to growing business today’s on in On of the of SWK update for and you of Thank considerable focus; the areas positioning have creations, new of multi-year four course we you much remains. quarter period capital leadership portfolio. scaling made call our anticipation fourth conference the team call. Jason. thanks of the value Enteris I Since appointment joining And everyone for progress work a team want
of current market the four life focus, to want the environment. discussing science finance areas Before I briefly address
our either our industry exposure had Bank share with matter of considerable and in SWK upheaval under in to month or a days a was in of via space collapsing Standard collapsing facilities. the direct SVB credit active deposits or past The period no stress. Gold banks other
SWK some lines revolvers undrawn or SVB. of none exposure, credit deposit had boards While have
disruption Quantifying to prior the deploy our above a to is turmoil, historical intended proposals low scale at drives to drives attractive are over SWK opportunity. bankruptcy course for we the as issuing cost. urgency currently Of SVB SWK business cost as are financing been past to as our decade. however mid-teens teens new the it’s building they mid-to-high capital
grow our firm, former extending month. first have increase pleased capability. this we approximately we team investment a announce the the priority our be second am we close deal the several underwriting achieved sourcing transaction over private Our to finance comes professional business in the also development a SWK positioning a team achieved this from been dedicated rejoining SWK has $XXX to now XXXX XXXX. We investment appropriately is who will responsibly four investment of to in million large hirers to hired next volume staffed since excess of investment professional years. half equity the business believe of goal I Recently team and
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CEO First COO, the Paul Dr. replaced the with Shields.
approximately headcount the by reduced Second, we XX%.
of the the the business team have time job the with period his reduce done outstanding team to Paul business business plan. both and repositioning and revenue. reforecasting CDMO short work an time sustainable towards securing and and We Paul of modifying have in costs a spent
quarter million This the side, $X.X has we the to cash headcount from reduction proprietary driven well in by decline million assets. by of XXXX. cost the as will for approximately OpEx expect On roughly completion R&D XXXX, as third of quarter spend $X.X the XXXbX per quarter per two
On developed side, us pharma has that CDMO Enteris work. service source is a with informal the company revenue partnership large helping
combination by generate existing CDMO and on initiative the have the While expected of bid we is revenue work. $X costs million XXXX. $X is with half of improved in revenue combined the second early, to improved potential cash approximately The bookings XXXX flows million of will decreasing another for of drive
think Enteris. assets. major I’d like we how discuss briefly value on four about the to There are
The on cleanest in three primarily a our the contingent on this which Oral is $XX.X is our liability. the and again, that's license sheet, trials. asset this is is associated tied this Cara balance first cash the financial at studying late value future stage to stage, KORSUVA, of license at And and million of is And Cara Cara asset. clinical The look balance the a actually consideration sheet flows.
XX% this owed cash seller. a So little original is to the That the confusing. Enteris of is the flows
Now it's this not our is an accounting would sell portion. where driven we valuation and
the it's zip in However, right code.
second At pieces The dosage. Peptelligence primary intellectual attention with there's Peptelligence. is SWKs asset associated this value drew this property. Enteris. of which point, asset to three as the converts oral IV And And certain drugs originally Peptelligence is reminder, the into
we a first a The digit do royalty. is additional single clinical existing low an drug stage carries have on that license
developed. in discussed being the haven't as not past We it was asset this
However, has asset the recently, trials. a launching is acquired company pharma clinical well-funded and private
probably with licenses. Enteris And carry largest what's cash a third the discussions but material is that’s Enteris. flow illustrates the this the really other think and will it piece here The licenses final the close piece second stage to have the Peptelligence party certainty market. value in another if The of I is we we’ve value, that value another no remaining biotech, take could license. these There’s disclosed Cara do as to close piece or later
plant. of on have Paul, work December than totaled this the the Driven in and the simply Tom books, of piece XX. at $X.X the which third the for the value Daggs a see now team, The PP&E more we value by is million entire business CDMO the path to
days, early progress. for year CDMO the update optimistic While throughout the we’ll we’re and the on business you the potential about
fourth the piece value final proprietary in is then assets. And Enteris at the drug of our two XXXbX
successful these the of for first of a as last primary assets oral X we rare doses with the news estradiol And leuprolide trial indication. endpoint some The is did some suppression. of month pediatric Ovarest positive get achieving Phase was semi
and update further are the to be set a later provide we’ll able We full reviewing year. data this
is a The second psychiatric product. XXXbX asset nasal
any work of SWK transacting. want fund to in the we see expect R&D exchange analyzed, would not completed next before the data to Instead, development Enteris. for to currently downstream -- this to to work economics additional preclinical up into licensed as finishing will that partner and trial is dollars partner programs. stages partner the does We’re fund seek
Turning to balance capital, diligently attractive balance both sheet into opportunity priority off funding third the deploy set. we to an to and are sheet working secure
for While not our we metrics do compensation this as development priority XXXX. today, incentive for have is management a of one specific a
the investment assets, quarter to portfolio, of with high. is million $XXX which all-time an Turning we approximately the ended
transaction, totaled an and royalty a existing $XX.X closed million to including $X put exchange additional which million we borrowers. quarter the associated During foreign hedge
we remaining existing a value million $X.X quarter loan in term the the times borrowers. $X million for a million, first fourth multiple to which investment which end book third phenomenal excess our quarter, quarter. X.X in the the In one and XXXX was of for advanced generating of closed SWK is, royalty sold was Narcan In $XXX,XXX of $X invested we approximately interest at the on capital. the have This
sold $X of Harrow SWK shares generating proceeds. Health in million also Bioventus and approximately
portfolio. then $X.X XX, had which at receivables our $XX December XX, is TRT approximately of on During X.X% And non-accrual fully the at quarter, million. we million the reserved of which finance position totaled we investment
position are success working business borrowers for with is resolution these two We to update once we’ll achieved. of and each
value goal. beneficial Or to North stock is star repurchasing share per value book is below this driving and
start share repurchased XXXX, at at XX,XXX XXbXprogram. SWK During repurchase repurchased of approximately cost per has SWK average XXXX, shares an of our $XX.XX. approximately roughly of XX,XXX Since under $XX.XX price the average an shares
DiCicco I and professional to contributed to SWK board Texas. Board chose I thank compensation to our shareholders. call with the our executive as the external to resume business improving Welcome, want Retirement also to Albright impressive Wendy particular contribution to her returning directors. emphasis to professional executive of not considerably re-election a due Jerry align better Jerry he on Directors System serving Before seek talented Yvette, a When of of Teacher including an plan has with welcome for of our a want commitments, Jerry. to Board. is to CIO Wendy to
Yvette CFO, performance like Heinrichson the our an would for turn to I quarter. over that, call update the our to on financial for With
