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SWK Holdings Corporation (SWKH+3.60%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $10.4 million from $9.0 million in the same quarter the previous year. This increase is attributed to higher interest and fees earned from new and existing loans.
The provision for credit losses was $1.4 million for the quarter, up from $0.2 million in the previous year, primarily due to impairments on specific loans.
Interest expense increased to $1.1 million, compared to $0.2 million in the previous year, due to the issuance of $32.9 million in Senior Notes.
Pharmaceutical manufacturing, research, and development expenses remained consistent at $0.6 million for the quarter.
Depreciation and amortization expenses decreased to $0.2 million from $0.7 million, primarily due to the full impairment of certain intangible assets.
General and administrative expenses were stable at $3.0 million for the quarter.
Other income, net was $0.3 million, compared to an expense of $0.2 million in the previous year, due to gains on foreign currency transactions and unrealized gains on warrants.
Income tax expense was $0.9 million for the quarter, compared to a benefit of $0.4 million in the previous year, due to changes in the effective tax rate.
Net income for the quarter was $3.5 million, down from $4.5 million in the previous year.
Cash and cash equivalents increased to $17.2 million as of September 30, 2024, from $5.2 million at the end of 2023. This increase was primarily due to interest, fees, and principal payments received from finance receivables.
SWK Holdings has an available $60.0 million revolving credit facility, with $55.0 million available for borrowing as of the end of the quarter.
The company reported $39.0 million in unfunded commitments as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SWK Holdings Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.