What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2021-03-31 compared with 2020-03-30 · 36 added, 32 removed, 156 unchanged (30% of the section changed)

11 unchanged sentences

We are headquartered in Dallas, Texas.

Receivables Segment

Finance Receivables segment strategy is to be a leading healthcare capital provider by offering sophisticated, customized

financing solutions to a broad range of life science companies, institutions and inventors.

This segment is primarily focused

on monetizing cash flow streams derived from commercial-stage products and related intellectual property through royalty purchases

and financings, as well as through the creation of synthetic revenue interests in commercialized products.

We have been deploying 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.

Finance Receivables

Finance Receivables segment strategy is to be a leading healthcare capital provider by offering sophisticated, customized financing

solutions to a broad range of life science companies, institutions and inventors.

This segment is primarily focused on monetizing

cash flow streams derived from commercial-stage products and related intellectual property through royalty purchases and financings,

as well as through the creation of synthetic revenue interests in commercialized products.

We have been deploying 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.

In addition, through our wholly-owned subsidiary, SWK Advisors LLC, we provide non-discretionary

13 unchanged sentences

than $50 million.

of March 23, 2020, and since inception of the strategy, we and our partners have executed transactions with 36 different parties

of December 31, 2020, and since inception of the strategy, we and our partners have executed transactions with 41 different parties

under our specialty finance strategy, funding an aggregate of approximately $584.0 million in various financial products across

13 unchanged sentences

book value by generating income from three sources:

owning or financing through debt investments, royalties or revenue interests generated

by the sales of life science products and related intellectual property;

interest and other income by advancing capital in the form of secured debt to companies

in the life science sector;

a lesser extent, realizing capital appreciation from equity-related investments in the

life sciences sector.

primarily owning or financing

through debt investments, royalties or revenue interests generated by the sales of life science products and related intellectual

receiving interest and

other income by advancing capital in the form of secured debt to companies in the life science sector;

to a lesser extent, realizing

capital appreciation from equity-related investments in the life sciences sector.

our portfolio we seek to achieve attractive risk-adjusted current yields and opportunities with the potential for equity-like

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Peptelligence®

is the subject of several active external development programs, the most advanced of which include Taurus Development Company’s

TBRIA™, an oral calcitonin for patients with postmenopausal osteoporosis, and an oral formulation of Cara’s KORSUVA™,

a potent peripheral kappa opioid receptor agonist for chronic pain and pruritus, currently in Phase II clinical development.

Our internal product pipeline consists of Ovarest®, an oral

leuprolide tablet being evaluated for its potential to treat endometriosis, and Tobrate™, an oral tobramycin tablet being

evaluated for the treatment of uncomplicated urinary tract infections (uUTI).

is the subject of several active external development programs, including an oral formulation of Cara Therapeutics, Inc.'s

(“Cara”) KORSUVA™, a potent peripheral kappa opioid receptor agonist for pruritus, currently

in Phase II clinical development.

internal product pipeline consists of Ovarest®, an oral leuprolide tablet being evaluated for its potential to treat endometriosis,

and Tobrate™, an oral tobramycin tablet being evaluated for the treatment of uncomplicated urinary tract infections (uUTI).

Tax Attributes

4 unchanged sentences

The purchase rights

become exercisable after the acquisition or attempted acquisition of 4.9 percent or more of our outstanding common stock without

may become exercisable after the acquisition or attempted acquisition of 4.9 percent or more of our outstanding common stock without

the prior approval of our board of directors.

4 unchanged sentences

they own more than 76 percent of the outstanding shares of our common stock in the aggregate.

We have also designated other shareholders

as Exempt Persons because the Board determined that such ownership would not jeopardize or endanger the availability to us of

the NOLs, although potential stockholders should not assume a similar determination would be made with respect to future acquisitions

of beneficial ownership of our common stock.

this time, under current law, we do not anticipate that our current business strategies will generate sufficient income to permit

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a material adverse effect on our business, financial condition and results of operations.

additional information concerning the competitive risks we face, see “Item 1A., Risk Factors.

additional information concerning the competitive risks we face, see Item 1A., Risk Factors.

of December 31, 2020, we had 34 full-time employees.

1 unchanged sentence

consider our employee relations to be good.

Additional Information

file annual, quarterly and current reports, proxy statements and other information required by the Securities Exchange Act of

4 unchanged sentences

- 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.

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.

Also, posted on our website in the “Investor Relations - Corporate Governance”

are charters for our Audit Committee, Compensation Committee and Governance Committee as well as our Code of Ethics and Insider

Trading Policy governing our directors, officers and employees.

Information on or accessible through our website is not a part

of, and is not incorporated into, this report.

charters for our Audit Committee, Compensation Committee and Governance Committee as well as our Code of Ethics and Insider Trading

Policy governing our directors, officers and employees.

Information on or accessible through our website is not a part of, and

is not incorporated into, this report.

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.

What changed 10-K

Item 1. Business