Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Consolidated Statements of Cash Flows

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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows from Operating Activities:    
Net loss $ (55,145) $ (49,478)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 844 739
Bad debt expense (reserve) 126 (76)
Amortization of debt discount 644 389
Accretion of partner company convertible preferred shares 198 0
Non-cash interest 91 203
Amortization of product revenue license fee 1,069 1,017
Amortization of operating lease right-of-use assets 524 440
Stock-based compensation expense 4,731 5,563
Change in fair value of partner companies' warrant liabilities (6,678) 0
Research and development-licenses acquired, expense 4,230 0
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable 466 (7,995)
Inventory 881 (234)
Other receivables - related party (498) 47
Prepaid expenses and other current assets 1,199 1,342
Other assets 30 126
Accounts payable and accrued expenses 4,774 2,188
Deferred revenue (181) (577)
Income taxes payable 0 1
Lease liabilities (478) (508)
Other long-term liabilities (47) (47)
Net cash used in operating activities (43,220) (46,860)
Cash Flows from Investing Activities:    
Purchase of property and equipment 0 (1,337)
Acquisition of VYNE products (5,000) (20,000)
Net cash used in investing activities (5,000) (21,337)
Cash Flows from Financing Activities:    
Payment of Series A perpetual preferred stock dividends (2,008) (2,008)
Proceeds from issuance of common stock for public offering, net 13,325 0
Proceeds from issuance of common stock for at-the-market offering, net 447 4,226
Proceeds from partner companies' ESPP 0 116
Partner company's dividends declared and paid (186) (187)
Proceeds from partner companies' sale of stock and warrants, net 9,905 (371)
Proceeds from partner companies' at-the-market offering, net 0 10,783
Partner company's net settlement of shares withheld for taxes 0 (1,698)
Repayment of partner company installment payments - licenses 0 (2,000)
Proceeds from partner company convertible preferred shares 854 0
Payment of debt issuance costs associated with partner company convertible preferred shares (202) (214)
Proceeds from partner company long-term debt, net 0 42,129
Proceeds from partner company's line of credit 28,000 0
Repayment of partner company's line of credit (27,948) (812)
Net cash provided by financing activities 22,187 49,964
Net decrease in cash and cash equivalents and restricted cash (26,033) (18,233)
Cash and cash equivalents and restricted cash at beginning of period 180,954 307,964
Cash and cash equivalents and restricted cash at end of period 154,921 289,731
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,885 1,556
Cash paid (refunded) for tax (104) 107
Supplemental disclosure of non-cash financing and investing activities:    
Settlement of restricted stock units into common stock 3 3
Unpaid fixed assets 18 36
Partner company's unpaid intangible assets 0 4,740
Unpaid partner company's debt offering cost 0 1,065
Unpaid partner company's offering cost 156 0
Partner company derivative warrant liability associated with partner company convertible preferred shares 33 0
Partner company's warrants issued in conjunction with debt 0 384
Prepaid public offering cost 94 0
Unpaid public offering cost $ 37 $ 0