Company: SWKH
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001628280-25-013989
Chunk: 143

Company: SWK Holdings Corp
Filing Date: 2025-03-20
Form: 10-K
Item: Item 7
Chunk 143
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 Report can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Comparison of the Years Ended December 31, 2024 and 2023 

The following table summarizes the results of our operations: 

(in millions)For the Year Ended December 31,Change20242023Revenues$45.0 $37.8 $7.2 Provision for credit losses12.8 1.9 $10.9 Loss on impairment of intangible assets5.8 — $5.8 Impairment of goodwill— 8.4 $(8.4)Interest expense4.7 1.8 $2.9 Pharmaceutical manufacturing, research and development expense2.2 3.4 $(1.2)Change in fair value of acquisition-related contingent consideration(4.9)(6.3)$1.4 Depreciation and amortization expense1.4 2.6 $(1.2)General and administrative expense11.5 11.2 $0.3 Other income, net6.8 — $6.8 Income tax expense (benefit)4.9 (1.3)$6.2 Net income13.5 15.9 $(2.4)

Revenues

Revenues increased to $45.0 million for the year ended December 31, 2024 from $37.8 million for the year ended December 31, 2023. The $7.2 million increase in revenue for the year ended December 31, 2024 consisted of a $4.8 million increase in Finance Receivables segment revenue and a $2.4 million increase in Pharmaceutical Development segment revenue. The $4.8 million increase in Finance Receivables segment revenue was primarily due to a $8.2 million increase in interest and fees earned due to funding new and existing loans offset by $2.5 million decrease in interest, fees and royalties earned on finance receivables that were paid off during the period. The increase in the Pharmaceutical Development segment was primarily due to the strategic partner collaboration agreement. 

Provision for Credit Losses

Our provision for credit losses is established through charges or credits to income in the form of the