SWK (SWKH) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 03, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-39184
Entity Registrant Name	SWK Holdings Corporation
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
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	SWKH
Security Exchange Name	NASDAQ
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 Common Stock, Shares Outstanding		12,815,167

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 3,244	$ 6,156
Interest and accounts receivable, net	4,345	3,094
Other current assets	1,287	1,114
Total current assets	8,876	10,364
Finance receivables, net of allowance for credit losses of $11,786 and $11,846, as of March 31, 2023 and December 31, 2022, respectively	237,038	236,555
Collateral on foreign currency forward contract	2,750	2,750
Marketable investments	66	76
Deferred tax assets, net	27,128	24,480
Warrant assets	683	1,220
Intangible assets, net	7,764	8,190
Goodwill	8,404	8,404
Property and equipment, net	5,627	5,840
Other non-current assets	2,401	1,742
Total assets	300,737	299,621
Current liabilities:
Accounts payable and accrued liabilities	1,833	3,902
Revolving credit facility	10,482	2,445
Total current liabilities	12,315	6,347
Contingent consideration payable	11,200	11,200
Other non-current liabilities	2,837	2,145
Total liabilities	26,352	19,692
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; 12,830,399 and 12,843,157 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	12	12
Additional paid-in capital	4,430,426	4,430,922
Accumulated deficit	(4,156,053)	(4,151,005)
Total stockholders’ equity	274,385	279,929
Total liabilities and stockholders’ equity	$ 300,737	$ 299,621

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Financing Receivable, Allowance for Credit Loss	$ 11,786	$ 11,846
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	250,000,000	250,000,000
Common Stock, Shares, Issued	12,830,399	12,843,157
Common Stock, Shares, Outstanding	12,830,399	12,843,157

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Finance receivable interest income, including fees	$ 9,260	$ 10,415
Pharmaceutical development	118	236
Other	33	480
Total revenues	9,411	11,131
Costs and expenses:
Interest expense	182	80
Pharmaceutical manufacturing, research and development expense	719	1,901
Depreciation and amortization expense	648	704
General and administrative	2,540	3,160
Income from operations	5,322	5,286
Other income (expense), net
Unrealized net loss on warrants	(982)	(693)
Unrealized net loss on equity securities		(28)
Gain on foreign currency transactions	186
Income before income tax expense	4,526	4,565
Income tax (benefit) expense	(109)	1,087
Net income	$ 4,635	$ 3,478
Net income per share
Basic	$ 0.36	$ 0.27
Diluted	$ 0.36	$ 0.27
Basic	12,833,000	12,830,000
Diluted	12,875,000	12,888,000

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 13	$ 4,431,719	$ (4,164,496)	$ 267,236
Beginning Balance, Shares at Dec. 31, 2021	12,836,133
Stock-based compensation		85		85
Issuance of common stock upon vesting of restricted stock
Issuance of common stock, Shares	5,495
Net income			3,478	3,478
Forfeiture of unvested restricted stock
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited	(6,815)
Ending balance, value at Mar. 31, 2022	$ 13	4,431,804	(4,161,018)	270,799
Ending Balance, Shares at Mar. 31, 2022	12,834,813
Beginning balance, value at Dec. 31, 2022	$ 12	4,430,922	(4,151,005)	279,929
Beginning Balance, Shares at Dec. 31, 2022	12,843,157
Stock-based compensation		35		35
Effect of adoption of ASC 326			(9,683)	(9,683)
Issuance of common stock upon vesting of restricted stock
Issuance of common stock, Shares	16,008
Repurchase of common stock in open market		(531)		(531)
Stock options exercised, net, Shares	(28,766)
Net income			4,635	4,635
Ending balance, value at Mar. 31, 2023	$ 12	$ 4,430,426	$ (4,156,053)	$ 274,385
Ending Balance, Shares at Mar. 31, 2023	12,830,399

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 4,635	$ 3,478
Adjustments to reconcile net income to net cash provided by operating activities:
Right-of-use asset amortization	68	56
Amortization of debt issuance costs	15	14
Deferred income taxes	(122)	1,079
Change in fair value of warrants	982	693
Change in fair value of equity securities		28
Foreign currency transaction gain	186
Loan discount and fee accretion	(1,466)	(421)
Interest paid-in-kind	(351)	(734)
Stock-based compensation	35	85
Depreciation and amortization	648	704
Changes in operating assets and liabilities:
Interest and accounts receivable	(1,251)	(176)
Derivative assets and liabilities, net	(388)
Other assets	(915)	(225)
Accounts payable and other liabilities	(1,412)	(270)
Net cash provided by operating activities	664	4,311
Cash flows from investing activities:
Investment in finance receivables	(12,990)	(22,700)
Repayment of finance receivables	1,906	16,978
Corporate debt securities principal payments	10	13
Purchases of property and equipment	(8)	(58)
Net cash used in investing activities	(11,082)	(5,767)
Cash flows from financing activities:
Net proceeds from (payments on) credit facility	8,037	(8)
Repurchases of common stock, including fees and expenses	(531)
Net cash provided by (used in) financing activities	7,506	(8)
Net decrease in cash and cash equivalents	(2,912)	(1,464)
Cash and cash equivalents at beginning of period	6,156	42,863
Cash and cash equivalents at end of period	$ 3,244	$ 41,399

SWK Holdings Corporation and Su

SWK Holdings Corporation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [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 March 31, 2023, the Company had 23 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 May 3, 2023, the Company and its partners have executed transactions with 50 different parties under its specialty finance strategy, funding an aggregate of $725.2 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. During 2019, the Company commenced its Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc. (“Enteris”). Enteris is a clinical development and manufacturing organization providing development services to pharmaceutical partners as well as innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform. 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 (“GAAP”). 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. Unaudited Interim Financial Information The unaudited condensed consolidated financial statements have been prepared by the Company and reflect all normal, recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the interim financial information. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending December 31, 2023. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 31, 2023. 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 interest and accounts receivable; impairment of finance receivables; allowance for credit losses; long-lived assets; property and equipment; intangible assets; goodwill; valuation of warrants and other investments; contingent consideration; 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, health crises such as the COVID-19 global pandemic, 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. Segment Information The Company earns revenues from its two U.S.-based business segments: its specialty finance and asset management business offering customized financing solutions to a broad range of life-sciences companies, and its business offering clinical development and manufacturing services as well as oral therapeutic formulation solutions built around Enteris’ pharmaceutical Peptelligence® platform, 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. Revenue Recognition 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. 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 is expected to be recognized within one year from the balance sheet date and is included in accounts payable and accrued liabilities in the unaudited condensed consolidated balance sheets. 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 (loss) income. 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, 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. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, “Reference Rate Reform (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 was effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. The Company has identified existing loans that reference LIBOR and is in the process of evaluating alternatives in each situation. The Company expects that it will elect to apply some of the expedients and exceptions provided in ASU 2020-04 and does not believe the adoption of this standard will have a material impact on the Company’s consolidated financial statements. The Company adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), as amended, on January 1, 2023 using the modified retrospective approach method. ASU 2016-13 replaced the incurred loss impairment methodology with a methodology that reflects a current expected credit loss (“CECL”). ASU 2016-13 impacted all of the Company’s investments held at amortized cost. At December 31, 2022, the Company's allowance for credit losses of $11.8 million was the accumulation of allowance for credit losses (“ACL”) applied to specific finance receivables, representing management's prior estimates of potential future losses on such finance receivables. As part of the Company's adoption of ASU 2016-13, management reviewed its prior estimates of finance receivable-specific ACL and wrote off the full $11.8 million ACL recognized in prior periods to the finance receivables such allowance applied. Under the new CECL model, the net GAAP balances of such finance receivables are presented net of previously reported ACL and are included in the Company's estimated ACL for its Royalties portfolio segment. Upon adoption of ASC 2016-13 on January 1, 2023, the Company’s transition adjustment included $ 11.8 million 0.4 million 9.7 million In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which removes the accounting guidance for troubled debt restructurings and requires entities to evaluate whether a modification provided to a borrower results in a new loan or continuation of an existing loan. The amendment enhances existing disclosures and requires new disclosures for receivables when there has been a modification in contractual cash flows due to a borrower experiencing financial difficulties. Additionally, the amendments require public business entities to disclose gross charge-off information by year of origination in the vintage disclosures. The Company adopted ASU 2022-02 on January 1, 2023 and incorporated the required disclosures into Note 3, Finance Receivables.

Net Income per Share

Net Income per Share	3 Months Ended
	Mar. 31, 2023
Net income per share
Net Income per Share	Note 2. 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 net income per share for the following periods (in thousands, except per share amounts): Schedule of Basic and Diluted Earning per Share Three Months Ended March 31, 2023 2022 Numerator: Net income $ 4,635 $ 3,478 Denominator: Weighted-average shares outstanding 12,833 12,830 Effect of dilutive securities 42 58 Weighted-average diluted shares 12,875 12,888 Basic net income per share $ 0.36 $ 0.27 Diluted net income per share $ 0.36 $ 0.27 For the three months ended March 31, 2023 and 2022, outstanding options to purchase shares of common stock and outstanding shares of restricted stock in an aggregate of approximately 119,000 300,000

Finance Receivables, Net

Finance Receivables, Net	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Finance Receivables, Net	Note 3. Finance Receivables, Net Finance receivables are reported at their determined principal balances net of any unearned income, cumulative write offs charged against the allowance for credit losses, 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 values of finance receivables are as follows (in thousands): Schedule of carrying value of finance receivables March 31, 2023 December 31, 2022 Term loans $ 202,264 $ 188,836 Royalty purchases 46,560 59,565 Total before allowance for credit losses 248,824 248,401 Allowance for credit losses (11,786 ) (11,846 ) Total carrying value $ 237,038 $ 236,555 Allowance for Credit Losses The ACL is management’s estimate of the amount of expected credit losses over the life of the loan portfolio, or the amount of amortized cost basis not expected to be collected, at the balance sheet date. This estimate encompasses information about historical events, current conditions and reasonable and supportable economic forecasts. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Given the current level of economic uncertainty, the complexity of the ACL estimate and level of management judgment required, we believe it is possible that the ACL estimate could change, potentially materially, in future periods. Changes in the ACL may result from changes in current economic conditions, our economic forecast, and circumstances not currently known to us that may impact the financial condition and operations of our borrowers, among other factors. Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. For finance receivables that do not share similar risk characteristics with other finance receivables, expected credit losses are estimated on an individual basis. Expected credit losses are estimated over the contractual terms of the finance receivables, adjusted for expected prepayments and unfunded commitments, generally excluding extensions and modifications. The loan portfolio segment is defined as the level at which an entity develops and documents a systematic method for determining its allowance for credit losses. As part of the Company’s quarterly assessment of the allowance, the finance receivables portfolio included two portfolio segments: Term Loans and Royalties. The implementation of ASU 2016-13 also impacted the Company’s ACL on unfunded loan commitments, as the ACL now represents expected credit losses over the contractual life of commitments not identified as unconditionally cancellable by the Company. The reserve for unfunded commitments is estimated using the same reserve or coverage rates calculated on collectively evaluated loans following the application of a funding rate to the amount of the unfunded commitment. The funding rate represents management’s estimate of the amount of the current unfunded commitment that will be funded over the remaining contractual life of the commitment and is based on historical data. On January 1, 2023, the Company recorded an adjustment for unfunded commitments the adoption of ASU 2016-13. As of March 31, 2023, th ty for credit losses on off -balance-sheet credit exposures is included in other liabilities. Please refer to Note 6 for further information on the Company’s unfunded commitments. The following table details the changes in the allowance for credit losses by portfolio segment for the respective periods (in thousands): Schedule of Allowance for Credit Losses Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Term Royalties Total Term Royalties Total Allowance at beginning of period, prior to adoption of ASU 2016-13 $ — $ 11,846 $ 11,846 $ — $ 8,388 $ 8,388 Write offs (1) — (11,846 ) (11,846 ) — — — Recoveries — — — — — — Effect of adoption of ASU 2016-13 8,900 2,886 11,786 — — — Provision expense — — — — — — Allowance at end of period $ 8,900 $ 2,886 $ 11,786 $ — $ 8,388 $ 8,388 (1) Reversal of finance receivable-specific ACL recognized in prior periods. No impact to consolidated statement of income for the three-months ended March 31, 2023. Please refer to Note 1 for further details. Non-Accrual 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 its finance receivables. Recognition of income is suspended, and the finance receivable is placed on non-accrual status when management determines that collection of future income is not probable. 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 collectibility of remaining principal and interest is no longer doubtful. The following table presents nonaccrual and performing finance receivables by portfolio segment, net of credit loss allowance (in thousands): Schedule of analysis of nonaccrual and performing loans by portfolio segment March 31, 2023 December 31, 2022 Nonaccrual Performing Total Nonaccrual Performing Total Term loans $ 11,844 $ 181,520 $ 193,364 $ 11,304 $ 177,532 $ 188,836 Royalty purchases 7,096 36,578 43,674 6,736 40,983 47,719 Total carrying value $ 18,940 $ 218,098 $ 237,038 $ 18,040 $ 218,515 $ 236,555 As of March 31, 2023, the Company had three finance receivables in nonaccrual status: (1) the term loan to Flowonix Medical, Inc. (“Flowonix”), with a net carrying value of $ 11.8 million 2.9 million 4.2 million Credit Quality of Finance Receivables The Company evaluates all finance receivables on a quarterly basis and assigns a risk rating based upon management’s assessment of the borrower’s ability likelihood of repayment. The assessment is subjective and based on multiple factors, including but not limited to, financial strength of borrowers and operating results of the underlying business. The credit risk analysis and rating assignment is performed quarterly in conjunction with the Company’s assessment of its allowance for credit losses. The Company uses the following definitions for its risk ratings for Term Loans: 1: Borrower performing well below Company expectations, and the borrower’s ability to raise sufficient capital to operate its business or repay debt is highly in question. Finance receivables rated a 1 are on non-accrual and are at an elevated risk for principal impairment. 2: Borrower performing below plan, and the loan-to-value is generally worse than at the time of underwriting. Borrower has limited access to additional capital to operate its business. Finance receivables rated a 2 are generally on non-accrual, and while no loss of impairment is anticipated, there is potential for future principal impairment. 3: Borrower performing inline-to-modestly below Company expectations, and loan-to-value is similar to slightly worse than at the time of underwriting. Borrower has demonstrated access to capital markets. 4: Borrower performing inline-to-modestly above Company expectations and loan-to-value similar or modestly better than underwriting case. Borrower has demonstrated access to capital markets. 5: Borrower performing in excess of Company expectations, and loan-to-value is better than at time of origination. We use an internal credit rating system which rates each Royalty on a color scale of Green to Red, with Green typically indicative of a Royalty that is exceeding base underwritten case and Red reflective of underperformance relative to plan. The following table summarizes the carrying value of Finance Receivables by origination year, grouped by risk rating as of March 31, 2023: Schedule of Financing Receivable by origination year March 31, 2023 2023 2022 2021 2020 2019 Prior Total Term Loans 5 $ — $ 12,001 $ 13,574 $ — $ 6,743 $ — $ 32,318 4 4,955 49,853 8,750 — — — 63,558 3 — 14,671 22,402 — 31,041 26,430 94,544 2 — — — — — — — 1 — — — 11,844 — — 11,844 Subtotal - Term Loans 4,955 76,525 44,726 11,844 37,784 26,430 202,264 Royalties Green $ — $ 15,231 $ — $ 19,195 $ — $ 4,902 $ 39,328 Yellow — — — — — 137 137 Red — — 4,239 — — 2,856 7,095 Subtotal - Royalties — 15,231 4,239 19,195 — 7,895 46,560 Total Finance Receivables $ 4,955 $ 91,756 $ 48,965 $ 31,039 $ 37,784 $ 34,325 $ 248,824

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 4. Intangible Assets The following table summarizes the gross book value, accumulated amortization and net book value balances of intangible assets as of March 31, 2023 and December 31, 2022 (in thousands): Schedule of Intangible Assets March 31, 2023 December 31, 2022 Gross Book Accumulated Net Book Gross Book Accumulated Net Book Licensing Agreement (1) $ 29,400 $ 21,924 $ 7,476 $ 29,400 $ 21,509 $ 7,891 Trade names and trademarks 210 76 134 210 71 139 Customer relationships 240 86 154 240 80 160 Total intangible assets $ 29,850 $ 22,086 $ 7,764 $ 29,850 $ 21,660 $ 8,190 (1) Prior to the acquisition, Enteris entered into a non-exclusive commercial license agreement (the “License Agreement”) with Cara Therapeutics, Inc. (“Cara”), for oral formulation rights to Enteris’ Peptelligence® technology to develop and commercialize Oral KORSUVA ™ in any indication worldwide, excluding South Korea and Japan. Cara is obligated to pay Enteris certain development, regulatory and tiered commercial milestone payments, as well as low single-digit royalties based on net sales in the licensed territory. Amortization expense related to intangible assets was $ 0.4 million 0.5 million The estimated future amortization expense related to intangible assets as of March 31, 2023 is as follows (in thousands): Schedule of Intangible Asset Amortization Expense Fiscal Year Amount Remainder of 2023 $ 1,277 2024 1,546 2025 1,076 2026 1,076 2027 1,076 Thereafter 1,713 Total $ 7,764

Revolving Credit Facility

Revolving Credit Facility	3 Months Ended
	Mar. 31, 2023
Revolving Credit Facility
Revolving Credit Facility	Note 5. Revolving Credit Facility On November 16, 2022, the Company entered into the Fifth Amendment to Loan and Security Agreement (the “Fifth Amendment”) with Cadence Bank, N.A. as a lender and the administrative agent. Pursuant to the Fifth Amendment, the Loan and Security Agreement dated as of June 29, 2018 (“Loan Agreement”) was amended to extend the Loan Agreement Termination Date to September 30, 2025 and increase the Loan Agreement Commitment to $35.0 million. The Loan Agreement requires the payment of an unused line fee of 0.50 percent and also provides for quarterly minimum fee income of $60,000 less the aggregate interest and unused line fees paid during the immediately preceding quarter. Unused line fees and minimum fee income are recorded as interest expense. The Loan Agreement accrues interest at the monthly SOFR Rate, with a floor of 1.00 percent, plus a 2.65 percent margin and principal is repayable in full at maturity. Interest is generally required to be paid monthly in arrears. In connection with the Fifth Amendment, the Company paid approximately $173,000 in amendment and other fees, which were capitalized as deferred financing costs and are being amortized on a straight-line basis over the remaining 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 March 31, 2023 and December 31, 2022, approximately $ 10.5 million 2.4 million 24.5 million 0.2 million 0.1 million

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6. Commitments and Contingencies Contingent Consideration The Company recorded contingent consideration related to the 2019 acquisition of Enteris and sharing of certain milestone and royalties due to Enteris pursuant to the License Agreement. Contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved, with changes in the estimated fair value recognized in earnings. The estimated fair value of contingent consideration as of March 31, 2023 and December 31, 2022 was $11.2 million. The Company did not recognize a change in the estimated fair value of its contingent consideration during the three months ended March 31, 2023 and 2022. Unfunded Commitments As of March 31, 2023, the Company’s unfunded commitments were as follows (in millions): Schedule of Unfunded Commitments Exeevo, Inc. $ 2.5 Duo Royalty 2.4 MedMinder Systems, Inc. 5.0 SKNV 2.0 Total unfunded commitments $ 11.9 Per the terms of the royalty purchase or credit agreements, unfunded commitments are contingent upon reaching an established revenue threshold or other performance metrics on or before a specified date or period of time, and in the case of loan transactions, are subject to being advanced as long as an event of default does not exist. On January 1, 2023, the Company adopted ASU 2016-13, which replaced the incurred loss methodology with an expected loss model known as the CECL model. See Note 3 for information regarding the Company’s allowance for credit losses related to its unfunded commitments. 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 March 31, 2023, 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 March 31, 2023 and December 31, 2022.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7. 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 1: 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 2: 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 3: 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 three months ended March 31, 2023 and 2022. 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 affiliates. 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. 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. The fair value measurements of the 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. Changes in fair value of this obligation are recorded as income or expense within operating income in our consolidated statements of income. Significant increases or decreases in any of those inputs in isolation could result in a significantly lower or higher fair value measurement. 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 Instruments 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 Company uses a foreign currency forward contract to manage the impact of fluctuations in foreign currency denominated cash flows expected to be received from one of its royalty finance receivables denominated in a foreign currency. The foreign currency forward contract is not designated as a hedging instrument, and changes in fair value are recognized in earnings. The liability related to the derivative instrument was recorded in other non-current liabilities in the consolidated balance sheets. The following table presents financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 (in thousands): Schedule of fair value of assets and liabilities measured on recurring basis Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Warrant assets $ 683 $ — $ — $ 683 Marketable investments 66 — — 66 Financial Liabilities Contingent consideration payable $ 11,200 $ — $ — $ 11,200 Derivative liability - foreign currency forward 367 — — 367 The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 (in thousands): Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Warrant assets $ 1,220 $ — $ — $ 1,220 Marketable investments 76 — — 76 Financial Liabilities Contingent consideration payable $ 11,200 $ — $ — $ 11,200 Derivative liability - foreign currency forward 754 — — 754 The changes in fair value of the warrant assets during the three months ended March 31, 2023 and 2021 were as follows (in thousands): Schedule of fair value assets measured on recurring basis unobservable input reconciliation March 31, 2023 March 31, 2022 Fair value - December 31, 2022 $ 1,220 Fair value - December 31, 2021 $ 3,419 Issued 445 Issued 152 Canceled — Canceled — Change in fair value (982 ) Change in fair value (693 ) Fair value - March 31, 2023 $ 683 Fair value - March 31, 2022 $ 2,878 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 unaudited condensed consolidated balance sheets. The fair values for warrants outstanding, which do not have a readily determinable value, are measured using the Black-Scholes option pricing model. The following ranges of assumptions were used in the models to determine fair value: Schedule of weighted average assumptions March 31, 2023 December 31, 2022 Dividend rate range — — Risk-free rate range 3.6% 4.1% 4.0% 4.3% Expected life (years) range 2.0 6.5 2.0 6.9 Expected volatility range 59.5% 135.5% 54.8% 139.4% As of March 31, 2023 and December 31, 2022, the Company had two royalties, Best and Cambia®, that were deemed to be impaired based on reductions in carrying values in prior periods. The following table presents these royalties measured at fair value on a nonrecurring basis as of March 31, 2023 and December 31, 2022 (in thousands): Schedule of fair value of assets and liabilities measured on nonrecurring basis Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2023 $ 2,994 $ — $ — $ 2,994 December 31, 2022 $ 3,545 $ — $ — $ 3,545 There were no liabilities measured at fair value on a nonrecurring basis as of March 31, 2023 and December 31, 2022. The following information is provided to help readers gain an understanding of the relationship between amounts reported in the accompanying unaudited condensed consolidated financial statements and the related market or fair value. The disclosures include financial instruments and derivative financial instruments measured at fair value on a recurring and non-recurring basis. Schedule of fair value by balance sheet grouping As of March 31, 2023 (in thousands): Carrying Fair Value Level 1 Level 2 Level 3 Financial Assets Finance receivables $ 237,038 $ 237,038 $ — $ — $ 237,038 Marketable investments 66 66 — — 66 Warrant assets 683 683 — — 683 Financial Liabilities Contingent consideration payable $ 11,200 $ 11,200 $ — $ — $ 11,200 Derivative liability - foreign currency forward 367 367 — — 367 As of December 31, 2022 (in thousands): Carrying Fair Value Level 1 Level 2 Level 3 Financial Assets Finance receivables $ 236,555 $ 236,555 $ — $ — $ 236,555 Marketable investments 76 76 — — 76 Warrant assets 1,220 1,220 — — 1,220 Financial Liabilities Contingent consideration payable $ 11,200 $ 11,200 $ — $ — $ 11,200 Derivative liability - foreign currency forward 754 754 — — 754

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Note 8. Revenue Recognition The Company’s Pharmaceutical Development segment recognizes revenues received from contracts with its customers by revenue source, as the Company believes it best depicts the nature, amount, timing and uncertainty of our revenue and cash flow. The Company’s Finance Receivables segment does not have any revenues received from contracts with customers. The following table provides the contract revenue recognized by revenue source for the three and three months ended March 31, 2023 and 2022 (in thousands): Schedule of Revenue Recognized by Revenue Source Three Months Ended March 31, 2023 2022 Pharmaceutical Development Segment License Agreement $ — $ 116 Pharmaceutical Development and other 118 600 Total contract revenue $ 118 $ 716 The Company’s contract liabilities represent advance consideration received from customers and are recognized as revenue when the related performance obligation is satisfied. The Company’s contract liabilities are presented as deferred revenues and are included in accounts payable and accrued liabilities in the consolidated balance sheets (in thousands): Schedule of Company's Contract Liabilities March 31, December 31, Pharmaceutical Development Segment Deferred revenue $ 33 $ 33 Total contract liabilities $ 33 $ 33 During the three months ended March 31, 2023, the Company recognized $ 0.1 million

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Note 9. 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 the Company’s CEO uses 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 (loss) 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 Company does not report assets by reportable segment, as this metric is not used by the Company’s CEO in assessing performance or allocating resources to the segments. The following tables present financial information for the Company’s reportable segments for the periods indicated (in thousands): Schedule of Reportable Revenue by Geographic Region Three Months Ended March 31, 2023 Finance Pharmaceutical Holding Company Consolidated Revenue $ 9,260 $ 118 $ — $ 9,378 Other revenue 31 — 2 33 Interest expense 182 — — 182 Manufacturing, research and development — 719 — 719 Depreciation and amortization expense — 644 4 648 General and administrative 30 727 1,783 2,540 Other expense, net (796 ) — — (796 ) Income tax benefit — — (109 ) (109 ) Net income (loss) 8,283 (1,972 ) (1,676 ) 4,635 Three Months Ended March 31, 2022 Finance Pharmaceutical Holding Company Consolidated Revenue $ 10,415 $ 236 $ — $ 10,651 Other revenue — 480 — 480 Interest expense 80 — — 80 Manufacturing, research and development — 1,901 — 1,901 Depreciation and amortization expense — 704 — 704 General and administrative 102 1,035 2,023 3,160 Other expense, net (721 ) — — (721 ) Income tax expense — — 1,087 1,087 Net income (loss) 9,512 (2,924 ) (3,110 ) 3,478 Included in Holding 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.

SWK Holdings Corporation and _2

SWK Holdings Corporation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [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 March 31, 2023, the Company had 23 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 May 3, 2023, the Company and its partners have executed transactions with 50 different parties under its specialty finance strategy, funding an aggregate of $725.2 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. During 2019, the Company commenced its Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc. (“Enteris”). Enteris is a clinical development and manufacturing organization providing development services to pharmaceutical partners as well as innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform.
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 (“GAAP”). 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.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The unaudited condensed consolidated financial statements have been prepared by the Company and reflect all normal, recurring adjustments that, in the opinion of management, are necessary for a fair presentation of the interim financial information. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for any subsequent quarter or for the year ending December 31, 2023. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted under the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 31, 2023.
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 interest and accounts receivable; impairment of finance receivables; allowance for credit losses; long-lived assets; property and equipment; intangible assets; goodwill; valuation of warrants and other investments; contingent consideration; 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, health crises such as the COVID-19 global pandemic, 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.
Segment Information	Segment Information The Company earns revenues from its two U.S.-based business segments: its specialty finance and asset management business offering customized financing solutions to a broad range of life-sciences companies, and its business offering clinical development and manufacturing services as well as oral therapeutic formulation solutions built around Enteris’ pharmaceutical Peptelligence® platform, 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.
Revenue Recognition	Revenue Recognition 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. 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 is expected to be recognized within one year from the balance sheet date and is included in accounts payable and accrued liabilities in the unaudited condensed consolidated balance sheets.
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 (loss) income.
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, 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, “Reference Rate Reform (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 was effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. The Company has identified existing loans that reference LIBOR and is in the process of evaluating alternatives in each situation. The Company expects that it will elect to apply some of the expedients and exceptions provided in ASU 2020-04 and does not believe the adoption of this standard will have a material impact on the Company’s consolidated financial statements. The Company adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), as amended, on January 1, 2023 using the modified retrospective approach method. ASU 2016-13 replaced the incurred loss impairment methodology with a methodology that reflects a current expected credit loss (“CECL”). ASU 2016-13 impacted all of the Company’s investments held at amortized cost. At December 31, 2022, the Company's allowance for credit losses of $11.8 million was the accumulation of allowance for credit losses (“ACL”) applied to specific finance receivables, representing management's prior estimates of potential future losses on such finance receivables. As part of the Company's adoption of ASU 2016-13, management reviewed its prior estimates of finance receivable-specific ACL and wrote off the full $11.8 million ACL recognized in prior periods to the finance receivables such allowance applied. Under the new CECL model, the net GAAP balances of such finance receivables are presented net of previously reported ACL and are included in the Company's estimated ACL for its Royalties portfolio segment. Upon adoption of ASC 2016-13 on January 1, 2023, the Company’s transition adjustment included $ 11.8 million 0.4 million 9.7 million In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which removes the accounting guidance for troubled debt restructurings and requires entities to evaluate whether a modification provided to a borrower results in a new loan or continuation of an existing loan. The amendment enhances existing disclosures and requires new disclosures for receivables when there has been a modification in contractual cash flows due to a borrower experiencing financial difficulties. Additionally, the amendments require public business entities to disclose gross charge-off information by year of origination in the vintage disclosures. The Company adopted ASU 2022-02 on January 1, 2023 and incorporated the required disclosures into Note 3, Finance Receivables.

Net Income per Share (Tables)

Net Income per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Net income per share
Schedule of Basic and Diluted Earning per Share	The following table shows the computation of basic and diluted net income per share for the following periods (in thousands, except per share amounts): Schedule of Basic and Diluted Earning per Share
Net Income per Share	Three Months Ended March 31, 2023 2022 Numerator: Net income $ 4,635 $ 3,478 Denominator: Weighted-average shares outstanding 12,833 12,830 Effect of dilutive securities 42 58 Weighted-average diluted shares 12,875 12,888 Basic net income per share $ 0.36 $ 0.27 Diluted net income per share $ 0.36 $ 0.27

Finance Receivables, Net (Table

Finance Receivables, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of carrying value of finance receivables	The carrying values of finance receivables are as follows (in thousands): Schedule of carrying value of finance receivables
Finance Receivables, Net	March 31, 2023 December 31, 2022 Term loans $ 202,264 $ 188,836 Royalty purchases 46,560 59,565 Total before allowance for credit losses 248,824 248,401 Allowance for credit losses (11,786 ) (11,846 ) Total carrying value $ 237,038 $ 236,555
Schedule of Allowance for Credit Losses	The following table details the changes in the allowance for credit losses by portfolio segment for the respective periods (in thousands): Schedule of Allowance for Credit Losses Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Term Royalties Total Term Royalties Total Allowance at beginning of period, prior to adoption of ASU 2016-13 $ — $ 11,846 $ 11,846 $ — $ 8,388 $ 8,388 Write offs (1) — (11,846 ) (11,846 ) — — — Recoveries — — — — — — Effect of adoption of ASU 2016-13 8,900 2,886 11,786 — — — Provision expense — — — — — — Allowance at end of period $ 8,900 $ 2,886 $ 11,786 $ — $ 8,388 $ 8,388 (1) Reversal of finance receivable-specific ACL recognized in prior periods. No impact to consolidated statement of income for the three-months ended March 31, 2023. Please refer to Note 1 for further details.
[custom:DisclosureFinanceReceivablesNetDetails2Abstract]	Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Term Royalties Total Term Royalties Total Allowance at beginning of period, prior to adoption of ASU 2016-13 $ — $ 11,846 $ 11,846 $ — $ 8,388 $ 8,388 Write offs (1) — (11,846 ) (11,846 ) — — — Recoveries — — — — — — Effect of adoption of ASU 2016-13 8,900 2,886 11,786 — — — Provision expense — — — — — — Allowance at end of period $ 8,900 $ 2,886 $ 11,786 $ — $ 8,388 $ 8,388 (1) Reversal of finance receivable-specific ACL recognized in prior periods. No impact to consolidated statement of income for the three-months ended March 31, 2023. Please refer to Note 1 for further details.
Schedule of analysis of nonaccrual and performing loans by portfolio segment	The following table presents nonaccrual and performing finance receivables by portfolio segment, net of credit loss allowance (in thousands): Schedule of analysis of nonaccrual and performing loans by portfolio segment
Finance Receivables, Net (Details 3)	March 31, 2023 December 31, 2022 Nonaccrual Performing Total Nonaccrual Performing Total Term loans $ 11,844 $ 181,520 $ 193,364 $ 11,304 $ 177,532 $ 188,836 Royalty purchases 7,096 36,578 43,674 6,736 40,983 47,719 Total carrying value $ 18,940 $ 218,098 $ 237,038 $ 18,040 $ 218,515 $ 236,555
Schedule of Financing Receivable by origination year	The following table summarizes the carrying value of Finance Receivables by origination year, grouped by risk rating as of March 31, 2023: Schedule of Financing Receivable by origination year
Finance Receivables, Net (Details 4)	March 31, 2023 2023 2022 2021 2020 2019 Prior Total Term Loans 5 $ — $ 12,001 $ 13,574 $ — $ 6,743 $ — $ 32,318 4 4,955 49,853 8,750 — — — 63,558 3 — 14,671 22,402 — 31,041 26,430 94,544 2 — — — — — — — 1 — — — 11,844 — — 11,844 Subtotal - Term Loans 4,955 76,525 44,726 11,844 37,784 26,430 202,264 Royalties Green $ — $ 15,231 $ — $ 19,195 $ — $ 4,902 $ 39,328 Yellow — — — — — 137 137 Red — — 4,239 — — 2,856 7,095 Subtotal - Royalties — 15,231 4,239 19,195 — 7,895 46,560 Total Finance Receivables $ 4,955 $ 91,756 $ 48,965 $ 31,039 $ 37,784 $ 34,325 $ 248,824

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The following table summarizes the gross book value, accumulated amortization and net book value balances of intangible assets as of March 31, 2023 and December 31, 2022 (in thousands): Schedule of Intangible Assets
Intangible Assets	March 31, 2023 December 31, 2022 Gross Book Accumulated Net Book Gross Book Accumulated Net Book Licensing Agreement (1) $ 29,400 $ 21,924 $ 7,476 $ 29,400 $ 21,509 $ 7,891 Trade names and trademarks 210 76 134 210 71 139 Customer relationships 240 86 154 240 80 160 Total intangible assets $ 29,850 $ 22,086 $ 7,764 $ 29,850 $ 21,660 $ 8,190
Schedule of Intangible Asset Amortization Expense	The estimated future amortization expense related to intangible assets as of March 31, 2023 is as follows (in thousands): Schedule of Intangible Asset Amortization Expense
Intangible Assets (Details 2)	Fiscal Year Amount Remainder of 2023 $ 1,277 2024 1,546 2025 1,076 2026 1,076 2027 1,076 Thereafter 1,713 Total $ 7,764

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Unfunded Commitments	As of March 31, 2023, the Company’s unfunded commitments were as follows (in millions): Schedule of Unfunded Commitments
Commitments and Contingencies	Exeevo, Inc. $ 2.5 Duo Royalty 2.4 MedMinder Systems, Inc. 5.0 SKNV 2.0 Total unfunded commitments $ 11.9

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of fair value of assets and liabilities measured on recurring basis	The following table presents financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 (in thousands): Schedule of fair value of assets and liabilities measured on recurring basis
Fair Value Measurements	Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial Assets Warrant assets $ 683 $ — $ — $ 683 Marketable investments 66 — — 66 Financial Liabilities Contingent consideration payable $ 11,200 $ — $ — $ 11,200 Derivative liability - foreign currency forward 367 — — 367
Schedule of fair value assets measured on recurring basis unobservable input reconciliation	The changes in fair value of the warrant assets during the three months ended March 31, 2023 and 2021 were as follows (in thousands): Schedule of fair value assets measured on recurring basis unobservable input reconciliation
Fair Value Measurements (Details 2)	March 31, 2023 March 31, 2022 Fair value - December 31, 2022 $ 1,220 Fair value - December 31, 2021 $ 3,419 Issued 445 Issued 152 Canceled — Canceled — Change in fair value (982 ) Change in fair value (693 ) Fair value - March 31, 2023 $ 683 Fair value - March 31, 2022 $ 2,878
Schedule of weighted average assumptions	Schedule of weighted average assumptions
Fair Value Measurements (Details 3)	March 31, 2023 December 31, 2022 Dividend rate range — — Risk-free rate range 3.6% 4.1% 4.0% 4.3% Expected life (years) range 2.0 6.5 2.0 6.9 Expected volatility range 59.5% 135.5% 54.8% 139.4%
Schedule of fair value of assets and liabilities measured on nonrecurring basis	As of March 31, 2023 and December 31, 2022, the Company had two royalties, Best and Cambia®, that were deemed to be impaired based on reductions in carrying values in prior periods. The following table presents these royalties measured at fair value on a nonrecurring basis as of March 31, 2023 and December 31, 2022 (in thousands): Schedule of fair value of assets and liabilities measured on nonrecurring basis
Fair Value Measurements (Details 4)	Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2023 $ 2,994 $ — $ — $ 2,994 December 31, 2022 $ 3,545 $ — $ — $ 3,545
Schedule of fair value by balance sheet grouping	Schedule of fair value by balance sheet grouping As of March 31, 2023 (in thousands):
Fair Value Measurements (Details 5)	Carrying Fair Value Level 1 Level 2 Level 3 Financial Assets Finance receivables $ 237,038 $ 237,038 $ — $ — $ 237,038 Marketable investments 66 66 — — 66 Warrant assets 683 683 — — 683 Financial Liabilities Contingent consideration payable $ 11,200 $ 11,200 $ — $ — $ 11,200 Derivative liability - foreign currency forward 367 367 — — 367

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue Recognized by Revenue Source	The following table provides the contract revenue recognized by revenue source for the three and three months ended March 31, 2023 and 2022 (in thousands): Schedule of Revenue Recognized by Revenue Source
Revenue Recognition	Three Months Ended March 31, 2023 2022 Pharmaceutical Development Segment License Agreement $ — $ 116 Pharmaceutical Development and other 118 600 Total contract revenue $ 118 $ 716
Schedule of Company's Contract Liabilities	The Company’s contract liabilities are presented as deferred revenues and are included in accounts payable and accrued liabilities in the consolidated balance sheets (in thousands): Schedule of Company's Contract Liabilities
Revenue Recognition (Details 2)	March 31, December 31, Pharmaceutical Development Segment Deferred revenue $ 33 $ 33 Total contract liabilities $ 33 $ 33

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Reportable Revenue by Geographic Region	The following tables present financial information for the Company’s reportable segments for the periods indicated (in thousands): Schedule of Reportable Revenue by Geographic Region Three Months Ended March 31, 2023 Finance Pharmaceutical Holding Company Consolidated Revenue $ 9,260 $ 118 $ — $ 9,378 Other revenue 31 — 2 33 Interest expense 182 — — 182 Manufacturing, research and development — 719 — 719 Depreciation and amortization expense — 644 4 648 General and administrative 30 727 1,783 2,540 Other expense, net (796 ) — — (796 ) Income tax benefit — — (109 ) (109 ) Net income (loss) 8,283 (1,972 ) (1,676 ) 4,635 Three Months Ended March 31, 2022 Finance Pharmaceutical Holding Company Consolidated Revenue $ 10,415 $ 236 $ — $ 10,651 Other revenue — 480 — 480 Interest expense 80 — — 80 Manufacturing, research and development — 1,901 — 1,901 Depreciation and amortization expense — 704 — 704 General and administrative 102 1,035 2,023 3,160 Other expense, net (721 ) — — (721 ) Income tax expense — — 1,087 1,087 Net income (loss) 9,512 (2,924 ) (3,110 ) 3,478
[custom:DisclosureSegmentInformationDetailsAbstract]	Three Months Ended March 31, 2023 Finance Pharmaceutical Holding Company Consolidated Revenue $ 9,260 $ 118 $ — $ 9,378 Other revenue 31 — 2 33 Interest expense 182 — — 182 Manufacturing, research and development — 719 — 719 Depreciation and amortization expense — 644 4 648 General and administrative 30 727 1,783 2,540 Other expense, net (796 ) — — (796 ) Income tax benefit — — (109 ) (109 ) Net income (loss) 8,283 (1,972 ) (1,676 ) 4,635 Three Months Ended March 31, 2022 Finance Pharmaceutical Holding Company Consolidated Revenue $ 10,415 $ 236 $ — $ 10,651 Other revenue — 480 — 480 Interest expense 80 — — 80 Manufacturing, research and development — 1,901 — 1,901 Depreciation and amortization expense — 704 — 704 General and administrative 102 1,035 2,023 3,160 Other expense, net (721 ) — — (721 ) Income tax expense — — 1,087 1,087 Net income (loss) 9,512 (2,924 ) (3,110 ) 3,478

SWK Holdings Corporation and _3

SWK Holdings Corporation and Summary of Significant Accounting Policies (Details Narrative) $ in Thousands	Mar. 31, 2023 USD ($) Number	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Entity Number of Employees | Number	23
Financing Receivable, Allowance for Credit Loss	$ (11,786)	$ (11,846)	$ (8,388)	$ (8,388)
Financing Receivable, Allowance for Credit Loss	11,786	11,846	$ 8,388	$ 8,388
Retained Earnings (Accumulated Deficit)	$ 4,156,053	4,151,005
Retained Earnings [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Financing Receivable, Allowance for Credit Loss		11,800
Financing Receivable, Allowance for Credit Loss		(11,800)
Retained Earnings (Accumulated Deficit)		9,700
Retained Earnings [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Unfunded Loan Commitment [Member]
Financing Receivable, Allowance for Credit Loss		(400)
Financing Receivable, Allowance for Credit Loss		$ 400

Net Income per Share (Details)

Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income per share
Net income	$ 4,635	$ 3,478
Weighted-average shares outstanding	12,833,000	12,830,000
Effect of dilutive securities	42	58
Weighted-average diluted shares	12,875,000	12,888,000
Basic net income per share	$ 0.36	$ 0.27
Diluted net income per share	$ 0.36	$ 0.27

Net Income per Share (Details N

Net Income per Share (Details Narrative) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income per share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	119,000	300,000

Finance Receivables, Net (Detai

Finance Receivables, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total before allowance for credit losses	$ 248,824	$ 248,401
Allowance for credit losses	(11,786)	(11,846)	$ (8,388)	$ (8,388)
Total carrying value	237,038	236,555
Life Science Term Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total before allowance for credit losses	202,264	188,836
Allowance for credit losses	(8,900)
Total carrying value	193,364	188,836
Life Science Royalty Purchases [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total before allowance for credit losses	46,560	59,565
Allowance for credit losses	(2,886)	(11,846)	$ (8,388)	$ (8,388)
Total carrying value	$ 43,674	$ 47,719

Finance Receivables, Net (Det_2

Finance Receivables, Net (Details 2) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance at beginning of period, prior to adoption of ASU 2016-13		$ 11,846	$ 8,388
Write offs	[1]	(11,846)
Recoveries
Effect of adoption of ASU 2016-13		11,786
Provision expense
Allowance at end of period		11,786	8,388
Life Science Term Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance at beginning of period, prior to adoption of ASU 2016-13
Write offs	[1]
Recoveries
Effect of adoption of ASU 2016-13		8,900
Provision expense
Allowance at end of period		8,900
Life Science Royalty Purchases [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance at beginning of period, prior to adoption of ASU 2016-13		11,846	8,388
Write offs	[1]	(11,846)
Recoveries
Effect of adoption of ASU 2016-13		2,886
Provision expense
Allowance at end of period		$ 2,886	$ 8,388
[1]Reversal of finance receivable-specific ACL recognized in prior periods. No impact to consolidated statement of income for the three-months ended March 31, 2023. Please refer to Note 1 for further details.

Finance Receivables, Net (Det_3

Finance Receivables, Net (Details 3) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Total carrying value	$ 237,038	$ 236,555
Life Science Term Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total carrying value	193,364	188,836
Life Science Royalty Purchases [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total carrying value	43,674	47,719
Nonperforming Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total carrying value	18,940	18,040
Nonperforming Financial Instruments [Member] | Life Science Term Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total carrying value	11,844	11,304
Nonperforming Financial Instruments [Member] | Life Science Royalty Purchases [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total carrying value	7,096	6,736
Performing Financial Instruments [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total carrying value	218,098	218,515
Performing Financial Instruments [Member] | Life Science Term Loans [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total carrying value	181,520	177,532
Performing Financial Instruments [Member] | Life Science Royalty Purchases [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Total carrying value	$ 36,578	$ 40,983

Finance Receivables, Net (Det_4

Finance Receivables, Net (Details 4) $ in Thousands	Mar. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	$ 4,955
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	91,756
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	48,965
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	31,039
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	37,784
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	34,325
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	248,824
Life Science Term Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	4,955
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	76,525
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	44,726
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	11,844
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	37,784
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	26,430
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	202,264
Life Science Term Loans [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	12,001
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	13,574
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	6,743
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	32,318
Life Science Term Loans [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year	4,955
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	49,853
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	8,750
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	63,558
Life Science Term Loans [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	14,671
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	22,402
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year	31,041
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	26,430
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	94,544
Life Science Term Loans [Member] | Doubtful [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss
Life Science Term Loans [Member] | Unlikely to be Collected Financing Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	11,844
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	11,844
Life Science Royalty Purchases [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	15,231
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	4,239
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	19,195
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	7,895
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	46,560
Life Science Royalty Purchases [Member] | Pass [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year	15,231
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year	19,195
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	4,902
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	39,328
Life Science Royalty Purchases [Member] | Special Mention [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	137
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	137
Life Science Royalty Purchases [Member] | Substandard [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year	4,239
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year	2,856
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 7,095

Finance Receivables, Net (Det_5

Finance Receivables, Net (Details Narrative) $ in Thousands	Mar. 31, 2023 USD ($)
Flowonix Medical Inc [Member]
Defined Benefit Plan Disclosure [Line Items]
Loans and Leases Receivable, Gross	$ 11,800
Best Royalty [Member]
Defined Benefit Plan Disclosure [Line Items]
Loans and Leases Receivable, Gross	2,900
Ideal Implant Inc [Member]
Defined Benefit Plan Disclosure [Line Items]
Loans and Leases Receivable, Gross	$ 4,200

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Indefinite-Lived Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		$ 29,850	$ 29,850
Finite-Lived Intangible Assets, Accumulated Amortization		22,086	21,660
Intangible Assets, Current		7,764	8,190
Licensing Agreements [Member]
Indefinite-Lived Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	[1]	29,400	29,400
Finite-Lived Intangible Assets, Accumulated Amortization	[1]	21,924	21,509
Intangible Assets, Current	[1]	7,476	7,891
Trademarks and Trade Names [Member]
Indefinite-Lived Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		210	210
Finite-Lived Intangible Assets, Accumulated Amortization		76	71
Intangible Assets, Current		134	139
Customer Relationships [Member]
Indefinite-Lived Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill		240	240
Finite-Lived Intangible Assets, Accumulated Amortization		86	80
Intangible Assets, Current		$ 154	$ 160
[1]Prior to the acquisition, Enteris entered into a non-exclusive commercial license agreement (the “License Agreement”) with Cara Therapeutics, Inc. (“Cara”), for oral formulation rights to Enteris’ Peptelligence® technology to develop and commercialize Oral KORSUVA ™ in any indication worldwide, excluding South Korea and Japan. Cara is obligated to pay Enteris certain development, regulatory and tiered commercial milestone payments, as well as low single-digit royalties based on net sales in the licensed territory.

Intangible Assets (Details 2)

Intangible Assets (Details 2) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 1,277
2024	1,546
2025	1,076
2026	1,076
2027	1,076
Thereafter	1,713
Total	$ 7,764

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 400	$ 500

Revolving Credit Facility (Deta

Revolving Credit Facility (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Line of Credit Facility [Line Items]
Line of Credit Facility, Fair Value of Amount Outstanding	$ 10,500		$ 2,400
Line of Credit Facility, Remaining Borrowing Capacity	24,500
Interest Expense	182	$ 80
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Interest Expense	$ 200	$ 100

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Unfunded Loan Commitment [Member] $ in Thousands	Mar. 31, 2023 USD ($)
Financing Receivable, Past Due [Line Items]
Commitments and Contingencies	$ 11,900
Exeevo, Inc.
Financing Receivable, Past Due [Line Items]
Commitments and Contingencies	2,500
Duo Royalty
Financing Receivable, Past Due [Line Items]
Commitments and Contingencies	2,400
MedMinder Systems, Inc.
Financing Receivable, Past Due [Line Items]
Commitments and Contingencies	5,000
SKNV
Financing Receivable, Past Due [Line Items]
Commitments and Contingencies	$ 2,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Financial Assets
Warrant assets	$ 683	$ 1,220
Fair Value, Inputs, Level 1 [Member]
Financial Assets
Warrant assets
Financial Liabilities
Derivative liability - foreign currency forward
Fair Value, Inputs, Level 2 [Member]
Financial Assets
Warrant assets
Financial Liabilities
Derivative liability - foreign currency forward
Fair Value, Inputs, Level 3 [Member]
Financial Assets
Warrant assets	683	1,220
Financial Liabilities
Derivative liability - foreign currency forward	367	754
Fair Value, Recurring [Member]
Financial Assets
Warrant assets	683	1,220
Marketable investments	66	76
Financial Liabilities
Contingent consideration payable	11,200	11,200
Derivative liability - foreign currency forward	367	754
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Financial Assets
Warrant assets
Marketable investments
Financial Liabilities
Contingent consideration payable
Derivative liability - foreign currency forward
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Financial Assets
Warrant assets
Marketable investments
Financial Liabilities
Contingent consideration payable
Derivative liability - foreign currency forward
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Financial Assets
Warrant assets	683	1,220	$ 2,878	$ 3,419
Marketable investments	66	76
Financial Liabilities
Contingent consideration payable	11,200	11,200
Derivative liability - foreign currency forward	$ 367	$ 754

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value - December 31, 2022	$ 1,220
Fair value - March 31, 2023	683
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value - December 31, 2022	1,220
Fair value - March 31, 2023	683
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value - December 31, 2022	1,220
Fair value - March 31, 2023	683
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value - December 31, 2022	1,220	$ 3,419
Issued	445	152
Canceled
Change in fair value	(982)	(693)
Fair value - March 31, 2023	$ 683	$ 2,878

Fair Value Measurements (Deta_3

Fair Value Measurements (Details 3) - Warrant [Member]	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0%	0%
Minimum [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	3.60%	4%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term	2 years		2 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	59.50%	54.80%
Maximum [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	4.10%	4.30%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term	6 years 6 months		6 years 10 months 24 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	135.50%	139.40%

Fair Value Measurements (Deta_4

Fair Value Measurements (Details 4) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
December 31, 2022	$ 2,994	$ 3,545
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
December 31, 2022
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
December 31, 2022	$ 2,994	$ 3,545

Fair Value Measurements (Deta_5

Fair Value Measurements (Details 5) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial Assets
Finance receivables	$ 237,038	$ 236,555
Marketable investments	66	76
Warrant assets	683	1,220
Financial Liabilities
Contingent consideration payable	11,200	11,200
Fair Value, Inputs, Level 1 [Member]
Financial Assets
Finance receivables
Marketable investments
Warrant assets
Financial Liabilities
Contingent consideration payable
Derivative liability - foreign currency forward
Fair Value, Inputs, Level 2 [Member]
Financial Assets
Finance receivables
Marketable investments
Warrant assets
Financial Liabilities
Contingent consideration payable
Derivative liability - foreign currency forward
Fair Value, Inputs, Level 3 [Member]
Financial Assets
Finance receivables	237,038	236,555
Marketable investments	66	76
Warrant assets	683	1,220
Financial Liabilities
Contingent consideration payable	11,200	11,200
Derivative liability - foreign currency forward	367	754
Reported Value Measurement [Member]
Financial Assets
Finance receivables	237,038	236,555
Marketable investments	66	76
Warrant assets	683	1,220
Financial Liabilities
Contingent consideration payable	11,200	11,200
Derivative liability - foreign currency forward	367	754
Estimate of Fair Value Measurement [Member]
Financial Assets
Finance receivables	237,038	236,555
Marketable investments	66	76
Warrant assets	683	1,220
Financial Liabilities
Contingent consideration payable	11,200	11,200
Derivative liability - foreign currency forward	$ 367	$ 754

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Past Due [Line Items]
Total contract revenue	$ 9,411	$ 11,131
Pharmaceutical Development Services [Member]
Financing Receivable, Past Due [Line Items]
Total contract revenue	118	716
Pharmaceutical Development Services [Member] | Licensing Agreements [Member]
Financing Receivable, Past Due [Line Items]
Total contract revenue		116
Pharmaceutical Development Services [Member] | Other Intangible Assets [Member]
Financing Receivable, Past Due [Line Items]
Total contract revenue	$ 118	$ 600

Revenue Recognition (Details 2)

Revenue Recognition (Details 2) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 33	$ 33
Total contract liabilities	$ 33	$ 33

Revenue Recognition (Details Na

Revenue Recognition (Details Narrative) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Pharmaceutical Development Services [Member]
Financing Receivable, Past Due [Line Items]
Increase (Decrease) in Accounts Receivable	$ 100

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Past Due [Line Items]
Revenue	$ 9,378	$ 10,651
Other revenue	33	480
Interest expense	182	80
Manufacturing, research and development	719	1,901
Depreciation and amortization expense	648	704
General and administrative	2,540	3,160
Other expense, net	(796)	(721)
Income tax expense	(109)	1,087
Net income (loss)	4,635	3,478
Financing Receivable [Member]
Financing Receivable, Past Due [Line Items]
Revenue	9,260	10,415
Other revenue	31
Interest expense	182	80
Manufacturing, research and development
Depreciation and amortization expense
General and administrative	30	102
Other expense, net	(796)	(721)
Income tax expense
Net income (loss)	8,283	9,512
Pharmaceutical Development Services [Member]
Financing Receivable, Past Due [Line Items]
Revenue	118	236
Other revenue		480
Interest expense
Manufacturing, research and development	719	1,901
Depreciation and amortization expense	644	704
General and administrative	727	1,035
Other expense, net
Income tax expense
Net income (loss)	(1,972)	(2,924)
Holding Company And Other [Member]
Financing Receivable, Past Due [Line Items]
Revenue
Other revenue	2
Interest expense
Manufacturing, research and development
Depreciation and amortization expense	4
General and administrative	1,783	2,023
Other expense, net
Income tax expense	(109)	1,087
Net income (loss)	$ (1,676)	$ (3,110)