December 31, 2019, there were 44,655 shares of restricted stock outstanding. The Company did not recognize any expense related to restricted stock for the year ended December 31, 2018. In October 2019, the Board approved a change in the compensation plan for non-employee directors such that each non-employee director shall receive an annual cash retainer of $45,000 payable quarterly in arrears and an annual equity retainer of $25,000 payable in advance annually on October 1 of restricted shares of the Company’s common stock, subject to a one year cliff vesting period. . In addition, each member of (i) the Audit Committee shall receive an additional fee of $11,000 payable quarterly in arrears; (ii) the Compensation Committee shall receive an additional fee of $2,000 payable quarterly in arrears and (iii) the Governance Committee shall receive an additional fee of $4,000 payable quarterly in arrears. Each non-employee director has the option to elect to receive up to 100 percent of the annual cash retainer in shares of the Company’s common stock. During the years ended December 31, 2019 and 2018, the Board approved compensation for Board services by granting 25,574 and 20,318 shares, respectively, of common stock as compensation for the non-employee directors. The Company recorded $0.2 million and $0.1 million in Board compensation expense during the years ended December 31, 2019 and 2018, respectively. The Company recorded aggregate stock-based compensation expense, including the quarterly Board grants, of $0.5 million and $0.3 million for the years ended December 31, 2019 and 2018, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 10. Fair Value Measurements The Company measures and reports certain financial and non-financial assets and liabilities on a fair value basis. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). GAAP specifies a three-level hierarchy that is used when measuring and disclosing fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The following is a description of the three hierarchy levels. Level Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Active markets are considered to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in inactive markets. Level Unobservable inputs are not corroborated by market data. This category is comprised of financial and non-financial assets and liabilities whose fair value is estimated based on internally developed models or methodologies using significant inputs that are generally less readily observable from objective sources. Transfers into or out of any hierarchy level are recognized at the end of the reporting period in which the transfers occurred. There were no transfers between any levels during the years ended December 31, 2019 and 2018. The fair value of equity method investments is not readily available nor have we estimated the fair value of these investments and disclosure is not required. The Company is not aware of any identified events or changes in circumstances that would have a significant adverse effect on the carrying value of any of its equity method investments included in the consolidated balance sheets as of December 31, 2019 and 2018. Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized. Cash and cash equivalents The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets’ fair values. Securities available for sale Certain common equity securities are reported at fair value utilizing Level 1 inputs (exchange quoted prices). Finance Receivables The fair values of finance receivables are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the finance receivables. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. These receivables are classified as Level 3. Finance receivables are not measured at fair value on a recurring basis, but estimates of fair value are reflected below. Contingent Consideration The Company recorded contingent consideration related to the August 2019 acquisition of Enteris and sharing of certain milestone and royalties due to Enteris pursuant to the License Agreement. Please refer to the Pharmaceutical Development Segment - Acquisition of Enteris BioPharma, Inc. The fair value measurements of contingent consideration obligations and the related intangible assets arising from business combinations are classified as Level 3 estimates under the fair value hierarchy as these items have been valued using unobservable inputs. These inputs include: (a) the estimated amount and timing of projected cash flows; (b) the probability of the achievement of the factors on which the contingency is based; and (c) the risk-adjusted discount rate used to present value the probability-weighted cash flows. Significant increases or decreases in any of those inputs in isolation could result in a significantly lower or higher fair value measurement. During the year ended December 31, 2019, the Company recorded a contingent consideration liability of $14.5 million. Marketable Investments and Derivative Securities Marketable Investments If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities would be classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets or broker quotes utilizing observable inputs, and accordingly these securities would be classified as Level 2. If market prices are not available and there are no observable inputs, then fair value would be estimated by using valuation models including discounted cash flow methodologies, commonly used option-pricing models and broker quotes. Such securities would be classified as Level 3, if the valuation models and broker quotes are based on inputs that are unobservable in the market. If fair value is based on broker quotes, the Company checks the validity of received prices based on comparison to prices of other similar assets and market data such as relevant bench mark indices. Available-for-sale securities are measured at fair value on a recurring basis, while securities with no readily available fair market value are not, but estimates of fair value are reflected below. Derivative securities For exchange-traded derivatives, fair value is based on quoted market prices, and accordingly, would be classified as Level 1. For non-exchange traded derivatives, fair value is based on option pricing models and are classified as Level 3. The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 (in thousands): Total Carrying Quoted Prices Significant Significant Financial Assets: Warrant assets $ 3,555 $ — $ — $ 3,555 Marketable investments 2,268 1,802 — 466 Financial Liabilities: Contingent consideration payable $ 14,500 — $ — $ 14,500 Warrant liability 76 — — 76 The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 (in thousands): Total Carrying Quoted Prices Significant Significant Financial Assets: Warrant assets $ 2,777 $ — $ — $ 2,777 Marketable investments 532 — — 532 Financial Liabilities: Warrant liability $ 13 $ — $ — $ 13 The changes on the value of the warrant assets during the years ended December 31, 2019 and 2018 were as follows (in thousands): Fair value – December 31, 2017 $ 987 Issuance 1,490 Canceled (105 ) Change in fair value 405 Fair value – December 31, 2018 2,777 Issuance 550 Canceled (197 ) Change in fair value 425 Fair value – December 31, 2019 $ 3,555 The Company holds warrants issued to the Company in conjunction with certain term loan investments. These warrants meet the definition of a derivative and are included in the consolidated balance sheet. The fair values for warrants outstanding, that have a readily determinable value, are measured using the Black-Scholes option pricing model. The following range of assumptions were used in the models to determine fair value: December 31, 2019 2018 Dividend rate — — Risk-free rate 1.7% to 1.8% 2.5% to 2.6% Expected life (years) 4.6 to 7.4 4.8 to 7.9 Expected volatility 50.3% to 114.6% 67.6% to 101.8% The following table presents financial assets measured at fair value on a nonrecurring basis as of December 31, 2019 and 2018 (in thousands): Total Carrying Quoted Prices Significant Significant December 31, 2019 Impaired Royalties $ 10,004 $ — $ — $ 10,004 December 31, 2018 Impaired Royalties $ 8,227 $ — $ — $ 8,227 Please refer to Note 3 for further information on impaired loans. There were no remeasured liabilities at fair value on a non-recurring basis during the year ended December 31, 2019 or 2018. The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments, other than investment in unconsolidated entity. For the year ended December 31, 2019 (in thousands): Carry Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 11,158 $ 11,158 $ 11,158 $ — $ — Finance receivables 172,825 172,825 — — 172,825 Marketable investments 2,268 2,268 1,802 — 466 Warrant assets 3,555 3,555 — — 3,555 Financial Liabilities Contingent consideration payable $ 14,500 $ 14,500 $ — $ — $ 14,500 Warrant liability 76 76 — — 76 For the year ended December 31, 2018 (in thousands): Carry Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 20,227 $ 20,227 $ 20,227 $ — $ — Finance receivables 166,610 166,610 — — 166,610 Marketable investments 532 532 — — 532 Warrant assets 2,777 2,777 — — 2,777 Financial Liabilities Warrant liability $ 13 $ 13 $ — $ — $ 13

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Information	Note 11. Segment Information Selected financial and descriptive information is required to be provided about reportable operating segments, considering a “management approach” concept as the basis for identifying reportable segments. The management approach is based on the way that management organizes the segments within the Company for making operating decisions, allocating resources, and assessing performance. Consequently, the segments are evident from the structure of the Company’s internal organization, focusing on financial information that a Company’s chief operating decision-makers use to make decisions about the Company’s operating matters. As described in Note 1, “SWK Holdings Corporation and Summary of Significant Accounting Policies,” Segment performance is evaluated based on several factors, including income from continuing operations before income taxes. Management uses this measure of profit (loss) to evaluate segment performance because the Company believes this measure is indicative of performance trends and the overall earnings potential of each segment The following tables present financial information for the Company’s reportable segments for the periods indicated (in thousands): Twelve Months Ended December 31, 2019 Finance Pharmaceutical Holding Consolidated Revenues $ 30,117 $ 621 $ 9 $ 30,747 Provision for credit losses and impairment expense 2,209 — — 2,209 Interest expense 338 — — 338 Pharmaceutical manufacturing, research and development expense — 1,176 — 1,176 Depreciation and amortization — 4,936 18 4,954 General and administrative expense 1,453 1,205 4,772 7,430 Other income (expense), net 2,265 — (63 ) 2,202 Income (loss) from continuing operations before income tax benefit 28,382 (6,696 ) (4,844 ) 16,842 Income tax benefit — — (6,986 ) (6,986 ) Consolidated net income (loss) 28,382 (6,696 ) 2,142 23,828 Included in Holdings Company and Other are the expenses of the parent holding company and certain other enterprise-wide overhead costs, including public company costs and non-Enteris corporate employees, which have been included for purposes of reconciling to the consolidated amounts. Of the $4.8 million included in Holdings Company and Other general and administrative expense for the year ended December 31, 2019, respectively, approximately $1.2 million relates to the acquisition of Enteris for both the year ended December 31, 2019.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 12. Income Taxes The components of income before income tax provision are as follows (in thousands): December 31, 2019 2018 U.S. $ 16,842 $ 6,237 During the years ended December 31, 2019 and 2018, the Company’s provision for (benefit from) income taxes was as follows (in thousands): December 31, 2019 2018 Current provision $ 97 $ 11 Deferred provision (7,083 ) 31 Total provision for income taxes $ (6,986 ) $ 42 The components of the income tax provision (benefit) are as follows (in thousands): December 31, 2019 2018 Federal tax provision at statutory rate $ 3,524 $ 1,312 Change in valuation allowance (10,896 ) (1,137 ) Transaction Cost 215 — Other (66 ) (167 ) Write off of expired deferred tax assets 237 1 Provision related to non-controlling interest — 33 Total provision (benefit) for income taxes $ (6,986 ) $ 42 The Company records deferred tax assets if the realization of such assets is more likely than not to occur in accordance with accounting standards that address income taxes. Significant management judgment is required in determining whether a valuation allowance against the Company’s deferred tax assets is required. The Company has considered all available evidence, both positive and negative, such as historical levels of income and predictability of future forecasts of taxable income from existing investments, in determining whether a valuation allowance is required. The Company is also required to forecast future taxable income in accordance with accounting standards that address income taxes to assess the appropriateness of a valuation allowance, which further requires the exercise of significant management judgment. The Company focuses on forecasting future taxable income for the investment portfolio that exists as of the balance sheet date. Specifically, the Company evaluated the following criteria when considering a valuation allowance: · the history of tax net operating losses in recent years; · predictability of operating results; · profitability for a sustained period of time; and · level of profitability on a quarterly basis. As of December 31, 2019, the Company had cumulative net income before tax for the three years then ended. Based on its historical operating performance, the Company has concluded that it was more likely than not that the Company would not be able to realize the full benefit of the U.S. federal and state deferred tax assets in the future. However, the Company has concluded that it is more likely than not that the Company will be able to realize approximately $25.8 million benefit of the U.S. federal and state deferred tax assets in the future. The Company will continue to assess the need for a valuation allowance on the deferred tax assets by evaluating both positive and negative evidence that may exist on a quarterly basis. Any adjustment to the deferred tax asset valuation allowance would be recorded in the consolidated statements of income for the period that the adjustment is determined to be required. The valuation allowance against deferred tax assets was $51.7 million and $62.6 million as of December 31, 2019 and 2018, respectively. Deferred tax assets consist of the following (in thousands): December 31, 2019 2018 Deferred tax assets: Credit carryforward $ 2,952 $ 2,660 Stock based compensation 359 313 Other 3,329 3,043 Net operating losses 75,680 79,250 Gross deferred tax assets 82,320 85,266 Deferred tax liabilities: Fixed assets (4,627 ) — Intangible assets other than goodwill (226 ) — Valuation allowance (51,687 ) (62,582 ) Net deferred tax assets $ 25,780 $ 22,684 The Tax Reform Act of 1986 limits the use of NOLs and tax credit carryforwards in certain situations where stock ownership changes occur. In the event the Company has had a change in ownership, the future utilization of the Company’s net operating loss and tax credit carryforwards could be limited. The Company is making an election to early adopt ASU 2015-17 to classify all deferred tax assets and liabilities, along with any related valuation allowance, as noncurrent on the balance sheet. A portion of deferred tax assets relating to NOLs pertains to NOL carryforwards resulting from tax deductions upon the exercise of employee stock options of $1.9 million. When recognized, the tax benefit of these loss carryforwards will be accounted for as a credit to additional paid-in capital rather than a reduction of the income tax expense. As of December 31, 2019, the Company had NOL carryforwards for federal income tax purposes of approximately $360.4 million. The federal NOL carryforwards, if not offset against future income, will expire by 2037, with the majority of such NOLs expiring by 2021. Approximately $4.0 million can be carried forward indefinitely. The Company also had federal research carryforwards of $3.0 million. The federal credits will expire by 2039, with the majority of such credits expiring by 2029. The Company records liabilities, where appropriate, for all uncertain income tax positions and recognizes potential accrued interest and penalties related to unrecognized tax benefits within operations as income tax expense. As of December 31, 2019, the Company had approximately $0.1 million of unrecognized tax benefit. The Company does not expect the unrecognized tax benefits to change materially over the next twelve months. During the year ended December 31, 2019, the Company did not recognize any interest and penalty benefit associated with unrecognized tax benefits. There are no tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within twelve months of December 31, 2019. The Company is subject to taxation in the U.S. and various state jurisdictions. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending December 31, 1999 through December 31, 2019 due to carryforward of unutilized net operating losses and research and development credits. The Company does not anticipate significant changes to its uncertain tax positions through December 31, 2019.

SWK Holdings Corporation and _2

SWK Holdings Corporation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations SWK Holdings Corporation (the “Company”) was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In July 2012, the Company commenced its strategy of building a specialty finance and asset management business. In August 2019, the Company commenced a complementary strategy of building a pharmaceutical development, manufacturing and intellectual property licensing business. The Company’s operations comprise two reportable segments: “Finance Receivables” and “Pharmaceutical Development.” The Company allocates capital to each segment in order to generate income through the sales of life science products by third parties. The Company is headquartered in Dallas, Texas, and as of December 31, 2019, the Company had 30 employees. The Company has net operating loss carryforwards (“NOLs”) and believes that the ability to utilize these NOLs is an important and substantial asset. However, at this time, under current law, the Company does not anticipate that the Finance Receivables and/or Pharmaceutical Development segments will generate sufficient income to permit the Company to utilize all of its NOLs prior to their respective expiration dates. As such, it is possible that the Company might pursue additional strategies that it believes might result in the ability to utilize more of the NOLs. As of March 23, 2020, the Company and its partners have executed transactions with 36 different parties under its specialty finance strategy, funding an aggregate $539.1 million in various financial products across the life science sector. The Company’s portfolio includes senior and subordinated debt backed by royalties and synthetic royalties paid by companies in the life science sector, and purchased royalties generated by sales of life science products and related intellectual property. On August 26, 2019, the Company commenced its Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc. (“Enteris”). SWK Products Holdings LLC (“SWK Products”), a wholly-owned subsidiary of the Company, entered into a merger agreement pursuant to which Enteris became a wholly-owned subsidiary of SWK Products. Enteris is a clinical stage biopharmaceutical company offering innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform. Since its founding in 2013, Enteris has advanced multiple internal and external programs leveraging Peptelligence®, which enables the oral delivery of molecules that are typically injected, including peptides and BCS Class II, III, and IV small molecules, in an enteric-coated tablet formulation. Peptelligence® utilizes a unique multifaceted approach to increase the solubility and absorption of peptides and small molecules, addressing the complex challenges regarding solubility and permeability of therapeutics with low oral bioavailability. Peptelligence® is protected by an extensive patent estate that extends until 2036.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The consolidated financial statements include the accounts of all subsidiaries and affiliates in which the Company holds a controlling financial interest as of the financial statement date. Normally a controlling financial interest reflects ownership of a majority of the voting interests. The Company consolidates a variable interest entity (“VIE”) when it possesses both the power to direct the activities of the VIE that most significantly impact its economic performance and the Company is either obligated to absorb the losses that could potentially be significant to the VIE or the Company holds the right to receive benefits from the VIE that could potentially be significant to the VIE, after elimination of intercompany accounts and transactions. The Company owns interests in various partnerships and limited liability companies, or LLCs. The Company consolidates its investments in these partnerships or LLCs, where the Company, as the general partner or managing member, exercises effective control, even though the Company’s ownership may be less than 50 percent, the related governing agreements provide the Company with broad powers, and the other parties do not participate in the management of the entities and do not effectively have the ability to remove the Company. The Company has reviewed each of the underlying agreements to determine if it has effective control. If circumstances change and it is determined this control does not exist, any such investment would be recorded using the equity method of accounting. Although this would change individual line items within the Company’s consolidated financial statements, it would have no effect on its operations and/or total stockholders’ equity attributable to the Company.
Reclassification	Reclassification Certain prior year amounts have been reclassified to conform to current year presentation. The amounts for prior periods have been reclassified to be consistent with current year presentation and have no impact on previously reported total assets, total stockholders’ equity or net income.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are required in the determination of revenue recognition; stock-based compensation; valuation of accounts receivable; impairment of financing receivables; long-lived assets; valuation of property, plant and equipment; intangible assets and goodwill; valuation of warrants; contingent consideration; valuation of income taxes; and contingencies and litigation, among others. Some of these judgments can be subjective and complex, and consequently, actual results may differ from these estimates. The Company’s estimates often are based on complex judgments, probabilities and assumptions that it believes to be reasonable but that are inherently uncertain and unpredictable. For any given individual estimate or assumption made by the Company, there may also be other estimates or assumptions that are reasonable. The Company regularly evaluates its estimates and assumptions using historical experience and other factors, including the economic environment. As future events and their effects cannot be determined with precision, the Company’s estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause changes to those estimates and assumptions. Market conditions, such as illiquid credit markets, volatile equity markets, and economic downturns, can increase the uncertainty already inherent in the Company’s estimates and assumptions. The Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under the relevant accounting standard. It is possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. The most significant estimates and assumptions are used to determine amounts and values of, but are not limited to: revenue recognition related to product and collaboration revenue; acquisition date fair value and subsequent fair value estimates used to assess impairment of long-lived assets, including goodwill; licensing agreements; in-process research and development; other intangible assets; contingent consideration; and income taxes, inclusive of a valuation allowance.
Business Combination	Business Combination We account for business combinations under the acquisition method of accounting. This method requires the recording of acquired assets and assumed liabilities at their acquisition date fair values. The excess of the purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Results of operations related to business combinations are included prospectively beginning with the date of acquisition and transaction costs related to business combinations are recorded within selling, general and administrative expenses. Refer to Note 2, Business Combinations
Segment Reporting	Segment Reporting The Company earns revenues from its two U.S.-based business segments: as a specialty finance and asset management business offering customized financing solutions to a broad range of life-sciences companies (the Finance Receivables segment), and as of August 26, 2019, the Company’s offering of oral therapeutic formulation solutions built around Enteris’ pharmaceutical Peptelligence ® Segment Information
Goodwill and Intangible Assets	Goodwill and Intangible Assets The Company’s methodology for allocating the purchase price of an acquisition is based on established valuation techniques that reflect the consideration of a number of factors, including a valuation performed by a third-party appraiser. Goodwill is measured as the excess of the cost of an acquired business over the fair value assigned to identifiable assets acquired and liabilities assumed. Goodwill is considered impaired when the estimated fair value of the reporting unit that was allocated the goodwill is less than its carrying value. If the estimated fair value of such reporting unit is less than its carrying value, goodwill impairment is recognized based on that difference, not to exceed the carrying amount of goodwill. A reporting unit is an operating segment or a component of an operating segment provided that the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. Goodwill arising from the Enteris acquisition has been allocated to the Pharmaceutical Development segment. Finite-lived intangible assets are amortized over their estimated useful life, which is the period over which the assets are expected to contribute directly or indirectly to the future cash flows of the Company. Intangible assets should be tested for impairment at the time of a triggering event, if one were to occur. Finite-lived intangible assets may be impaired when the estimated undiscounted future cash flows generated from the assets are less than their carrying amounts.
Inventory	Inventory Inventories are stated at the lower of cost or net realizable value, valued at specifically identified cost which approximates the first-in, first-out (“FIFO”) method. The components of inventory include raw materials of $0.2 million as of December 31, 2019 and are reflected in Other Assets in the Consolidated Balance Sheets. The Company had no inventory as of December 31, 2018.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are recorded at cost less accumulated depreciation and amortization. Expenditures for major additions and improvements are capitalized, while minor replacements, maintenance, and repairs are charged to expense as incurred. In addition, we capitalize interest on borrowings during the active construction period of capital projects. Capitalized interest is added to the cost of the assets and depreciated over the estimated useful lives of the assets. Leased property meeting certain criteria is capitalized and the present value of the related lease payments is recorded as a liability and included in current liabilities. Depreciation is recorded over the estimated useful lives of the assets involved using the straight-line method. Leasehold improvements and capitalized lease assets are amortized to depreciation expense over the estimated useful life of the asset or the respective lease term used in determining lease classification, whichever is shorter. The range of estimated useful lives is as follows: Asset Estimated Useful Life Leasehold improvements Lesser of lease term or useful life Furniture, fixtures and equipment 3 to 10 years
Deferred Revenue and Deferred Costs	Deferred Revenue and Deferred Costs Deferred revenue includes amounts that have been billed per the contractual terms but have not been recognized as revenue. The Company classifies as current the portion of deferred revenue that are expected to be recognized within one year from the balance sheet date. Deferred revenue of $0.1 million is included in accounts payable and accrued liabilities in the Consolidated Balance Sheets. There were no deferred revenues as of December 31, 2018.
Research and Development	Research and Development Research and development expenses include the costs associated with internal research and development and research and development conducted for the Company by third parties. These costs primarily consist of salaries and other benefits, pre-clinical and clinical trials, outside consultants, and supplies. All research and development costs discussed above are expensed as incurred. Third-party expenses reimbursed under research and development contracts, which are not refundable, are recorded as a reduction to pharmaceutical manufacturing research and development expense in the Consolidated Statements of Income.
Finance Receivable	Finance Receivables The Company extends credit to customers through a variety of financing arrangements, including revenue interest term loans. The amounts outstanding on loans are referred to as finance receivables and are included in Finance Receivables on the consolidated balance sheets. It is the Company’s expectation that the loans originated will be held for the foreseeable future or until maturity. In certain situations, for example to manage concentrations and/or credit risk, some or all of certain exposures may be sold. Loans for which the Company has the intent and ability to hold for the foreseeable future or until maturity are classified as held for investment (“HFI”). If the Company no longer has the intent or ability to hold loans for the foreseeable future, then the loans are transferred to held for sale (“HFS”). Loans entered into with the intent to resell are classified as HFS. If it is determined that a loan should be transferred from HFI to HFS, then the balance is transferred at the lower of cost or fair value. At the time of transfer, a write-down of the loan is recorded as an impairment when the carrying amount exceeds fair value and the difference relates to credit quality. Otherwise the write-down is recorded as a reduction in finance receivable interest income, and any loan loss reserve is reversed. Once classified as HFS, the amount by which the carrying value exceeds fair value is recorded as a valuation allowance and is reflected as a reduction to finance receivable interest income. If it is determined that a loan should be transferred from HFS to HFI, the loan is transferred at the lower of cost or fair value on the transfer date, which coincides with the date of change in management’s intent. The difference between the carrying value of the loan and the fair value, if lower, is reflected as a loan discount at the transfer date, which reduces its carrying value. Subsequent to the transfer, the discount is accreted into earnings as an increase to finance revenue interest income over the life of the loan using the effective interest method. The Company accounts for its finance receivables at amortized cost, net of unamortized origination fees, if any. Related fees and costs are recorded net of any amounts reimbursed, and interest is accreted or accrued to interest revenue using the effective interest method. When and if supplemental payments are received from these long-term receivables, an adjustment to the estimated effective interest rate is affected prospectively. The Company evaluates the collectability of both interest and principal for each loan to determine whether it is impaired. A loan is considered to be impaired when, based on current information and events, the Company determines it is probable that it will be unable to collect amounts due according to the existing contractual terms. When a loan is considered to be impaired, the amount of loss is calculated by comparing the carrying value of the financial asset to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the estimated fair value of the underlying collateral, less costs to sell, if the loan is collateralized and the Company expects repayment to be provided solely by the collateral. Impairment assessments require significant judgments and are based on significant assumptions related to the borrower’s credit risk, financial performance, expected sales, and estimated fair value of the collateral.
Allowance for Credit Losses on Finance Receivables	Allowance for Credit Losses on Finance Receivables The allowance for credit losses is intended to provide for credit losses inherent in the financing receivables portfolio and is periodically reviewed for adequacy considering credit quality indicators, including expected and historical losses and levels of and trends in past due loans, non-performing assets and impaired loans, collateral values and economic conditions. The allowance for credit losses is determined based on specific allowances for loans that are impaired, based upon the value of underlying collateral or projected cash flows. Changes to the allowance for credit losses are recorded in the provision for loan credit losses in the consolidated statement of income.
Marketable Investments	Marketable Investments The Company’s marketable investment portfolio includes debt and equity securities as of December 31, 2019. Equity securities that have readily determinable fair values are reported at fair value with gains and losses recognized in earnings. The debt security is classified as an available-for-sale security, which is reported at fair value with unrealized gains or losses recorded in statements of income, net of applicable income taxes. In any case where fair value might fall below amortized cost, the Company would consider whether that security is other-than-temporarily impaired using all available information about the collectability of the security. The Company would not consider that an other-than temporary impairment for a debt security has occurred if (1) the Company does not intend to sell the debt security, (2) it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis and (3) the present value of estimated cash flows will fully cover the amortized cost of the security. The Company would consider that an other-than-temporary impairment has occurred if any of the above mentioned three conditions are not met. For a debt security for which an other-than-temporary impairment is considered to have occurred, the Company would recognize the entire difference between the amortized cost and the fair value in earnings if the Company intends to sell the debt security or it is more likely than not that the Company will be able to sell the debt security before recovery of its amortized cost basis. If the Company does not intend to sell the debt security and it is not more likely than not that the Company will be required to sell the debt security before recovery of its amortized cost basis, the Company would separate the difference between the amortized cost and the fair value of the debt security into the credit loss component and the non-credit loss component. The credit loss component would be recognized in earnings and the non-credit loss component would be recognized in other comprehensive income, net of applicable income taxes.
Derivatives	Derivatives All derivatives held by the Company are recognized in the consolidated balance sheets at fair value. The accounting treatment for subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives that are not hedges must be adjusted to fair value through the consolidated statements of income. If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against change in the fair value of hedged assets or liabilities through the consolidated statements of income or recorded in other comprehensive income. The Company had no derivatives designated as hedges as of December 31, 2019 and 2018. The Company holds warrants issued to the Company in conjunction with term loan investments discussed in Note 3. These warrants meet the definition of a derivative and are included in warrant assets in the consolidated balance sheets. The Company issued a warrant on its own common stock as discussed in Note 7. This warrant meets the definition of a derivative and is reflected as a warrant liability at fair value in the consolidated balance sheets.
Revenue Recognition	Revenue Recognition Finance Receivables Segment The Company’s Finance Receivables segment records interest income on an accrual basis based on the effective interest rate method to the extent that it expects to collect such amounts. The Company recognizes investment management fees when clients invest in our recommended transactions as earned over the period the services are rendered. In general, the majority of investment management fees earned are charged either monthly or quarterly. Incentive fees, if any, are recognized when earned at the end of the relevant performance period, pursuant to the underlying contract. Other service revenues are recognized when contractual obligations are fulfilled or as services are provided. Pharmaceutical Development Segment The Company’s Pharmaceutical Development segment enters into collaboration and licensing agreements with strategic partners, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use its judgment to determine: a) the number of performance obligations based on the determination under step (ii) above; b) the transaction price under step (iii) above; c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above; and d) the contract term and pattern of satisfaction of the performance obligations under step (v) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Deferred revenue as of December 31, 2019 was $0.1 million and is included in accounts payable and accrued liabilities in the consolidated balance sheets. There were no deferred revenues as of December 31, 2018. The Company evaluates collaboration agreements with respect to FASB ASC Topic 808, Collaborative Arrangements, considering the nature and contractual terms of the arrangement and the nature of its business operations to determine the classification of the transactions. When the Company is an active participant in the activity and exposed to significant risks and rewards dependent on the commercial success of the collaboration, it will record its transactions on a gross basis in the consolidated financial statements and describe the rights and obligations under the collaborative arrangement in the notes to the consolidated financial statements. Exclusive Licenses If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, manufacturing and commercialization capabilities of the collaboration partner; the retention of any key rights by the Company; and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from a promise for its intended purpose without the receipt of the remaining promises, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise, and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company exercises judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods. Customer Options If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights, or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised. Research and Development Services The promises under the Company’s collaboration agreements may include research and development services to be performed by the Company on behalf of the partner. Payments or reimbursements resulting from the Company’s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. Reimbursements from and payments to the partner that are the result of a collaborative relationship with the partner, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense. Milestone Payments At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Royalties For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity date of three months or less at the date of purchase to be cash equivalents. There were no such investments at December 31, 2019 or 2018, as all of our cash was held in checking or savings accounts. As of December 31, 2019, cash equivalents were deposited in financial institutions and consisted of immediately available fund balances. The Company maintains its cash deposits and cash equivalents with well-known and stable financial institutions.
Interest and Accounts Receivable	Interest and Accounts Receivable The Company records interest receivable on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement, to the extent that such amounts are expected to be collected. When management does not expect that principal, interest, and other obligations due will be collected in full, the Company will generally place the loan on nonaccrual status and cease recognizing interest income on that loan until all principal and interest due has been paid or the Company believes the portfolio company has demonstrated the ability to repay the Company’s current and future contractual obligations. Any uncollected interest related to prior periods is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, the Company may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection. The Company recognized $2.2 million and $6.2 million in provision for loan credit losses during 2019 and 2018, respectively. Accounts receivable for management fees are recorded at the aggregate unpaid amount less any allowance for doubtful accounts. The Company determines an account receivable’s delinquency status based on its contractual terms. Interest is not charged on outstanding balances. Accounts are written-off only when all methods of recovery have been exhausted. As of December 31, 2019 and 2018, the allowance for doubtful accounts was zero.
Certain Risks and Concentrations	Certain Risks and Concentrations Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, finance receivables and marketable investments. The Company invests its excess cash with major U.S. banks and financial institutions. The Company has not experienced any losses on its cash and cash equivalents. The Company performs ongoing credit evaluations of its partner companies and generally requires collateral. For both the year ended December 31, 2019 and 2018, our Narcan® royalty accounted for 10 percent of total finance receivable revenue. The Company does not expect its current or future credit risk exposures to have a significant impact on its operations. However, there can be no assurance that its business will not experience any adverse impact from credit risk in the future.
Stock-based Compensation	Stock-based Compensation All employee and director stock-based compensation is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the requisite service period. Stock-based compensation expense is reduced for estimated future forfeitures. These estimates are revised in future periods if actual forfeitures differ from the estimates. Changes in forfeiture estimates impact compensation expense in the period in which the change in estimate occurs. For restricted stock, the Company recognizes compensation expense in accordance with the fair value of the Company’s stock as determined on the grant date, amortized over the applicable service period. When vesting of awards is based wholly or in part upon the future performance of the stock price, such terms result in adjustments to the grant date fair value of the award and the derivation of a service period. If service is provided over the derived service period, the adjusted fair value of the awards will be recognized as compensation expense, regardless of whether or not the awards vest.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded to reduce deferred tax assets to an amount where realization is more likely than not. If the Company ultimately determines that the payment of such a liability is not necessary, then the Company reverses the liability and recognizes a tax benefit during the period in which the determination is made that the liability is no longer necessary. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax benefit in the statements of income. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (“TCJA”). The TCJA makes broad and complex changes to the U.S. tax code. On the same date, the SEC staff issued Staff Accounting Bulletin (“SAB”) 118, which provides guidance on accounting for the tax effects of the TCJA. It provides a “measurement period” lasting through December 22, 2018 to allow registrants time to obtain, prepare and analyze information to complete the accounting required under ASC 740, Income Taxes. The Company completed its analysis during the measurement period, and there were no measurement period adjustments recognized during 2018. Please refer to Note 12 of the Notes to the Consolidated Financial Statements.
Comprehensive Income	Comprehensive Income Comprehensive income and its components attributable to the Company and non-controlling interests have been reported, net of tax, in the consolidated statements of stockholders’ equity and the consolidated statements of comprehensive income.
Net Income per Share	Net Income per Share Basic net income per share is computed using the weighted average number of outstanding shares of common stock. Diluted net income per share is computed using the weighted average number of outstanding shares of common stock and, when dilutive, shares of common stock issuable upon exercise of options and warrants deemed outstanding using the treasury stock method. The following table shows the computation of basic and diluted earnings per share for the following (in thousands, except per share amounts): Year Ended December 31, 2019 2018 Numerator: Net income attributable to SWK Holdings Corporation stockholders $ 23,828 $ 6,195 Denominator: Weighted-average shares outstanding 12,906 13,051 Effect of dilutive securities 5 3 Weighted-average diluted shares 12,911 13,054 Basic net income per share $ 1.85 $ 0.47 Diluted net income per share $ 1.85 $ 0.47 As of December 31, 2019 and 2018, outstanding stock options and warrants to purchase shares of common stock in an aggregate of approximately 436,000 and 271,000 shares, respectively, have been excluded from the calculation of diluted net income per share as these securities were anti-dilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements On March 12, 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (Topic 848), which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. These transactions include: (i) contract modifications, (ii) hedging relationships, and (iii) sales or transfers of debt securities classified as held-to-maturity. ASU 2020-04 is effective from March 12, 2020 through December 31, 2022. An entity may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. An entity may elect to apply the amendments in ASU 2020-04 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. The one-time election to sell, transfer, or both sell and transfer debt securities classified as held-to-maturity may be made at any time after March 12, 2020 but no later than December 31, 2022. The Company expects that it will elect to apply some of the expedients and exceptions provided in ASU 2020-04; however, the Company is still evaluating the guidance, and therefore, the impact of the adoption of ASU 2020-04 on the Company’s financial condition and results of operations has not yet been determined. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 updates the fair value measurement disclosure requirements by (i) eliminating certain requirements, including disclosure of the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements, (ii) modifying certain requirements, including clarifying that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date and (iii) adding certain requirements, including disclosure of the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years and interim periods within those years beginning after December 15, 2019, with early adoption permitted for any eliminated or modified disclosures. The Company is currently evaluating the new guidance but believes it will not have a material impact on its consolidated financial statements, as the Company has had no historical transfers between hierarchies. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326).” The new standard adds an impairment model, known as the current expected credit loss (“CECL”) model, that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of losses. The ASU describes the impairment allowance as a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be measured in a manner similar to current GAAP; however, the amendments in this update require that credit losses be presented as an allowance rather than as a write-down, which will allow an entity the ability to record reversals of credit losses in current period net income. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. An entity will apply the amendments in this update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). A prospective transition approach is required for debt securities for which an other-than-temporary impairment has been recognized before the effective date. The Company is currently evaluating the new guidance but believes it is likely to incur more upfront losses on its portfolio under the new CECL model. In February 2016, the FASB issued ASU No. 2016-02, Leases, as amended by subsequent ASUs (Topic 842). ASU 2016-02 supersedes guidance related to accounting for leases and provides for the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The objective of the ASU is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing and uncertainty of cash flows arising from a lease. ASU 2016-02 does not fundamentally change lessor accounting; however, some changes have been made to lessor accounting to conform and align that guidance with the lessee guidance and other areas within GAAP. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2018. The Company adopted ASU 2016-02 on January 1, 2019 using the modified retrospective transition method, which permits application of the new standard on the adoption date as opposed to the earliest comparative period presented in the financial statements. In addition, the Company elected to use the available practical expedient package, and therefore did not reassess classification of its existing leases. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements.

SWK Holdings Corporation and _3

SWK Holdings Corporation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure Swk Holdings Corporation And Summary Of Significant Accounting Policies Tables Abstract
Schedule of useful life of Property Plant and Equipment	The range of estimated useful lives is as follows: Asset Estimated Useful Life Leasehold improvements Lesser of lease term or useful life Furniture, fixtures and equipment 3 to 10 years
Schedule of earnings per share, basic and diluted	The following table shows the computation of basic and diluted earnings per share for the following (in thousands, except per share amounts): Year Ended December 31, 2019 2018 Numerator: Net income attributable to SWK Holdings Corporation stockholders $ 23,828 $ 6,195 Denominator: Weighted-average shares outstanding 12,906 13,051 Effect of dilutive securities 5 3 Weighted-average diluted shares 12,911 13,054 Basic net income per share $ 1.85 $ 0.47 Diluted net income per share $ 1.85 $ 0.47

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure Business Combinations Tables Abstract
Schedule of Business Combination	The following table summarizes the allocation of the purchase consideration (at fair value) to the assets and liabilities of Enteris as of August 26, 2019 (the date of acquisition) (in thousands): Fair Cash $ 334 Accounts receivable 145 Inventory 274 Prepaid expenses and other current assets 121 Property and equipment 1,324 Patents and other intangible assets 29,850 Right of use operating lease asset 348 Other assets 110 Goodwill 8,404 Accounts payable (255 ) Accrued expenses and other current liabilities (1,365 ) Deferred revenue (385 ) Lease liability (348 ) Deferred tax liability (9,988 ) Total purchase price $ 34,569
Schedule of Unaudited Supplemental Pro Forma Information	The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2018, the earliest period presented herein (in thousands): Twelve Months Ended 2019 2018 Revenues $ 43,706 $ 29,734 Net income (loss) 22,671 (10,649 )
Schedule of Goodwill	The change in the carrying amount of goodwill from December 31, 2018 to December 31, 2019 is as follows, with the addition solely due to the acquisition of Enteris (in thousands): Net Book December 31, 2018 $ — Acquisition of Enteris 8,404 December 31, 2019 $ 8,404
Schedule of Intangible Assets	As of December 31, 2019, the gross book value and accumulated amortization of intangible assets were as follows (in thousands, except estimated useful life data): As of December 31, 2019 Gross Book Accumulated Net Book Estimated Useful Life Licensing agreement $ 29,400 $ 4,792 $ 24,608 10 Patents 66 8 58 1-20 Trade names and trademarks 210 8 202 10 Customer relationships 240 8 232 10 $ 29,916 $ 4,816 $ 25,100 Deferred patent costs 13 — 13 N/A Total intangibles $ 29,929 $ 4,816 $ 25,113
Schedule of Intangible Asset Amortization Expense	Amortization expense was $4.8 million for the period ended December 31, 2019 and was recorded in depreciation and amortization expense. Based on amounts recorded at December 31, 2019, the Company will recognize acquired intangible asset amortization through 2033 as follows (in thousands): 2020 $ 12,198 2021 3,006 2022 1,764 2023 1,764 2024 1,421 Thereafter 4,947 $ 25,100

Finance Receivables (Tables)

Finance Receivables (Tables)	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
Schedule of carrying value of finance receivables	The carrying value of finance receivables are as follows (in thousands): As of December 31, Portfolio 2019 2018 Term Loans $ 150,453 $ 136,379 Royalty Purchases 30,760 36,410 Total before allowance for credit losses 181,213 172,789 Allowance for credit losses (8,388 ) (6,179 ) Total carrying value $ 172,825 $ 166,610
Schedule of analysis of nonaccrual and performing loans by portfolio segment	The following table presents nonaccrual and performing loans by portfolio segment (in thousands): December 31, 2019 December 31, 2018 Nonaccrual Performing Total Nonaccrual Performing Total Term Loans $ 8,337 $ 142,116 $ 150,453 $ 8,337 $ 128,042 $ 136,379 Royalty Purchases 7,614 14,758 22,372 5,784 24,447 30,231 Total carrying value $ 15,951 $ 156,874 $ 172,825 $ 14,121 $ 152,489 $ 166,610

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net consisted of the following as of December 31, 2019 and 2018 (in thousands): December 31, December 31, Production equipment and other $ 1,188 $ 17 Furniture and fixtures 87 48 Leasehold improvements 149 — Capitalized software 49 7 Total 1,473 72 Less accumulated depreciation (181 ) (47 ) Property and equipment, net $ 1,292 $ 25

Marketable Investments and Co_2

Marketable Investments and Corporate Debt Securities (Tables)	12 Months Ended
	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule of marketable investments	Investment in marketable investments at December 31, 2019 and 2018 consist of the following (in thousands): Year Ended December 31, 2019 2018 Corporate debt securities $ 466 $ 532 Equity securities 1,802 — Total marketable investments $ 2,268 $ 532
Schedule of available-for-sale securities reconciliation	The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale debt securities as of December 31, 2019 and 2018, are as follows (in thousands): December 31, 2019 Amortized Gross Gross Fair Corporate debt securities $ 466 $ — $ — $ 466 December 31, 2018 Amortized Gross Gross Fair Corporate debt securities $ 532 $ — $ — $ 532
Schedule of Proceeds from sales, gross unrealized gains and gross unrealized losses for available-for-sale securities	The following table presents the proceeds from sales and realized net gains and losses on equity securities that were sold during the year ended December 31, 2019 and 2018. The table also includes unrealized net losses on equity securities as prescribed by ASC 321, “Investment - Equity Securities.” December 31, 2019 2018 Proceeds from sale of equity securities $ 197 $ 221 Realized net gain (loss) on sale of equity securities 197 (105 ) Unrealized net income (loss) on equity securities reflected in the Consolidated Statements of Income 1,643 (1,035 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of assumptions used	The Company determined the fair value using the Black-Scholes option pricing model with the following assumptions: December 31, 2019 2018 Dividend rate — % — % Risk-free rate 1.6 % 2.5 % Expected life (years) 0.7 1.7 Expected volatility 31.8 % 18.6 %
Schedule of value of the warrant liability	The changes on the value of the warrant liability during the years ended December 31, 2019 and 2018 were as follows (in thousands): Fair value – December 31, 2017 $ 91 Issuances — Change in fair value (78 ) Fair value – December 31, 2018 $ 13 Issuances — Changes in fair value 63 Fair value – December 31, 2019 $ 76

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future minimum rent of Office	Consolidated future minimum rent is as follows (in thousands): 2020 $ 232 2021 83 2022 — Total future minimum rent with non-cancelable terms of one year or more $ 315
Schedule of Unfunded Commitments	As of December 31, 2019, the Company’s unfunded commitments were as follows (in millions): 4Web, Inc. $ 3.0 Aimmune Therapeutics, Inc. 3.8 eTon Pharmaceuticals, Inc. 5.0 Harrow Health, Inc. 3.0 Total Unfunded Commitments $ 14.8

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure Stockholders Equity Tables Abstract
Schedule of Option Outstanding	The following table summarizes activities under the 2010 Stock Incentive Plan for the indicated periods: Options Outstanding Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number of Exercise Term Value Shares Price (in years) (in thousands) Balances, December 31, 2017 190,000 $ 11.25 5.9 $ 214.4 Options canceled and retired — Options exercised — Options granted — Balances, December 31, 2018 190,000 11.25 4.9 90 Options canceled and retired — Options exercised — Options granted 112,500 Balances, December 31, 2019 302,500 11.71 5.9 313.4 Options vested and exercisable and expected to be vested and exercisable at December 31, 2019 302,500 $ 11.71 5.9 $ 313.4 Options vested and exercisable at December 31, 2019 117,500 $ 12.06 5.9 $ 96.3
Schedule of stock option plans by exercise price range	The following table summarizes significant ranges of outstanding and exercisable options as of December 31, 2019: Exercise Number Weighted Weighted Number Weighted $ 8.30 75,000 3.4 $ 8.30 18,750 $ 8.30 9.61 15,000 6.5 9.61 11,250 9.61 12.50 75,000 9.1 12.50 25,000 12.50 12.50 37,500 9.4 12.50 12,500 12.50 13.70 15,000 4.6 13.70 7,500 13.70 Total 302,500 5.9 11.71 117,50 12.06

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of fair value assets measured on recurring basis	The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 (in thousands): Total Carrying Quoted Prices Significant Significant Financial Assets: Warrant assets $ 3,555 $ — $ — $ 3,555 Marketable investments 2,268 1,802 — 466 Financial Liabilities: Contingent consideration payable $ 14,500 — $ — $ 14,500 Warrant liability 76 — — 76 The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 (in thousands): Total Carrying Quoted Prices Significant Significant Financial Assets: Warrant assets $ 2,777 $ — $ — $ 2,777 Marketable investments 532 — — 532 Financial Liabilities: Warrant liability $ 13 $ — $ — $ 13
Schedule of fair value assets measured on recurring basis unobservable input reconciliation	The changes on the value of the warrant assets during the years ended December 31, 2019 and 2018 were as follows (in thousands): Fair value – December 31, 2017 $ 987 Issuance 1,490 Canceled (105 ) Change in fair value 405 Fair value – December 31, 2018 2,777 Issuance 550 Canceled (197 ) Change in fair value 425 Fair value – December 31, 2019 $ 3,555
Schedule of weighted average assumptions	The following range of assumptions were used in the models to determine fair value: December 31, 2019 2018 Dividend rate — — Risk-free rate 1.7% to 1.8% 2.5% to 2.6% Expected life (years) 4.6 to 7.4 4.8 to 7.9 Expected volatility 50.3% to 114.6% 67.6% to 101.8%
Schedule of fair value assets and liabilities measured on nonrecurring basis	The following table presents financial assets measured at fair value on a nonrecurring basis as of December 31, 2019 and 2018 (in thousands): Total Carrying Quoted Prices Significant Significant December 31, 2019 Impaired Royalties $ 10,004 $ — $ — $ 10,004 December 31, 2018 Impaired Royalties $ 8,227 $ — $ — $ 8,227
Schedule of fair value by balance sheet grouping	The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments, other than investment in unconsolidated entity. For the year ended December 31, 2019 (in thousands): Carry Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 11,158 $ 11,158 $ 11,158 $ — $ — Finance receivables 172,825 172,825 — — 172,825 Marketable investments 2,268 2,268 1,802 — 466 Warrant assets 3,555 3,555 — — 3,555 Financial Liabilities Contingent consideration payable $ 14,500 $ 14,500 $ — $ — $ 14,500 Warrant liability 76 76 — — 76 For the year ended December 31, 2018 (in thousands): Carry Value Fair Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 20,227 $ 20,227 $ 20,227 $ — $ — Finance receivables 166,610 166,610 — — 166,610 Marketable investments 532 532 — — 532 Warrant assets 2,777 2,777 — — 2,777 Financial Liabilities Warrant liability $ 13 $ 13 $ — $ — $ 13

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Schedule of Reportable Segments	The following tables present financial information for the Company’s reportable segments for the periods indicated (in thousands): Twelve Months Ended December 31, 2019 Finance Pharmaceutical Holding Consolidated Revenues $ 30,117 $ 621 $ 9 $ 30,747 Provision for credit losses and impairment expense 2,209 — — 2,209 Interest expense 338 — — 338 Pharmaceutical manufacturing, research and development expense — 1,176 — 1,176 Depreciation and amortization — 4,936 18 4,954 General and administrative expense 1,453 1,205 4,772 7,430 Other income (expense), net 2,265 — (63 ) 2,202 Income (loss) from continuing operations before income tax benefit 28,382 (6,696 ) (4,844 ) 16,842 Income tax benefit — — (6,986 ) (6,986 ) Consolidated net income (loss) 28,382 (6,696 ) 2,142 23,828

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of income before income tax	The components of income before income tax provision are as follows (in thousands): December 31, 2019 2018 U.S. $ 16,842 $ 6,237
Schedule of components of income tax expense (benefit)	During the years ended December 31, 2019 and 2018, the Company’s provision for (benefit from) income taxes was as follows (in thousands): December 31, 2019 2018 Current provision $ 97 $ 11 Deferred provision (7,083 ) 31 Total provision for income taxes $ (6,986 ) $ 42 The components of the income tax provision (benefit) are as follows (in thousands): December 31, 2019 2018 Federal tax provision at statutory rate $ 3,524 $ 1,312 Change in valuation allowance (10,896 ) (1,137 ) Transaction Cost 215 — Other (66 ) (167 ) Write off of expired deferred tax assets 237 1 Provision related to non-controlling interest — 33 Total provision (benefit) for income taxes $ (6,986 ) $ 42
Schedule of deferred tax assets and liabilities	Deferred tax assets consist of the following (in thousands): December 31, 2019 2018 Deferred tax assets: Credit carryforward $ 2,952 $ 2,660 Stock based compensation 359 313 Other 3,329 3,043 Net operating losses 75,680 79,250 Gross deferred tax assets 82,320 85,266 Deferred tax liabilities: Fixed assets (4,627 ) — Intangible assets other than goodwill (226 ) — Valuation allowance (51,687 ) (62,582 ) Net deferred tax assets $ 25,780 $ 22,684

SWK Holdings Corporation and _4

SWK Holdings Corporation and Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net income (loss) attributable to SWK Holdings Corporation Stockholders	$ 23,828	$ 6,195
Denominator:
Weighted-average shares outstanding	12,906,000	13,051,000
Effect of dilutive securities	5,000	3,000
Weighted-average diluted shares	12,911,000	13,054,000
Basic income (loss) per share attributable to SWK Holdings Corporation Stockholders	$ 1.85	$ 0.47
Diluted income (loss) per share attributable to SWK Holdings Corporation Stockholders	$ 1.85	$ 0.47
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)	436,000	271,000

SWK Holdings Corporation and _5

SWK Holdings Corporation and Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	Mar. 23, 2020	Dec. 31, 2019
Inventory, Raw Material		$ 200
Furniture, Fixtures, and Equipment [Member] | Minimum [Member]
Useful Life of Property Plant and Equipment		3 years
Furniture, Fixtures, and Equipment [Member] | Maximum [Member]
Useful Life of Property Plant and Equipment		10 years
Subsequent Event [Member] | Life Science [Member]
Business Combination, Aggregate Funding	$ 539,100

Business Combinations (Details)

Business Combinations (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Aug. 26, 2019	Dec. 31, 2018
Patents and other intangible assets	$ 29,929
Goodwill	$ 8,404
Enteris BioPharma Inc. [Member]
Cash		$ 334
Accounts receivable		145
Inventory		274
Prepaid expenses and other current assets		121
Property and equipment		1,324
Patents and other intangible assets		29,850
Right of use operating lease asset		348
Other assets		110
Goodwill		8,404
Accounts payable		(255)
Accrued expenses and other current liabilities		(1,365)
Deferred revenue		(385)
Lease liability		(348)
Deferred tax liability		(3,988)
Total purchase price		$ 34,569

Business Combinations (Details

Business Combinations (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure Business Combinations Details 2Abstract
Revenues	$ 43,706	$ 29,734
Net income (loss)	$ 22,671	$ (10,649)

Business Combinations (Detail_2

Business Combinations (Details 3) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Disclosure Business Combinations Details 3Abstract
Goodwill
Acquisition of Enteris	8,404
Goodwill	$ 8,404

Business Combinations (Detail_3

Business Combinations (Details 4) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Gross Book Value	$ 29,929
Accumulated Amortization	4,816
Net Book Value	$ 25,113
Minimum [Member]
Estimated Useful Life	1 year
Maximum [Member]
Estimated Useful Life	20 years
Cara Licensing Agreement [Member]
Gross Book Value	$ 29,400
Accumulated Amortization	4,792
Net Book Value	$ 24,608
Estimated Useful Life	10 years
Patent [Member]
Gross Book Value	$ 66
Accumulated Amortization	8
Net Book Value	58
Trademarks and Trade Names [Member]
Gross Book Value	210
Accumulated Amortization	8
Net Book Value	$ 202
Estimated Useful Life	10 years
Customer Relationships [Member]
Gross Book Value	$ 240
Accumulated Amortization	8
Net Book Value	$ 232
Estimated Useful Life	10 years
Intangible Assets [Member]
Gross Book Value	$ 29,916
Accumulated Amortization	4,816
Net Book Value	25,100
Deferred Patent Costs [Member]
Gross Book Value	13
Accumulated Amortization
Net Book Value	$ 13

Business Combinations (Detail_4

Business Combinations (Details 5) $ in Thousands	Dec. 31, 2019USD ($)
Total	$ 25,113
Intangible Assets [Member]
2020	12,198
2021	3,006
2022	1,764
2023	1,764
2024	1,421
Thereafter	4,947
Total	$ 25,100

Finance Receivables (Details)

Finance Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Portfolio
Total before allowance for credit losses	$ 181,213	$ 172,789
Allowance for credit losses	(8,388)	(6,179)
Total carrying value	172,825	166,610
Life Science Term Loans [Member]
Portfolio
Total before allowance for credit losses	150,453	136,379
Total carrying value	150,453	136,379
Life Science Royalty Purchases [Member]
Portfolio
Total before allowance for credit losses	30,760	36,410
Total carrying value	$ 22,372	$ 30,231

Finance Receivables (Details 2)

Finance Receivables (Details 2) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Nonaccrual	$ 15,951	$ 14,121
Performing	156,874	152,489
Total	172,825	166,610
Life Science Term Loans [Member]
Nonaccrual	8,337	8,337
Performing	142,116	128,042
Total	150,453	136,379
Life Science Royalty Purchases [Member]
Nonaccrual	7,614	5,784
Performing	14,758	24,447
Total	$ 22,372	$ 30,231

Finance Receivables (Details Na

Finance Receivables (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Apr. 02, 2013
Besivance [Member]
Royalty Purchased on Sales, Percent			2.40%
Royalty Purchased on Sales, Amount			$ 6,000
ABT Molecular Imaging, Inc [Member]
Allowance for credit loss	$ 1,600
Fair Value of Allowance for Credit Losses	4,100
ABT Molecular Imaging, Inc [Member] | First Lien Loan [Member]
Allowance for credit loss		$ 5,000
ABT Molecular Imaging, Inc [Member] | Second Lien Loan [Member]
Allowance for credit loss		$ 5,800
Besivance [Member]
Allowance for credit loss	600
B&D Dental [Member]
Face amount	$ 8,300

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Total	$ 1,473	$ 72
Less accumulated depreciation	(181)	(47)
Property, plant and equipment, net	1,292	25
Production Equipment and Other [Member]
Total	1,188	17
Furniture, Fixtures, and Equipment [Member]
Total	87	48
Leasehold Improvements [Member]
Total	149
Capitalized Software [Member]
Total	$ 49	$ 7

Property and Equipment, Net (_2

Property and Equipment, Net (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Depreciation Expense	$ 4,954	$ 17
Property, Plant and Equipment [Member]
Depreciation Expense	$ 100	$ 17

Marketable Investments and Co_3

Marketable Investments and Corporate Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Corporate debt securities	$ 466	$ 532
Equity securities	1,802
Total	$ 2,268	$ 532

Marketable Investments and Co_4

Marketable Investments and Corporate Debt Securities (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Available for Sale Securities:
Gross Unrealized Gains
Gross Unrealized Loss
Proceeds from sale of equity securities	197	221
Realized gain (loss) on sale (write off) of equity securities	197	(105)
Equity investment losses reflected in the Consolidated Statements of Income	1,643	(1,035)
Corporate Debt Securities [Member]
Available for Sale Securities:
Amortized Cost	466	532
Gross Unrealized Gains
Gross Unrealized Loss
Fair Value	$ 466	$ 532

Marketable Investments and Co_5

Marketable Investments and Corporate Debt Securities (Details Narrative) - USD ($) $ in Thousands	Nov. 15, 2013	Dec. 31, 2019	Dec. 31, 2018	Jul. 09, 2013
Senior notes		$ 466	$ 532
Paid-in-kind interest		1,287	$ 191
Agreement To Purchase Senior Secured Notes [Member]
Fair Value		500
Senior notes				$ 3,000
Paid-in-kind interest	$ 100
Cash collected from debt		$ 100
Tribute [Member] | Agreement To Purchase Senior Secured Notes [Member]
Senior notes				$ 100,000

Revolving Credit Facility (Deta

Revolving Credit Facility (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure Revolving Credit Facility Details Narrative Abstract
Maximum Revolving Credit Available	$ 20,000
Remaining Revolving Credit	15,000
Interest expense	$ 338	$ 160

Related Party Transactions (Det

Related Party Transactions (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Expected Dividend Rate [Member]
Dividend rate
Loan Credit Agreement [Member] | Expected Dividend Rate [Member]
Dividend rate
Loan Credit Agreement [Member] | Risk Free Interest Rate [Member]
Risk-free rate	1.60%	2.50%
Loan Credit Agreement [Member] | Expected Term [Member]
Expected life (years)	8 months 13 days	1 year 8 months 12 days
Loan Credit Agreement [Member] | Price Volatility [Member]
Expected volatility	31.80%	18.60%

Related Party Transactions (D_2

Related Party Transactions (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair value at beginning	$ 13
Issuances	550	$ 1,490
Changes in fair value	425	405
Fair value at ending	76	13
Warrant Liability [Member]
Fair value at beginning	13	91
Issuances
Changes in fair value	63	(78)
Fair value at ending	$ 76	$ 13

Related Party Transactions (D_3

Related Party Transactions (Details Narartive) - Delayed Draw [Member] - $ / shares	12 Months Ended
	Dec. 31, 2019	Sep. 06, 2013
Number of securities called by warrants or rights (in shares)		100,000
Exercise price of warrants or rights (in dollars per Share)		$ 13.88
Reduction in strike price	$ 13.48

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Total unfunded commitments
4Web, Inc. [Member]
Total unfunded commitments	$ 3,000
Aimmune Therapeutics, Inc. [Member]
Total unfunded commitments	3,800
eTon Pharmaceuticals, Inc. [Member]
Total unfunded commitments	5,000
Harrow Pharmaceuticals, Inc. [Member]
Total unfunded commitments	5,000
Unfunded Loan Commitment [Member]
Total unfunded commitments	$ 14,800

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning	190,000	190,000
Options cancelled and retired
Options exercised
Options granted	112,500
Outstanding at ending	302,500	190,000
Options vested and exercisable and expected to be vested and exercisable	302,500
Options vested and exercisable at ending	117,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning	$ 11.25	$ 11.25
Options cancelled and retired
Options exercised
Granted
Outstanding at ending	11.71	$ 11.25
Options vested and exercisable and expected to be vested and exercisable	11.71
Options vested and exercisable at ending	$ 12.06
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted-Average Remaining Term [Roll Forward]
Outstanding at beginning	4 years 10 months 24 days	5 years 10 months 24 days
Outstanding at ending	5 years 10 months 24 days	4 years 10 months 24 days
Options vested and exercisable and expected to be vested and exercisable	5 years 10 months 24 days
Options vested and exercisable at ending	5 years 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Intrinsic value [Roll Forward]
Outstanding at beginning	$ 90	$ 214
Outstanding at ending	313	$ 90
Options vested and exercisable and expected to be vested and exercisable	313
Options vested and exercisable at ending	$ 96

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number outstanding (in Shares)	302,500
Weighted average remaining contractual life (In Years)	5 years 10 months 24 days
Weighted average exercise price per share	$ 11.71	$ 11.25	$ 11.25
Number exercisable (in Shares)	117,500
Weighted average exercise price per hare	$ 12.06
Exercise Price $8.30 [Member]
Number outstanding (in Shares)	75,000
Weighted average remaining contractual life (In Years)	2 years 4 months 24 days
Weighted average exercise price per share	$ 8.30
Number exercisable (in Shares)	18,750
Weighted average exercise price per hare	$ 8.30
Exercise Price $9.61 [Member]
Number outstanding (in Shares)	15,000
Weighted average remaining contractual life (In Years)	6 years 6 months
Weighted average exercise price per share	$ 9.61
Number exercisable (in Shares)	11,250
Weighted average exercise price per hare	$ 9.61
Exercise Price $12.50 [Member]
Number outstanding (in Shares)	75,000
Weighted average remaining contractual life (In Years)	9 years 1 month 6 days
Weighted average exercise price per share	$ 12.50
Number exercisable (in Shares)	25,000
Weighted average exercise price per hare	$ 12.50
Exercise Price $12.50 [Member]
Number outstanding (in Shares)	37,500
Weighted average remaining contractual life (In Years)	9 years 4 months 24 days
Weighted average exercise price per share	$ 12.50
Number exercisable (in Shares)	12,500
Weighted average exercise price per hare	$ 12.50
Exercise Price $13.70 [Member]
Number outstanding (in Shares)	100,000
Weighted average remaining contractual life (In Years)	4 years 7 months 6 days
Weighted average exercise price per share	$ 13.70
Number exercisable (in Shares)	50,000
Weighted average exercise price per hare	$ 13.70

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 28, 2019	Dec. 31, 2019	Dec. 31, 2018
Options granted		112,500
Options exercise price, per share
Compensation for non-employee directors (in shares)		0	20,318
Allocated share-based compensation		$ 100	$ 100
Value of compensation for non-employee directors		$ 300	$ 300
Restricted Stock [Member] | Chief Executive Officer [Member]
Options granted	37,500
Stock Incentive Plan [Member] | Chief Executive Officer [Member]
Options granted	75,000
Options exercise price, per share	$ 12.50

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financial Assets:
Warrant assets	$ 3,555	$ 2,777
Marketable investments	2,268	532
Financial Liabilities:
Contingent consideration payable	14,500
Warrant liability	76	13
Fair Value, Inputs, Level 1 [Member]
Financial Assets:
Warrant assets
Marketable investments	1,802
Financial Liabilities:
Contingent consideration payable
Warrant liability
Fair Value, Inputs, Level 2 [Member]
Financial Assets:
Warrant assets
Marketable investments
Financial Liabilities:
Contingent consideration payable
Warrant liability
Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Warrant assets	3,555	2,777
Marketable investments	466	532
Financial Liabilities:
Contingent consideration payable	14,500
Warrant liability	$ 76	$ 13

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair value - December 31, 2017	$ 2,777	$ 987
Issuances	550	1,490
Canceled	(197)	(105)
Change in fair value	425	405
Fair value - June 30, 2018	$ 3,555	$ 2,777

Fair Value Measurements (Deta_3

Fair Value Measurements (Details 3)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Expected Dividend Rate [Member]
Dividend rate range
Risk Free Interest Rate [Member] | Minimum [Member]
Risk-free rate range	1.70%	2.50%
Risk Free Interest Rate [Member] | Maximum [Member]
Risk-free rate range	1.80%	2.60%
Expected Term [Member] | Minimum [Member]
Expected life (years) range	4 years 7 months 6 days	4 years 9 months 18 days
Expected Term [Member] | Maximum [Member]
Expected life (years) range	7 years 10 months 24 days	7 years 10 months 24 days
Price Volatility [Member] | Minimum [Member]
Expected volatility range	50.30%	67.60%
Price Volatility [Member] | Maximum [Member]
Expected volatility range	114.60%	101.80%

Fair Value Measurements (Deta_4

Fair Value Measurements (Details 4) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial Assets:
Impaired loans	$ 3,555	$ 2,777	$ 987
Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Impaired loans	3,555	2,777
Tribute Warrant [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Impaired loans	10,004	8,227
Marketable Securities [Member] | Tribute Warrant [Member]
Financial Assets:
Impaired loans	$ 10,004	$ 8,227

Fair Value Measurements (Deta_5

Fair Value Measurements (Details 5) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financial Assets
Cash and cash equivalents	$ 11,158	$ 20,227	$ 30,557
Cash and cash equivalents at fair value	11,158	20,227
Finance receivables	172,825	166,610
Finance receivables at fair value	172,825	166,610
Marketable investments	2,268	532
Marketable investments at fair value	2,268	532
Warrant assets	3,555	2,777
Warrant assets at fair value	3,555	2,777	$ 987
Financial Liabilities
Contingent consideration payable	14,500
Contingent consideration payable at fair value	14,554
Warrant liability	76	13
Gross liability at fair value	76	13
Fair Value, Inputs, Level 1 [Member]
Financial Assets
Cash and cash equivalents at fair value	11,158	20,227
Finance receivables at fair value
Marketable investments at fair value	1,802
Warrant assets at fair value
Financial Liabilities
Contingent consideration payable
Contingent consideration payable at fair value
Gross liability at fair value
Fair Value, Inputs, Level 3 [Member]
Financial Assets
Cash and cash equivalents at fair value
Finance receivables at fair value	172,825	166,610
Marketable investments at fair value	466	532
Warrant assets at fair value	3,555	2,777
Financial Liabilities
Contingent consideration payable	14,500
Contingent consideration payable at fair value	14,554
Gross liability at fair value	$ 76	$ 13

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues	$ 30,747	$ 25,990
Provision for credit losses and impairment expense	2,209	6,179
Interest expense	338	160
Pharmaceutical manufacturing, research and development expense	1,176
Depreciation and amortization	4,954	17
General and administrative expense	7,430	4,866
Other income (expense), net	2,202
Income (loss) from continuing operations before income tax benefit	16,842	6,237
Income tax (benefit) expense	(6,986)	42
Consolidated net income	23,828	$ 6,195
Finance Receivables [Member]
Revenues	30,117
Provision for credit losses and impairment expense	2,209
Interest expense	338
Pharmaceutical manufacturing, research and development expense
Depreciation and amortization
General and administrative expense	1,453
Other income (expense), net	2,265
Income (loss) from continuing operations before income tax benefit	28,382
Income tax (benefit) expense
Consolidated net income	28,382
Pharmaceutical Development [Member]
Revenues	621
Provision for credit losses and impairment expense
Interest expense
Pharmaceutical manufacturing, research and development expense	1,176
Depreciation and amortization	4,936
General and administrative expense	1,205
Other income (expense), net
Income (loss) from continuing operations before income tax benefit	(6,696)
Income tax (benefit) expense
Consolidated net income	(6,696)
Holding Company and Other [Member]
Revenues	9
Provision for credit losses and impairment expense
Interest expense
Pharmaceutical manufacturing, research and development expense
Depreciation and amortization	18
General and administrative expense	4,772
Other income (expense), net	(63)
Income (loss) from continuing operations before income tax benefit	(4,844)
Income tax (benefit) expense	(6,986)
Consolidated net income	$ 2,142

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U. S.	$ 16,842	$ 6,237

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Expense (Benefit)
Current benefit	$ 97	$ 11
Deferred provision	(7,083)	31
Total provision for income taxes	(6,986)	42
Effective Income Tax Rate Reconciliation, Amount
Federal tax (benefit) at statutory rate	3,524	1,312
Change in valuation allowance	(10,896)	(1,137)
Transaction costs	215
Other	(66)	(167)
Write off of expired deferred tax assets	237	1
Provision related to non-controlling interest		33
Total provision for income taxes	$ (6,986)	$ 42

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets
Credit carryforward	$ 2,952	$ 2,660
Stock based compensation	359	313
Other	3,329	3,043
Net operating losses	75,680	79,250
Gross deferred tax assets	82,320	85,266
Deferred tax liabilities:
Fixed assets	(4,627)
Intangible assets other than goodwill	(226)
Valuation allowance	(51,687)	(62,582)
Net deferred tax assets	$ 25,780	$ 22,684

Income Taxes (Details Narrative

Income Taxes (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Income Tax Disclosure [Abstract]
Net operating loss carryforwards resulting from tax deductions upon the exercise of employee stock options	$ 1,900
Net operating loss carryforwards for federal income tax	360,400
Net operating loss carryforwards for federal research	$ 3,000