SWK : Corporate Presentation 3Q20

Collaborative Approach to Life Science Financing

Q3 2020 Shareholder Presentation

November 16, 2020

1

Forward-looking and Cautionary Statements

Statements in this presentation that are not strictly historical, and any statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward- looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2019 and our Quarterly Reports on Form 10-Q for subsequent periods. The Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.

Our specialty finance and asset management businesses are conducted through separate subsidiaries and the Company conducts its operations in a manner that is excluded from the definition of an investment company and exempt from registration and regulation under the Investment Company Act of 1940.

This presentation is neither an offer to sell nor a solicitation of any offer to buy any securities, investment product or investment advisory services, including such services offered by SWK Advisors LLC. This presentation does not contain all of the information necessary to make an investment decision, including, but not limited to, the risks, fees and investment strategies of investing in life science investments. Any offering is made only pursuant to the relevant information memorandum, a relevant subscription agreement or investment management agreement, and SWK Advisors LLC's Form ADV, all of which must be read in their entirety. All investors must be "accredited investors" and/or "qualified purchasers" as defined in the securities laws before they can invest with SWK Advisors LLC.

Life science securities may rely on milestone payments and/or a royalty stream from an underlying drug, device, or product which may or may not have received approval of the Food and Drug Administration ("FDA"). If the underlying drug, device, or product does not receive FDA approval, it could negatively impact the securities, including the payments of principal and/or interest. In addition, the introduction of new drugs, devices, or products onto the market could negatively impact the securities, since that may decrease sales and/or prices of the underlying drug, device, or product. Changes to Medicare reimbursement or third-party payor pricing could negatively impact the securities, since they could negatively impact the prices and/or sales of the underlying drug, device, or product. There is also risk that the licensing agreement that governs the payment of royalties may terminate, which could negatively impact the securities. There is also the risk that litigation involving the underlying drug, device, or product could negatively impact the securities, including payments of principal and/or interest on any securities.

CONFIDENTIAL	2

SWK Holdings - Overview

Custom financing solutions for commercial-stage healthcare companies and royalty owners

Underserved, High-

Need Market

Demonstrated

Success, Attractive

Returns

• SWK targets $5mm to $20mm financings, a market niche that is largely ignored by larger market participants and generates attractive full-cycle returns
• Business focus is secured financings and royalty monetizations, but will selectively consider equity-like opportunities and M&A
• Experienced and aligned management and Board with extensive life science network
• As of November 13, 2020 completed financings with 38 parties deploying $550mm of capital
• Targets unlevered, mid-teens gross return on capital with a portfolio effective yield* of 13.4% for 3Q20
• 18 exits from inception through November 13, 2020 generating a 20% IRR and 1.2x MOIC
• Specialty finance segment generated an 11.9% LTM adjusted return on finance segment tangible book value**
• Compounded book value per share at a 10% CAGR from 4Q12 to 3Q20's $18.44
• Demonstrated shareholder value creation: Enteris acquisition, share repurchases, and NASDAQ uplisting
• Shareholder value creation strategy:

Focus on Shareholder

Returns

• Increase book value per share at a 10%+ CAGR
• Serve as partner of choice for life sciences companies and inventors seeking $20mm or less
• Selective organic and inorganic investment in Enteris or other equity-like opportunities
• Generate current income to utilize SWK's substantial NOL asset, $360mm as of December 31, 2019

• Effective yield is the rate at which income is expected to be recognized pursuant to the Company's revenue recognition policies, if all payments are received pursuant to the terms of the finance receivable; excludes warrants
• Numerator is specialty finance division's adjusted non-GAAP net income; Denominator is shareholders equity less the deferred tax asset and Enteris PP&E and net intangibles and goodwill, which adds-back the contingent consideration payable

CONFIDENTIAL	3

SWK Holdings - Segments

SWK operates through two segments: Life Science Specialty Finance and Enteris BioPharma

Centered on SWK's core focus on monetizing revenue streams and intellectual property

LIFE SCIENCE SPECIALTY FINANCE

ENTERIS BIOPHARMA

• Senior secured term loans	• Peptelligence® dosing
	technology
• Royalties
	• CDMO services
• Synthetic royalties
	• 505b2 drug development
• Product acquisitions

CONFIDENTIAL	4

Life Science Finance Opportunity

Achieve high current yield from investment in non-correlated assets

Access to capital is challenging for small/midsized life science cos - Few participants exist for sub-$20mm life science financings

Life science products are highly portable

- Approved & marketed products and/or royalty streams are valuable collateral

Revenues are predictable and have low correlation to economic growth and macro factors

Mitigate FDA & clinical trial risk by focusing on commercial opportunities

CONFIDENTIAL	5

Value Creation Strategy

Deploy balance sheet

capital into secured financing portfolio

• SWK has established reputation as a go-to capital provider for this underserved market
• Majority of financings structured with warrants or other equity-like upside features to enhance return profile

Selectively consider non- structured finance capital deployment opportunities

• Organic and inorganic capital deployment into Enteris
• Leverage SWK contacts, infrastructure, and lessons learned from Holmdel success

Optimize capital structure

to boost ROE

• SWK targets a 10%+ ROE
• SWK carries minimal leverage while similarly sized BDCs often carry 50% to 75% debt/equity leverage
• Opportunistic share repurchases

SWK believes this strategy can continue to achieve a 10%+ book value per share CAGR

CONFIDENTIAL	6

Book Value Components

Tangible Finance Book Value / Share = $15.52

• Excludes value of deferred tax asset, net Enteris intangibles and goodwill*, and Enteris PP&E
• SWK's targets 10%+ CAGR of tangible finance book value / share

Plus: Enteris Biopharma

• In August 2019, SWK paid $21.5 million upfront to acquire Enteris
• The seller will also receive a portion of future proceeds from the Cara Therapeutics licensing agreement and if out-licensed, proceeds from certain 505 (b)(2) assets (refer to slide 22 for more details)
• At 9/30/20 Enteris book value net of contingent liabilities totaled $11.3 million ($0.88 / share)

Plus: Deferred Tax Asset /

Share = $2.03

• At 12/30/19 SWK had federal net operating losses of $360.4 million
• The NOLs will expire by 2037 with the majority expiring by 2021

9/30/20 Total Book Value per Share of $18.44

* Intangible assets, net plus goodwill less contingent consideration payable

CONFIDENTIAL	7

Corporate Milestones

				2016
		2015	✓	Team rebuilt
			and
					investment
2014	✓	Winston		process
	Black named		improved
✓	$113mm raised		CEO
		✓	Ended year
	through private
	✓	1/10 effective		with $126mm
	placement and
		reverse stock		yielding
	rights offering
		split		assets
✓	Ended year with	✓	Ended year
	$93mm yielding		with $99mm

assets	yielding
	assets

2017

• Holmdel sold - 3.5x CoC return
• Ended year with $152mm yielding assets

2018

• Secured $20mm credit facility with State Bank
• Announced share repurchase program in 4Q18
• Ended year with $167mm yielding assets

2019	2020
✓	Uplisted to
✓	17th partner exit		Nasdaq and
	added to
	realized,
		Russell 2000
	bringing the
		Index
	weighted avg.
	IRR on all exits	✓	Dr. Rajiv Khosla
	to 20%		hired as Enteris
✓	Acquired Enteris		CEO
	BioPharma	✓	At 3Q20 had
✓	Ended year with		$183mm
	yielding assets
	$173mm

yielding assets

CONFIDENTIAL	8

Finance Segment Portfolio Overview: 3Q20

Financing	•	Yielding Assets:* $183.5mm
Segment
•	Total Investment Assets:** $187.0mm
Portfolio Value

• Actively Financed Entities: 24
• Avg. GAAP Balance per Entity: $7.6mm

Metrics • Finance Receivables Non-Accrual

Balance: $15.8mm

• • Total Unfunded Commitments: $8mm
• Finance receivables plus long-term marketable investments; does not include new or repaid finance receivables closed post-quarter
• Short term marketable investments and warrants; Private warrants carried at zero value / not valued on balance sheet

Portfolio Composition

1%

13%

86%

First Lien

Royalty

Warrants

CONFIDENTIAL	9

Financial Snapshot

Total Yielding Assets*

($ in millions; at end of period)

$200

$183.5

$173.3

$175

$167.1

$152.0

$150

$126.4

$125

$100

2016

2017

2018

2019

3Q 2020

	SWK Stockholders' Equity
		($ in millions, except per share data)
$250			$236.5	$20.00
			$235.7
$225		$213.1		$17.50
	$208.0
$204.3
$200				$15.00
$175				$12.50
$150				$10.00
2016	2017	2018	2019	3Q 2020
	SWK Holdings Corporation Stockholders' Equity	Book Value per Share

			Total Revenue							Non-GAAP Adjusted Net Income (Loss) **
			($ in millions)									($ in millions)
$40									$25.0
		$37.5
$38												$21.4
					$35.2						$19.9			$18.3
$36								$20.0
$34									$15.0
				$30.7
$32
$30									$10.0
$28									$6.7		$6.8
			$26.0
$26									$5.0
$23.5
$24	$22.4
							$(1.4)
$22									$-
$20									2015	2016	2017	2018	2019	LTM 3Q20
	2015	2016	2017	2018	2019	LTM 3Q20			$(5.0)

• Defined as finance receivables plus long term marketable investments
• Eliminates provision for income taxes, Enteris intangibles amortization, and non-cashmark-to-market changes on warrant assets and equity securities; see reconciliation on page 28; 2019 Non-GAAP Adjusted Net Income was reduced by $1.2mm of Enteris transaction expenses

CONFIDENTIAL	10

Financing Strategy

SWK Targets Low-to-Mid Teens Effective Yields 3Q20 Finance Segment Effective Yield was 13.4%

Yielding Portfolio and Weighted Effective Yield
($ in millions; at end of period)
$190.0
	17.5%
$180.0
	15.0%
$170.0
	12.5%
$160.0
$150.0	10.0%
Yielding Portfolio (mm)*	Effective Yield**

• Finance receivables plus long-term marketable investment; Includes non-accruals
• Effective yield is the rate at which income is expected to be recognized pursuant to the Company's revenue recognition policies, if all payments are received pursuant to the terms of the finance receivable; excludes warrants

CONFIDENTIAL	11

Current Structured Credit Portfolio

Eton Pharmaceuticals

11.14.19

$15 million - Structured

Credit

Misonix

9.27.19

$30 million - Structured

Credit

CONFIDENTIAL	12

Current Royalty Portfolio

CONFIDENTIAL	13

Portfolio Realizations

• As of November 13, 2020 SWK has exited 18 financings for a total 1.2x CoC return and 20% weighted average IRR
• • 15 resulted in positive realizations with a cumulative 1.4x CoC and weighted average 32% IRR
  • SynCardia position was sold to distressed private equity firm with SWK recouping 58% of principal
  • Response Genetics exited via Chapter 11 and sold to a strategic buyer for cash and CGIX stock with SWK recouping 47% of principal
  • Hooper and Hooper II loans cumulatively resulted in an aggregate $0.4mm loss/0.98x CoC return

$ in 000s
Investments	Origination	Payoff		Cost*		Proceeds		CoC	IRR		Notes
Nautilus	12/05/12	12/17/13	$	22,500	$	28,606		1.3x	28%	Key asset was Cambia
Parnell	01/23/14	06/27/14		25,000		27,110		1.1x	21%
PDI	10/31/14	12/22/15		20,000		25,028		1.3x	23%
Tribute	08/08/13	02/05/16		14,000		18,349		1.3x	18%
Galil	10/31/14	06/15/16		12,500		16,601		1.3x	21%
Nanosphere	05/14/15	06/30/16		10,000		14,362		1.4x	48%
Syncardia First	12/13/13	06/24/16		12,688		8,524		0.7x	-30%
Syncardia Second	12/13/13	06/24/16		5,850		3,255		0.6x	-39%
Syncardia Preferred	09/15/14	06/24/16		1,500		-		0.0x	-100%
Response Genetics	07/30/14	10/07/15		12,257		5,780		0.5x	-47%
Holmdel	12/20/12	02/23/17		6,000		21,084		3.5x	63%
Hooper	04/17/15	05/12/17		5,000		6,754		1.4x	20%
Narcan	12/12/16	02/28/18		17,500		34,423		2.0x	80%	Continue to own 10% of the royalty
OraMetrix	12/15/16	05/01/18		8,500		10,603		1.25x	19%
Parnell	11/22/16	07/30/18		13,500		19,327		1.4x	26%
Hooper II	05/12/17	10/10/18		21,340		19,162		0.9x	-16%
EyePoint	03/28/18	02/13/19		20,000		25,168		1.3x	34%	Continue to own warrants
Thermedx	05/05/16	05/22/19		3,500		5,303		1.5x	18%	Includes par value of $343 retained sub note
Cheetah Medical	01/15/19	09/30/19		10,000		12,487		1.2x	32%	Potential for additional $211k of earnouts
Aimmune Therapeutics	02/12/19	10/20/20		3,686		4,430		1.2x	20%
Total Realized / Wtd. Avg			$	245,320	$	306,357		1.2x	20%
*Cost measured as principal advanced at deal close and additional add-ons, including time-weighted restructuring fundings
				CONFIDENTIAL					14

Portfolio Realizations to Strategic Buyers

• Ten realizations to strategic buyers demonstrated a median 28% LTV of SWK's original loan value
• Seven of the ten businesses were not profitable at time of sale, validating SWK's revenue and IP-based underwriting

methodology

$ in mm

Transaction

SWK Loan at

SWK Loan /

EV / LTM

Target

Target

Buyer

Closing Date

LTM Sales

Profitable

Notes

EV

Cost*

Transaction

Sales

Sale?

Nautilus

Depomed

12/17/13

$

48.7

$

22.5

46%

$

15.4

3.2x

N

Response Genetics

Cancer Genetics

10/07/15

5.8

12.3

213%

16.7

0.3x

N

PDI

Publicis

12/22/15

33.0

20.0

61%

129.3

0.3x

Y

CSO Division Only; Transaction EV assumes 50% near-termearn-outs achieved

Tribute

Aralez

2/1/16

147.6

14.0

9%

26.5

5.6x

N

Galil

BTG plc

5/16/16

84.4

12.5

15%

22.7

3.7x

N

Transaction EV excludes $26mm of milestones

Nanosphere

Luminex

6/30/16

77.0

25.0

32%

23.1

3.3x

N

InnoPran XL**

ANI Pharma

2/23/17

30.5

6.0

28%

11.1

2.7x

Y

Orametrix

Dentsply Sirona

5/1/18

90.0

8.5

9%

20.0

4.5x

Y

Transaction EV excludes up to $60mm in earn-outs

Hooper II

Quest

10/10/18

27.8

26.6

96%

61.3

0.5x

N

Loan value includes non-SWK revolver ($8mm); Workout fees totaled $4mm

Cheetah Medical

Baxter

10/24/19

190.0

20.0

11%

22.2

8.6x

N

Transaction EV excludes up to $40mm in earn-outs

Aimmune Therapeutics*** Nestle

10/14/20

2,139.0

131.5

6%

-

NA

N

SWK partnered with KKR on the transaction

Median

28%

3.3x

• Cost measured as greatest of principal advanced at deal close and additional add-ons, including restructuring fundings
• InnoPran XL was the primary asset of Holmdel Pharmaceuticals, LP
• SWK owned 4.5% of the Aimmune loan.

CONFIDENTIAL	15

Sourcing

• SWK has a well-developed and diversified sourcing network
• SWK balances proprietary opportunities with deal flow from trusted, boutique investment banks and brokers
• SWK typically faces limited competition due to proprietary sourcing network and focus on sub-$20mm financings
• From 2017-2019 SWK submitted terms on 78 transactions and closed 18% of these opportunities
• Deals completed from 2016 through 2019 were sourced from a variety of relationships

Internally sourced

18%

Boutique HC Ibanks

27%

Refinance

5%

In-bound due to SWK

being public

5%

	Private equity
Board relationship	relationship
4%
4%
Co-lender relationship	Prior financing
23%	discussion
	14%
CONFIDENTIAL
	16

Financing Structures

Structured Debt

Royalties

Synthetic Royalty

Hybrid Financing

Product Acquisition

• Primarily first lien senior secured loans, though will selectively evaluate second lien opportunities
• Typically include covenants, prepayment penalties, origination and exit fees, and warrant coverage
• Provide working capital to support product commercialization and M&A
• Companies: fund pipeline development & leverage a lower cost of capital for higher ROI projects
• Institutions: capital planning for operating budgets, funding R&D initiatives, & financial asset diversification
• Inventors: financial asset diversification, fund start-up company
• Marketer creates a 'royalty' by selling an interest in a future revenue stream earned with a single product or basket of products in exchange for an upfront payment and potential future payments
• Ability to structure tiered revenues, reverse tiers, minimum payments, caps, step-downs and buy- out options, similar to a license agreement between innovator and marketer
• Combination of royalty and revenue-based financings
• Can take on many forms, including structured debt and equity investments
• Target legacy products with established revenue trends, minimal marketing and infrastructure requirements

CONFIDENTIAL	17

Value Proposition to Partners

Asset base and nimble structure position SWK to serve the sub-$20mm financing market

• Smaller companies often don't have financial profile to qualify for traditional financing sources
• Companies in this niche often have few options outside of a dilutive equity raise
• The IPO market is largely closed to companies of this size requiring expensive and difficult private equity sourcing
• Many alternative financing sources have grown too large to care about smaller companies
• Some historical financing sources have been acquired by regulated financial institutions that due to regulatory constraints cannot lend to unprofitable companies and prohibit SWK-style transactions
• Venture lenders often require principal payback over a shorter period than SWK's structures, often stressing borrowers by sapping valuable working capital from their businesses during periods of high growth, when they need the capital the most

Structures financings to preserve liquidity and match a growing company's revenue profile

Provides its borrowers with access to its network of capital markets resources and operators

Through RIA arm and industry relationships, SWK can access additional capital to finance larger opportunities

CONFIDENTIAL	18

Historical Financing: Narcan Royalty

Narcan is the only FDA approved, intranasal Naloxone product for the treatment of opioid overdose

Narcan is appropriately priced with revenue growth from expanded distribution, not price hikes

OPPORTUNITY

• Opiant is a publicly traded drug development company that receives a royalty on Narcan for developing the drug's unique formulation
• • Novel formulation has a faster time to onset and more convenient and safer administration
• Opiant needed capital to pursue development programs
• At time of monetization, Opiant was a thinly traded OTC stock and management believed the share price did not reflect underlying asset value, thus a share offering was not an attractive option

SOLUTION

• SWK structured a capped royalty that was smaller than competing proposals, and allowed Opiant to retain tail economics
• In December 2016, SWK funded $13.8mm in exchange for a royalty that was capped at a 1.5x CoC return
• • On August 8, 2017 upon achieving $25mm in cumulative sales during two consecutive quarters, SWK funded additional $3.8mm with a 1.5x CoC return cap
• Narcan sales exceeded forecasts; CoC return cap achieved in February 2018
• SWK retains a residual royalty ranging from 5% to 10% through expiry of Narcan IP

CONFIDENTIAL	19

Historical Financing: Galil Medical

Galil is a privately-held medical device company that delivers innovative cryotherapy solutions

for tumor ablation

OPPORTUNITY

• In 2014, Galil was on the cusp of accelerating revenue growth, but was not yet cash-flow positive and could not tap traditional financing channels
• Galil needed additional capital to run clinical trials and expand its sales force

SOLUTION

• In December 2014, SWK provided a $12.5mm senior secured term loan structured to delay principal repayment until growth initiatives matured
• In late 2015, SWK committed to provide additional financing to support Galil's proposed acquisition of a competitor
• • The transaction was not consummated, but SWK's support permitted opportunistic bid
• By early 2016, the growth initiatives were bearing fruit, and in June 2016, Galil was acquired by BTG plc for $84mm plus up to $26mm in earn-outs
• The SWK facility gave Galil capital to grow the business and garner a higher acquisition price while allowing the equity owners to capture maximum upside
• SWK facility represented 15% LTV of the take-out price
• SWK generated a 1.3x cash-on-cash return and 20% IRR

CONFIDENTIAL	20

Enteris BioPharma Acquisition - A Transformational Opportunity

Synergistic & Value

Enhancing

Highly Favorable Deal

Economics

"Game-Changing"

Platform Technology

Strong Company;

Positioned for Success

• Natural extension to SWK's existing royalty monetization business, which generates income via royalties on life science products in a mix of structures
• Enteris offers opportunity to create wholly-owned portfolio of milestones and royalties on IP-protected biotherapeutics with substantial upside optionality
• Attractive valuation with SWK buying undervalued portfolio of "call options" of current & future licenses, owned drug candidate assets, and CDMO operations
• Risk-adjustedeconomics from existing/expected licenses anticipated to exceed purchase price
• Peptelligence enables injectable-to-oral conversion of peptides and difficult to formulate small molecules
• Targets substantial market and serves as cornerstone for "asset-light" licensing revenue model
• Franchise-likemodel ("multiple shots on goal") leverages partners' significant R&D and marketing/commercialization spend
• Existing 505(b)(2) pharmaceutical development candidates plus ability to internally expand owned-product portfolio creates engine for additional future licenses
• Enteris possesses proven technology, clinical experience and in-house manufacturing which is unique compared with peers, some of which sport multi-hundred million dollar market values
• Potential to expand Peptelligence platform via acquisition of dosing technologies and CDMO assets
• Experienced management team buttressed by 2020 hiring of CMO and CEO

CONFIDENTIAL	21

Enteris Corporate Overview

Proven Technology, Late-Stage Commercial Partnerships, and Internal Pipeline

Drug Delivery Technology		Commercial Platform

• Peptelligence technology allows for oral delivery of drugs that are typically injected, including peptides and BCS class II, III, and IV small molecules
• Extensive intellectual property estate with protection through 2036
• Peptelligence licenses, including Cara Therapeutics, and development work with several large pharmaceutical partners

• Generates revenue three ways:
• • Formulation and development work
  • Clinical trial tablet manufacturing
  • Technology licenses consisting of milestones and royalties
• During 2020 SWK is investing to build-out manufacturing and business development capabilities

Internal 505(b)(2) Pipeline		Company Highlights

• Ovarest® (oral leuprolide tablet)
• • Indications: Rare disease and female health
• Tobrate™ (oral tobramycin tablet)
• • Indication: Uncomplicated Urinary Tract Infection
• Dr. Gary Shangold hired in January 2020 to optimize 505(b)(2) strategy

• Privately held company based in Boonton, New Jersey
• To operate as a wholly-owned subsidiary, run by experienced management
• Rajiv Khosla, Ph.D. appointed as Chief Executive Officer in May 2020
• Expected to be profitable including anticipated license-related revenue
• Over time SWK anticipates Enteris will develop multiple "shots on goal" value proposition

CONFIDENTIAL	22

Enteris: Cara Therapeutics and Oral KORSUVA™

Oral KORSUVA

Licensing

Agreement

• Formulated with Enteris' Peptelligence technology
• Currently the subject of three separate late-stage clinical trials for pruritus; Cara recent announcement to expand investigation into a fourth undisclosed indication 'near-term'
• Phase 2 trial targeting pruritus in patients with CKD produced positive top-line results; Cara expects to initiate safety portion of Phase 3 trial in Q4 2020
• Licensing agreement between Enteris and Cara announced in August 2019
• Non-exclusive,royalty-bearing license for Peptelligence to develop, manufacture and commercialize Oral KORSUVA worldwide, excluding Japan and South Korea
• Enteris eligible to receive milestone payments and low single-digit royalties

	• In October 2020, Enteris received a milestone payment of $2.5 million from Cara with SWK
Milestone Payment	entitled to receive $1.5 million of this payment per Enteris acquisition agreement
• SWK eligible to receive additional potential milestone payments over the next several quarters
	(subject to the achievement of certain development milestones)

Successful completion of Cara milestones will validate both the Peptelligence platform and

the breadth and depth of Enteris' comprehensive pharmaceutical capabilities

CONFIDENTIAL	23

Leadership Team

	Winston Black		Charles Jacobsen
Chief Executive Officer		Chief Financial Officer
•	Appointed CEO in	•	Appointed CFO in
	2016		2012
•	Co-founded PBS	•	Currently serves as
	Capital Management		Partner of Strategic
•	Prior leadership		Growth for CFGI
	positions at Highland	• Has served in CEO
	Capital Management,		and CFO roles at
	Mallette Capital		multiple financing and
	Management and ATX		investment firms
	Communications

Jody Staggs

Managing Director

• Joined in 2015
• Previously VP of Investments at Annandale Capital
• Co-foundedPBS Capital Management
• Prior to PBS, served as Senior Portfolio Analyst at Highland Capital Management

CONFIDENTIAL

Yvette Heinrichson

Chief Accounting Officer

• Joined in 2016
• Proficient in technical GAAP accounting, SEC financial reporting, SOX implementation
• Served as financial statement auditor and tax professional with Deloitte for multiple years

Dr. Rajiv Kholsa

Enteris subsidiary CEO

• Joined in 2020
• Consulted with variety of biopharma and drug delivery companies on strategy, product development, and licensing transactions
• Held senior roles in large and small biopharma companies including VP of Business Development at Biovail
• Ph.D. in Pharmaceutical Drug Delivery

24

SWK - Rapidly-Growing Life Science Focused Specialty Finance Company

Custom financing solutions for commercial-stage healthcare companies and royalty owners

Targeting $5mm to $20mm financings, a niche that is largely ignored by larger market participants

Focus is secured financings and royalty monetizations, but will selectively consider equity-like opportunities and M&A (Enteris BioPharma)

Since 2012, SWK has completed financings with 38 different parties deploying $550mm of capital, including partner co-investments

CONFIDENTIAL	25

Balance Sheet

$ in 000s		Sep-20		Dec-19		Dec-18		Dec-17		Dec-16
ASSETS
Cash and cash equivalents	$	9,314	$	11,158	$	20,227	$	30,557	$	32,182
Interest and accounts receivable, net		4,608		2,554		2,195		1,637		1,054
Marketable investments		1,136		1,802		-		1,856		2,621
Other current assets		1,911		1,087		138		126		240
Total current assets	$	16,969	$	16,601	$	22,560	$	34,176	$	36,097
Finance receivables	$	183,242	$	172,825	$	166,610	$	151,995	$	126,366
Investment in unconsolidated entities		-		-		-		-		6,985
Marketable investments		254		466		532		-		-
Deferred tax asset		25,986		25,780		22,684		22,725		38,471
Warrant assets		2,407		3,555		2,777		987		1,013
Intangible assets, net		15,983		25,113		-		-		-
Goodwill		8,404		8,404		-		-		-
Fixed assets, net		3,368		1,292		25		-		-
Other assets		190		336		474		-		-
Total assets	$	256,803	$	254,372	$	215,662	$	209,883	$	208,932
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	$	3,625	$	3,061	$	2,581	$	1,840	$	682
Revolving Credit Facility		-		-		-		-		-
Total current liabilities	$	3,625	$	3,061	$	2,581	$	1,840	$	682
Contingent consideration payable	$	16,464	$	14,500		-		-		-
Warrant liability		-		76		13		91		189
Other non-current liabilities		1,013		203		11
Total liabilities		21,102		17,840		2,605		1,931		871
Stockholders' equity:
Common stock		13		13		13		13		13
Additional paid-in-capital		4,430,757		4,432,146		4,432,499		4,433,589		4,433,289
Accumulated deficit		(4,195,069)		(4,195,627)		(4,219,455)		(4,225,863)		(4,228,910)
Accumulated other comprehensive income		-		-		-		213		(87)
Total SWK Holdings Corp stockholders' equity		235,701		236,532		213,057		207,952		204,305
Non-controlling interests in consolidated entities				(0)		-		-		3,756
Total stockholders' equity		235,701		236,532		213,057		207,952		208,061
Total liabilities and stockholders' equity	$	256,803	$	254,372	$	215,662	$	209,883	$	208,932

In 2019 and 2018 certain asset and liabilities were classified as "current"; Thus prior periods may not be directly comparable.

CONFIDENTIAL	26

Income Statement

$ in 000s, except per share amounts		LTM 3Q20		Dec-19		Dec-18		Dec-17		Dec-16
Revenues
Finance receivable interest income, including fees	$	31,612	$	30,117	$	25,978	$	26,877	$	15,747
Pharmaceutical development			3,548		621		-		-		-
Marketable investments interest income			-		-		-		-		92
Income related to investments in unconsolidated entities			-		-		-		10,530		6,219
Other			43		9		12		79		322
Total Revenues			35,203		30,747		25,990		37,486		22,380
Costs and expenses:
Provision for loan credit losses			1,600		2,209		6,179		-		1,659
Impairment expense			163		-		7,875		8,509		8,077
General and administrative			10,657		7,430		4,866		4,101		2,829
Change in fair value of acquisition-related contingent consideration			1,964		-		-		-		-
Depreciation and amortization			14,225		4,954		17		-		-
Pharmaceutical manufacturing, research and development expense			4,230		1,176		-		-		-
Interest expense			444		338		160		-		-
Total costs and expenses			33,283		16,107		19,097		12,610		12,565
Other income (expense), net:
Unrealized net (loss) gain on derivatives			(643)		362		484		(1,115)		588
Unrealized net gain (loss) equity securities			(810)		1,643		(1,035)		-		-
Gain (loss) on sale of investments			197		197		(105)		243		-
Income (loss) before income taxes			665		16,842		6,237		24,004		10,403
Income tax (benefit) expense			(8,970)		(6,986)		42		15,753		(21,638)
Consolidated net income (loss)			9,635		23,828		6,195		8,251		32,041
Net income attributable to non-controlling interests			-		-		-		5,204		3,153
Net income (loss) attributable to SWK Holdings Corp Stockholders		$	9,635	$	23,828	$	6,195	$	3,047	$	28,888
Net income (loss) per share attributable to SWK Holdings Corp Stockholders
Basic		$	0.75	$	1.85	$	0.47	$	0.23	$	2.22
Diluted	$	0.75	$	1.85	$	0.47	$	0.23	$	2.22
Weighted Average Shares
Basic			12,909		12,906		13,051		13,036		13,015
Diluted			12,917		12,911		13,054		13,040		13,018
CONFIDENTIAL
								27

Cash Flow Statement

$ in 000s,*

Cash flows from operating activities: Consolidated net income

Adjustments to reconcile net income to net cash provided by operating activities:

Income from investments in unconsolidated entity Provision for loan credit losses

Amortization of debt issuance costs Impairment expense

Deferred income tax

Change in fair value of warrants Change in fair value of equity securities

Change in fair value of acquisition-related contingent consideration Gain on sale of investments

Loan discount amortization and fee accretion Interest paid-in-kind

Stock-based compensation

Interest income in excess of cash collected Gain (loss) on sale (write off) of investments D&A expense

Changes in operating assets and liabilities:

Interest and accounts receivable

Other assets

Accounts payable and other liabilities

Net cash provided by operating activities

Cash flows from investing activities:

Acquisition of business, net of cash acquired Proceeds from sale of investments Investment in equity securities

Cash distributions from investments in unconsolidated entity Cash received for settlement of warrants

Investment in finance receviables Repayment of finance receivables Corporate debt security principal payment Purchases of property and equipment Other

Net cash provided by investing activities

Cash flows from financing activities:

Distribution to non-controlling interests

Net proceeds from credit facility

Repurchases of common stock, including fees & expenses

Debt Issuance Costs

Net cash used in financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

	LTM 3Q20		Dec-19		Dec-18		Dec-17		Dec-16
	$9,634		$23,828		$6,195		$8,251		$32,041
	-		-		-		(10,530)		(6,219)
	1,600		2,209		6,179		-		1,659
	189		188		-		-		-
	163		-		7,875		8,509		8,077
	(9,091)		(7,100)		31		15,745		(21,638)
	643		(362)		(484)		1,115		(588)
	810		(1,643)		1,035		-		-
	1,964		-		-		-		-
	(197)		(197)		105		(243)		-
	(2,069)		(349)		487		(1,926)		(3,109)
	(2,781)		(1,287)		(191)		(1,779)		(398)
	742		530		267		300		363
	-		(82)		(249)		(534)		-
	-		-		-		-		-
	14,215		4,954		28		17		16
	(2,011)		(214)		(558)		(583)		(59)
	(1,038)		(205)		202		(42)		(396)
	(892)		(1,734)		(1,296)		1,158		(106)
	$11,881		$18,536	$	19,626	$	19,458	$	9,643
	2,552		(19,719)		-		-		-
	197		197		221		345		-
	-		(159)		-		-		-
	-		-		-		17,515		7,222
	-		-		-		-		1,405
	(22,458)		(51,039)		(90,110)		(37,432)		(75,009)
	17,278		43,980		61,706		7,368		45,292
	65		66		69		93		41
	(2,354)		-		-		-		-
	(261)		(48)		(16)		(12)		(3)
$	(4,981)	$	(26,722)	$	(28,130)	$	(12,123)	$	(21,052)
	-		-		-		(8,960)		(3,696)
	-		-		-		-		-
	(2,072)		(883)		(1,357)		-		-
	-		-		(469)		-		-
$	(2,072)	$	(883)	$	(1,826)	$	(8,960)	$	(3,696)
	4,828		(9,069)		(10,330)		(1,625)		(15,105)
	11,158		20,227		30,557		32,182		47,287
$	15,986	$	11,158	$	20,227	$	30,557	$	32,182

CONFIDENTIAL	28

Reconciliation of Non-GAAP Adjusted Net Income

• The following tables provide a reconciliation of SWK's reported (GAAP) consolidated net income to SWK's adjusted consolidated net income (Non-GAAP) for the periods denoted in the table. The table eliminates provisions for income taxes, non-cashmark-to-market changes on warrant assets and SWK's warrant, and Enteris amortization :

$ in 000s, except per share amounts		LTM 3Q20		Dec-19		Dec-18		Dec-17		Dec-16
Consolidated net income (loss)	$	9,343	$	23,828	$	6,195	$	8,251	$	32,041
Add: income tax expense (benefit)		(8,356)		(6,986)		42		15,753		(21,638)
Add: Enteris intangibles amortization		13,846		4,816		-		-		-
Add : loss on remeasurement of contingent consideration		1,964		-		-		-		-
Plus: loss (gain) on fair market value of equity securities		810		144		1,035		-		-
Add: loss (gain) on fair market value of warrants		643		(362)		(484)		1,115		(588)
Adjusted income before provision for income tax	$	18,250	$	21,440	$	6,788	$	25,119	$	9,815
Plus: Adjusted provision for income tax		-		-		-		-		-
Non-GAAP consolidated net income	$	18,250	$	21,440	$	6,788	$	25,119	$	9,815
Less: Non-GAAP adjusted net income attributable to non-controlling interest		-		-		-		(5,204)		(3,153)
Non-GAAP adjusted net income attributable to SWK Holdings Corporation stockholders	$	18,250	$	21,440	$	6,788	$	19,915	$	6,662

CONFIDENTIAL	29

Reconciliation of Non-GAAP Specialty Finance Net Income

• The following tables provide a reconciliation of SWK's consolidated adjusted income before provision for income taxes, listed in the table above, to the non-GAAP adjusted net income for the specialty finance business for the periods denoted below. The table eliminates expenses associated with the acquisition of Enteris, and Enteris operating losses.

$ in 000s, except per share amounts			LTM 3Q20			Dec-19		Dec-18		Dec-17		Dec-16
Adjusted income before provision for income tax	$	18,250	$	21,440	$	6,788	$	19,915	$	6,662
Plus: Enteris acquisition expense			103			1,151		-		-		-
Plus: Enteris operating loss, excluding amortization				4,760			1,880		-		-		-
Adjusted specialty finance income before provision for income taxes	$	23,113	$	24,471	$	6,788	$	19,915	$	6,662
Adjusted provision for income taxes				-			-		-		-		-
Non-GAAP specialty finance net income		$	23,113	$	24,471	$	6,788	$	19,915	$	6,662

• The following tables provide a reconciliation of SWK's book value per share to the non-GAAP adjusted book value per share for the specialty finance business. The table eliminates the net deferred tax asset, and Enteris-related net intangibles, goodwill, and net property, plant and equipment. Diluted shares outstanding are as of period end.

$ in 000s, except per share amounts		Sep-20				Sep-20
SWK Specialty Finance Book Value, net			Enteris Book Value, net*
Stockholders' Equity (Book Value)	$	235,701	Intangible assets, net	$	15,983
Less: Deferred tax asset, net		25,986	Goodwill			8,404
Tangible book value	$	209,715	Property and equipment, net			3,361
Less Enteris book value, net		11,284	Total Enteris-related assets	$	27,748
Specialty Finance tangible book value	$	198,431	Less: Contingent consideration payable			16,464
Book value per share	$	18.44	Enteris book value, net	$	11,284
Tangible book Value per share	$	16.41
Specialty Finance tangible book value per share	$	15.52	Enteris book value, net per share	$	0.88
Diluted Shares outstanding		12,782
		CONFIDENTIAL
				30

Contact Information

		SWK Senior Management		Investor & Media Relations: Tiberend Strategic Advisor
•	Winston Black:		•	Jason Rando (Media):
	̶	Phone: [phone]			̶	Phone: [phone]
	̶	Email: [e-mail]			̶	Email: [e-mail]
•	Jody Staggs:		•	Maureen McEnroe (Investors):
	̶	Phone: [phone]			̶	Phone: [phone]
	̶	Email: [e-mail]			̶	Email: [e-mail]

• Office address:
• • 14755 Preston Road, Ste 105 Dallas, TX 75254
• Website: www.swkhold.com

CONFIDENTIAL	31

Collaborative Approach to Life Science Financing

32