# EDGAR Filing Document

**Accession Number:** 0001089907
**File Stem:** 0001628280-25-040422
**Filing Date:** 2025-8
**Character Count:** 62780
**Document Hash:** 666849e84fcffd56d6e45bd0a88caec2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-040422.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001628280-25-040422

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20250814

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SWK Holdings Corp
- **CENTRAL INDEX KEY:** 0001089907
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 770435679
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39184
- **FILM NUMBER:** 251220341

**BUSINESS ADDRESS:**
- **STREET 1:** 5956 SHERRY LANE
- **STREET 2:** SUITE 650
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225
- **BUSINESS PHONE:** 2142177253

**MAIL ADDRESS:**
- **STREET 1:** 5956 SHERRY LANE
- **STREET 2:** SUITE 650
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KANA SOFTWARE INC
- **DATE OF NAME CHANGE:** 20011114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KANA COMMUNICATIONS INC
- **DATE OF NAME CHANGE:** 19990702

?xml version='1.0' encoding='ASCII'? swkh-20250814

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of Earliest Event Reported): August 14, 2025**

**SWK HOLDINGS CORPORATION**

**(Exact Name of the Registrant as Specified in Its Charter)**

**Delaware**

**(State or Other Jurisdiction of Incorporation)**

---

| | |
|:---|:---|
| **F11.001-39184** | **77-0435679** |
| **(Commission File Number)** | **(IRS Employer Identification No.)** |
| **5956 Sherry Lane, Suite 650, Dallas, TX** | **75225** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**(972) 687-7250**

**(Registrant's Telephone Number, Including Area Code)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

---

| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on <br>which registered** |
| Common Stock, par value <br>$0.001 per share | SWKH | The Nasdaq Stock Market LLC |
| 9.00% Senior Notes due 2027 | SWKHL | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

------

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

Attached as Exhibit 99.1 to this Current Report on form 8-K is a copy of a press release of SWK Holdings Corporation, dated August 14, 2025, reporting SWK Holdings Corporation's 2025 Second Quarter Financial Results. Such information, including the Exhibit attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure** |

---

On August 14, 2025 the Company published an investor presentation slideshow containing the information attached to this Current Report on Form 8-K as Exhibit 99.2 (the "Investor Presentation") and incorporated herein by reference. The Company expects to use the Investor Presentation, in whole or in part, and possibly with modifications, in connection with presentations to investors and others.

The Investor Presentation includes financial information not prepared in accordance with generally accepted accounting principles ("Non-GAAP Financial Measures"). A reconciliation of the Non-GAAP Financial Measures to financial information prepared in accordance with generally accepted accounting principles ("GAAP"), as required by Regulation G, appears in the Investor Presentation. The Company is providing disclosure of the reconciliation of reported Non-GAAP Financial Measures used in the Investor Presentation, among other places, to its comparable financial measures on a GAAP basis. The Company believes that the Non-GAAP Financial Measures provide investors additional ways to view our operations, when considered with both our GAAP results and the reconciliation to net income and net cash provided by operating activities, which we believe provide a more complete understanding of our business than could be obtained absent this disclosure. We believe the Non-GAAP Financial Measures also provide investors a useful tool to assess shareholder value.

By filing this Current Report on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.

The information contained in the Investor Presentation is summary information that is intended to be considered in the context of the Company's Securities and Exchange Commission ("SEC") filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

The information presented in Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered "filed" under the Exchange Act or specifically incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>**  | **<u>Description</u>** |
| 99.1 | [Press Release of SWK Holdings Corporation, dated](q225ex991earningsrelease.htm)[A](q225ex991earningsrelease.htm)[ugust](q225ex991earningsrelease.htm)[1](q225ex991earningsrelease.htm)[4](q225ex991earningsrelease.htm)[, 2025 reporting SWK Holdings Corporation's 202](q225ex991earningsrelease.htm)[5](q225ex991earningsrelease.htm)[Second](q225ex991earningsrelease.htm)[Quarter Financial Results](q225ex991earningsrelease.htm) |
| 99.2 | <u>[Investor Presentation in use beginning on August 2025](a2q25swkholdingssharehol.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| SWK HOLDINGS CORPORATION | SWK HOLDINGS CORPORATION |
| By: | /s/ Joe D. Staggs |
|  | Joe D. Staggs |
|  | Chief Executive Officer |
|  | (*Principal Executive Officer*) |

---

Date: August 14, 2025

## Exhibit 99.1

![swklogo.jpg](swklogo.jpg)

**SWK Holdings Corporation Announces Financial Results for Second Quarter 2025** 

*Conference Call Scheduled for Friday, August 15, 2025, at 09:00 a.m. CST*

**Corporate Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second quarter 2025 GAAP net income was $3.5 million, compared with GAAP net income of $3.7 million for the second quarter 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second quarter 2025 finance receivables segment adjusted non-GAAP net income was $4.6 million, compared with adjusted non-GAAP net income of $2.6 million for the second quarter 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of June 30, 2025, net finance receivables were $237.6 million, a 10.4% decrease from June 30, 2024 driven primarily by the monetization of the majority of SWK's royalty portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The second quarter 2025 effective yield was 14.1%, a 50 basis point decrease from second quarter 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of June 30, 2025, GAAP book value per share was $20.23, an 11.0% decrease from $22.72 on June 30, 2024. When adjusted to exclude the $4.00 per share dividend paid during the quarter, this figure would have been $24.46, a 6.8% increase year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of June 30, 2025, non-GAAP tangible financing book value per share was $18.47, an 8.3% decrease from $20.14 as of June 30, 2024. When adjusted to exclude the $4.00 per share dividend paid during the quarter, this figure would have been $22.50, an 11.7% increase year-over-year.

Dallas, TX, August 14, 2025 – SWK Holdings Corporation (Nasdaq: SWKH) ("SWK" or the "Company"), a life science-focused specialty finance company catering to small- and mid-sized commercial-stage companies, today provided a business update and announced its financial and operating results for the second quarter ended June 30, 2025.

SWK CEO Jody Staggs said "During the second quarter, we sold the majority of our royalty portfolio for approximately book value and paid a $4.00 per share dividend to our shareholders. After the quarter closed, we sold the majority of the assets at our MOD3 subsidiary to a strategic partner at a slight premium to book value. These actions have simplified the business and allow the team to focus on our core life science loan strategy."

"During the second quarter we generated $3.5 million of GAAP net income and $4.6 million of finance receivables segment adjusted non-GAAP net income. Following the royalty monetization and sale of the MOD3 assets, our non-cash assets include approximately $234.1 million of performing, gross finance receivables with a 14.1% effective yield, $12.3 million of non-performing gross finance receivables, and $5.2 million of public equities and warrants. Against this value SWK carries an $8.8 million allowance for credit losses. SWK also owns equity and warrants in private companies as well as earn-outs that are carried at zero for GAAP accounting purposes, although SWK believes these assets have economic value."

"Our GAAP book value per share totaled $20.23, a 6.8% increase year-over-year when excluding the $4.00 per share dividend paid during the quarter. Our non-GAAP tangible financing book value totaled $18.47, an 11.7% year-over-year increase after considering the $4.00 per share special dividend paid during the second quarter. Given the monetization of the MOD3 assets, this figure is now calculated by taking total book value and removing the remaining MOD3 intangible assets as well as the deferred tax asset."

Mr. Staggs concluded, "We continue to pursue financings to innovative life science companies with a focus on supporting our existing, performing borrowers. During the quarter we advanced $13.5 million to two performing borrowers, and after quarter close, ImpediMed achieved a performance milestone triggering the draw of a $5.0 million Tranche B commitment. We believe our portfolio of cash-yielding, life science receivables is an attractive asset and view the sale of the majority of our royalty portfolio and MOD3 assets at approximately book value as supportive of this view."

------

**Second Quarter 2025 Financial Results**

For the second quarter 2025, SWK reported total revenue of $10.1 million, a 6.5% decrease compared to $10.8 million for the second quarter 2024. The $0.7 million decrease in revenue for the three months ended June 30, 2025 consisted of a $1.2 million decrease in Finance Receivables segment revenue, driven by the sale of the majority of our royalty portfolio, offset by a $0.5 million increase in Pharmaceutical Development segment revenue.

Income before income tax expense for the quarter was $4.6 million and $4.7 million for the three months ended June 30, 2025 and 2024, respectively. Second quarter 2025 income before income tax expense benefited from a decrease in provision expense, offset by a decrease in gains on warrant exercises and a revaluation of finance receivables, relative to the same period in the prior year.

GAAP net income for the quarter ended June 30, 2025, decreased to $3.5 million, or $0.29 per diluted share, from $3.7 million, or $0.30 per diluted share, for the second quarter 2024.

For the second quarter 2025, non-GAAP adjusted net income was $4.6 million, or $0.38 per share. Non-GAAP adjusted net income for the Finance Receivables segment was $4.6 million, an increase from $2.6 million for the second quarter 2024.

Total investment assets (defined as finance receivables, net of allowance for credit losses, marketable investments, and warrant assets) were $242.8 million as of June 30, 2025, an 8.9% decrease compared with total investment assets of $266.7 million as of June 30, 2024. The decline was primarily due to the monetization of the majority of the company's royalty assets during the first and second quarters for total proceeds of approximately $51.3 million. The allowance for credit losses at quarter's end totaled $8.8 million, a decrease of $4.3 million from the second quarter of 2024.

During the second quarter SWK repurchased 58,954 shares for a total purchase price of $0.9 million. Year-to-date through August 8, 2025 SWK repurchased 198,162 shares for a total purchase price of $3.0 million.

GAAP book value per share was $20.23 as of June 30, 2025, an 11.0% decrease compared to $22.72 as of June 30, 2024 and a 6.8% increase after considering the $4.00 per share special dividend. Non-GAAP tangible financing book value per share totaled $18.47, an 8.3% decrease compared to $20.14 at June 30, 2024 and an 11.7% increase after considering the $4.00 per share special dividend. Management views non-GAAP tangible financing book value per share as a relevant metric to value the Company's core finance receivable business. Non-GAAP tangible financing book value per share removes the value of the deferred tax assets and MOD3 net asset value.

**Portfolio Status**

During the second quarter, SWK sold the majority of the royalty portfolio for $34.0 million and paid a $49.1 million dividend to shareholders.

During the second quarter, we funded an additional $11.0 million to performing borrower AOTI, Inc as well as $2.5 million to performing borrower Nicoya Life Sciences, Inc. After the quarter close ImpediMed Limited ("ImpediMed") achieved a performance milestone, which triggered the draw of the $5.0 million Tranche B.

The second quarter 2025 effective yield was 14.1%, a 50 basis points decrease from 14.6% in the second quarter 2024. The effective yield is the rate at which income is expected to be recognized if payments are received pursuant to the terms of the finance receivables. The second quarter 2025 realized yield of the finance receivable portfolio was 14.3%, a 110 basis point decrease from 15.4% in second quarter 2024. The realized yield is inclusive of all fees, including all realized unamortized fees, amendment fees, and prepayment fees, and is calculated based on the simple average of finance receivables at the beginning and end of the period. The realized yield may differ from the effective yield due to actual cash collections being greater or lesser than modeled.

As of June 30, 2025, the Company had three finance receivables in nonaccrual status: (1) the Flowonix Medical, Inc. ("Flowonix") royalty, with a carrying value of $7.1 million; (2) the Best ABT, Inc. ("Best") royalty, with a carrying value of $2.3 million; and (3) the Ideal Implant, Inc. ("Ideal") royalty, with a carrying value of $2.8 million. SWK impaired the carrying value of Flowonix and Ideal royalties by $0.3 million and $0.2 million, respectively, during the quarter. After second quarter close, SWK received a $0.5 million payment from the Flowonix estate, which will be applied against the carrying value.

As of June 30, 2025, the Company had $7.5 million of unfunded commitments and $2.5 million after accounting for funding the $5.0 million Tranche B commitment to ImpediMed in July.

------

Total portfolio investment activity was as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** |
| | **2025** | **2024** |
| Beginning Portfolio | $227776 | $261895 |
| Investment in finance receivables | 13500 | 7000 |
| Paydowns received on investments | (466) | (1641) |
| Paydowns received on royalties |  | (847) |
| Interest paid in kind | 640 | 426 |
| Loan discount and fee accretion | 1388 | 1410 |
| Warrant and equity investments, net of sales and cancellations | 83 | 360 |
| Net unrealized gain on marketable investments and warrant assets | 384 | 212 |
| Foreign currency gains (losses) on finance receivables | 55 | (432) |
| Provision for credit losses | (541) | (4215) |
| Gain on revaluation of finance receivables |  | 2495 |
| Ending Portfolio | $242819 | $266663 |

---

------

**Adjusted Non-GAAP Net Income**

The following table provides a reconciliation of SWK's reported (GAAP) consolidated net income to SWK's adjusted consolidated net income (Non-GAAP):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** |
| | **2025** | **2024** |
| Net income | $3536 | $3680 |
| Income tax expense | 1026 | 1035 |
| MOD3 amortization expense |  | 196 |
| Unrealized net gain on warrant assets | (347) | (226) |
| Gain on exercise of warrant |  | (675) |
| Unrealized net (gain) loss on marketable investments | (37) | 19 |
| Foreign currency transaction (gains) losses | 451 | (437) |
| Gain on revaluation of finance receivables |  | (2495) |
| Intangible asset impairment expense |  | 5771 |
| Change in fair value of acquisition-related contingent consideration |  | (4900) |
| Adjusted income before income tax expense | 4629 | 1968 |
| Adjusted income tax expense |  |  |
| Non-GAAP net income | $4629 | $1968 |

---

In the table above, management has deducted the impact of the following items: (i) change in the fair-market value of equities and warrants, (ii) income taxes, as the Company has substantial net operating losses to offset against future income, (iii) amortization expense associated with MOD3 intangible assets, (iv) gain on revaluation of finance receivable held for sale, (v) change in fair value of acquisition-related contingent consideration, (vi) intangible asset impairment, and (vii) foreign currency (gains) losses.

**Finance Receivables Adjusted Non-GAAP Net Income** 

The following table provides a reconciliation of SWK's consolidated adjusted non-GAAP net income before provision for income tax expense, listed in the table above, to the finance receivables non-GAAP adjusted net income. The table eliminates MOD3 operating loss. The adjusted net income before income tax expense is derived in the table above and eliminates MOD3 operating income (loss), excluding MOD3 amortization expenses.

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** |
| | **2025** | **2024** |
| Non-GAAP net income | $4629 | $1968 |
| MOD3 operating (income) loss, excluding amortization expense | (18) | 670 |
| Adjusted Finance Receivable segment income before income tax expense | $4611 | $2638 |
| Adjusted income tax expense |  |  |
| Finance Receivables segment adjusted non-GAAP net income | $4611 | $2638 |

---

------

**Non-GAAP Tangible Finance Book Value Per Share**

The following table provides a reconciliation of SWK's GAAP book value per share to its non-GAAP tangible finance book value per share. The table eliminates the deferred tax assets, intangible assets, MOD3 property and equipment and acquisition-related contingent consideration (in thousands, except per share data):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2024** |
| GAAP stockholder's equity | $246469 | $282831 |
| &nbsp;&nbsp;Outstanding shares <sup>(1)</sup> | 12184 | 12447 |
| GAAP book value per share | $20.23 | $22.72 |
| &nbsp;&nbsp;Less: Deferred tax assets, net | (21219) | (27052) |
| &nbsp;&nbsp;Less: Intangible assets, net | (209) | (232) |
| &nbsp;&nbsp;Less: Goodwill |  |  |
| &nbsp;&nbsp;Less: MOD3 property and equipment, net |  | (4921) |
| Non-GAAP tangible finance book value | 225041 | 250626 |
| &nbsp;&nbsp;Outstanding shares <sup>(1)</sup> | 12184 | 12447 |
| Non-GAAP Tangible book value per share | $18.47 | $20.14 |
| <sup>(1)</sup> Outstanding shares computed as of quarter end. |  |  |

---

**Non-GAAP Financial Measures**

This release includes non-GAAP adjusted net income, non-GAAP finance receivable segment net income, and non-GAAP tangible financing book value per share, which are metrics that are not compliant with generally accepted accounting principles in the United States (GAAP).

Non-GAAP adjusted net income is adjusted for certain items including (i) changes in the fair-market value of public equity-related assets and SWK's warrant assets as mark-to-market changes are non-cash, (ii) income taxes as the Company has substantial net operating losses to offset against future income, (iii) changes in the fair-market value of contingent consideration associated with the MOD3 acquisition, and (iv) depreciation and amortization expenses, primarily associated with the 2019 acquisition of MOD3.

In addition to the adjustments noted above, non-GAAP finance receivable segment net income also excludes MOD3 operating gains or losses.

Non-GAAP tangible financing book value per share excludes the deferred tax asset, intangible assets, and contingent consideration associated with the MOD3 transaction.

These non-GAAP measures may not be directly comparable to similar measures used by other companies in the Company's industry, as other companies may define such measures differently. Management believes that these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends and provides useful additional information relating to our operations and financial condition. The Company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to better understand its business. Non-GAAP financial results are reported in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Further, non-GAAP financial measures, even if similarly titled, may not be calculated in the same manner by all companies, and therefore should not be compared.

**Conference Call Information**

SWK Holdings will host a conference call on August 15, 2025, at 9:00 a.m. CST, to discuss its corporate and financial results for the second quarter 2025.

Interested participants and investors may access the call via the numbers below:

a888-506-0062 (U.S.)

b973-528-0011 (International)

The participant Access Code is 117203 or ask for the SWK Holdings call.

------

An archive of the webcast will remain available on the SWK Holdings' website for 12 months, starting later that day. https://investors.swkhold.com/events

**About SWK Holdings Corporation** 

SWK Holdings Corporation is a life science focused specialty finance company partnering with small- and mid-sized commercial-stage healthcare companies. SWK provides non-dilutive financing to fuel the development and commercialization of lifesaving and life-enhancing medical technologies and products. SWK's unique financing structures provide flexible financing solutions at an attractive cost of capital to create long-term value for all SWK stakeholders. SWK's solutions include structured debt, traditional royalty monetization, synthetic royalty transactions, and asset purchases typically ranging in size from $5.0 million to $25.0 million. Additional information on the life science finance market is available on the Company's website at www.swkhold.com.

**Safe Harbor or Forward-Looking Statements** 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as "believes," "expects," "anticipates," "intends," "estimates," "plan," "will," "may," "look forward," "intend," "guidance," "future" or similar expressions are forward-looking statements. Because these statements reflect SWK's current views, expectations and beliefs concerning future events, these forward-looking statements involve risks and uncertainties. Investors should note that many factors, as more fully described under the caption "Risk Factors" and elsewhere in SWK's Form 10-K, Form 10-Q and Form 8-K filings with the Securities and Exchange Commission and as otherwise enumerated herein, could affect the Company's future financial results and could cause actual results to differ materially from those expressed in such forward-looking statements. The forward-looking statements in this press release are qualified by these risk factors. These are factors that, individually or in the aggregate, could cause the Company's actual results to differ materially from expected and historical results. You should not place undue reliance on any forward-looking statements, which speak only as of the date they are made. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise**.**

**For more information, please contact:**

*Investor Relations and Media*

Susan Xu

728-323-0959

investorrelations@swkhold.com

------

**SWK HOLDINGS CORPORATION**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

**(in thousands, except share data)**

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| Assets |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $8006 | $5927 |
| Interest, accounts receivable, and other receivables, net | 5611 | 5788 |
| Assets held for sale, net | 6488 | 6398 |
| Other current assets | 1088 | 2141 |
| &nbsp;&nbsp;&nbsp;Total current assets | 21193 | 20254 |
| Finance receivables, net of allowance for credit losses of $8,826 and $11,249 as of June 30, 2025 and December 31, 2024, respectively | 237604 | 277760 |
| Collateral on foreign currency forward contract |  | 2750 |
| Marketable investments | 603 | 580 |
| Deferred tax assets, net | 21219 | 23484 |
| Warrant assets | 4612 | 4366 |
| Other non-current assets | 466 | 3041 |
| &nbsp;&nbsp;&nbsp;Total assets | $285697 | $332235 |
| Liabilities and Stockholders' Equity |  |  |
| Current liabilities: |  |  |
| Accounts payable and accrued liabilities | $2101 | $2810 |
| Liabilities held for sale | 1278 | 1255 |
| Deferred income | 3300 | 1500 |
| Total current liabilities | 6679 | 5565 |
| Unsecured senior notes, net | 31736 | 31412 |
| Revolving credit facility | 294 | 6233 |
| Other non-current liabilities | 519 | 335 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 39228 | 43545 |
| Stockholders' equity: |  |  |
| Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding |  |  |
| Common stock, $0.001 par value; 250,000,000 shares authorized; 12,183,906 and 12,213,599 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 12 | 12 |
| Additional paid-in capital | 4418773 | 4419991 |
| Accumulated deficit | (4172316) | (4131313) |
| Total stockholders' equity | 246469 | 288690 |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $285697 | $332235 |

---

------

S**WK HOLDINGS CORPORATION**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

**(in thousands, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;Finance receivable interest income, including fees | $8543 | $9986 | $19255 | $21021 |
| &nbsp;&nbsp;Pharmaceutical development | 1190 | 804 | 2153 | 1083 |
| &nbsp;&nbsp;Other | 319 | 57 | 476 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 10052 | 10847 | 21884 | 22207 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;Provision (benefit) for credit losses | 761 | 4095 | (704) | 9392 |
| &nbsp;&nbsp;Loss on impairment of intangibles assets |  | 5771 |  | 5771 |
| &nbsp;&nbsp;Interest expense | 1155 | 1119 | 2285 | 2375 |
| &nbsp;&nbsp;Pharmaceutical manufacturing, research and development expense | 645 | 520 | 1403 | 1050 |
| &nbsp;&nbsp;Change in fair value of acquisition-related contingent consideration |  | (4900) |  | (4900) |
| &nbsp;&nbsp;Depreciation and amortization expense | 19 | 421 | 38 | 935 |
| &nbsp;&nbsp;General and administrative expense | 2843 | 2920 | 6120 | 5604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from operations | 4629 | 901 | 12742 | 1980 |
| Other income (expense), net |  |  |  |  |
| &nbsp;&nbsp;Unrealized net loss on warrants | 347 | 226 | (77) | 131 |
| &nbsp;&nbsp;Net loss on exercise and cancellation of warrants |  | 675 |  | 444 |
| &nbsp;&nbsp;Net loss on marketable investments | 37 | (19) | (68) | (162) |
| &nbsp;&nbsp;Loss on sale of assets |  |  | (82) |  |
| &nbsp;&nbsp;Realized gain on early payment of finance receivable |  |  | 1729 |  |
| &nbsp;&nbsp;Gain (loss) on revaluation of finance receivables |  | 2495 | (3727) | 2495 |
| &nbsp;&nbsp;Realized and unrealized foreign currency transaction gains | (451) | 437 | (138) | 524 |
| Income before income tax expense | 4562 | 4715 | 10379 | 5412 |
| Income tax expense | 1026 | 1035 | 2304 | 1264 |
| Net income | $3536 | $3680 | $8075 | $4148 |
| Net income per share |  |  |  |  |
| Basic | $0.29 | $0.30 | $0.66 | $0.33 |
| Diluted | $0.29 | $0.30 | $0.66 | $0.33 |
| Weighted average shares outstanding |  |  |  |  |
| Basic | 12208 | 12458 | 12218 | 12467 |
| Diluted | 12208 | 12470 | 12218 | 12484 |

---

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**SWK HOLDINGS CORPORATION**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)**

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| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| Net income | $8075 | $4148 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;Provision (benefit) for credit losses | (704) | 9392 |
| &nbsp;&nbsp;Debt issuance costs | (41) |  |
| &nbsp;&nbsp;Loss on impairment of intangible assets |  | 5771 |
| &nbsp;&nbsp;Right-of-use amortization and cease use costs | 112 | 261 |
| &nbsp;&nbsp;Amortization of debt issuance costs | 548 | 491 |
| &nbsp;&nbsp;Deferred income taxes, net | 2266 | 1239 |
| &nbsp;&nbsp;Unrealized net (gain) loss on warrants | 77 | (131) |
| &nbsp;&nbsp;Net gain on exercise and cancellation of warrants |  | (444) |
| &nbsp;&nbsp;Loss from sale of assets | 82 |  |
| &nbsp;&nbsp;Change in fair value of acquisition-related contingent consideration |  | (4900) |
| &nbsp;&nbsp;(Gain) loss on revaluation of finance receivable | 3727 | (2495) |
| &nbsp;&nbsp;Foreign currency transaction (gain) loss | (614) | (1587) |
| &nbsp;&nbsp;Loss on marketable investments | 68 | 162 |
| &nbsp;&nbsp;Loan discount amortization and fee accretion | (2956) | (2214) |
| &nbsp;&nbsp;Interest paid-in-kind | (826) | (904) |
| &nbsp;&nbsp;Stock-based compensation | 608 | 360 |
| &nbsp;&nbsp;Depreciation and amortization expense | 38 | 935 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;Interest, accounts receivable and other receivables, net | 177 | (2655) |
| &nbsp;&nbsp;Foreign currency forward contract | 915 | 1260 |
| &nbsp;&nbsp;Collateral returned for derivative instruments | 2750 |  |
| &nbsp;&nbsp;Other assets | 850 | (150) |
| &nbsp;&nbsp;Accounts payable, accrued expenses, and other non-current liabilities | (871) | (903) |
| &nbsp;&nbsp;Deferred income | 1800 | 2207 |
| Net cash provided by operating activities | 16081 | 9843 |
| Cash flows from investing activities: |  |  |
| Proceeds from sale of property and equipment | 110 |  |
| Settlement of foreign currency forward contract | 1560 |  |
| Sale of marketable investments |  | 574 |
| Investment in finance receivables | (23500) | (7446) |
| Proceeds from sale of investments | 31678 |  |
| Repayment of finance receivables | 33141 | 11693 |
| Corporate debt securities principal payments | 15 | 13 |
| Purchases of property and equipment | (163) | (21) |
| Net cash provided by investing activities | 42841 | 4813 |
| Cash flows from financing activities: |  |  |
| Net settlement for employee taxes on stock options | (89) | (43) |
| Net payments on credit facility | (5939) | (12350) |
| Cash dividends | (49078) |  |
| Repurchases of common stock, including fees and expenses | (1737) | (1950) |
| Net cash used in financing activities | (56843) | (14343) |
| Net increase in cash, cash equivalents, and restricted cash | 2079 | 313 |
| Cash, cash equivalents, and restricted cash at beginning of period | 5927 | 5236 |
| Cash, cash equivalents, and restricted cash at end of period | $8006 | $5549 |
| Supplemental non-cash investing and financing activities: |  |  |
| Cash paid for interest | $1517 | $875 |

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## Exhibit 99.2

![](a2q25swkholdingssharehol001.jpg)

1 Collaborative Approach to Life Science Financing Shareholder Presentation 2Q25 \| August 2025

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2 Forward-looking and Cautionary Statements Statements in this presentation that are not strictly historical, and any statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward- looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the most recent fiscal year and our Quarterly Reports on Form 10-Q for subsequent periods. The Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise. Our specialty finance and asset management businesses are conducted through separate subsidiaries and the Company conducts its operations in a manner that is excluded from the definition of an investment company and exempt from registration and regulation under the Investment Company Act of 1940. This presentation is neither an offer to sell nor a solicitation of any offer to buy any securities, investment product or investment advisory services, including such services offered by SWK Advisors LLC. This presentation does not contain all of the information necessary to make an investment decision, including, but not limited to, the risks, fees and investment strategies of investing in life science investments. Any offering is made only pursuant to the relevant information memorandum, a relevant subscription agreement or investment management agreement, and SWK Advisors LLC's Form ADV, all of which must be read in their entirety. All investors must be "accredited investors" and/or "qualified purchasers" as defined in the securities laws before they can invest with SWK Advisors LLC. Life science securities may rely on milestone payments and/or a royalty stream from an underlying drug, device, or product which may or may not have received approval of the Food and Drug Administration ("FDA"). If the underlying drug, device, or product does not receive FDA approval, it could negatively impact the securities, including the payments of principal and/or interest. In addition, the introduction of new drugs, devices, or products onto the market could negatively impact the securities, since that may decrease sales and/or prices of the underlying drug, device, or product. Changes to Medicare reimbursement or third-party payor pricing could negatively impact the securities, since they could negatively impact the prices and/or sales of the underlying drug, device, or product. There is also risk that the licensing agreement that governs the payment of royalties may terminate, which could negatively impact the securities. There is also the risk that litigation involving the underlying drug, device, or product could negatively impact the securities, including payments of principal and/or interest on any securities.

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![](a2q25swkholdingssharehol003.jpg)

SWK Holdings - Overview 3 Underserved, High- Need Market Demonstrated Success, Attractive Returns Focus on Shareholder Returns Custom financing solutions for commercial-stage healthcare companies and royalty owners • SWK targets $5M to $25M financings, a market niche that is less competitive and generates attractive full-cycle returns • Business focus is secured financings and royalty monetizations • As of Aug-25, completed financings with 58 parties deploying $867M of capital • Targets unlevered, mid-teens gross return on capital with a portfolio effective yield of 14.1% for 2Q251 • 45 exits from inception through Aug-25, generating a 17.2% IRR and 1.42x MOIC • Specialty finance segment generated an 10.4% LTM adjusted return on finance segment tangible book value2 • YTD Aug-25, repurchased 198K shares of stock for a total cost of $3.0M • During 2025 monetized performing royalty book for $51.3M, paid $49.1M ($4.00/ share) dividend • Shareholder value creation strategy: – Increase book value per share at a 10% CAGR – Serve as partner of choice for small and mid-sized life sciences companies and inventors – Generate current income to utilize SWK's NOL asset, $58.1M as of December 31, 2024 1) Effective yield is the rate at which income is expected to be recognized pursuant to the Company's revenue recognition policies, if all payments are received pursuant to the terms of the finance receivable; excludes warrants 2) Adjusted to exclude deferred tax asset, intangibles, and the impact of MOD3, which was divested in Jul-25

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4 Why Life Science Finance? Tap into underlying demand that is pervasive, growing, and minimally correlated with economic cycles • Healthcare spend is large and increasing, representing 20% of U.S. GDP; forecast to grow at a 5% CAGR through 20301 • Sector has demonstrated durability as S&P 500 sales declined 9% in 2009, while Healthcare subsector sales grew 10%2 Leverage FDA-approved assets that have protected and "portable" value • Clinical trials and FDA approval requires substantial investment of time and money and limits competition • Assets are attractive acquisition candidates for strategics, which avoid internal development and approval risk; high gross margins immediately accretive for acquirers with existing sales infrastructure Invest where competition is limited and risk-adjusted return superior • Few sources of non-dilutive capital exist for sub-$25M financings and equity is our primary competition • Achieve superior risk-reward via better pricing, lower leverage, tighter covenants, and downside protection 1) Centers for Medicare & Medicaid Services 2) Bloomberg

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5 Corporate Milestones 2019  17th partner exit realized, bringing the weighted avg. IRR on all exits to 20%  Acquired MOD3 Pharma  Ended year with $178.7M investment assets 2020  Uplisted to Nasdaq and added to Russell 2000 Index  Ended year with $212.5M investment assets 2022  Reconstituted Board of Directors  Ended year with $237.9M investment assets 2023  Jody Staggs named CEO  JD Tamas promoted to Director of Underwriting  Expanded team, adding VP of Underwriting and VP of Originations  Announced new $10M 10b5-1 share repurchase program  Closed new RLOC with $60.0M of committed from bank syndicate  Closed public offering of $33M Senior Unsecured Notes  Ended year with $290.2M investment assets 2024  SWK and MOD3 subsidiary entered into Exclusive Option and Asset Purchase Agreement with strategic partner  Appointed Adam Rice as Chief Financial Officer  Promoted Courtney Baker to Controller  Announced new $10M 10b5-1 share repurchase program  Ended year with $294.0M investment assets 2025  Monetized majority of royalty portfolio for $51.3M  Paid $49.1M ($4.00/share) dividend  Divested majority of MOD3 Pharma assets

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![](a2q25swkholdingssharehol006.jpg)

Second Quarter 2025 Recap 6CONFIDENTIAL CORPORATE UPDATES FINANCE RECEIVABLES UPDATES • In 2Q25, SWK repurchased 147K shares of stock for a total cost of $2.2M • During 2025 monetized performing royalty portfolio for $51.3M • In May, paid $49.1M ($4.00/share) dividend • In July, divested MOD3 Pharma for $6.9M • Funded two add-ons to existing borrowers totaling $13.5M • 2Q25 finance portfolio effective yield was 14.1% • 2Q25 finance portfolio realized yield was 14.3% • For the trailing twelve months ended 2Q25, SWK's core finance receivables segment generated a 10.4% adjusted return on tangible book value • As of 2Q25, non-GAAP tangible finance segment book value per share was $18.47, an 11.7% year-over-year increase after adjusting for the $4.00 per share dividend

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![](a2q25swkholdingssharehol007.jpg)

7 Finance Portfolio Overview: 2Q25 1) Includes public company warrants and shares; private warrants carried at zero value 2) Excludes warrants and equity. 3) Based on Gross Finance Receivables balance 4) As of August 2025 • Gross Finance Receivables: $246.4M • Gross Total Investment Assets: $251.6M1 • Allowance for Loan Loss: $8.8M Financing Segment Portfolio Value • Number of Assets: 172 • Avg. GAAP Balance per Asset: $14.5M3 • Total Unfunded Commitments: $2.5M4 Metrics 93% 5% 2% Portfolio Composition 1L Term Loans Royalties Warrants/Shares

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![](a2q25swkholdingssharehol008.jpg)

8 Financial Snapshot 1) Eliminates provision for income taxes, MOD3 intangibles amortization, and non-cash mark-to-market changes on warrant assets and equity securities—see reconciliation on subsequent pages. $279.9 $280.3 $288.7 $246.5 $21.80 $22.43 $23.45 $20.23 2022 2023 2024 2Q25 SWK Stockholder's Equity ($ in millions; except per share data) SWK Stockholders' Equity Book Value per Share $237.9 $290.2 $294.0 $251.6 2022 2023 2024 2Q25 Gross Total Investments Assets ($ in millions; at end of period; gross of/before CECL) $41.5 $37.8 $45.0 $44.7 2022 2023 2024 TTM 2Q25 Total Revenue ($ in millions) $18.1 $18.4 $16.9 $23.4 2022 2023 2024 TTM 2Q25 Non-GAAP Adjusted Net Income1 ($ in millions)

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![](a2q25swkholdingssharehol009.jpg)

9 Attractive Portfolio Yields SWK Targets Low-to-Mid Teens Effective Yields1 2Q25 Finance Segment Effective Yield was 14.1% 1) Effective yield is the rate at which income is expected to be recognized pursuant to the Company's revenue recognition policies, if all payments are received pursuant to the terms of the finance receivable; excludes warrants $222.2 $237.8 $249.6 $235.6 $236.3 $290.2 $275.2 $280.1 $273.0 $294.0 $236.6 $251.6 14.3% 13.9% 15.5% 14.5% 14.0% 14.4% 14.2% 14.6% 14.6% 15.5% 14.4% 14.1% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Gross Investments Assets and Weighted Effective Yield ($ in millions) Total Investments Assets Portfolio Effective Yield L3Y Average Effective Yield = 14.5%

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![](a2q25swkholdingssharehol010.jpg)

14.3% 13.9% 15.5% 14.5% 14.0% 14.4% 14.2% 14.6% 14.6% 15.5% 14.4% 14.1% 17.5% 11.0% 15.3% 15.4% 14.7% 14.1% 15.2% 15.4% 13.8% 14.7% 15.5% 14.3% 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Realized Yield vs. Effective Yield1 (at end of period) Effective Yield Realized Yield 10 Attractive Portfolio Yields SWK's Portfolio Realized1 Yield Has Typically Exceeded the Projected Yield as Actual Receipts Exceeded Internal Forecasts 1) Portfolio Realized Yield is inclusive of all fees and is calculated based on the simple average of finance receivables at the beginning and end of period L3Y Average Realized Yield = 14.7%

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![](a2q25swkholdingssharehol011.jpg)

Current Structured Credit Portfolio Biotricity 12.27.2021 $12.0 million Structured Credit NeoLight 02.17.2023 $5.0 million Structured Credit 11 4WEB Medical 07.01.2021 $20.0 million Structured Credit eTon Pharmaceuticals 11.14.2019 $30.0 million1 Structured Credit Nicoya 10.13.2023 $8.5 million1 Structured Credit Advanced Oxygen Therapy 03.21.2022 $19.5 million1 Structured Credit Shield Therapeutics 10.02.2023 $20.0 million Structured Credit MedMinder Systems 08.18.2022 $25.0 million Structured Credit CDMO 09.13.2023 $5.0 million Sponsor-Backed CDMO Private Transaction SKNV fka Sincerus Pharmaceuticals 03.19.2021 $16.0 million1 Structured Credit Elutia 08.10.2022 $25.0 million Structured Credit Journey Medical 12.27.2023 $25.0 million1 Structured Credit ImpediMed 02.05.2025 $15.0 million Structured Credit Triple Ring Technologies 12.06.2024 $8.0 million Structured Credit 1) Credit facility sizes include subsequent upsizes that were not committed at close

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![](a2q25swkholdingssharehol012.jpg)

($s in Ms) Date Cash Investments # Security Invested Paid Off Invested Received MOIC IRR Exited Via Nautilus 1 Loan Dec-12 Dec-13 6.4$8.5$1.3x 34% Strategic Parnell I 2 Loan Jan-14 Jun-14 10.0 11.0 1.1x 24% Refinance Response 3 Loan Jul-14 Oct-15 12.6 6.1 0.5x (47%) Strategic PDI 4 Loan Oct-14 Dec-15 20.0 25.0 1.3x 23% Strategic Tribute 5 Loan Aug-13 Feb-16 13.8 18.1 1.3x 18% Strategic Galil 6 Loan Oct-14 Jun-16 12.5 16.6 1.3x 21% Strategic Nanosphere 7 Loan May-15 Jun-16 10.0 14.4 1.4x 48% Strategic Syncardia 8 Multi. Dec-13 Jun-16 20.0 11.8 0.6x (37%) Financial Holmdel 9 Equity Dec-12 Feb-17 6.0 21.1 3.5x 63% Strategic Hooper I 10 Loan Apr-15 May-17 5.0 6.8 1.4x 20% Refinance Narcan 11 Royalty Dec-16 Feb-18 17.5 42.9 2.4x 84% MOIC Cap OraMetrix 12 Loan Dec-16 May-18 8.5 10.6 1.2x 19% Strategic Parnell II 13 Loan Nov-16 Jul-18 13.5 19.3 1.4x 26% Refinance Hooper II 14 Loan May-17 Oct-18 21.3 19.2 0.9x (16%) Strategic EyePoint 15 Loan Mar-18 Feb-19 19.7 25.4 1.3x 35% Refinance Thermedx 16 Loan May-16 May-19 3.5 5.8 1.6x 21% Refinance Cheetah 17 Loan Jan-19 Sep-19 10.0 12.5 1.2x 32% Strategic Misonix I 18 Loan Jun-15 Sep-19 17.9 27.5 1.5x 16% Strategic Aimmune 19 Loan Feb-19 Oct-20 3.7 4.4 1.2x 20% Strategic Tenex 20 Loan Jul-16 Apr-21 8.3 13.1 1.6x 16% Strategic Harrow 21 Loan Jul-17 Apr-21 10.3 18.7 1.8x 20% Refinance Veru FC2 22 Royalty Mar-18 Aug-21 10.0 27.2 2.7x 45% MOIC Cap Misonix II 23 Loan Sep-19 Oct-21 30.0 38.2 1.3x 14% Strategic Besivance 24 Royalty Apr-13 Nov-21 6.0 7.6 1.3x 7% IP Expired 12 Portfolio Realizations Exit History 12 Yrs. Exited Deals 45 Exits Cash Deployed $510M Cash Returned $724M MOIC 1.42x ($s in Ms) Date Cash Investments # Security Invested Paid Off Invested Received MOIC IRR Exited Via DxTerity 25 Loan Apr-15 Nov-21 9.5 19.9 2.1x 19% Refinance Celonova 26 Loan Jul-17 Dec-21 7.5 10.6 1.4x 15% Refinance Acerus 27 Loan Oct-18 Feb-22 9.0 13.3 1.5x 16% Refinance B&D Dental 28 Loan Dec-13 Mar-22 8.5 11.5 1.4x 4% Refinance Keystone 29 Loan May-16 Jun-22 20.0 33.5 1.7x 14% Refinance Beleodaq 30 Royalty Jun-18 Jul-22 7.5 13.7 1.8x 27% MOIC Cap Trio (Royalty) 31 Royalty Oct-20 Jul-22 4.3 6.9 1.6x 35% MOIC Cap TRT 32 Royalty Jun-13 Dec-22 3.3 1.9 0.6x (21%) Written Off Acer 33 Loan Mar-22 Jun-23 13.4 15.3 1.1x 18% Financial Epica 34 Loan Jul-18 Sep-24 12.1 22.0 1.8x 14% Refinance Exeevo 35 Loan Jul-22 Nov-24 6.5 5.6 0.9x (8%) Strategic Biolase 36 Loan Nov-18 Nov-24 18.7 26.8 1.4x 11% Strategic Trio (Loan) 37 Loan Jun-21 Dec-24 8.5 2.7 0.3x (38%) Financial MolecuLight 38 Loan Dec-21 Jan-25 9.9 15.9 1.6x 20% Refinance Iluvien 39 Royalty Dec-20 Mar-25 16.5 29.8 1.8x 20% Called Cambia 40 Royalty Jul-14 Apr-25 8.5 Forfivo 41 Royalty Aug-16 Apr-25 6.0 PDL 42 Royalty Aug-20 Apr-25 4.4 Duo 43 Royalty Dec-22 Apr-25 18.1 Saol 44 Royalty Dec-23 Apr-25 14.1 Relief 45 Royalty Aug-24 Apr-25 7.8 Total Realized 45 510.3$723.6$1.42x 17.2% 82.6 1.4x 18% Financial IRR 17.2% Memo (s): Figures reflective of SWKH balance sheet (i.e., excludes managed/partner transactions). ForFivo through Relief reflect a bundled sale to a financial buyer. Misonix presented at two discrete transactions (original platform financing to Solsys in Jun-15; subsequent new financing to Misonix when it acquired Solsys in Sep-19).

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![](a2q25swkholdingssharehol013.jpg)

13 Portfolio Realizations to Strategic Buyers  Non-workout realizations to strategic buyers transacted at a 26% LTV of SWK's original loan value  79% of businesses were not profitable at time of sale, validating SWK's revenue and IP-based underwriting methodology  Two of four workouts exited to strategics demonstrated ~100%+ total recovery (1) Attachment point measured as face value of loan and inclusive of all subsequent add-ons and any pari or senior debt outstanding at exit (2) Averages weighted to SWK attachment point (i.e., dollars invested) (3) For workouts, attachment point reflects sum of cash deployed into business, while TEV reflects sum of cash extracted from business/estate ($ in M) Target Buyer Exit Close Date Transaction TEV SWK Attachment Point1 LTV LTM Sales EV / LTM Sales Target Profitable Sale? Notes Nautilus Depomed Dec-13 48.7$22.5$46% 15.4$3.2x N Key asset was Cambia PDI Publicis Dec-15 25.0 20.0 80% 129.3 0.2x Y Tribute Aralez Feb-16 147.6 13.8 9% 26.5 5.6x N Galil BTG plc May-16 84.4 12.5 15% 22.7 3.7x N Transaction EV excludes $26M of milestones Nanosphere Luminex Jun-16 77.0 25.0 32% 23.1 3.3x N Orametrix Dentsply May-18 90.0 8.5 9% 20.0 4.5x Y Transaction EV excludes up to $60M in earn-outs Cheetah Medical Baxter Oct-19 190.0 20.0 11% 22.2 8.6x N Transaction EV excludes up to $40M in earn-outs Aimmune Nestle Oct-20 2,139.0 131.5 6% n.a. n.a. N SWK partnered w. KKR as a 4.5% participant Tenex Trice Apr-21 25.0 8.3 33% 12.3 2.0x Y Excludes earn-outs Misonix Bioventus Oct-21 518.0$27.6$5% 74.0$7.0x N Weighted Average2 246.1$26% 2.4x Workouts3 Buyer Exit Close Date Cash Into Business Cash Out of Business % Recovery Hooper I&II Quest Oct-18 26.3 25.9 98% N Response Cancer Dec-18 12.6$6.1$48% N Exeevo Valsoft Nov-24 6.5 5.6 87% N Biolase MegaGen Nov-24 18.7 26.8 143% N Total - Workouts2 37.7$38.5$98%

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![](a2q25swkholdingssharehol014.jpg)

14 SWK Sourcing • Cultivates and maintains a diverse array of longstanding, proprietary deal sources • Consistently sources over 100 actionable investment opportunities per year • Maintains disciplined "look-to-book" ratio of approximately 2-3% Intermediated 12% Hybrid 50% Proprietary 38% 2024 Total Deals Count by Source Type • "Intermediated" = deals widely marketed by mid-market life science investment banks • "Hybrid" = introduction via boutique banks, but not a traditional banking process • "Proprietary" = directly sourced by SWK with no intermediation or marketing process

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![](a2q25swkholdingssharehol015.jpg)

Financing Structures 15 Product Acquisition • Primarily first lien, senior secured, floating rate loans • Typically include covenants, prepayment penalties, origination and exit fees, and warrant coverage • Provide working capital to support product commercialization and M&A Hybrid Financing Synthetic Royalty Royalties Structured Debt • Companies: fund pipeline development & leverage a lower cost of capital for higher ROI projects • Institutions: capital planning for operating budgets, funding R&D initiatives, & financial asset diversification • Inventors: financial asset diversification, fund start-up company • Marketer creates a 'royalty' by selling an interest in a future revenue stream in exchange for an upfront payment and potential future payments • Ability to structure tiered revenues, reverse tiers, minimum payments, caps, step-downs and buy- out options, like a license agreement between innovator and marketer • Combination of royalty and revenue-based financings • Can take on many forms, including structured debt or equity • Target legacy products with established revenue trends, minimal marketing and infrastructure requirements • Leverage successful Homdel structure

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![](a2q25swkholdingssharehol016.jpg)

Historical Financing: Narcan Royalty 16 OPPORTUNITY SOLUTION • Opiant is a publicly-traded drug development company that receives a royalty on Narcan for developing the drug's unique formulation – Novel formulation has a faster time to onset and more convenient and safer administration • Opiant needed capital to pursue development programs • At time of monetization, Opiant was a thinly traded OTC stock and management believed the share price did not reflect underlying asset value, thus a share offering was not an attractive option • SWK structured a capped royalty that was smaller than competing proposals, and allowed Opiant to retain tail economics • In December 2016, SWK funded $13.8M in exchange for a royalty that was capped at a 1.5x Cash-on-Cash (Coc) return – On August 8, 2017, upon achieving $25.0M in cumulative sales during two consecutive quarters, SWK funded additional $3.8M with a 1.5x CoC return cap • Narcan sales exceeded forecasts; CoC return cap achieved in February 2018 • December 2022 SWK sold remaining economics for $2.5M; investment generated a 2.4x CoC return Narcan is the only FDA approved, intranasal Naloxone product for the treatment of opioid overdose Narcan is appropriately priced with revenue growth from expanded distribution, not price hikes

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![](a2q25swkholdingssharehol017.jpg)

Historical Financing: Galil Medical 17 OPPORTUNITY SOLUTION • In 2014, Galil was on the cusp of accelerating revenue growth, but was not yet cash-flow positive and could not tap traditional financing channels • Galil needed additional capital to run clinical trials and expand its sales force • In December 2014, SWK provided a $12.5M senior secured term loan structured to delay principal repayment until growth initiatives matured • In late 2015, SWK committed to provide additional financing to support Galil's proposed acquisition of a competitor – The transaction was not consummated, but SWK's support permitted opportunistic bid • By early 2016, the growth initiatives were bearing fruit, and in June 2016, Galil was acquired by BTG plc for $84.0M plus up to $26.0M in earn-outs • The SWK facility gave Galil capital to grow the business and garner a higher acquisition price while allowing the equity owners to capture maximum upside • SWK facility represented 15% LTV of the take-out price • SWK generated a 1.3x cash-on-cash return and 20% IRR Galil is a privately-held medical device company that delivers innovative cryotherapy solutions for tumor ablation

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![](a2q25swkholdingssharehol018.jpg)

18 Leadership Team Jody Staggs President and CEO • Joined in 2015 • Co-founded PBS Capital Management, predecessor to SWK • Prior to PBS, served as Senior Portfolio Analyst at Highland Capital Management • Investing experience in multiple asset classes John D. Tamas Director of Underwriting • Joined in 2022 • 17 years providing credit and equity to lower- and middle-market companies • Prior firms: NXT Capital, ORIX, Wachovia/Wells • Healthcare and related sector coverage for over a decade Adam Rice Chief Financial Officer • Joined in July 2024 • 18 years of senior-level finance and accounting leadership experience with both private and public companies • Previously, CFO of Park Cities Asset Management, an SEC registered alternative investment advisory firm

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Why Invest in SWKH – Attractive Risk Reward Scenario 19 Shareholder Return Focused • SWK story is not widely known, having uplisted to Nasdaq without benefit of traditional IPO • Analyst coverage and proactive investor relations effort have helped to increase SWK's visibility • With a Book Value per share of $20.23 and stock price of $14.68 (August 11, 2025), trades at a ~27% discount Strong Management/ Proven Processes Stable Earnings Longer- Term Upside Potential Lower Risk Bio-Basket "Unearthed Diamond" • Diverse, non correlated range of life science products with limited downside risk • As of 2Q25, portfolio consisted of 17 loans and royalties across a range of healthcare sub-sectors • 2Q25 portfolio effective yield was 14.1%; realized yield has historically exceeded effective (modeled) yield • Potential upside to modeled effective yield from early-loan payoffs and warrants • Private warrants carried at zero on the balance sheet • Management has extensive expertise in life science finance • Disciplined process to source and diligence opportunities with focus on minimizing risk and maximizing returns • In 2Q25, SWK repurchased 147K shares of stock for a total cost of $2.2M (~$14.95/share) • During 2025 monetized performing royalty portfolio for $51.3M, paid $49.1M ($4.00/share) dividend • Subsequent to 2Q25, sold majority of MOD3 Pharma assets for $6.9M

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20 Reconciliation of Non-GAAP Adjusted Net Income  The following table provides a reconciliation of SWK's reported (GAAP) consolidated net income to SWK's adjusted consolidated net income (Non-GAAP) for the periods denoted in the table. The table eliminates provisions for income taxes, non-cash mark-to-market changes on warrant assets and SWK's warrant, and MOD3 (divested) amortization: $ in 000s TTM FYE FYE FYE 2Q25 2024 2023 2022 Net income (loss) 17,417$13,489$15,887$13,491$ Add (subtract): income tax expense (benefit) 5,924 4,884 (1,273) (4,000) Add: Enteris amortization expense 22 507 1,704 1,774 Add (subtract): unrealized net loss (gain) on warrant assets (2,198) (2,406) 55 (416) Add (subtract): realized net loss (gain) on warrant assets 0 143 - - Add (subtract): Realized (net loss) / gain on equity securities 160 92 774 527 Add (subtract): foreign currency transaction losses (gains) 21 (641) (817) 215 Add (subtract): loss (gain) on change in fair value of contingent consideration - - (6,300) 5,170 Add (subtract): Realized loss (gain) on asset payoff (1,729) 5,771 - - Add (subtract): Loss (gain) on revaluation of assets 3,727 (4,900) - - Add (subtract): other expense items 90 8 8,404 1,327 Non-GAAP adjusted net income 23,435$16,947$18,434$18,088$

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21 Reconciliation of Non-GAAP Specialty Finance Net Income  The following table provides a reconciliation of SWK's consolidated adjusted income before provision for income taxes, listed in the table above, to the non-GAAP adjusted net income for the specialty finance business for the periods denoted below. The table eliminates the impact of MOD3, which was divested in Jul-25.  The following tables provide a reconciliation of SWK's book value per share to the non-GAAP adjusted book value per share for the specialty finance business. The table eliminates the net deferred tax asset and MOD3, which was divested in Jul-25. Diluted shares outstanding are as of period end. FINCO TTM FYE FYE FYE $ in 000s 2Q25 2024 2023 2022 Adjusted income before income tax (benefit) expense 23,435$16,947$18,434$18,088$ Add (subtract): Enteris operating loss (gain), excluding amortization and change in fair value of contingent consideration 1,071 2,351 5,950 5,380 Non-GAAP Finance Receivables segment net income 24,506$19,298$24,384$23,468$$ in 000s, except per share amounts 2Q25 $ in 000s, except per share amounts 2Q25 SWK Finance Receivables Segment Book Value, net MOD3 Book Value, net Stockholders' Equity (Book Value) 246,469$ Intangible Assets, net 209$ Less: Deferred Tax Assets, net 21,219 Goodwill - Trangible Book Value 225,250$ Property and Equipment, net 4,755 Less: MOD3 Book Value, net 4,964 Total MOD3-Related Assets 4,964$ Finance Receivables Segment Tangible Book Value 220,286$ Less: Contingent Consideration Payable - Book Value per Share 20.23$ MOD3 Book Value, net 4,964$ Tangible Book Value per Share 18.49$ Finance Receivables Segment Tangible Book Value per Share 18.08$ MOD3 Book Value, net per Share 0.41$ Memo: DTA BVPS 1.74$ Shares Outstanding as of 2Q25 12,184

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22 Contact Information CONFIDENTIAL SWK Senior Management Investor & Media Relations: Alliance Advisors IR • Jody Staggs: ̶ Phone: 972.687.7252 ̶ Email: jstaggs@swkhold.com • Office address: 5956 Sherry Lane, Unit 650 Dallas, TX 75225 • Website: www.swkhold.com • Susan Xu: ̶ Phone: 778.323.0959 ̶ Email: sxu@allianceadvisors.com

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23 Collaborative Approach to Life Science Financing

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