S
SWK Holdings Corp
SWKHLCIK 0001089907NasdaqNon-AcceleratedSmaller ReportingMiscellaneous Business Credit InstitutionDelawareFY ends Dec 31
Period
FY 2025
Revenue
$41.46M
Net Income
$-2.53M
Total Assets
$272.42M
Equity
$235.10M
Shares Out
12.10M
Op. Cash Flow
$27.29M
Business
SWK Holdings Corp provides specialty finance and asset management for the life sciences sector and operates a pharmaceutical development, manufacturing and intellectual property licensing business. It offers customized financing solutions including royalty purchases, synthetic revenue interests, secured debt and investment advisory services, alongside pharmaceutical development, formulation, GMP manufacturing and licensing of proprietary oral drug delivery technologies. Its operations comprise two reportable segments: Finance Receivables and Pharmaceutical Development, including its SWK Advisors LLC advisory arm and Enteris. The company serves biotechnology, pharmaceutical, medical device, diagnostics and animal health companies through direct partnerships, institutional investment clients and third-party collaborations.
Summary from filing dated 2025-03-20
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Finance receivable interest income, including fees | 38 | 41 | 36 | 35 | 39 | |
| Pharmaceutical development | 2 | 4 | 1 | — | — | |
| Other | 865,000 | 584,000 | 212,000 | — | — | |
| Total revenues | 41 | 45 | 38 | 41 | 56 | |
| Provision for (benefit from) credit losses | −924,000 | 13 | 2 | 3 | — | |
| Loss on impairment | 641,000 | 6 | — | — | — | |
| Loss on disposal of inventory | 314,000 | 0 | — | — | — | |
| Interest expense | 5 | 5 | 2 | — | — | |
| Pharmaceutical manufacturing, research and development expense | 2 | 2 | 3 | 7 | 7 | |
| Change in fair value of acquisition-related contingent consideration | 0 | −5 | −6 | — | — | |
| Depreciation and amortization expense | 40,000 | 1 | 3 | — | — | |
| General and administrative expense | 15 | 11 | 11 | 13 | 14 | |
| Income from operations | 20 | 12 | 15 | — | — | |
| Unrealized net gain on warrants | 775,000 | 2 | −55,000 | 417,000 | 272,000 | |
| Net gain on exercise and cancellation of warrants | 0 | 445,000 | −799,000 | — | — | |
| Loss on sale of assets | −82,000 | 0 | — | — | — | |
| Gain on sale of business | 2 | 0 | — | — | — | |
| Net loss on marketable investments | −384,000 | −266,000 | 0 | — | — | |
| Realized gain on early payment of finance receivables | 2 | 1 | 0 | — | — | |
| Gain (loss) on revaluation of finance receivables | −4 | 3 | 0 | — | — | |
| Realized and unrealized foreign currency transaction gains (losses) | −71,000 | 641,000 | 817,000 | — | — | |
| Income before income tax expense | 20 | 18 | 15 | — | — | |
| Income tax expense | 23 | 5 | −1 | −4 | 7 | |
| Net income (loss) | −3 | 13 | 16 | — | — | |
| Basic (in dollars per share) | −0.21 | 1.09 | 1.26 | 1.05 | 2.03 | |
| Diluted (in dollars per share) | −0.21 | 1.09 | 1.25 | 1.05 | 2.02 | |
| Basic (in shares) | 12 | 12 | 13 | 13 | 13 | |
| Diluted (in shares) | 12 | 12 | 13 | 13 | 13 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 43 | 6 | 5 | 6 | 43 | |
| Interest, accounts receivable, and other receivables | 4 | 6 | 5 | 3 | 2 | |
| Assets held for sale, net (Note 6) | 0 | 6 | 0 | — | — | |
| Other current assets | 163,000 | 2 | 2 | 1 | 2 | |
| Total current assets | 47 | 20 | 12 | 10 | 47 | |
| Finance receivables, net of allowance for credit losses of $7,278 and $11,249 as of December 31, 2025 and 2024, respectively | 219 | 278 | 275 | — | — | |
| Collateral on foreign currency forward contract | 0 | 3 | 3 | — | — | |
| Marketable investments | 184,000 | 580,000 | 48,000 | — | — | |
| Deferred tax assets, net | 912,000 | 23 | 28 | 24 | 21 | |
| Warrant assets | 6 | 4 | 2 | 1 | 3 | |
| Other non-current assets, net | 0 | 3 | 3 | 2 | 2 | |
| Total assets | 272 | 332 | 334 | 300 | 283 | |
| Accounts payable and accrued liabilities | 5 | 3 | 4 | 4 | 5 | |
| Liabilities held for sale, net (Note 6) | 0 | 1 | 0 | — | — | |
| Deferred income | 0 | 2 | 9,000 | — | — | |
| Total current liabilities | 5 | 6 | 4 | 6 | 5 | |
| Unsecured senior notes, net | 32 | 31 | 31 | — | — | |
| Revolving credit facility | 0 | 6 | 12 | — | — | |
| Other non-current liabilities | 240,000 | 335,000 | 2 | 2 | 2 | |
| Total liabilities | 37 | 44 | 54 | 20 | 15 | |
| Commitments and contingencies (Note 8) | — | — | — | — | — | |
| Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding | 0 | 0 | 0 | — | — | |
| Common stock, $0.001 par value; 250,000,000 shares authorized; 12,095,979 and 12,213,599 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 12,000 | 12,000 | 12,000 | 12,000 | 13,000 | |
| Additional paid-in capital | 4,418 | 4,420 | 4,425 | 4,431 | 4,432 | |
| Accumulated deficit | −4,183 | −4,131 | −4,145 | −4,151 | −4,164 | |
| Total stockholders' equity | 235 | 289 | 280 | 280 | 267 | |
| Total liabilities and stockholders' equity | 272 | 332 | 334 | 300 | 283 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Provision for (benefit from) credit losses | −695,000 | 13 | — | — | — | |
| Loss on sale of assets | 82,000 | 0 | — | — | — | |
| Right-of-use amortization | 143,000 | 415,000 | 333,000 | 229,000 | — | |
| Amortization of debt issuance costs | 1 | 1 | 493,000 | 69,000 | 49,000 | |
| Deferred income taxes, net | 23 | 5 | −1 | −4 | 7 | |
| Unrealized net gain on warrants | −775,000 | −2 | 55,000 | −417,000 | −272,000 | |
| Net gain on exercise and cancellation of warrants | 0 | −445,000 | 799,000 | — | — | |
| Gain on sale of business | −1 | 0 | — | — | — | |
| Change in fair value of acquisition-related contingent consideration | 0 | −5 | −6 | — | — | |
| Foreign currency transaction gains | −681,000 | −1 | −2 | — | — | |
| Loan discount amortization and fee accretion | −2 | −4 | −4 | −2 | −1 | |
| Interest paid-in-kind | −2 | −3 | −2 | — | — | |
| Stock-based compensation | 1 | 900,000 | 500,000 | — | — | |
| Interest, accounts receivable and other receivables | 2 | −1 | −2 | — | — | |
| Derivative assets and liabilities, net | 915,000 | 1 | 1 | — | — | |
| Collateral on foreign currency forward contract | 3 | 0 | — | — | — | |
| Other assets, net | 1 | 199,000 | −787,000 | −44,000 | −2 | |
| Accounts payable, accrued expenses, and other non-current liabilities | 2 | −1 | 371,000 | −2 | 2 | |
| Deferred income | −2 | 1 | 26,000 | — | — | |
| Net cash provided by operating activities | 27 | 23 | 15 | 8 | 34 | |
| Proceeds from sale of property and equipment | 110,000 | 0 | — | — | — | |
| Settlement of foreign currency forward contract | 2 | 0 | — | — | — | |
| Proceeds from sale of assets and liabilities held for sale | 7 | 0 | — | — | — | |
| Sale of marketable investments | 0 | 574,000 | 0 | — | — | |
| Investment in finance receivables | −29 | −64 | −74 | −93 | −42 | |
| Proceeds from sale of finance receivables | 32 | 0 | — | — | — | |
| Repayment of finance receivables | 57 | 53 | 12 | — | — | |
| Corporate debt securities principal payments | 21,000 | 27,000 | 28,000 | — | — | |
| Purchases of property and equipment | −512,000 | −138,000 | −496,000 | −297,000 | −1 | |
| Net cash provided by (used in) investing activities | 68 | −10 | −49 | −44 | 26 | |
| Net settlement for employee taxes on stock options | −89,000 | −43,000 | 0 | — | — | |
| Net payments on from credit facility | −6 | −6 | 10 | 2 | −12 | |
| Cash dividends | −49 | 0 | — | — | — | |
| Payments on financing costs | −41,000 | −50,000 | −3 | — | — | |
| Repurchases of common stock, including fees and expenses | −3 | −6 | −6 | −1 | — | |
| Net cash used in financing activities | −59 | −12 | 33 | −1 | −20 | |
| Net increase in cash and cash equivalents | 37 | 691,000 | −920,000 | −37 | 40 | |
| Derecognition of right-of-use assets and operating lease liabilities upon termination of lease | 0 | 82,000 | 0 | — | — | |
| Cash paid for interest | 3 | 3 | 1 | 268,000 | 110,000 | |
| Fair value of warrants received with finance receivables | 537,000 | 1 | 1 | — | — |
Filings
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