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In August 2019, we commenced a complementary strategy of building a pharmaceutical development, manufacturing and intellectual property licensing business.
−Removed: Our operations comprise two reportable segments:
−Removed: “Finance Receivables” and “Pharmaceutical Development.” 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”).
−Removed: We allocate capital to each segment in order to generate income through the sales of life science products by third parties and related earned income sources.
−Removed: We are headquartered in Dallas, Texas.
+Added: Prior to September 30, 2025 our operations were comprised of two reportable segments:
+Added: “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.
+Added: 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”).
+Added: 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.
+Added: The Company is headquartered in Dallas, Texas.
Finance Receivables Segment
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We have deployed our assets to earn interest, fees, and other income pursuant to this strategy, and we continue to identify and review financing and similar opportunities on an ongoing basis with financial solutions that are tailored to the individual needs of our business partners.
−Removed: In addition, through our wholly-owned subsidiary, SWK Advisors LLC, we are able to provide non-discretionary investment advisory services to institutional clients in separately managed accounts to similarly invest in life science finance.
−Removed: SWK Advisors LLC is registered as an investment advisor with the Texas State Securities Board.
−Removed: We intend to fund transactions through our own working capital and our revolving credit facility, as well as by building our asset management business by raising additional third-party capital.
We fill an underserved niche in the sub-$50.0 million transaction size market.
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Pharmaceutical Development Segment
−Removed: During 2019, we commenced our Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc.
−Removed: Enteris is a clinical development and manufacturing organization providing development services to pharmaceutical partners as well as innovative formulation solutions built around its proprietary oral drug delivery technologies.
−Removed: We seek to generate income by providing customers pharmaceutical development, formulation and manufacturing services as well as licensing its internally developed intellectual property.
−Removed: With an effective date of January 1, 2024, we entered into an Option and Asset Purchase Agreement ( the "Option") with a strategic partner on March 14, 2024, which granted the strategic partner an exclusive option to acquire certain of Enteris’ assets related to its business of providing good manufacturing practice (GMP) manufacturing and clinical supply services through Phase 1 and 2 to third parties, subject to certain exclusions.
−Removed: The strategic partner must exercise the option by or before January 1, 2026.
−Removed: As of December 31, 2024, Enteris is classified as held for sale as the option is expected to be exercised within the next 12-months - see Note 7 for further details.
+Added: In 2019, we commenced our Pharmaceutical Development segment with the acquisition of Enteris BioPharma, Inc.
+Added: In March 2025 we changed the name of Enteris to MOD3 Pharma ("MOD3").
+Added: MOD3 is a clinical development and manufacturing organization providing development services to pharmaceutical partners.
+Added: MOD3 seeks to generate income by providing customers pharmaceutical development, formulation and manufacturing services.
+Added: During the third quarter of 2025, we sold substantially all of the assets of the Pharmaceutical Development segment, after which the Company’s operations became solely attributable to the Finance Receivables segment.
In our Finance Receivables segment, we face competition in the pursuit of outside investors, investment management clients and opportunities to deploy our capital in attractive healthcare related companies.
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As such, we believe we face less competition in transactions that are less than $50.0 million.
−Removed: In our Pharmaceutical Development segment, we face competition in providing clinical development and manufacturing services from large, multinational contract development and manufacturing organizations ("CDMO"), smaller specialized CDMO's, as well as the in-house capabilities of pharmaceutical and biotech companies.
+Added: Prior to selling substantially all of the assets of our Pharmaceutical Development segment, we faced competition in providing clinical development and manufacturing services from large, multinational contract development and manufacturing organizations ("CDMO"), smaller specialized CDMO's, as well as the in-house capabilities of pharmaceutical and biotech companies.
For additional information concerning the competitive risks we face, see Item 1A., Risk Factors .
Governmental Regulation
+Added: We have invested and plan to continue investing in cash flow streams produced by life sciences products that are subject to extensive regulation by the U.S.
+Added: Food and Drug Administration (“FDA”), similar foreign regulatory authorities, and to a lesser extent, other federal and state agencies.
+Added: If any of these products and the companies which manage such products fails to comply with applicable regulations, they could be subject to significant penalties and claims that could materially and adversely affect their sales levels and operations, which, in turn, could impair our ability to timely collect principal and interest payments owed to us or decrease our royalty-related income.
For additional information concerning the effect of existing or probable government regulation on our business, see Item 1A., Risk Factors .
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Our internet site is http://www.swkhold.com.
−Removed: We will make available free of charge through our website in the “Investor Relations - SEC Filings” section our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and Forms 3, 4 and 5 filed on behalf of directors and executive officers and any amendments to those reports filed or furnished pursuant to the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.
+Added: We will make available free of charge through our website in the “Investor Relations - SEC Filings” section our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, Forms 3, 4 and 5 filed on behalf of directors and executive officers and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.
Also, posted on our website in the “Investor Relations - Corporate Governance” section are charters for our Audit Committee, Compensation Committee and Governance and Nominating Committee as well as our Code of Ethics and Insider Trading Policy governing our directors, officers and employees.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.