Business
Acacia Research Reports First Quarter 2022 Financial Results
NEW YORK--(BUSINESS WIRE)-- Acacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the “Company”) today reported financial results for the three months
About this update from Acacia Research Corporation
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nAcacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the “Company”) today reported financial results for the three months ended March 31, 2022. The reported results reflect the contribution of Printronix Holding Corp. (“Printronix”), which was acquired on October 7, 2021.\n\nKey Business Highlights\n\n\nGenerated $13.5 million in consolidated revenue for the quarter, up from $5.8 million in revenue in the first quarter of 2021, including $10.9 million in revenue contribution from Printronix, acquired in October 2021.\n\n\nRecorded $66.9 million in realized gains during the quarter, including $59.5 million from the Life Sciences Portfolio.\n\n\nCompleted $15.0 million of share repurchase under authorization announced in December 2021, repurchasing 3.1 million shares at an average price of $4.80. Initiated additional repurchases under new $40.0 million repurchase authorization announced in April.\n\n\nIn April 2022, Mycovia Pharmaceuticals received FDA approval on its drug VIVJOA™ (otesecanazole) for the treatment of recurrent vulvovaginal candidiasis, triggering a $26 million milestone payment to Acacia through its ownership of Viamet Pharmaceuticals, anticipated to be received later in 2022.\n\n\nDuring the quarter, Acacia sold another $69.2 million of Life Science Portfolio holdings, bringing total realizations to date to $394 million. To date, Acacia has sold 24.9 million shares of Oxford Nanopore Technologies plc, for an average realized price of £4.86 per share, and continues to hold 14.1 million shares.\n\n\nFirst Quarter 2022 Financial Highlights\n\n(In millions, except per share data)\n\n\n\n \n\n\n\n\nThree Months Ended\nMarch 31,\n\n\n\n\n\n \n\n\n\n\n2022\n(unaudited)\n\n\n\n \n\n\n\n2021\n(unaudited)\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nIntellectual property operations\n\n\n\n\n$\n\n\n\n2.6\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n5.8\n\n\n\n \n\n\n\n\n\nIndustrial operations\n\n\n\n\n$\n\n\n\n10.9\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n—\n\n\n\n \n\n\n\n\n\nTotal revenues\n\n\n\n\n$\n\n\n\n13.5\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n5.8\n\n\n\n \n\n\n\n\n\nOperating loss\n\n\n\n\n$\n\n\n\n(8.5\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n(5.7\n\n\n\n)\n\n\n\n\n\nUnrealized Gains (Losses) 1\n\n\n\n\n$\n\n\n\n(172.2\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n37.8\n\n\n\n \n\n\n\n\n\nRealized Gains\n\n\n\n\n...