v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Cash Flows from Operating Activities:          
Net loss $ (29,964,000) $ (24,970,000) $ (82,495,000) $ (68,705,000)  
Reconciliation of net loss to net cash used in operating activities:          
Depreciation expense 600,000 500,000 1,676,000 1,414,000  
Bad debt expense     47,000 250,000  
Amortization of debt discount     5,319,000 2,459,000  
Non-cash interest     492,000 0  
Amortization of product revenue license fee     1,065,000 820,000  
Amortization of operating lease right-of-use assets     1,214,000 1,150,000  
Stock-based compensation expense     10,319,000 10,423,000  
Issuance of partner company's common shares for research and development expenses     42,000 0  
Common shares issuable for 2017 Subordinated Note Financing interest expense     0 500,000  
Common shares issued for 2017 Subordinated Note Financing interest expense     1,317,000 974,000  
Common shares issuable for 2019 Notes interest expense     0 281,000  
Common shares issued for 2019 Notes interest expense     0 225,000  
Common shares issuable for service     18,000 0  
Change in fair value of derivative liability     1,189,000 0  
Change in fair value of investment (575,000) 0 (575,000) 0  
Gain on deconsolidation of Caelum     0 (18,521,000)  
Research and development-licenses acquired, expense     2,236,000 1,350,000  
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:          
Accounts receivable     (2,161,000) 111,000  
Inventory     (195,000) (263,000)  
Other receivables - related party     (74,000) 852,000  
Prepaid expenses and other current assets     2,429,000 1,812,000  
Other assets     (198,000) (903,000)  
Accounts payable and accrued expenses     (2,686,000) (3,841,000)  
Accounts payable and accrued expenses - related party     19,000 (149,000)  
Interest payable     (1,019,000) 5,000  
Interest payable - related party     (92,000) (8,000)  
Lease liabilities     (943,000) (940,000)  
Other long-term liabilities     (140,000) 795,000  
Net cash used in operating activities     (63,196,000) (69,909,000)  
Cash Flows from Investing Activities:          
Purchase of research and development licenses     (3,369,000) (850,000)  
Purchase of property and equipment     (1,228,000) (1,455,000)  
Purchase of intangible asset     (1,000,000) (2,400,000)  
Purchase of short-term investment (certificates of deposit)     0 (5,000,000)  
Redemption of short-term investment (certificates of deposit)     0 17,604,000  
Deconsolidation of Caelum     0 (1,201,000)  
Net cash provided by (used in) continuing investing activities     (5,597,000) 6,698,000  
Net cash provided by discontinued investing activities     0 13,089,000 $ 0
Net cash provided by (used in) investing activities     (5,597,000) 19,787,000  
Cash Flows from Financing Activities:          
Payment of Series A preferred stock dividends     (4,507,000) (1,773,000)  
Purchase of treasury stock     (70,000) 0  
Payment of costs related to purchase of treasury stock     (2,000) 0  
Proceeds from issuance of Series A preferred stock     39,075,000 0  
Payment of cost related to issuance of Series A preferred stock     (3,407,000) 0  
Proceeds from issuance of common stock for at-the-market offering     44,796,000 16,099,000  
Payment of cost related to issuance of common stock for at-the-market offering     (1,506,000) (301,000)  
Proceeds from issuance of Series A preferred stock for at-the-market offering     0 539,000  
Payment of cost related to issuance of Series A preferred stock for at-the-market offering     0 (16,000)  
Proceeds from issuance of common stock under ESPP     90,000 60,000  
Proceeds from partner companies' ESPP     349,000 0  
Partner company's dividends declared and paid     (50,000) 0  
Proceeds from partner companies' sale of stock     57,729,000 66,623,000  
Payment of costs related to partner companies' sale of stock     (3,642,000) (4,754,000)  
Proceeds from partner companies' at-the-market offering     34,254,000 30,419,000  
Payment of costs related to partner companies' at-the-market offering     (754,000) (739,000)  
Proceeds from partner company's preferred stock offering     (8,000,000) 0  
Payment of costs related to partner company's preferred stock offering     (912,000) 0  
Proceeds from exercise of partner company's warrants     13,000 0  
Repayment of IDB Note     (14,858,000) 0  
Net cash provided by financing activities     135,395,000 119,559,000  
Net increase in cash and cash equivalents and restricted cash     66,602,000 69,437,000  
Cash and cash equivalents and restricted cash at beginning of period     153,432,000 81,582,000 81,582,000
Cash and cash equivalents and restricted cash at end of period $ 220,034,000 $ 151,019,000 220,034,000 151,019,000 $ 153,432,000
Supplemental disclosure of cash flow information:          
Cash paid for interest     6,669,000 3,976,000  
Cash paid for interest - related party     463,000 342,000  
Supplemental disclosure of non-cash financing and investing activities:          
Settlement of restricted stock units into common stock     2,000 2,000  
Common shares issuable for license acquired     0 164,000  
Issuance of partner company warrants in conjunction with Horizon Notes     0 888,000  
Issuance of warrants in conjunction with Oaktree debt     4,419,000 0  
Common shares issued from 2017 Subordinated Note Financing interest expense     500,000 0  
Common shares issued for 2019 Notes     0 500,000  
Unpaid fixed assets     317,000 288,000  
Partner company's previous paid offering cost     0 833,000  
Reclass partner company's warrants from liability to equity     1,216,000 0  
Unpaid debt offering cost     57,000 0  
Unpaid at-the-market offering cost     96,000 0  
Unpaid partner company's offering cost     457,000 0  
Partner company's unpaid intangible assets     3,727,000 4,734,000  
Unpaid Series A preferred stock offering cost     203,000 0  
Unpaid research and development licenses acquired     117,000 0  
Retirement of Series A preferred stock     70,000 0  
2017 Subordinated Note Financing One [Member]          
Cash Flows from Financing Activities:          
Payment of debt issuance costs     (93,000) (79,000)  
Repayments of debt     (28,356,000) 0  
2018 Venture Notes One [Member]          
Cash Flows from Financing Activities:          
Payment of debt issuance costs     (58,000) (126,000)  
Repayments of debt     (21,707,000) 0  
2019 Notes [Member]          
Cash Flows from Financing Activities:          
Repayments of debt     (9,000,000) 0  
Oaktree Note [Member]          
Reconciliation of net loss to net cash used in operating activities:          
Amortization of debt discount     4,400,000    
Cash Flows from Financing Activities:          
Payment of debt issuance costs     (4,239,000) 0  
Proceeds from issuance of Notes     60,000,000 0  
Horizon Notes [Member]          
Cash Flows from Financing Activities:          
Payment of debt issuance costs     0 (1,393,000)  
Proceeds from issuance of Notes     0 15,000,000  
Repayments of debt     $ (15,750,000) $ 0  

Source