Revenue: As of FY2025, the actual value is USD 41.46 M.

EPS: As of FY2025, the actual value is USD -0.21.

EBIT: As of FY2025, the actual value is USD -13.37 M.

Consolidated Revenues

• Total revenues for SWK Holdings Corporation decreased to $41.5 million for the year ended December 31, 2025, from $45.0 million for the year ended December 31, 2024, representing a $3.5 million decrease.
  • Finance Receivables Segment Revenue: Decreased by $2.1 million for the year ended December 31, 2025, totaling $38.4 million, compared to $40.8 million in 2024.
  • Pharmaceutical Development Segment Revenue: Decreased by $1.4 million for the year ended December 31, 2025, to $2.2 million, from $3.6 million in 2024.
  • Other Revenue: Increased to $865,000 in 2025 from $584,000 in 2024.

Operational Metrics

• Provision for (benefit from) Credit Losses: SWK Holdings Corporation recognized a benefit from credit losses of -$0.9 million in 2025, compared to an expense of $12.8 million in 2024, a $13.7 million decrease.
• Loss on Impairment: Decreased to $0.6 million in 2025 from $5.8 million in 2024.
• Loss on Disposal of Inventory: Was $0.3 million in 2025, with no comparable amount in 2024.
• Interest Expense: Remained consistent at $4.8 million in 2025, compared to $4.7 million in 2024.
• Pharmaceutical Manufacturing, Research and Development Expense: Decreased to $1.6 million in 2025 from $2.2 million in 2024, a -$0.6 million change.
• Change in Fair Value of Acquisition-Related Contingent Consideration: No change occurred in 2025, compared to a $4.9 million gain recognized in 2024.
• Depreciation and Amortization Expense: Decreased to $0.04 million in 2025 from $1.4 million in 2024, a -$1.4 million change.
• General and Administrative Expense: Increased to $14.8 million in 2025 from $11.5 million in 2024, a $3.3 million increase.
• Other Income (Expense), Net: Shifted to an expense of -$0.2 million in 2025 from income of $6.8 million in 2024, a -$7.0 million change.
• Income Tax Expense: Increased to $22.6 million in 2025 from $4.9 million in 2024, a $17.7 million increase.
• Net Income (Loss): Resulted in a net loss of -$2.5 million in 2025, compared to a net income of $13.5 million in 2024, a -$16.0 million change.

Finance Receivables Portfolio (as of December 31, 2025)

• Total Gross Finance Receivables: $225.9 million, consisting of $216.0 million in Term Loans and $9.9 million in Royalty Purchases.
• Allowance for Credit Losses: -$7.3 million in 2025, down from -$11.2 million in 2024.
• Total Carrying Value (net): $218.6 million in 2025, down from $277.8 million in 2024.
• Non-Accrual Finance Receivables (gross): $9.9 million in 2025 (all royalty purchases), compared to $14.8 million in 2024.
  • Collected $3.1 million on non-accrual finance receivables in 2025, compared to $15.9 million in 2024.
• Marketable Investments: $0.2 million in 2025, down from $0.6 million in 2024.
• Warrant Assets: $5.9 million in 2025, up from $4.4 million in 2024.

Cash Flow

• Cash and Cash Equivalents: Increased by $36.9 million to $42.8 million as of December 31, 2025, from $5.9 million as of December 31, 2024.
• Net Cash Provided by Operating Activities: $27.3 million in 2025, compared to $23.0 million in 2024.
• Net Cash Provided by (Used in) Investing Activities: $68.1 million provided in 2025, which included $56.9 million from repayment of finance receivables and $31.7 million from the sale of finance receivables, compared to -$10.1 million used in 2024.
• Net Cash Used in Financing Activities: -$58.5 million in 2025, which included -$49.1 million in cash dividends paid, compared to -$12.2 million in 2024.

Debt and Liquidity

• Revolving Credit Facility: Aggregate commitments were reduced from $60.0 million to $10.0 million on December 4, 2025, with no outstanding amount as of December 31, 2025, compared to $6.2 million outstanding as of December 31, 2024.
• Senior Notes Due 2027: Total long-term debt, net, was $32.1 million in 2025, compared to $31.4 million in 2024, with $33.0 million in principal obligations due in 2027.
• Unfunded Commitments: Totaled $2.5 million as of December 31, 2025.

Outlook/Guidance

SWK Holdings Corporation entered into a Merger Agreement on October 9, 2025, with Runway Growth Finance Corp. and its affiliated entities, with the closing expected in the first half of 2026. Following the merger, SWK Holdings Corporation will cease operating as an independent specialty finance and asset management platform. Due to the pending merger, the Company does not intend to pay any cash dividends going forward.