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SWK Holdings Corporation (SWKH+1.56%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenues of $44.987 million, an increase from $37.760 million in the previous year. This increase is attributed to higher interest income and pharmaceutical development revenues.
Provision for credit losses increased to $12.8 million from $1.9 million, primarily due to impairments on certain loans.
The company reported a net income of $13.5 million, down from $15.9 million in the previous year. The decrease is attributed to a higher provision for credit losses and impairment of intangible assets.
SWK Holdings reported $5.9 million in cash and cash equivalents, compared to $4.5 million as of December 31, 2023. The increase is attributed to interest, fees, and principal payments received on finance receivables.
Total assets were reported at $332.2 million, with finance receivables, net of allowance for credit losses, accounting for $277.8 million.
The company entered into a new credit agreement providing a revolving credit facility with a maximum principal amount of $60.0 million, with $35.6 million available for borrowing as of December 31, 2024.
SWK Holdings' Pharmaceutical Development segment, classified as held for sale, reported a net loss before taxes of $3.7 million. The segment's assets and liabilities are expected to be sold within the next 12 months.
SWK Holdings continues to focus on its specialty finance and asset management business, with a strategy of providing capital to life sciences companies.
The company has repurchased 793,411 shares under its share repurchase program at a total cost of $13.5 million, with $5.4 million remaining available for future repurchases.
SWK Holdings' management has concluded that it is more likely than not that the company will be able to realize $23.5 million of its deferred tax assets in the future, with no valuation allowance recorded as of December 31, 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 annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.