Quarterly report [Sections 13 or 15(d)]

Unaudited Condensed Consolidated Statements of Cash Flows

v3.25.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities:    
Net income (loss) $ (36,345) $ (67,846)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 218 753
Loss on disposal of property and equipment 0 29
Bad debt (recovery) expense (246) 152
Amortization of debt discount 746 1,365
Accretion of partner company convertible preferred shares 0 (737)
Gain on termination of partner company lease (394) 0
Amortization of acquired intangible assets 2,129 1,629
Settlement of partner company payables (796) (709)
Reduction in the carrying amount of operating lease right-of-use assets 971 1,893
Stock-based compensation expense 23,082 9,856
Expense (income) associated with warrant liabilities 397 445
Common shares issued for dividend on partner company's convertible preferred shares 0 114
Gain from deconsolidation of subsidiary (27,127) 0
Asset impairment loss 0 2,649
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable (5,167) 4,605
Inventory 1,579 519
Other receivables - related party (387) (57)
Prepaid expenses and other current assets 2,355 1,837
Other assets 292 927
Accounts payable and accrued expenses (7,821) (2,128)
Income taxes payable 52 (37)
Lease liabilities (1,125) (2,390)
Other liabilities 464 (94)
Net cash used in operating activities (47,123) (47,225)
Cash Flows from Investing Activities:    
Proceeds from sale of property and equipment 1,165 0
Proceeds from sale of subsidiary interests 6,086 0
Net cash provided by investing activities 7,251 0
Cash Flows from Financing Activities:    
Payment of Series A perpetual preferred stock dividends 0 (4,016)
Proceeds from issuance of common stock for public offering, net 0 10,118
Proceeds from issuance of common stock for at-the-market offering, net 1,008 2,826
Proceeds from issuance of common stock under ESPP 43 51
Exercise of warrants for cash 593 30
Proceeds from partner companies' ESPP 99 133
Partner company's dividends declared and paid (332) (352)
Partner company's redemption of preferred shares (265) 0
Proceeds from partner companies' equity offerings, options and warrant exercises, net 54,334 26,214
Proceeds from partner companies' at-the-market offering, net 6,740 1,779
Repayment of Oaktree Note (4,932) 0
Repayment of partner company installment payments - licenses (625) 0
Stock and warrants issued for exchange of partner company preferred shares 0 341
Proceeds from partner company's long-term debt, net 0 5,000
Net cash provided by financing activities 56,663 42,124
Net increase in cash and cash equivalents and restricted cash 16,791 (5,101)
Cash and cash equivalents and restricted cash at beginning of period 58,815 83,365
Cash and cash equivalents and restricted cash at end of period 75,606 78,264
Supplemental disclosure of cash flow information:    
Cash paid for interest 3,928 3,536
Cash paid for income taxes 49 115
Supplemental disclosure of non-cash financing and investing activities:    
Exchange of partner company convertible preferred shares for common shares 0 3,408
Fair value of assets received by partner company in repurchase transaction 0 2,209
Fair value of supplies received by partner company expensed to research and development 0 2,509
Partner company accounts receivable write-off related to repurchase transaction 0 (6,967)
Partner company accounts payable write-off related to repurchase transaction 0 3,644
Partner company's net purchase consideration of assets recorded to accrued other $ 0 $ (1,395)