Dallas, TX – April 10, 2025 – SWK Holdings Corporation (Nasdaq: SWKH) (“SWK” or the “Company”), a life science-focused specialty finance company, today announced the closing of the previously announced royalty sale to SCOF SPV I, LP, an affiliate of Soleus Capital Management, for total cash proceeds of approximately $34.0 million.

In conjunction with the closing, SWK’s Board of Directors has declared a special cash dividend of $4.00 per share, payable to all holders of record of the Company’s common stock as of April 24, 2025, with a payment date of May 8, 2025.

“This transaction represents an attractive monetization of the majority of our royalty assets at valuation approximating the GAAP carrying value. In this uncertain market we are pleased to achieve this value for our shareholders. The special dividend reflects our continued commitment to deliver that value to our shareholders” said Jody Staggs, Chief Executive Officer of SWK Holdings. “We remain bullish on SWK’s outlook which is anchored by an approximately $220 million performing life science loan portfolio that continues to generate attractive cash yields.”

SWK Holdings Corporation is a life science focused specialty finance company partnering with small- and mid-sized commercial-stage healthcare companies. SWK provides non-dilutive financing to fuel the development and commercialization of lifesaving and life-enhancing medical technologies and products. SWK's unique financing structures provide flexible financing solutions at an attractive cost of capital to create long-term value for all SWK stakeholders. SWK's solutions include structured debt, traditional royalty monetization, synthetic royalty transactions, and asset purchases typically ranging in size from $5.0 million to $25.0 million. SWK also owns MOD3 Pharma, a clinical development and manufacturing organization providing development services to pharmaceutical partners. Additional information on the life science finance market is available on the Company's website at www.swkhold.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as "believes," "expects," "anticipates," "intends," "estimates," "plan," "will," "may," "look forward," "intend," "guidance," "future" or similar expressions are forward-looking statements. Because these statements reflect SWK's current views, expectations and beliefs concerning future events, these forward-looking statements involve risks and uncertainties. Investors should note that many factors, as more fully described under the caption "Risk Factors" and elsewhere in SWK's Form 10-K, Form 10-Q and Form 8-K filings with the Securities and Exchange Commission and as otherwise enumerated herein, could affect the Company's future financial results and could cause actual results to differ materially from those expressed in such forward-looking statements. The forward-looking statements in this press release are qualified by these risk factors. These are factors that, individually or in the aggregate, could cause the Company's actual results to differ materially from expected and historical results. You should not place undue reliance on any forward-looking statements, which speak only as of the date they are made. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

Investor Relations and Media

Susan Xu

investorrelations@swkhold.com

778-323-0959

On March 19, 2025, SWK Holdings Corporation (“the Company”) entered into a purchase and sale agreement (the “Purchase and Sale Agreement”) with SCOF SPV I, LP, a Delaware limited partnership and an entity affiliated with Soleus Capital Management L.P. (the “Purchaser”) for the sale and assignment to Purchaser (the “Royalty Sale”) of the Company’s rights to receive royalties and other amounts payable or that may become payable under certain contracts to which SWK Funding LLC, a wholly owned subsidiary of the Company (“SWK Funding”), is a party, comprising the majority of the Company’s royalty portfolio for an aggregate purchase price of approximately $34.0 million.

The unaudited pro forma consolidated financial statements were derived from the Company’s historical consolidated financial statements for the respective periods. The unaudited pro forma consolidated balance sheet as of December 31, 2024 gives effect to the Royalty Sale as if they had occurred on December 31, 2024. The unaudited pro forma consolidated financial statements of operations for the year ended December 31, 2024 give effect to the Royalty Sale as if they had occurred on January 1, 2024.

The unaudited pro forma adjustments are based on available information and certain assumptions that we believe are reasonable as of the date of this Current Report on Form 8-K to which these unaudited pro forma consolidated financial statements are included. Assumptions underlying the pro forma adjustments related to the Royalty Sale are described in the accompanying notes. The pro forma adjustments reflected herein are based on management’s expectations regarding the Royalty Sale. The unaudited pro forma consolidated financial statements are presented for illustrative purposes only and do not purport to indicate the results of operations of future periods or the results of operations that actually would have been realized had the Royalty Sale been executed on the dates or for the periods presented.

The unaudited pro forma consolidated financial statements should be read in conjunction with the audited December 31, 2024 consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed on March 20, 2025 (in thousands except for par value and share amounts) As Reported Transaction accounting adjustments - Royalty Sale Pro Forma Assets: Current assets: Cash and cash equivalents (1) $ 5,927 $ 33,990 $ 39,917 Assets held for sale 6,398 — 6,398 Interest, accounts receivable and other receivables, net (2) 5,788 (1,865) 3,923 Other current assets 2,141 — 2,141 Total current assets 20,254 32,125 52,379 Finance receivables (3) 277,760 (33,541) 244,219 Collateral on foreign currency forward contract 2,750 — 2,750 Marketable investments 580 — 580 Deferred tax assets, net 23,484 — 23,484 Warrant assets 4,366 — 4,366 Property and equipment, net 48 — 48 Other non-current assets 2,993 — 2,993 Total assets $ 332,235 $ (1,416) $ 330,819 Liabilities and Stockholders' Equity: Current liabilities: Accounts payable and accrued liabilities $ 2,810 $ — $ 2,810 Liabilities held for sale 1,255 — 1,255 Deferred income 1,500 — 1,500 Total current liabilities 5,565 — 5,565 Unsecured senior notes, net 31,412 — 31,412 Revolving credit facility 6,233 — 6,233 Other non-current liabilities 335 — 335 Total liabilities 43,545 — 43,545 Commitments and contingencies (Note 6) Stockholders' equity: Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding — — — Common stock, $0.001 par value; 250,000,000 shares authorized; 12,497,770 shares issued and outstanding 12 — 12 Additional paid-in capital 4,419,991 — 4,419,991 Accumulated deficit(4) (4,131,313) (1,416) (4,132,729) Total stockholders' equity 288,690 (1,416) 287,274 Total liabilities and stockholders' equity $ 332,235 $ (1,416) $ 330,819

(in thousands except for earnings per share amounts)

						As Reported						Transaction accounting adjustments - Royalty Sale						Pro Forma
Revenues:
Finance receivable interest income, including fees (1)						$	40,787					$	(6,470)					$	34,317
Pharmaceutical development						3,616						—						3,616
Other						584						—						584
Total revenues						44,987						(6,470)						38,517
Costs and expenses:
Provision for credit losses (2)						12,756						305						13,061
Loss on impairment of intangibles assets						5,771						—						5,771
Interest expense						4,685						—						4,685
Pharmaceutical manufacturing, research and development expense						2,203						—						2,203
Change in fair value of acquisition-related contingent consideration						(4,900)						—						(4,900)
Depreciation and amortization expense						1,399						—						1,399
General and administrative expense						11,487						—						11,487
Income From Operations						$	11,586					$	(6,775)					$	4,811
Other income (expense), net:
Unrealized net gain on warrants						$	2,406					$	—					$	2,406
Net gain on Exercise of Warrants						445						—						445
Net loss on Marketable Investments						(266)						—						(266)
Realized gain on asset payoff						1,065						—						1,065
Gain on revaluation of finance receivable						2,495						—						2,495
Realized and unrealized foreign currency transaction gains (3)						641						1,229						1,870
Income before income tax expense						18,372						(5,546)						12,826
Income tax expense						4,884						—						4,884
Net income						13,488						(5,546)						7,942
Net income per share
Basic						$	1.09					(0.45)						0.64
Diluted						$	1.08					(0.45)						0.63
Weighted average shares outstanding
Basic						12,369						12,369						12,369
Diluted						12,451						12,451						12,451

The accompanying unaudited pro forma financial statements of the Company were prepared in accordance with Article 11 of Regulation S-X and are based on the historical consolidated financial information of the Company. The consolidated financial information has been adjusted in the accompanying pro forma financial statements to give effect to the disposition of the Company’s royalty assets

The unaudited pro forma consolidated balance sheet as of December 31, 2024 gives effect to the Royalty Sale as if it had occurred on December 31, 2024.

The unaudited pro forma consolidated financial statements of operations for the year ended December 31, 2024, give effect to the Royalty Sale as if it had occurred on January 1, 2024.

Explanations of the adjustment to the pro forma consolidated balance sheet are as follows:

(1). The royalty sale gross consideration of $34.0 million.

(2). Interest receivable on sold royalty assets as of December 31, 2024.

(3). Net book value of sold royalty assets as of December 31, 2024.

Explanations of the adjustments to the pro forma consolidated statements of operations are as follows:

(1). To remove the income on sold royalty assets for the year ended December 31, 2024.

(2). To remove the provision for credit loss on sold royalty assets for the year ended December 31, 2024.

(3). To remove the impact of the foreign currency loss on sold royalty assets for the year ended December 31, 2024.