Quarterly report [Sections 13 or 15(d)]

Unaudited Condensed Consolidated Statements of Cash Flows

v3.25.3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows from Operating Activities:    
Net income (loss) $ (27,518) $ (94,540)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 311 896
Loss on disposal of property and equipment 0 29
Bad debt (recovery) expense (170) 823
Amortization of debt discount 1,065 1,754
Accretion of partner company convertible preferred shares 0 (737)
Gain on termination of partner company lease (394) 0
Loss on extinguishment of debt 0 2,457
Amortization of acquired intangible assets 3,193 2,443
Settlement of partner company payables (1,373) 0
Reduction in the carrying amount of operating lease right-of-use assets 1,467 2,366
Stock-based compensation expense 26,280 16,429
Change in fair value of investment (15,075) 0
Expense (income) associated with warrant liabilities 399 427
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 (7,582) 3,728
Inventory 2,613 (1,582)
Other receivables - related party 29 (7)
Prepaid expenses and other current assets 4,099 3,903
Other assets 309 939
Accounts payable and accrued expenses (10,649) (7,118)
Income taxes payable 73 7
Lease liabilities (1,674) (2,999)
Other liabilities (1,509) 735
Net cash used in operating activities (53,233) (67,284)
Cash Flows from Investing Activities:    
Proceeds from sale of property and equipment 1,165 0
Net cash increase upon deconsolidation of subsidiary 8,956 0
Net cash provided by investing activities 10,121 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 17,478
Proceeds from issuance of common stock for at-the-market offering, net 1,008 3,394
Proceeds from issuance of common stock under ESPP 43 51
Exercise of warrants for cash 2,279 30
Proceeds from partner companies' ESPP 217 257
Partner company's dividends declared and paid (498) (528)
Partner company's redemption of preferred shares (265) 0
Proceeds from partner companies' equity offerings, options and warrant exercises, net 61,581 37,128
Proceeds from partner companies' at-the-market offering, net 13,631 3,657
Repayment of Oaktree Note (5,506) (51,000)
Repayment of partner company installment payments - licenses (625) (625)
Stock and warrants issued for exchange of partner company preferred shares 0 341
Proceeds from long-term debt, net (130) 33,718
Proceeds from partner company's long-term debt, net 0 4,950
Net cash provided by financing activities 71,735 44,835
Net increase in cash and cash equivalents and restricted cash 28,623 (22,449)
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 87,438 60,916
Supplemental disclosure of cash flow information:    
Cash paid for interest 5,678 5,401
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 deferred purchase consideration 0 (1,295)
Warrants issued in conjunction with debt 0 1,313
Unpaid debt offering cost $ 0 $ 140