Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.8.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenue      
Total National revenue $ 187,584 $ 16,480 $ 863
Net revenue 187,584 16,480 863
Operating expenses      
Cost of goods sold - product revenue 3,658 790 0
Research and development 52,486 35,134 29,810
Research and development - licenses acquired 4,164 5,532 11,408
General and administrative 40,487 28,229 18,734
Total operating expenses 288,792 82,190 51,394
Loss from operations (101,208) (65,710) (50,531)
Other income (expenses)      
Interest income 819 298 245
Interest expense and financing fee (5,860) (3,690) (1,484)
Change in fair value of derivative liabilities 8,391 (1,039) (438)
Change in fair value of subsidiary convertible note (457) (78) 0
Change in fair value of investments 226 (1,071) (1,675)
Other loss (234) 0 0
Total other income (expenses) 2,885 (5,580) (3,352)
Loss before Income Taxes (98,323) (71,290) (53,883)
Income tax expense 1,513 0 0
Net loss (99,836) (71,290) (53,883)
Less: net loss attributable to non-controlling interests 32,960 16,195 5,455
Net loss attributable to common stockholders $ (66,876) $ (55,095) $ (48,428)
Basic and diluted net loss per common share $ (1.61) $ (1.38) $ (1.24)
Weighted average common shares outstanding—basic and diluted 41,658,733 39,962,657 39,146,589
Parent Company [Member]      
Revenue      
Product revenue, net $ 15,520 $ 3,587 $ 273
Revenue - from a related party 1,725 2,570 590
Total National revenue 17,245 6,157 863
Operating expenses      
Cost of goods sold - product revenue 3,658 790 0
Research and development 48,322 29,602 18,402
Research and development - licenses acquired 4,164 5,532 11,408
General and administrative 50,897 34,003 21,584
Total operating expenses 107,041 69,927 51,394
National Holdings Corporation [Member]      
Revenue      
Commissions 96,807 5,388 0
Net dealer inventory gains 15,108 253 0
Investment banking 25,064 2,829 0
Investment advisory 14,528 904 0
Interest and dividends 2,764 155 0
Transfer fees and clearing services 7,393 386 0
Tax preparation and accounting 7,439 338 0
Other 1,236 70 0
Total National revenue 170,339 10,323 0
Operating expenses      
Commissions, compensation and fees 155,187 10,414 0
Clearing fees 2,343 144 0
Communications 2,767 177 0
Occupancy 4,286 193 0
Licenses and registration 1,726 147 0
Professional fees 4,531 327 0
Interest 14 1 0
Depreciation and amortization 2,089 545 0
Other administrative expenses 8,808 315 0
Total operating expenses $ 181,751 $ 12,263 $ 0