Core Insights - Epidarex Capital has announced the first close of its Fund IV, securing over $145 million in commitments to support the development of therapeutics and medical device companies [1][2]. Investment Strategy - The Fund's initial investors include notable entities such as the British Business Bank, Strathclyde Pension Fund, and the Scottish National Investment Bank, along with various family offices and international investors [2]. - Epidarex aims to invest in high-quality early-stage healthcare innovations based on breakthrough science in the UK and the US, creating new opportunities for researchers and entrepreneurs [2][3]. Focus Areas - The firm targets major unmet disease needs in areas such as oncology, cardiometabolic, autoimmune, and neurological conditions, leveraging research from established and emerging hubs in the UK and US [3]. - Epidarex's strategy involves leading early-stage financings to bridge the equity funding gap and build globally competitive companies [3]. Portfolio and Impact - Epidarex Capital IV is expected to invest in up to 15 companies, focusing on building high-performance leadership teams and guiding companies through critical development milestones [3][4]. - The firm's existing portfolio includes companies like Apellis Pharmaceuticals and Kynos Therapeutics, showcasing its ability to create companies with strategic value and improve health outcomes [4]. Market Outlook - The Managing Partner of Epidarex believes the next three years present a favorable investment window for biotech innovation, emphasizing the importance of funding for standout innovators [4]. - The British Business Bank is committed to increasing investments in UK life sciences, recognizing the sector as a key growth area within the UK Industrial Strategy [4].

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $64.7 million, a 3% increase compared to the prior quarter, primarily due to a $0.8 million payment from the Gold Flora receivership and annual rent escalations [14] - Adjusted funds from operations (AFFO) totaled $48.3 million, or $1.71 per share, representing no change from the second quarter results [14] - The company ended the quarter with nearly $80 million in liquidity, including cash on hand and availability under its credit facility [14][15] - The balance sheet remains strong, supported by $2.7 billion in primarily unencumbered gross assets and a low-leverage capital structure with a debt-to-gross assets ratio of 13% [14][16] Business Line Data and Key Metrics Changes - The company completed its initial investment of $105 million into IQHQ, a life science real estate platform, which is expected to enhance diversification and provide significant earnings accretion [4][5] - Year-to-date, the company executed leases totaling 281,000 sq ft across properties in California and Michigan [11] - The investment in IQHQ is expected to be highly accretive, with a blended interest rate exceeding 14% [16] Market Data and Key Metrics Changes - The cannabis industry is seeing a growing interest from operators, with demographic trends indicating that seniors are the fastest-growing consumer segment, with usage growing at a 9% five-year compounded annual growth rate [9] - Global spending on AI and pharma and biotech is projected to reach $3 billion in 2025 and $16.5 billion by 2034, reflecting a 27% CAGR [12] Company Strategy and Development Direction - The company is diversifying its portfolio beyond cannabis into the life science sector, which is expected to capture long-term secular growth [5][6] - The dual-track strategy aims to enhance shareholder value and position the company for sustained success across both industries [6] - The company is actively evaluating its capital structure and exploring strategic financing alternatives to align with long-term growth objectives [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the cannabis industry's future, citing potential federal cannabis reform and the positive demographic trends among seniors [9][42] - The company remains cautious about the timing of federal rescheduling but believes it could unlock broader access to capital and accelerate institutional participation [9][42] - Management highlighted ongoing legal proceedings and receivership situations but expressed confidence in regaining control of properties and the potential for significant revenue from administrative claims [20][25] Other Important Information - The U.S. Court of Appeals for the Third Circuit affirmed the dismissal of a federal securities class action against the company, allowing it to focus on executing its strategy [10] - The company has taken back possession of four California properties previously securing a loan totaling $16.1 million, which was declared in default [8] Q&A Session Summary Question: Dividend expectations and timing of rent commencements - Management discussed the potential contributions from the IQHQ investment and backfill leases to the dividend policy, indicating a quick timeline for revenue from receivership assets [18][20] Question: Balance sheet and refinancing options - Management confirmed plans to refinance maturing unsecured bonds and expressed confidence in the strength of the balance sheet [31][32] Question: Impact of rescheduling on growth opportunities - Management noted that while rescheduling could improve operator credit and cash flow, the company is focused on supporting existing tenants and exploring new opportunities in both cannabis and life sciences [40][46] Question: Current status of ABR and tenant issues - Management reported that approximately 20% of ABR is currently not rent-paying, down from 27% previously, reflecting improvements in tenant health [56][58] Question: Future occupancy expectations at IQHQ - Management expects IQHQ's occupancy to reach 90% within the next 18 to 24 months, with ongoing interest in the facilities [52] Question: Balancing capital needs between cannabis and life sciences - Management emphasized a strong balance sheet and the importance of seeking unique investment opportunities while maintaining a focus on the cannabis industry [60][61]

As filed with the Securities and Exchange Commission on September 14, 2023 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SWK HOLDINGS CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 6159 77-0435679 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 5956 Sherry L ...