SWK Holdings Corp SWKHL
SWK Holdings Corporation (the "Company," "we," or "us") was incorporated in July 1996 in California and reincorporated in Delaware in September 1999. In July 2012, we commenced a strategy of building a specialty finance and asset management business. In August 2019, we commenced a complementary strategy of building a pharmaceutical development, manufacturing and intellectual property licensing business. Prior to September 30, 2025 our operations were comprised of two reportable segments: "Finance Receivables" and "Pharmaceutical Development." As a result of the sale of substantially all assets of the Pharmaceutical Development segment, the Finance Receivables segment will be the only remaining operating segment in subsequent years. We evaluate and invest in a broad range of healthcare related companies and products with innovative intellectual property, including the biotechnology, medical device, medical diagnostics and related tools, animal health and pharmaceutical industries (collectively, "life sciences"). We allocate capital within our finance receivables portfolio in order to generate income through the sales of life science products by third parties and related earned income sources. The Company is headquartered in Dallas, Texas.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2M | $3.6M | $1.2M | $41.5M | $56.2M | $36.7M | $30.7M | $26.0M | $79.0K | $22.4M |
| R&D | $1.6M | $2.2M | $3.4M | $7.0M | $7.3M | $4.3M | $1.2M | — | — | — |
| SG&A | $14.8M | $11.5M | $11.2M | $13.0M | $13.6M | $10.5M | $7.4M | $4.9M | $4.1M | $2.8M |
| Total operating expenses | — | — | -$14.7M | -$10.0M | -$31.0M | $31.9M | $16.1M | $19.1M | $12.6M | $12.6M |
| Operating income | $20.3M | $11.6M | $14.7M | — | — | — | — | — | — | — |
| Interest expense | — | — | $1.8M | $340.0K | $374.0K | $455.0K | $338.0K | $160.0K | — | — |
| Pre-tax income | $20.1M | $18.4M | $14.6M | $9.5M | $33.0M | $3.7M | $16.8M | $6.2M | $24.0M | $10.4M |
| Income tax | $22.6M | $4.9M | $1.3M | $4.0M | $7.1M | $1.5M | $7.0M | $42.0K | $15.8M | $21.6M |
| Net income | -$2.5M | $13.5M | $15.9M | $13.5M | $25.9M | $5.2M | $23.8M | $6.2M | $3.0M | $28.9M |
| EPS, basic | -0.21 | 1.09 | 1.26 | 1.05 | 2.03 | 0.40 | 1.85 | 0.47 | 0.23 | 2.22 |
| EPS, diluted | -0.21 | 1.09 | 1.25 | 1.05 | 2.02 | 0.40 | 1.85 | 0.47 | 0.23 | 2.22 |
| Shares, diluted (wtd. avg.) | $12.2M | $12.4M | $12.7M | $12.9M | $12.8M | $12.9M | $12.9M | $13.1M | $13.0M | $13.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $42.8M | $5.9M | $5.2M | $6.2M | $42.9M | $3.0M | $11.2M | $20.2M | $30.6M | $32.2M |
| Total current assets | $46.8M | $20.3M | $11.9M | $10.4M | $47.4M | $6.7M | $16.3M | $22.6M | — | — |
| Property, plant and equipment | $48.0K | $5.4M | $5.4M | $5.8M | $5.8M | $5.2M | $1.3M | $25.0K | — | — |
| Goodwill | — | — | — | $8.4M | $8.4M | $8.4M | $8.4M | — | — | — |
| Other intangibles | — | $0 | $6.5M | $8.2M | $10.0M | $13.5M | $25.1M | — | — | — |
| Total assets | $272.4M | $332.2M | $334.3M | $299.6M | $282.7M | $273.9M | $254.4M | $215.7M | $209.9M | $208.9M |
| Accounts payable | $5.0M | $2.8M | $3.9M | $3.9M | $5.1M | $3.7M | $3.1M | $2.6M | $1.8M | $682.0K |
| Total current liabilities | $5.0M | $5.6M | $3.9M | $6.3M | $5.1M | $15.4M | $3.1M | $2.6M | — | — |
| Long-term debt | $33.0M | $33.0M | $33.0M | — | — | — | — | — | — | — |
| Total liabilities | $37.3M | $43.5M | $53.9M | $19.7M | $15.4M | $33.4M | $17.8M | $2.6M | $1.9M | $871.0K |
| Retained earnings | -$4.18B | -$4.13B | -$4.14B | -$4.15B | -$4.16B | -$4.19B | -$4.20B | -$4.22B | -$4.23B | -$4.23B |
| Total equity | $235.1M | $288.7M | $280.3M | $279.9M | $267.2M | $240.5M | $236.5M | $213.1M | $208.0M | $204.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $27.3M | $23.0M | $14.9M | $8.2M | $34.3M | $19.3M | $18.5M | $19.6M | $19.5M | $9.6M |
| Depreciation and amortisation | $40.0K | $1.4M | $2.6M | $2.6M | $4.1M | $12.1M | $5.0M | — | — | — |
| Stock-based compensation | $1.2M | $944.0K | $509.0K | $500.0K | $1.2M | $728.0K | $530.0K | $267.0K | $300.0K | $363.0K |
| Capital expenditure | $512.0K | $138.0K | $496.0K | $297.0K | $1.1M | $3.9M | $48.0K | — | — | — |
| Investing cash flow | $68.1M | -$10.1M | -$48.9M | -$43.5M | $25.8M | -$35.2M | -$26.7M | -$28.1M | -$12.1M | -$21.1M |
| Financing cash flow | -$58.5M | -$12.2M | $33.1M | -$1.4M | -$20.2M | $7.7M | -$883.0K | -$1.8M | -$9.0M | -$3.7M |
| Buybacks | $3.1M | $6.0M | $6.3M | $1.1M | — | $2.0M | $883.0K | $1.4M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001089907-26-000004.
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