Overview
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- TickerSWKHL on Nasdaq1
- IndustryMiscellaneous Business Credit Institution1
- HeadquartersDallas, Texas1
- Incorporated inDE2
- Business address5956 Sherry Lane, Suite 650, Dallas, Tx 752252
- Filer categoryNon-accelerated filer, Smaller reporting company2
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In addition to historical information, this Annual Report on Form 10-K (“Annual Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. From time to time, we may also provide oral or written forward-looking statements in other materials we release to the public. Such forward-looking statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. The forward-looking statements are not historical facts but rather are based on current expectations, estimates and projections about our business and industry, and our beliefs and assumptions, and include, but are not limited to, statements under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Words such as “anticipate,…4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development6¢$1.6M
- Income tax94¢$22.6M
Out of $2.2M in revenue.5 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending2¢$512.0K
- Share buybacks11¢$3.1M
- Kept or used elsewhere87¢$23.7M
Out of $27.3M of cash from operations.5
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Finance receivable interest income, including fees | $38.4M | $40.8M |
| Pharmaceutical development | $2.2M | $3.6M |
| Other | $865.0K | $584.0K |
| Total revenues | $41.5M | $45.0M |
| Provision for (benefit from) credit losses | -$924.0K | $12.8M |
| Loss on impairment | $641.0K | $5.8M |
| Loss on disposal of inventory | $314.0K | $0 |
| Interest expense | $4.8M | $4.7M |
| Pharmaceutical manufacturing, research and development expense | $1.6M | $2.2M |
| Change in fair value of acquisition-related contingent consideration | $0 | -$4.9M |
| Depreciation and amortization expense | $40.0K | $1.4M |
| General and administrative expense | $14.8M | $11.5M |
| Income from operations | $20.3M | $11.6M |
| Unrealized net gain on warrants | $775.0K | $2.4M |
| Net gain on exercise and cancellation of warrants | $0 | $445.0K |
| Loss on sale of assets | -$82.0K | $0 |
| Gain on sale of business | $1.6M | $0 |
| Net loss on marketable investments | -$384.0K | -$266.0K |
| Realized gain on early payment of finance receivables | $1.7M | $1.1M |
| Gain (loss) on revaluation of finance receivables | -$3.7M | $2.5M |
| Realized and unrealized foreign currency transaction gains (losses) | -$71.0K | $641.0K |
| Income before income tax expense | $20.1M | $18.4M |
| Income tax expense | $22.6M | $4.9M |
| Net income (loss) | -$2.5M | $13.5M |
| Basic (in dollars per share) | -$0.21 | $1.09 |
| Diluted (in dollars per share) | -$0.21 | $1.09 |
| Basic (in shares) | 12.2M shares | 12.4M shares |
| Diluted (in shares) | 12.2M shares | 12.4M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $42.8M | $5.9M | |
| Interest, accounts receivable, and other receivables | $3.9M | $5.8M | |
| Assets held for sale, net (Note 6) | $0 | $6.4M | |
| Other current assets | $163.0K | $2.1M | |
| Total current assets | $46.8M | $20.3M | |
| Finance receivables, net of allowance for credit losses of $7,278 and $11,249 as of December 31, 2025 and 2024, respectively | $218.6M | $277.8M | |
| Collateral on foreign currency forward contract | $0 | $2.8M | |
| Marketable investments | $184.0K | $580.0K | |
| Deferred tax assets, net | $912.0K | $23.5M | |
| Warrant assets | $5.9M | $4.4M | $1.8M |
| Other non-current assets, net | $0 | $3.0M | |
| Total assets | $272.4M | $332.2M | |
| Accounts payable and accrued liabilities | $5.0M | $2.8M | |
| Liabilities held for sale, net (Note 6) | $0 | $1.3M | |
| Deferred income | $0 | $1.5M | |
| Total current liabilities | $5.0M | $5.6M | |
| Unsecured senior notes, net | $32.1M | $31.4M | |
| Revolving credit facility | $0 | $6.2M | |
| Other non-current liabilities | $240.0K | $335.0K | |
| Total liabilities | $37.3M | $43.5M | |
| Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding | $0 | $0 | |
| Common stock, $0.001 par value; 250,000,000 shares authorized; 12,095,979 and 12,213,599 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $12.0K | $12.0K | |
| Additional paid-in capital | $4.4B | $4.4B | |
| Accumulated deficit | -$4.2B | -$4.1B | |
| Total stockholders' equity | $235.1M | $288.7M | $280.3M |
| Total liabilities and stockholders' equity | $272.4M | $332.2M | |
| Financing receivable, allowance for credit loss excluding accrued interest | $7.3M | $11.2M | $13.9M |
| Preferred stock, par or stated value per share (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | |
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | |
| Common stock, par or stated value per share (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 250.0M shares | 250.0M shares | |
| Common stock, shares, issued (in shares) | 12.1M shares | 12.2M shares | |
| Common stock, shares, outstanding (in shares) | 12.1M shares | 12.2M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $42.8M | $5.9M | |
| Interest, accounts receivable, and other receivables | $3.9M | $5.8M | |
| Assets held for sale, net (Note 6) | $0 | $6.4M | |
| Other current assets | $163.0K | $2.1M | |
| Total current assets | $46.8M | $20.3M | |
| Finance receivables, net of allowance for credit losses of $7,278 and $11,249 as of December 31, 2025 and 2024, respectively | $218.6M | $277.8M | |
| Collateral on foreign currency forward contract | $0 | $2.8M | |
| Marketable investments | $184.0K | $580.0K | |
| Deferred tax assets, net | $912.0K | $23.5M | |
| Warrant assets | $5.9M | $4.4M | $1.8M |
| Other non-current assets, net | $0 | $3.0M | |
| Total assets | $272.4M | $332.2M | |
| Accounts payable and accrued liabilities | $5.0M | $2.8M | |
| Liabilities held for sale, net (Note 6) | $0 | $1.3M | |
| Deferred income | $0 | $1.5M | |
| Total current liabilities | $5.0M | $5.6M | |
| Unsecured senior notes, net | $32.1M | $31.4M | |
| Revolving credit facility | $0 | $6.2M | |
| Other non-current liabilities | $240.0K | $335.0K | |
| Total liabilities | $37.3M | $43.5M | |
| Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding | $0 | $0 | |
| Common stock, $0.001 par value; 250,000,000 shares authorized; 12,095,979 and 12,213,599 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $12.0K | $12.0K | |
| Additional paid-in capital | $4.4B | $4.4B | |
| Accumulated deficit | -$4.2B | -$4.1B | |
| Total stockholders' equity | $235.1M | $288.7M | $280.3M |
| Total liabilities and stockholders' equity | $272.4M | $332.2M | |
| Financing receivable, allowance for credit loss excluding accrued interest | $7.3M | $11.2M | $13.9M |
| Preferred stock, par or stated value per share (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | |
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | |
| Common stock, par or stated value per share (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 250.0M shares | 250.0M shares | |
| Common stock, shares, issued (in shares) | 12.1M shares | 12.2M shares | |
| Common stock, shares, outstanding (in shares) | 12.1M shares | 12.2M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net income (loss) | -$2.5M | $13.5M |
| Provision for (benefit from) credit losses | -$695.0K | $12.8M |
| Loss on sale of assets | $82.0K | $0 |
| Loss on impairment | $641.0K | $5.8M |
| Right-of-use amortization | $143.0K | $415.0K |
| Amortization of debt issuance costs | $1.4M | $1.1M |
| Deferred income taxes, net | $22.6M | $4.8M |
| Unrealized net gain on warrants | -$775.0K | -$2.4M |
| Loss on disposal of inventory | $314.0K | $0 |
| Net gain on exercise and cancellation of warrants | $0 | -$445.0K |
| Gain on sale of business | -$1.5M | $0 |
| Change in fair value of acquisition-related contingent consideration | $0 | -$4.9M |
| Loss (gain) on revaluation of finance receivables | $3.7M | -$2.5M |
| Foreign currency transaction gains | -$681.0K | -$1.4M |
| Loss on marketable investments | $384.0K | $266.0K |
| Loan discount amortization and fee accretion | -$2.2M | -$3.9M |
| Interest paid-in-kind | -$1.8M | -$2.8M |
| Stock-based compensation | $1.2M | $944.0K |
| Depreciation and amortization expense | $40.0K | $1.4M |
| Interest, accounts receivable and other receivables | $1.9M | -$1.1M |
| Derivative assets and liabilities, net | $915.0K | $1.2M |
| Collateral on foreign currency forward contract | $2.8M | $0 |
| Other assets, net | $1.3M | $199.0K |
| Accounts payable, accrued expenses, and other non-current liabilities | $1.6M | -$1.3M |
| Deferred income | -$1.5M | $1.5M |
| Net cash provided by operating activities | $27.3M | $23.0M |
| Proceeds from sale of property and equipment | $110.0K | $0 |
| Settlement of foreign currency forward contract | $1.6M | $0 |
| Proceeds from sale of assets and liabilities held for sale | $6.8M | $0 |
| Sale of marketable investments | $0 | $574.0K |
| Investment in finance receivables | -$28.5M | -$63.7M |
| Proceeds from sale of finance receivables | $31.7M | $0 |
| Repayment of finance receivables | $56.9M | $53.1M |
| Corporate debt securities principal payments | $21.0K | $27.0K |
| Purchases of property and equipment | -$512.0K | -$138.0K |
| Net cash provided by (used in) investing activities | $68.1M | -$10.1M |
| Net settlement for employee taxes on stock options | -$89.0K | -$43.0K |
| Net payments on from credit facility | -$6.2M | -$6.1M |
| Cash dividends | -$49.1M | $0 |
| Payments on financing costs | -$41.0K | -$50.0K |
| Repurchases of common stock, including fees and expenses | -$3.1M | -$6.0M |
| Net cash used in financing activities | -$58.5M | -$12.2M |
| Net increase in cash and cash equivalents | $36.8M | $691.0K |
| Derecognition of right-of-use assets and operating lease liabilities upon termination of lease | $0 | $82.0K |
| Cash paid for interest | $3.0M | $3.1M |
| Fair value of warrants received with finance receivables | $537.0K | $1.2M |
No quarter-by-quarter statement was filed.
Corporate structure
SWK Holdings Corp sits at the top of its group. 7 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of SWK Holdings Corp
- M3 PARTNERS LP Filed SCHEDULE 13G/A on SWK Holdings Corp, latest Apr 23, 2026 (4 filings since Jul 11, 2022)
- Carlson Capital, L.P. Filed SCHEDULE 13D/A on SWK Holdings Corp, latest Apr 8, 2026 (6 filings since Nov 12, 2021)
- CANNELL CAPITAL LLC Filed SC 13G/A on SWK Holdings Corp, latest Nov 14, 2024 (3 filings since Apr 17, 2023)
- SWK Holdings Corp Dallas, Texas
- MOD3, Inc. Subsidiary · Delaware, United States
- SWK Advisors LLC Subsidiary · Delaware, United States
- SWK Funding LLC Subsidiary · Delaware, United States
- SWK Holdings Acquisitions Corporation Subsidiary · Delaware, United States
- SWK HP Holdings GP LLC Subsidiary · Delaware, United States
- SWK Products Holdings LLC Subsidiary · Delaware, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What SWK Holdings Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Furniture and fixtures | $139.0K5 Dec 31, 2025 | $198.0K5 Dec 31, 2024 | −29.8% |
| Computer equipment and software | $16.0K5 Dec 31, 2025 | $192.0K5 Dec 31, 2024 | −91.7% |
| Leasehold improvements | $13.0K5 Dec 31, 2025 | $3.6M5 Dec 31, 2024 | −99.6% |
| Property and equipment, before depreciation | $168.0K5 Dec 31, 2025 | $8.1M5 Dec 31, 2024 | −97.9% |
| Accumulated depreciation | $120.0K5 Dec 31, 2025 | $2.7M5 Dec 31, 2024 | −95.5% |
| Property and equipment, net | $48.0K5 Dec 31, 2025 | $5.4M5 Dec 31, 2024 | −99.1% |
| Operating-lease assets (leased space) | $05 Dec 31, 2025 | $518.0K5 Dec 31, 2024 | −100.0% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $42.8M5 Dec 31, 2025 | $5.9M5 Dec 31, 2024 | +621.5% |
| Debt securities available for sale | $05 Dec 31, 2025 | $21.0K5 Dec 31, 2024 | −100.0% |
| Loans, net of allowance | $218.6M5 Dec 31, 2025 | $277.8M5 Dec 31, 2024 | −21.3% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $010 Dec 31, 2024 | $6.5M10 Dec 31, 2023 | −100.0% |
Properties, in its own words
Our corporate headquarters and the location of our Finance Receivables segment are in Dallas, Texas, where we lease office space totaling approximately 4,450 square feet of office space. We believe these facilities are adequate for our business requirements.
Item 2 of the 10-K filed Mar 20, 2026.4
Leadership
Who has led SWK Holdings Corp, and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
- Chief executive officerWinston L. Black Iii. May 19, 2017 to Sep 21, 202213
- Chief executive officerJames Brett Pope May 16, 2012 to Aug 20, 201514
- Chief executive officerJohn Fritzen Nemelka Jun 2, 2010 to May 16, 201215
- Chief executive officerChuck Bay Feb 15, 2006 to Feb 15, 200616
- Chief executive officerMichael S. Fields Sep 12, 2006 to Sep 12, 200617
- PresidentJoe David Staggs Jr. Sep 12, 2022 to now18
- Chief financial officerAdam Rice Jul 8, 2024 to now19
- Chief financial officerYvette M. Heinrichson Oct 5, 2022 to Oct 5, 202220
- Chief financial officerCharles M. Jacobson Sep 6, 2012 to Dec 1, 201421
- Chief financial officerPaul Burgon Jan 13, 2010 to May 16, 201222
- Chief financial officerMichael J. Shannahan Mar 14, 2008 to Mar 14, 200823
Board members and other officers (33)
- Managing DirectorWinston L. Black Iii. May 16, 2012 to Aug 27, 201524
- CAO, VP of FinanceWilliam Feichtmann Jun 1, 2009 to Jul 10, 200925
- Sr. VP, Corporate DevelopmentMark A. Angel May 14, 2007 to Jul 10, 200926
- SVP EngineeringSham Chotai Jun 12, 2007 to Jun 18, 200727
- eVergence Pres. & KANA VPChad Alan Wolf Jun 18, 2007 to Jul 10, 200928
- CTOCharles Hart Isaacs Jun 22, 2007 to Jul 10, 200929
- SVP MarketingMarchai Burris Bruchey Jun 22, 2007 to Jun 22, 200730
- EVP Worldwide Field OperationsDaniel A. Turano Aug 9, 2007 to Jul 10, 200931
- VP, GEN. COUNSEL AND SECRETARYWilliam A. Bose Aug 8, 2006 to Sep 12, 200632
- CHIEF ADMINISTRATIVE OFFICERJay Aaron Jones Sep 12, 2006 to Jul 10, 200933
- Board memberJerry Albright Mar 21, 2023 to now34
- Board memberLaurie L. Dotter Feb 22, 2022 to now35
- Board memberWendy F. Dicicco Feb 22, 2022 to Jan 4, 202336
- Board memberMarcus Edward Pennington May 25, 2021 to Jul 1, 202437
- Board memberAaron G.l. Fletcher Oct 1, 2019 to Jan 12, 202238
- Board memberChristopher W. Haga Sep 16, 2014 to Jan 12, 202239
- Board memberDana Blair Baker Sep 16, 2014 to Jan 12, 202240
- Board memberEdward B. Stead Sep 16, 2014 to Jan 12, 202241
- Board memberWinston L. Black Iii. May 22, 2013 to May 22, 201342
- Board memberBlack Diamond L.p. Double Sep 9, 2013 to May 22, 201743
- Board memberClint Duane Carlson Sep 9, 2013 to May 22, 201743
- Board memberJames Brett Pope May 16, 2012 to Aug 20, 201514
- Board memberMichael Weinberg Jan 7, 2010 to Jan 12, 202244
- Board memberMichael A. Margolis Aug 4, 2010 to Feb 10, 201445
- Board memberChuck Bay Feb 15, 2006 to Feb 15, 200616
- Board memberDixie L. Mills Sep 12, 2006 to Mar 8, 200746
- Board memberJerry R. Batt Sep 12, 2006 to Jul 10, 200947
- Board memberJohn Fritzen Nemelka Sep 12, 2006 to Feb 10, 201448
- Board memberMichael J. Shannahan Sep 12, 2006 to Jul 30, 200749
- Board memberMichael S. Fields Sep 12, 2006 to Sep 12, 200617
- Board memberStephanie Vinella Sep 12, 2006 to Jul 10, 200950
- Board memberWilliam Thaddeus Clifford Sep 12, 2006 to Feb 10, 201451
- General counselWilliam A. Bose Feb 5, 2007 to Jul 10, 200952
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- MOD3, Inc. Delaware3
- SWK Advisors LLC Delaware3
- SWK Funding LLC Delaware3
- SWK HP Holdings GP LLC Delaware3
- SWK Holdings Acquisitions Corporation Delaware3
- SWK Products Holdings LLC Delaware3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
Timeline
- Apr 6, 20268-K Entered a material agreement; Ended a material agreement; Completed an acquisition or sale53
- Mar 31, 20268-K Shareholder vote54
- Feb 13, 20268-K New debt or obligation55
- Dec 5, 20258-K New debt or obligation56
- Dec 4, 20258-K Other events57
- Nov 6, 20258-K Results of operations58
- Oct 10, 20258-K Entered a material agreement59
- Oct 9, 20258-K Other events60
- Oct 1, 20258-K Other events61
- Aug 14, 20258-K Results of operations; Regulation FD disclosure62
- Jul 17, 20258-K Entered a material agreement63
- Jun 16, 20258-K Executive or director change; Shareholder vote64
- May 19, 2017New chief executive Winston L. Black Iii. becomes CEO13
- May 16, 2012New chief executive James Brett Pope becomes CEO14
- Jun 2, 2010New chief executive John Fritzen Nemelka becomes CEO15
- Sep 12, 2006New chief executive Michael S. Fields becomes CEO17
- Feb 15, 2006New chief executive Chuck Bay becomes CEO16
Calendar
When it reported results
- Nov 6, 2025Reported quarterly or annual results58
- Aug 14, 2025Reported quarterly or annual results62
- May 15, 2025Reported quarterly or annual results65
- Mar 20, 2025Reported quarterly or annual results66
- Nov 14, 2024Reported quarterly or annual results67
- Aug 15, 2024Reported quarterly or annual results68
- Jul 19, 2024Reported quarterly or annual results69
- May 15, 2024Reported quarterly or annual results70
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
261 filings to the SEC since October 2021: 6 annual reports, 13 quarterly reports, 83 major events, 89 insider forms, 13 large holders, 57 other. The latest 20:
- Apr 23, 2026SCHEDULE 13G/A EDGAR
- Apr 16, 202615-12G EDGAR
- Apr 8, 2026EFFECT EDGAR
- Apr 8, 2026EFFECT EDGAR
- Apr 8, 2026SCHEDULE 13D/A EDGAR
- Apr 8, 20264 EDGAR
- Apr 7, 2026S-8 POS EDGAR
- Apr 7, 2026S-8 POS EDGAR
- Apr 7, 2026S-8 POS EDGAR
- Apr 7, 2026S-8 POS EDGAR
- Apr 7, 2026S-8 POS EDGAR
- Apr 7, 2026S-8 POS EDGAR
- Apr 7, 2026S-8 POS EDGAR
- Apr 7, 2026S-8 POS EDGAR
- Apr 7, 2026S-8 POS EDGAR
- Apr 7, 2026S-8 POS EDGAR
- Apr 7, 2026S-8 POS EDGAR
- Apr 7, 2026S-8 POS EDGAR
- Apr 7, 2026S-8 POS EDGAR
- Apr 7, 2026S-8 POS EDGAR
The 261 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 9, 2022 | Staggs Joe David JRPRESIDENT | Buy | 2,745 | $16.53 | $45.4K | Form 4 |
| Sep 9, 2022 | Staggs Joe David JRPRESIDENT | Buy | 2,745 | $16.53 | $45.4K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- M3 PARTNERS LPSCHEDULE 13G/A, 4 filings Jul 11, 2022 to Apr 23, 202671
- Carlson Capital, L.P.SCHEDULE 13D/A, 6 filings Nov 12, 2021 to Apr 8, 202672
- CANNELL CAPITAL LLCSC 13G/A, 3 filings Apr 17, 2023 to Nov 14, 202473
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2024 | Joe D. StaggsPresident & Chief Executive Officer | 44 | $400.0K | $1.4M74 |
| 2024 | Adam RiceChief Financial Officer | 44 | $139.6K | $247.2K74 |
| 2024 | Yvette HeinrichsonFormer Chief Financial Officer | $54.6K | $165.6K74 | |
| 2023 | Joe D. StaggsPresident & Chief Executive Officer | 44 | $408.1K | $953.1K74 |
| 2023 | Yvette HeinrichsonFormer Chief Financial Officer | $330.0K | $498.8K74 |
SEC filer profile
How SWK Holdings Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARSWK Holdings Corp1
- CIK0001089907
- Employer ID (EIN)77-04356794
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 311
- Industry code (SIC)6159 Miscellaneous Business Credit Institution1
- SEC reviewing officeOffice of Finance, Division of Corporation Finance1
- Business address5956 Sherry Lane, Suite 650, Dallas, TX 752251
- Phone21421772531
- Shares outstanding12,095,979 shares as of Mar 16, 20264
- Public float$45.8M as of Jun 30, 20254
- AuditorBPM LLP, San Francisco, CA, USA PCAOB ID 207; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceJul 9, 19991
- Filings1,227 in all: 4 (363), 8-K (302), 10-Q (79), 3 (51), SC 13D/A (36), 425 (28), 10-K (27), SC 13G/A (26)1
All 65 form types
DEF 14A (23), 8-K/A (20), CORRESP (18), UPLOAD (17), S-8 POS (16), DEFA14A (15), S-8 (15), SC 13G (15), S-1/A (14), 10-K/A (11), 4/A (11), SC 13D (11), 424B4 (9), EFFECT (9), 424B3 (8), ARS (8), S-3 (8), POS AM (6), S-1 (6), DFAN14A (4), NT 10-Q (4), PRE 14A (4), SC TO-I/A (4), 8-A12B/A (3), 8-A12G (3), 8-A12G/A (3), NT 10-K (3), REGDEX (3), 3/A (2), 424B2 (2), 424B5 (2), 8-A12B (2), CERT (2), CT ORDER (2), DEFM14A (2), DEFR14A (2), DEFS14A (2), FWP (2), PRES14A (2), S-3/A (2), S-4 (2), S-4/A (2), SEC STAFF LETTER (2), 10-Q/A (1), 15-12G (1), 25-NSE (1), 424A (1), 5 (1), ANNLRPT (1), PREM14A (1), PRER14A (1), REGDEX/A (1), S-3MEF (1), SC 14F1 (1), SC TO-I (1), SCHEDULE 13D/A (1), SCHEDULE 13G/A (1)
- Latest filingsAnnual report (10-K) Mar 20, 2026
Quarterly report (10-Q) Nov 6, 2025
Proxy statement (DEF 14A) Apr 29, 2025
Latest 8-K (8-K) Apr 6, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.001 per share | SWKH | The Nasdaq Stock Market LLC |
| 9.00% Senior Notes due 2027 | SWKHL | The Nasdaq Stock Market LLC |
From the cover page of the 10-K filed Mar 20, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks SWK Holdings Corp names in Item 1A of its 10-K filed Mar 20, 2026: 57 risks under these headings, as written.4
- Risks Related to Finance Receivables Segment
- We may suffer losses on our principal invested in credit and royalty transactions.
- We operate in a highly competitive market for investment opportunities.
- Healthcare and life sciences industries are subject to extensive government regulation, litigation risk, reimbursement risk and certain other risks particular to those industries.
- The pharmaceutical industry is subject to numerous risks, including competition, extensive government regulation, product liability, patent exclusivity and commercial difficulties.
- Our business, financial condition, results of operations, liquidity and cash flows depend on the accuracy of our management’s assumptions and estimates, and we could experience significant gains or losses if these assumptions and estimates differ significantly from actual results.
- We generally do not control our partner companies, and our partner companies may make decisions with which we don’t agree or that don’t serve our business or financial interests.
- If we make investments in unsecured debt backed by royalties or revenue interests, those investments might not generate sufficient cash flow to service our debt obligations.
- Adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect our business, financial condition or results of operations, or those of the companies in our portfolio, which in turn could adversely impact the performance of our Finance Receivables segment.
- We may have limited access to information about privately-held royalty streams and companies in which we invest.
- Prepayments of our debt investments by our partner companies could adversely impact our results of operations and reduce our return on equity.
- Our quarterly and annual operating results are subject to fluctuation as a result of the nature of our business, and if we fail to achieve our investment objective, the market price of our common stock may decline.
The other 46 risks
- Our investments in royalty-related transactions depend on third parties to market royalty-generating products.
- Our Finance Receivables segment has a limited number of assets, which subjects our aggregate returns, and the value of our common stock, to a greater risk of significant loss if any of our debt securities declines in value or if any of our royalty investments substantially underperforms our expectations.
- Our allowance for credit losses may prove inadequate.
- A rise in the reference rates could have an adverse impact on the ability of our partner companies to service their debt obligations to us.
- Fluctuations in the price of our publicly traded equity holdings and the price at which we sell such holdings may affect the price of our common stock.
- Our financial condition and results of operations will depend on our ability to manage future growth of our Finance Receivables segment effectively.
- Risks Related to Pharmaceutical Development Segment
- MOD3's technology or products could give rise to product liability claims.
- Because MOD3 is a biopharmaceutical company, its operations are subject to extensive government regulation.
- MOD3 relies on third parties to supply most of the necessary raw materials and supplies for the products we manufacture on behalf of our customers and our inability to obtain such raw materials or supplies may adversely impact our business, financial condition, and results of operations.
- Risks Related to Our Business and Structure
- Our ability to use NOL carryforwards to offset future taxable income for U.S. federal income tax purposes may be limited, and our future cash tax liability may increase.
- Changes in tax law may adversely affect us or our investors.
- From time to time, we engage in acquisitions, divestitures and joint ventures and may encounter difficulties in integrating and separating these businesses and therefore we may not realize the anticipated benefits.
- We are dependent upon our key management personnel for our future success.
- Changes in our management may cause uncertainty in, or be disruptive to, our business.
- Because we are relying on the exemptions from corporate governance requirements as a result of being a “controlled company” within the meaning of the Nasdaq listing standards, you do not have the same protections afforded to stockholders of companies that are subject to such requirements.
- If we are unable to obtain additional debt or equity financing on commercially reasonable terms our business could be materially adversely affected.
- We may not be able to generate sufficient cash to service all of our debt, and may be forced to take other actions to satisfy our obligations under such indebtedness, which may not be successful.
- Our use of leverage may limit our operational flexibility and increase our overall risk, which may adversely affect our business and results of operations.
- The liquidity, market price and volume of our stock are volatile.
- Funds affiliated with Carlson can control or exert significant influence over our management and policies through their ownership of a large amount of our common stock.
- If there are substantial sales of shares of our common stock, the price of our common stock could decline.
- We have adopted provisions in our certificate of incorporation and bylaws, and have entered into the Rights Agreement, which could delay or prevent an acquisition of the Company.
- If we were deemed an investment company under the Investment Company Act of 1940, applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business.
- Our failure to deal appropriately with conflicts of interest could damage our reputation and adversely affect our businesses.
- Cybersecurity incidents and other disruptions to our information technology systems, or the information systems of third parties whom we do business with, may compromise our information and expose us to liability that could adversely impact our financial condition, business operations, and reputation.
- We, and our service providers, are subject to a variety of stringent and evolving privacy and data security laws, regulations, and other obligations related to privacy and data security. Any actual or perceived failure to comply with such obligations could expose us to significant fines or other penalties and otherwise harm our business and operations.
- AI presents risks and challenges that can impact our business including by posing security risks to our confidential information, proprietary information, and personal data.
- Risks Associated with Investments in the Health Care and Life Sciences Industries
- Public health epidemics, pandemics or outbreaks could adversely affect our and our partner companies’ businesses.
- Economic recessions or downturns could impair the ability of our partner companies to repay loans, which, in turn, could increase our non- performing assets, decrease the value of our assets, reduce our volume of new loans and have a material adverse effect on our results of operations.
- Some of our partner companies may be unable to protect their proprietary rights and may infringe on the proprietary rights of others.
- The development of products by life science companies requires significant research and development, clinical trials and regulatory approvals.
- Changes in healthcare laws and other regulations applicable to some of our partner companies’ businesses may constrain their ability to offer their products and services.
- The potential inability of our partner companies’ and counterparties to charge desired prices with respect to prescription drugs could impact their revenues and in turn their ability to repay us or the magnitude of their royalty payments to us.
- Risks Relating to the Mergers
- Stockholders will experience a reduction in percentage ownership and voting power in the combined company as a result of the Mergers.
- The announcement and pendency of the Mergers could adversely affect our businesses, financial results and operations.
- If the Mergers do not close, we will not benefit from the expenses they have incurred in pursuit of the Mergers.
- The termination of the Merger Agreement could negatively impact our business.
- The Merger Agreement limits our ability to pursue alternatives to the Mergers.
- The Mergers are subject to closing conditions, including approval by Company stockholders, that, if not satisfied or (to the extent legally allowed) waived, will result in the Mergers not being completed, which may result in material adverse consequences to the business and operations of RWAY and the Company.
- We will be subject to operational uncertainties and contractual restrictions while the Mergers are pending.
- Litigation filed against RWAY or the Company in connection with the Mergers could result in substantial costs and could delay or prevent the Mergers from being completed.
- The Mergers may trigger certain “change of control” provisions and other restrictions in our contracts, and the failure to obtain any required consents or waivers could adversely impact the combined company.
- The shares of RWAY common stock to be received by our stockholders as a result of the Mergers will have different rights associated with them than our shares of common stock currently held by them.
- Our stockholders may receive a form or combination of consideration different from what they elect.
- The market price of RWAY common stock will continue to fluctuate after the Mergers.
- The fair value of our investments may not align with the figures reported in the pro forma filings by RWAY or in our Proxy Statement filed on March 3, 2026
Legal proceedings
We are involved in, or have been involved in, arbitrations or various other legal proceedings that arise from the normal course of our business. We cannot predict the timing or outcome of these claims and other proceedings. The ultimate outcome of any litigation is uncertain, and either unfavorable or favorable outcomes could have a material negative impact on our results of operations, balance sheets and cash flows due to defense costs, and divert management resources. Currently, we are not involved in any arbitration and/or other legal proceeding that we expect to have a material effect on our business, financial condition, results of operations and cash flows.
Merger Litigations
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 16SEC EDGARChuck Bay, Chief executive officer
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- 18SEC EDGARJoe David Staggs Jr., President
- 19SEC EDGARAdam Rice, Chief financial officer
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- 22SEC EDGARPaul Burgon, Chief financial officer
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- 27SEC EDGARSham Chotai, SVP Engineering
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- 29SEC EDGARCharles Hart Isaacs, CTO
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- 34SEC EDGARJerry Albright, Board member
- 35SEC EDGARLaurie L. Dotter, Board member
- 36SEC EDGARWendy F. Dicicco, Board member
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- 38SEC EDGARAaron G.l. Fletcher, Board member
- 39SEC EDGARChristopher W. Haga, Board member
- 40SEC EDGARDana Blair Baker, Board member
- 41SEC EDGAREdward B. Stead, Board member
- 42SEC EDGARWinston L. Black Iii., Board member
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- 44SEC EDGARMichael Weinberg, Board member
- 45SEC EDGARMichael A. Margolis, Board member
- 46SEC EDGARDixie L. Mills, Board member
- 47SEC EDGARJerry R. Batt, Board member
- 48SEC EDGARJohn Fritzen Nemelka, Board member
- 49SEC EDGARMichael J. Shannahan, Board member
- 50SEC EDGARStephanie Vinella, Board member
- 51
- 52SEC EDGARWilliam A. Bose, General counsel
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- 54SEC EDGARShareholder vote
- 55SEC EDGARNew debt or obligation
- 56SEC EDGARNew debt or obligation
- 57SEC EDGAROther events
- 58SEC EDGARResults of operations
- 59SEC EDGAREntered a material agreement
- 60SEC EDGAROther events
- 61SEC EDGAROther events
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- 63SEC EDGAREntered a material agreement
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