SWK Holdings Corp (SWKH) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the SWK Holdings Corporation Second Quarter 2023 Corporate and Financial Results Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Jason Randall with Tiberand Strategic Advisors. Please go ahead.

下午好，歡迎參加 SWK Holdings Corporation 2023 年第二季公司和財務業績電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想將會議轉交給 Jason Randall 和 Tiberand 策略顧問。請繼續。

Good evening and thank you for joining SWK Holdings Second Quarter 2023 financial and corporate results call. Earlier today, SWK Holdings issued a press release detailing its financial results for the three months ended June 30, 2023. The press release can be found in the Investor Relations section of swkhold.com under news release.

晚上好，感謝您參加 SWK Holdings 2023 年第二季財務與企業業績電話會議。今天早些時候，SWK Holdings 發布了一份新聞稿，詳細介紹了截至 2023 年 6 月 30 日的三個月的財務業績。新聞稿可在 swkhold.com 新聞稿下的投資者關係部分找到。

Before beginning today's call, I would like to make the following statement regarding forward-looking statement. Today we're making certain forward-looking statements about future expectations, plans, events and circumstances, including statements about our strategy, future operations and the development of consumer and drug product candidates, plans for future potential product candidates and studies and expectations regarding our capital allocation and cash resource.

在開始今天的電話會議之前，我想就前瞻性聲明發表以下聲明。今天，我們對未來的預期、計劃、事件和情況做出某些前瞻性聲明，包括關於我們的策略、未來營運以及消費者和藥品候選者的開發、未來潛在產品候選者的計劃以及有關我們的研究和期望的聲明。資本配置和現金資源。

These statements are based on our current expectations, and you should not place undue reliance on these statements. Actual results may differ materially due to our risks and uncertainties, including those detailed in the Risk Factors section of SWK Holdings 10-K filed with the SEC and other filings we make with the SEC from time to time.

這些陳述是基於我們目前的預期，您不應過度依賴這些陳述。由於我們的風險和不確定性，包括向 SEC 提交的 SWK Holdings 10-K 的風險因素部分以及我們不時向 SEC 提交的其他文件中詳細說明的風險和不確定性，實際結果可能會存在重大差異。

SWK Holdings disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events or otherwise.

SWK Holdings 不承擔更新這些前瞻性聲明中所含資訊的義務，無論是由於新資訊、未來事件或其他原因。

Joining me from SWK Holdings on today's call are Jody Staggs, President and CEO, and Yvette Heinrichson Chief Financial Officer. They will provide an update on SWK Second Quarter 2023 corporate and financial results. Jody, go ahead.

與我一起參加今天電話會議的還有 SWK Holdings 總裁兼執行長 Jody Staggs 和財務長 Yvette Heinrichson。他們將提供 SWK 2023 年第二季公司和財務業績的最新資訊。喬迪，繼續。

Thank you, Jason, and thanks, everyone, for joining our second quarter conference call. During the second quarter, we made progress on several key initiatives, including closing a new $45 billion credit facility, continuing the operational and financial turnaround into tariffs and concluding two long-running workouts. Our financing business remains healthy, and we generated a 15.4% realized yield during the quarter. And are working towards multiple new financing closings by year's end. Tangible book value per share increased to 18.95 per share, an 8% year-over-year increase after adjusting for the implementation of CECL.

謝謝傑森，也謝謝大家參加我們的第二季電話會議。第二季度，我們在幾項關鍵措施上取得了進展，包括關閉一項新的 450 億美元信貸安排、繼續實施關稅方面的營運和財務轉型以及完成兩項長期談判。我們的融資業務保持健康，本季實現了 15.4% 的實際收益率。並正努力在年底前完成多項新的融資。實施CECL後，每股有形帳面價值增至18.95元，較去年同期成長8%。

During the quarter, we repurchased $4.6 million of shares at an average price of $16.88, a 23% discount to the GAAP book value of $21.79. There is much to be excited about at SWK. Second quarter results were largely in line with internal expectations as financial segment, non-GAAP net income totaled $7.6 million, representing a 12% annualized return on tangible book value.

本季度，我們以 16.88 美元的平均價格回購了 460 萬美元的股票，比 21.79 美元的 GAAP 帳面價值折價 23%。 SWK 有很多令人興奮的事情。第二季業績基本上符合內部預期，因為金融部門的非 GAAP 淨利潤總計 760 萬美元，有形帳面價值年化報酬率為 12%。

While we are pleased with the 12% return, we aim to improve audit through diligent underwriting of life science, loans and royalties, coupled with appropriate balance sheet leverage. Our gross investment assets totaled $234 million compared with $249 million at March 31, 2023, and $175 million at June 30, 2022. The sequential decline is primarily due to the sale of our Acer loan to a third party for approximately $14 million.

雖然我們對 12% 的回報率感到滿意，但我們的目標是透過認真承保生命科學、貸款和特許權使用費以及適當的資產負債表槓桿來改進審計。我們的總投資資產總計為2.34 億美元，而2023 年3 月31 日為2.49 億美元，2022 年6 月30 日為1.75 億美元。環比下降主要是由於我們以約1,400 萬美元的價格向第三方出售了宏碁貸款。

Our portfolio effective yield was 14.5% compared with 15.5% in the first quarter of 2023. The sequential decrease is primarily due to the divestiture of the Acer. Our realized yield in the quarter was 15.4% compared with 15.3% in the first quarter of 2023. There were no early prepayments during the quarter. Looking ahead, our realized yield should benefit from the recent reference rate increase as well as pricing discipline on new financing proposals.

我們的投資組合有效收益率為 14.5%，而 2023 年第一季為 15.5%。環比下降主要是由於宏碁的剝離。我們本季的實現收益率為 15.4%，而 2023 年第一季為 15.3%。本季沒有提前預付款項。展望未來，我們的實際收益率應受益於最近參考利率的上漲以及新融資提案的定價紀律。

Turning to the portfolio, during the quarter, we finalized the workout for the Flowonix loan. And after quarter's close, we finalized the workout for the ideal royalty. In both situations, we received cash at close with the majority of recovery expected from future royalties. At this time, we believe the cash received combined with estimated future royalties will exceed the carrying value of position that we do not anticipate taking an impairment on either position. However, bulk positions will remain on nonaccrual.

談到投資組合，我們在本季完成了 Flowonix 貸款的解決方案。季度結束後，我們最終確定了理想的版稅。在這兩種情況下，我們最終都收到了現金，預計大部分收入來自未來的特許權使用費。目前，我們認為收到的現金加上預計的未來特許權使用費將超過頭寸的帳面價值，我們預計不會對任何頭寸進行減值。然而，大宗頭寸仍將是非應計的。

Looking at credit quality, we rate our loads one to five with five being the highest score. During the quarter, we had one loan scored as a two, while the Flowonix loan which has been in workout for several quarters with the discussed resolution achieved in late second quarter of 2023 was scored a one. The remaining loans were rated three or better. We rate our royalties, green, yellow and red and the ideal invest not accrued royalties rated red while remaining royalties were rated green.

就信用品質而言，我們將負載評級為 1 到 5，其中 5 為最高分。在本季度，我們有一筆貸款得分為 2，而 Flowonix 貸款已經進行了幾個季度的處理，並於 2023 年第二季度末達成了討論的決議，得分為 1。其餘貸款的評級為三級或以上。我們對特許權使用費進行評級，綠色、黃色和紅色，理想的投資不應計特許權使用費評級為紅色，而剩餘特許權使用費評級為綠色。

Results in Enteris continued to improve and were in line with internal expectations. Revenue increased 55% sequentially to 200,000, and we expect revenue to accelerate in third quarter and fourth quarter based on work generated from our pharma service partnership, which was signed in late April. Year to date, we have booked $2 million of CDMO projects and are bidding on an additional $9 million projects, which is an increase from $7 million projects we were bidding on last quarter. Second quarter interest operating expense totaled $2.5 million compared with $1.4 million as of first quarter of 2023.

Enteris 的表現持續改善，符合內部預期。營收季增 55%，達到 20 萬美元，根據 4 月底簽署的製藥服務合作夥伴關係所產生的工作，我們預計第三季和第四季的營收將加速成長。今年迄今為止，我們已經預訂了 200 萬美元的 CDMO 項目，並正在競標另外 900 萬美元的項目，這比我們上季度競標的 700 萬美元的項目有所增加。第二季利息營運費用總計 250 萬美元，而 2023 年第一季為 140 萬美元。

However, the second quarter included a final R&D payment as well as employee retention payments, which cumulatively totaled approximately $1 million. We expect the Enteris quarterly OpEx will be approximately $1.5 million per quarter in the back half of 2023. We are working with an advisor to evaluate strategic alternatives for Enteris, and we'll provide an update when appropriate.

然而，第二季包括最終研發付款以及員工保留付款，累計總額約為 100 萬美元。我們預計 Enteris 的季度營運支出將在 2023 年下半年達到每季約 150 萬美元。我們正在與顧問合作評估 Enteris 的策略替代方案，我們將在適當的時候提供更新。

During the quarter, we closed a $45 million committed financing with First Horizon Bank, which we replaced our prior $35 million facility. The new facility gives SWK. additional liquidity as well as flexibility to pursue other balance sheet capital options. During the quarter, we repurchased 272,492 shares at an average cost of $16.88.

本季度，我們與 First Horizo​​n Bank 完成了 4,500 萬美元的承諾融資，取代了先前 3,500 萬美元的融資。新設施提供 SWK。額外的流動性以及尋求其他資產負債表資本選擇的靈活性。本季度，我們以平均成本 16.88 美元回購了 272,492 股股票。

And year-to-date, we have repurchased approximately 327,000 shares for $5.6 million at an average cost of $16.96. We'd be repurchasing shares at the current level as a highly attractive use of shareholders' capital. To summarize, the second quarter of 2023 was a solid quarter for financial segment with a 12% return on tangible equity. We were able to conclude workout process for two of our nonaccrual loans with reasonable outcomes.

今年迄今為止，我們已以 560 萬美元的價格回購了約 327,000 股股票，平均成本為 16.96 美元。我們將以目前的水平回購股票，作為股東資本的一種極具吸引力的用途。總而言之，2023 年第二季度對於金融領域來說是一個穩健的季度，有形股本回報率為 12%。我們能夠結束兩筆非應計貸款的處理過程，並取得合理的結果。

We're pursuing multiple core life science financings with attractive returns and expect to close additional transactions by year end. And our new credit facility provides additional liquidity plus flexibility going forward. With that, I would like to turn the call to our CFO Yvette Heinrichson for an update on our financial performance for the quarter. Yvette, the call is yours.

我們正在尋求具有吸引力回報的多項核心生命科學融資，並預計在年底前完成更多交易。我們的新信貸安排提供了額外的流動性和未來的靈活性。在此，我想致電我們的財務長 Yvette Heinrichson，以了解我們本季財務業績的最新情況。伊薇特，電話是你的。

Thank you, Jody, and good afternoon, everyone. Earlier today, we reported earnings for the second quarter of 2023. We reported GAAP pretax net income of $5.4 million or $0.42 per diluted share. Our reporting Q2 2023 net income of $3.9 million after income tax expense of $1.4 million included a $2.5 million increase in finance receivables segment revenue and a $0.1 million increase in our Pharmaceutical Development segment revenue.

謝謝喬迪，大家下午好。今天早些時候，我們報告了 2023 年第二季度的收益。我們報告的 GAAP 稅前淨利潤為 540 萬美元，即稀釋後每股收益 0.42 美元。我們報告的 2023 年第二季淨利為 390 萬美元，扣除 140 萬美元所得稅費用，其中包括財務應收帳款部門收入增加 250 萬美元，以及藥物開發部門收入增加 10 萬美元。

The $2.5 million increase in year over year finance receivables segment revenue was primarily due to the $2.5 million increase in interest and fees earned due to funding new and existing loans. A $0.8 million increase in interest income due to an overall increase in reference rates and a net $0.5 million increase in royalty revenue when compared to the same period of the previous year.

應收帳款融資部門收入年增 250 萬美元，主要是由於為新貸款和現有貸款提供資金而賺取的利息和費用增加了 250 萬美元。與去年同期相比，由於參考利率整體上升，利息收入增加了 80 萬美元，特許權使用費收入淨增加了 50 萬美元。

The increase was partially offset by a $1.3 million decrease in interest, royalties and fees earned on finance receivables that were paid off in 2022 and 2023. Absent any material unforeseen payoffs, we still anticipate finance receivables revenue over the next two quarters of the year to be comparable to revenue reported in Q2 2023.

這一增長被2022 年和2023 年支付的金融應收帳款利息、特許權使用費和費用減少130 萬美元所部分抵消。在沒有任何重大不可預見的回報的情況下，我們仍然預計今年接下來兩個季度的金融應收帳款收入將達到與 2023 年第二季報告的收入相當。

As Jody mentioned earlier, overall operating expenses, which include interest, pharmaceutical manufacturing, research and development expense, as well as general and administrative expense were $4.9 million during Q2 2023 compared to $4.6 million in Q2 2022. Enteris operating expenses were $2.5 million in Q2 2023 compared to $2.4 million in Q2 2022. And finance receivables segment operating expenses were $2.4 million in Q2 2023 compared to $2.2 million in Q2 2022.

正如喬迪之前所提到的，2023 年第二季的整體營運費用（包括利息、藥品製造、研發費用以及一般和管理費用）為490 萬美元，而2022 年第二季為460 萬美元。Enteris 第第二季的營運費用為250 萬美元2023 年第二季的營運支出為240 萬美元，而2022 年第二季的財務應收帳款部門營運支出為240 萬美元，而2022 年第二季的財務應收帳款部門營運支出為220 萬美元。

The slight increase in finance receivables segment operating expenses was primarily due to $2.2 million increase in interest expense due to a higher overall average balance on our credit facility. And Second Quarter 2023 Pharmaceutical Development segment operating expenses included a $0.4 million expense for employee bonus retention as well as 0.5 million final payment to our CRO vendor. Neither of these expenses are expected to be repeated in the third quarter of 2023.

應收帳款融資部門營運費用略有增加，主要是由於我們的信貸額度總體平均餘額較高，利息費用增加了 220 萬美元。 2023 年第二季藥品開發部門的營運費用包括 40 萬美元的員工獎金保留費用以及支付給我們的 CRO 供應商的 50 萬美元的最終付款。預計 2023 年第三季這些支出都不會重複。

And finally, our finance receivables portfolio decreased by $14.8 million from the first quarter of 2023 that resulted in a $0.7 million benefit to our allowance for credit losses in Q2 2023. As a reminder, in Q1 of this year, we adopted the accounting standard known as CECL.

最後，我們的財務應收帳款組合較2023 年第一季減少了1,480 萬美元，這為我們在2023 年第二季的信貸損失準備金帶來了70 萬美元的收益。提醒一下，今年第一季度，我們採用了已知的會計準則作為CECL。

Going forward, changes to the size of our finance receivables will result in a corresponding percentage change to our allowance for credit losses as was the case in Q2 2023. Changes in the underlying assumptions used to establish our initial loss rates will also result in changes to our allowance for credit losses. We did not have any changes to these assumptions during the second quarter of 2023. Any future changes to our allowance for credit losses will run through the income statement. I will now turn the call back over to Jody.

展望未來，我們的財務應收帳款規模的變化將導致我們的信用損失準備金發生相應的百分比變化，就像2023 年第二季度的情況一樣。用於確定我們初始損失率的基本假設的變化也將導致我們的信用損失準備金。 2023 年第二季度，我們沒有對這些假設進行任何更改。未來信用損失準備金的任何變更都將貫穿損益表。我現在將把電話轉回給喬迪。

Thank you Yvette. In summary, the second quarter of 2023 was a solid period with results in line with our expectations. We made material progress on key initiatives during the first half of the year and for the remainder of 2023, we will pursue our goals with an aim of creating value for our owners. Operator let's open the call for questions.

謝謝伊薇特。總而言之，2023 年第二季是個穩健的時期，結果符合我們的預期。今年上半年，我們在關鍵舉措上取得了實質進展，在 2023 年剩餘時間裡，我們將繼續實現我們的目標，為業主創造價值。接線生讓我們開始提問。

(Operator Instructions) Jacob Stephan, Lake Street Capital Markets.

（操作員說明）Jacob Stephan，湖街資本市場。

Hey guys, hanks for taking my questions. I just wanted to touch on the Equity Capital Markets. We see them open up quite modestly over the last quarter here. How does this impact your ability to deploy capital and your risk tolerance with making loans?

嘿夥計們，感謝您回答我的問題。我只是想談談股權資本市場。我們看到他們在上個季度的開放程度相當溫和。這對您部署資本的能力和貸款的風險承受能力有何影響？

Hey, yeah. Thanks. Appreciate the question and thanks for dialing in. I would say there's sort of two dynamics from that. The first of all is for our portfolio companies that are public, the ability to tap those equity markets is a positive. You know, most of our borrowers are in cash burning situation for pre profit. So that's great for them, for situations where we're out there trying to pursue a new loan.

嘿，是的。謝謝。感謝您提出這個問題，並感謝您撥打電話。我想說，這有兩種動力。首先，對於我們的上市投資組合公司來說，能夠進入這些股票市場是一個正面的因素。你知道，我們的大多數借款人都處於燒錢狀態以獲取利潤。所以這對他們來說很好，對於我們試圖尋求新貸款的情況來說。

Equity is almost always our number one competitor. So in some ways, that's a modest negative. But I would say the pipeline is strong. And most of the companies we're speaking with really don't have access to the capital markets in any sort of material shape. There's a few that we're speaking with that are public and they may be considering that. But it's still fairly tough for small companies to access those in sort of any material means.

股權幾乎始終是我們的第一大競爭對手。所以從某些方面來說，這是一個溫和的負面影響。但我想說的是，管道很強大。我們採訪的大多數公司確實無法以任何形式進入資本市場。我們正在與一些公開人士交談，他們可能正在考慮這一點。但對於小公司來說，以任何物質手段取得這些資源仍然相當困難。

Okay. And then maybe just the for touch on the First Horizon Bank deal here. Does that change your lendable capital base? Or do you need access to additional facilities? How are you thinking about kind of capacity to grow the loan book here over the next 12 months?

好的。然後也許只是談談第一地平線銀行的交易。這會改變您的可貸資本基礎嗎？或是您需要使用額外的設施嗎？您如何看待未來 12 個月內增加貸款規模的能力？

Yeah, absolutely. So it increases our current capacity by $10 million. So we've got $45 million committed by First Horizon now. Our prior facility was $35 million. Now I think with this facility gives us is first of all, the terms, our partner I think it's going to allow us to syndicate this facility a bit more easily, and that's something we're focused on now.

是的，絕對是。因此，它使我們目前的產能增加了 1000 萬美元。因此，我們現在已獲得 First Horizo​​n 承諾的 4500 萬美元資金。我們之前的融資金額為 3500 萬美元。現在我認為這個設施首先為我們提供了條款，我們的合作夥伴，我認為這將使我們能夠更輕鬆地聯合該設施，這就是我們現在關注的重點。

So both our partner and SWK are focused on working with potential partner banks to bring them into the facility. And we would love to take this up to $75 million or $80 million. So we're working really hard on that. I guess the challenge right now is the regional bank market is in somewhat of a challenged position.

因此，我們的合作夥伴和 SWK 都致力於與潛在的合作夥伴銀行合作，將他們引入該設施。我們希望將其金額提高到 7500 萬或 8000 萬美元。所以我們正在為此努力。我想現在的挑戰是區域銀行市場面臨某種挑戰。

So I know those conversations will take time, but it's a focus. The other positive of this facility is it does allow us issue an unsecured bond, and that's something we're considering as well. So we've got a couple of other ways to bring on capital. That facility at $45 million is great and a good starting spot. But we believe that this business should support much more leverage in that.

所以我知道這些對話需要時間，但這是一個焦點。該設施的另一個積極因素是它確實允許我們發行無擔保債券，這也是我們正在考慮的事情。因此，我們還有其他幾種籌集資金的方法。該設施耗資 4500 萬美元，非常棒，也是一個很好的起點。但我們相信這項業務應該支持更多的槓桿作用。

Okay. And then just last one for me here. Any updated thoughts on the buyback or you guys just kind of plan to keep buying shares at a discount to book value here? Or how are you thinking about that moving forward?

好的。然後是我這裡的最後一個。關於回購有什麼最新的想法嗎？或者你們只是打算繼續以低於帳面價值的折扣購買股票？或者您如何看待未來的發展？

Yeah, absolutely. So in May, the Board did authorize a new $10 million buyback, which was great. We appreciate their support and their belief that our shares are materially undervalued, our management shares that view. So we have we have a new broker. We're working with, the new plan is, I would say, a bit more flexible than our old plan. So you probably saw that we repurchased almost $5 million, $4.6 million during the quarter, and we're pushing $6 million year to date.

是的，絕對是。因此，5 月份，董事會確實授權了 1000 萬美元的新回購，這非常棒。我們感謝他們的支持，並相信我們的股票被嚴重低估，我們的管理層也同意這一點。所以我們有了一個新經紀人。我們正在合作，我想說，新計劃比我們的舊計劃更靈活。所以你可能看到我們在本季回購了近 500 萬美元，其中 460 萬美元，今年迄今我們回購了 600 萬美元。

So the new plan seems to be working quite a bit better, and we'll just continue to work the plan in terms of the stock being at this price, we've got tiers and as we get these reporting out, we'll have an open period, where we can maybe be more aggressive by buying back the stock at the current price, I think the valuations are quite attractive. And so that's something that the Board and management will continue to do.

因此，新計劃似乎效果更好，我們將繼續按照這個價格的股票來製定計劃，我們有等級，當我們得到這些報告時，我們將有在開放期，我們也許可以通過以當前價格回購股票來更加激進，我認為估值相當有吸引力。因此，董事會和管理層將繼續這樣做。

Got it. Thanks. Best of luck moving forward here.

知道了。謝謝。祝你好運，繼續前進。

Thank you. Appreciate the call and the interest.

謝謝。感謝您的來電和興趣。

Scott Jensen, Private Investor.

史考特‧詹森，私人投資者。

Hey, good quarter, Jody and everyone on the team especially with the buyback as was just mentioned and pleasantly surprised on the two workouts. It's not going to be a hit to the bottom line, at least at this point. My question, I guess, is on Enteris, it looks like some good progress being made. And when you say $9 million future bids out there, what is the kind of metrics that you used to compete on those? Is it price? Is it reputation? Like how can we kind of get an idea of how that hit ratio might work out?

嘿，幹得好，喬迪和團隊中的每個人，尤其是剛才提到的回購，並對兩次試訓感到驚喜。至少在這一點上，這不會觸及底線。我想我的問題是關於 Enteris，看起來正在取得一些良好的進展。當你說未來的出價為 900 萬美元時，你用來競爭的指標是什麼？是價格嗎？是名譽嗎？例如我們怎麼知道命中率是如何計算的？

Yeah, great question. We're still learning a bit about that. So the majority of those bids on those proposals stem from our partnership with a large firms, pharma service organization, which I'm not supposed to name, but we've been working with them since April in a formal arrangement. And we are their preferred provider for certain Phase 1 and Phase 2 services. So they've got customers, they've got small biotech pharmas coming to them for help as they develop their programs and for particular dosing technologies and that that partner is referring them to us for certain of these services.

是的，很好的問題。我們對此仍在了解一些。因此，這些提案的大部分投標源於我們與一家大公司、製藥服務組織的合作夥伴關係，我不應該透露該組織的名字，但我們自四月以來一直在與他們進行正式安排合作。我們是他們某些第一階段和第二階段服務的首選提供者。因此，他們有客戶，有小型生物技術製藥公司在開發專案和特定劑量技術時向他們尋求幫助，並且該合作夥伴將他們推薦給我們以獲得其中某些服務。

So these are really warm leads, it's where I would need to check, but we're picking up the vast majority of that revenue, the partners keeping a bit of it and really for them, the benefit is getting these biotechs, you know, quality CDMO services and moving them through the clinical progression. So they can hopefully use our partner's technology, patented technology once they get out to market.

所以這些都是非常溫暖的線索，這是我需要檢查的地方，但我們獲得了絕大多數收入，合作夥伴保留了一部分，對他們來說，好處是獲得這些生物技術，你知道，優質的CDMO服務並推動其完成臨床進展。因此，一旦他們進入市場，他們就有希望使用我們合作夥伴的技術、專利技術。

I wish I had some number to tell you, we'll pick up X percent, but the rates have been great so far. I mean, the early proposals we put out, we're winning lots of those. And I think we'll definitely win our fair share of these new ones, particularly given that these are coming through warm leads. But at this time, I don't have a great rubric of the percent, and I'm still kind of working with Paul and the team and the Enteris to understand that a bit better myself.

我希望我能告訴你一些數字，我們會收取百分之 X 的費用，但到目前為止，費率一直很好。我的意思是，在我們提出的早期提案中，我們贏得了許多提案。我認為我們肯定會贏得這些新產品的公平份額，特別是考慮到這些新產品是透過熱烈的引導而來的。但目前，我還沒有一個很好的百分比標準，我仍在與 Paul、團隊和 Enteris 合作，以便自己更好地理解這一點。

And then just kind of a continuation, as you say, strategic options possibly for Enteris because clearly, one of the things that you've benefited from over the past number of years have been the paybacks from some of the Cara royalties, and it seems like they're making good progress, at least to report this week on their royal program. Would that be something where you'd still maintain some kind of future on the royalty access? Or would it just depend on the bid or the options that you're presented with?

然後，正如您所說，這可能是 Enteris 的戰略選擇，因為很明顯，您在過去幾年中受益的事情之一就是一些卡拉特許權使用費的回報，而且看起來好像他們正在取得良好進展，至少在本週報告他們的皇家計劃。您是否仍會在未來保留某種特許權使用權？還是僅取決於出價或您提供的選項？

Yes. I think we would retain that. It's really a financial asset at this point in time. We'd like royalties. We understand it. We think we understand what the value is. So there's no reason we could retain that I tend to think the people that might be interested in the CDMO business are not really that interested in a royalty from a third party.

是的。我想我們會保留這一點。目前它確實是一種金融資產。我們想要版稅。我們明白。我們認為我們了解價值是什麼。因此，我們沒有理由保留這一點：我傾向於認為可能對 CDMO 業務感興趣的人並不真正對第三方的特許權使用費感興趣。

So I would envision that we would retain that there. There is another royalty there at the Enteris as well. It's ----we haven't talked much about it. It's just a royalty. There are no milestones, there is an active program going on there, and then we're actually working on some other proposals as well.

所以我想我們會保留它。 Enteris 也有另一位皇室成員。這是----我們還沒談論太多。這只是一個皇室成員。沒有里程碑，有一個正在進行的計劃，然後我們實際上也在研究其他一些提案。

So I think all of those types of things which are really financial assets SWK would keep. I just don't see CDMO buyer really being that interested in those.

所以我認為所有那些真正屬於金融資產的東西 SWK 都會保留。我只是不認為 CDMO 買家真的對這些感興趣。

Excellent. Well, thank you. Keep up the good work (technical difficulty).

出色的。嗯，謝謝。繼續做好工作（技術難度）。

Thanks, Scott.

謝謝，斯科特。

Michael Diana, Maxim Group

邁克爾·戴安娜，馬克西姆集團

Hey, Jody.

嘿，喬迪。

Hey, good evening.

嘿，晚上好。

Now the SVB. has been gone for about four months, do you notice any change in the competitive environment?

現在是SVB。離開大概四個月了，您注意到競爭環境有什麼改變嗎？

Initially, I think the answer is yes. So there for a period of time, capital was really scarce. I think actually we've got one of our signed term sheets is a refi from SVB. And we're speaking, I think my colleagues are speaking with another situation now, which again is another SVB situation when they've got an SVB facility.

最初，我認為答案是肯定的。所以在一段時間內，資金是非常匱乏的。我想實際上我們已經簽署了一份條款清單，是 SVB 的重新修訂。我們正在談論，我認為我的同事現在正在談論另一種情況，這又是當他們擁有 SVB 設施時的另一種 SVB 情況。

So I think we have seen those opportunities now. I mean, SVB., a lot of those professionals now have moved on. And I think I think they're really active. If you look at First Citizens and some of these people, they're getting back out there.

所以我認為我們現在已經看到了這些機會。我的意思是，SVB，許多專業人士現在已經離開了。我認為他們真的很活躍。如果你看看《第一位公民》和其中一些人，你會發現他們正在回歸。

So there definitely has been an opportunity, particularly in the smaller side where we play a lot. Some of the less sponsor-backed channels. I gather the new owner of SVB and in some places the banks where those folks are going, they're probably moving up the quality spectrum.

所以肯定有機會，特別是我們踢球很多的小球隊。一些贊助商支援較少的管道。我收集了 SVB 的新所有者以及這些人所在的銀行的一些地方，他們可能正在提升品質範圍。

So yeah, it is an opportunity. I think it's not sort of the flood that we thought we might see when SVB and Signature went under it, if that makes sense.

是的，這是一個機會。我認為，如果這有道理的話，這並不是我們認為 SVB 和 Signature 陷入困境時可能會看到的洪水。

Okay, great. Thank you.

好的，太好了。謝謝。

Yeah, absolutely. Thanks, Mike.

是的，絕對是。謝謝，麥克。

It appears there are no further questions. This concludes our question-and-answer session. I would like to turn the call back over to Jody Staggs for closing remarks.

看來沒有其他問題了。我們的問答環節到此結束。我想將電話轉回喬迪·斯塔格斯（Jody Staggs）做結束語。

I'll appreciate everyone speaking again, hopefully, we've expressed the excitement we feel for what we've achieved so far this year and the opportunities ahead. Again, appreciate your support and dialing in and feel free to reach out to myself or the Tiberend team if you have any questions. Hope you have a good evening. Bye.

我非常感謝大家再次發言，希望我們已經表達了對今年迄今為止所取得的成就和未來機會的興奮之情。再次感謝您的支持和撥通，如果您有任何疑問，請隨時聯繫我自己或 Tiberend 團隊。希望您有個美好的夜晚。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。