v3.22.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows from Operating Activities:    
Net loss $ (49,478) $ (26,066)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 739 603
Bad debt (reserve) expense (76) 70
Amortization of debt discount 389 309
Non-cash interest 203 221
Amortization of product revenue license fee 1,017 584
Amortization of operating lease right-of-use assets 440 415
Stock-based compensation expense 5,563 3,773
Issuance of partner company's common shares for research and development expenses 0 126
Change in fair value of investment in Caelum 0 (5,913)
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable (7,995) (160)
Inventory (234) (887)
Other receivables - related party 47 (105)
Prepaid expenses and other current assets 1,342 1,206
Other assets 126 (108)
Accounts payable and accrued expenses 2,188 (2,457)
Deferred revenue (577) 7,200
Income taxes payable 1 0
Lease liabilities (508) (453)
Other long-term liabilities (47) (46)
Net cash used in operating activities (46,860) (21,688)
Cash Flows from Investing Activities:    
Purchase of property and equipment (1,337) (458)
Acquisition of VYNE products (20,000) 0
Net cash used in investing activities (21,337) (458)
Cash Flows from Financing Activities:    
Payment of Series A perpetual preferred stock dividends (2,008) (2,007)
Proceeds from issuance of common stock for at-the-market offering, net 4,226 0
Proceeds from partner companies' ESPP 116 158
Partner company's dividends declared and paid (187) (187)
Payment of costs related to partner company's sale of stock (371) 0
Proceeds from partner companies' at-the-market offering, net 10,783 71,363
Payment of costs related to partner company's preferred stock offering 0 (13)
Proceeds from exercise of partner companies' equity grants 0 7
Partner company's net settlement of shares withheld for taxes (1,698) 0
Payment of debt issuance costs associated with Oaktree Note 0 (13)
Repayment of partner company installment payments - licenses (2,000) (1,800)
Payment of debt issuance costs associated with partner company convertible preferred shares (214) 11,184
Proceeds from partner company long-term debt 45,000 0
Payment of debt issuance costs associated with partner company long-term debt (2,871) 0
Repayment of partner company's line of credit (812) 0
Net cash provided by financing activities 49,964 78,692
Net (decrease) increase in cash and cash equivalents and restricted cash (18,233) 56,546
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 289,731 291,542
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,556 1,670
Cash paid for tax 107 0
Supplemental disclosure of non-cash financing and investing activities:    
Settlement of restricted stock units into common stock 3 2
Unpaid fixed assets 36 545
Partner company's unpaid intangible assets 4,740 400
Unpaid partner company's at-the-market offering cost 0 25
Unpaid partner company's debt offering cost 1,065 135
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

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