Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows from Operating Activities:    
Net income (loss) $ (32,915) $ (120,855)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 403 1,040
Loss on disposal of property and equipment 0 29
Bad debt (recovery) expense (211) 516
Amortization of debt discount 1,404 2,054
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 4,258 3,424
Settlement of partner company payables (2,104) 0
Reduction in the carrying amount of operating lease right-of-use assets 1,943 2,846
Stock-based compensation expense 28,739 32,619
Change in fair value of investment (15,075) 0
Common shares issued for dividend on partner company's convertible preferred shares 0 114
Change in fair value of partner companies' warrant liabilities 398 487
Research and development - licenses acquired, expense 0 250
Gain from deconsolidation of subsidiary (27,127) 0
Asset impairment loss 0 3,692
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable (19,341) 4,475
Inventory 4,807 (4,225)
Other receivables - related party 13 (4)
Prepaid expenses and other current assets 1,546 (624)
Other assets 330 968
Accounts payable and accrued expenses (7,971) (6,390)
Income taxes payable (576) 89
Lease liabilities (2,226) (3,620)
Other liabilities (1,678) 1,204
Net cash used in operating activities (65,777) (80,191)
Cash Flows from Investing Activities:    
Acquired intangible assets 0 (15,000)
Proceeds from sale of property and equipment 1,165 0
Net cash increase upon deconsolidation of subsidiary 8,956 0
Net cash provided by (used in) investing activities 10,121 (15,000)
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 17,404
Proceeds from issuance of common stock for at-the-market offering, net 1,008 3,734
Proceeds from issuance of common stock under ESPP 87 101
Exercise of warrants for cash 2,647 181
Proceeds from partner companies' ESPP 217 257
Partner company's dividends declared and paid (664) (694)
Partner company's redemption of preferred shares (265) 0
Proceeds from partner companies' equity offerings and warrant exercises, net 61,621 49,669
Proceeds from partner companies' at-the-market offering, net 19,052 12,037
Proceeds from exercise of partner company's options, net 0 207
Repayment of Oaktree Note and debt issuance costs (5,561) (51,000)
Repayment of partner company installment payments - licenses (625) (1,250)
Stock and warrants issued for exchange of partner company preferred shares 0 341
Proceeds from long-term debt, net (75) 33,720
Proceeds from partner company's long-term debt, net 0 9,950
Net cash provided by financing activities 77,442 70,641
Net increase (decrease) in cash and cash equivalents and restricted cash 21,786 (24,550)
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 80,601 58,815
Supplemental disclosure of cash flow information:    
Cash paid for interest 7,386 7,159
Cash paid for income taxes 49 120
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 1,314 1,104
Unpaid debt offering cost 0 118
Unpaid research and development licenses acquired 0 250
Lease Liabilities arising from obtaining right-of-use assets $ 457 $ 188