SWK Holdings Corporation (NASDAQ:SWKH) Q2 2023 Earnings Conference Call August 9, 2023 5:00 PM ET

Company Participants

Jason Rando - EVP & COO, Tiberend Strategic Advisors

Jody Staggs - President & Interim Chief Executive Officer

Yvette Heinrichson - Chief Financial Officer

Conference Call Participants

Jacob Stephan - Lake Street Capital Markets

Michael Diana - Maxim Group

Operator

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 Rando with Tiberend Strategic Advisors. Please go ahead.

Jason Rando

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 3 months ended June 30, 2023. The press release can be found in the Investor Relations section of swkhold.com under News Releases.

Before beginning today's call, I would like to make the following statement regarding forward-looking statements. 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 resources. These statements are based on our current expectations and 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. 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.

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's second quarter 2023 corporate and financial results. Jody, go ahead.

Jody Staggs

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 million credit facility, continuing the operational and financial turnaround in Enteris 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.