v3.22.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities:    
Net loss $ (103,408) $ (50,457)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 1,495 1,212
Loss on disposal of property and equipment 239 0
Bad debt (reserve) expense (45) (57)
Amortization of debt discount 946 903
Non-cash interest 418 441
Amortization of product revenue license fee 2,034 1,325
Amortization of operating lease right-of-use assets 889 837
Stock-based compensation expense 10,644 8,123
Issuance (reversal) of partner company's common shares for research and development expenses (35) 129
Partner company's warrants issued in conjunction with debt 0 263
Change in fair value of investment in Caelum 0 (30,918)
Change in fair value of partner company derivative liability 0 3,925
Research and development-licenses acquired, expense 0 11,000
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable (5,514) (2,208)
Inventory (150) (12,911)
Other receivables - related party 302 (98)
Prepaid expenses and other current assets 1,946 2,795
Other assets 31 (113)
Accounts payable and accrued expenses 4,197 5,834
Deferred revenue (1,154) 4,800
Lease liabilities (1,026) (880)
Other long-term liabilities (93) (93)
Net cash used in operating activities (88,284) (56,148)
Cash Flows from Investing Activities:    
Purchase of research and development licenses 0 (2,750)
Purchase of property and equipment (1,644) (2,148)
Purchase of intangible asset 0 (400)
Acquisition of VYNE products (20,000) 0
Net cash used in investing activities (21,644) (5,298)
Cash Flows from Financing Activities:    
Payment of Series A perpetual preferred stock dividends (4,016) (4,015)
Proceeds from issuance of common stock for at-the-market offering, net 5,527 0
Proceeds from issuance of common stock under ESPP 99 137
Proceeds from partner companies' ESPP 116 158
Partner company's dividends declared and paid (375) (375)
Payment of costs related to partner company's sale of stock (371) 0
Proceeds from partner companies' at-the-market offering, net 14,476 97,248
Proceeds from partner company convertible preferred shares, net 0 12,800
Proceeds from exercise of partner companies' equity grants 111 7
Partner company's net settlement of shares withheld for taxes (1,698) 0
Payment of debt issuance costs associated with Oaktree Note 0 (60)
Repayment of partner company installment payments - licenses (2,000) (2,800)
Payment of debt issuance costs associated with partner company convertible preferred shares (214) (13)
Proceeds from partner company long-term debt, net 42,112 0
Repayment of partner company's line of credit (812) 0
Net cash provided by financing activities 52,955 103,087
Net (decrease) increase in cash and cash equivalents and restricted cash (56,973) 41,641
Cash and cash equivalents and restricted cash at beginning of period 307,964 234,996
Cash and cash equivalents and restricted cash at end of period 250,991 276,637
Supplemental disclosure of cash flow information:    
Cash paid for interest 3,987 3,339
Cash paid for tax 166 504
Supplemental disclosure of non-cash financing and investing activities:    
Settlement of restricted stock units into common stock 3 2
Unpaid fixed assets 315 298
Partner company's unpaid intangible assets 4,740 0
Unpaid partner company's debt offering cost 1,050 200
Unpaid partner company's deferred offering cost 0 75
Partner company derivative warrant liability associated with partner company convertible preferred shares 0 362
Partner company's warrants issued in conjunction with debt 384 0
Unpaid research and development licenses acquired 0 8,250
Lease liabilities arising from obtaining right-of-use assets $ 0 $ 81

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