Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities:    
Net loss $ (102,985) $ (101,660)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 2,280 1,922
Bad debt expense 49 100
Amortization of debt discount 5,622 3,321
Non-cash interest 697 0
Amortization of product revenue license fee 1,420 1,174
Amortization of operating lease right-of-use assets 1,625 1,558
Stock-based compensation expense 13,451 13,188
Issuance of common stock for service 18 0
Issuance of partner company's common shares for research and development expenses 46 90
Common shares issuable for 2017 Subordinated Note Financing interest expense 0 500
Common shares issued for 2017 Subordinated Note Financing interest expense 1,317 1,474
Common shares issuable for 2019 Notes interest expense 0 281
Common shares issued for 2019 Notes interest expense 0 381
Change in fair value of derivative liability 1,189 27
Change in fair value of investment (6,418) 0
Gain on deconsolidation of Caelum 0 (18,476)
Research and development-licenses acquired, expense 2,788 6,000
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable (5,859) (8,141)
Inventory (547) (179)
Other receivables - related party 121 1,230
Prepaid expenses and other current assets (2,590) 1,798
Other assets 145 (882)
Accounts payable and accrued expenses 6,522 2,095
Accounts payable and accrued expenses - related party 0 (149)
Interest payable (1,042) 8
Interest payable - related party (92) (5)
Income taxes payable 136 0
Lease liabilities (1,388) (1,365)
Other long-term liabilities (187) 749
Net cash used in operating activities (83,682) (94,961)
Cash Flows from Investing Activities:    
Purchase of research and development licenses (4,038) (4,650)
Purchase of property and equipment (1,926) (2,345)
Purchase of intangible asset (1,200) (2,400)
Purchase of short-term investment (certificates of deposit) 0 (5,000)
Redemption of short-term investment (certificates of deposit) 0 22,604
Deconsolidation of Caelum 0 (1,201)
Net cash provided by (used in) continuing investing activities (7,164) 7,008
Net cash provided by discontinued investing activities 0 13,089
Net cash provided by (used in) investing activities (7,164) 20,097
Cash Flows from Financing Activities:    
Payment of Series A preferred stock dividends (6,515) (2,559)
Purchase of treasury stock (70) 0
Payment of costs related to purchase of treasury stock (2) 0
Proceeds from issuance of preferred stock 39,075 6,038
Payment of costs related to issuance of Series A preferred stock (3,535) (578)
Proceeds from issuance of common stock 47,509 20,680
Payment of costs related to issuance of common stock (1,658) (427)
Proceeds from issuance of Series A preferred stock for at-the-market offering 0 812
Payment of cost related to issuance of Series A preferred stock for at-the-market offering 0 (24)
Proceeds from issuance of common stock under ESPP 253 123
Proceeds from partner companies' ESPP 349 0
Partner company's dividends declared and paid (237) 0
Proceeds from partner companies' sale of stock 57,729 86,180
Payment of costs related to partner companies' sale of stock (4,049) (6,671)
Proceeds from partner companies' at-the-market offering 72,570 30,526
Payment of costs related to partner companies' at-the-market offering (1,498) (741)
Proceeds from partner company's preferred stock offering 8,000 0
Payment of costs related to partner company's preferred stock offering (913) 0
Proceeds from exercise of partner company's warrants 13 0
Proceeds from exercise of partner company's options 13 0
Installment payment related to intangible asset (500) 0
Net cash provided by financing activities 172,410 146,714
Net increase in cash and cash equivalents and restricted cash 81,564 71,850
Cash and cash equivalents and restricted cash at beginning of period 153,432 81,582
Cash and cash equivalents and restricted cash at end of period 234,996 153,432
Supplemental disclosure of cash flow information:    
Cash paid for interest 8,204 5,444
Cash paid for interest - related party 617 456
Supplemental disclosure of non-cash financing and investing activities:    
Settlement of restricted stock units into common stock 2 2
Common shares issuable for license acquired 0 164
Issuance of partner company warrants in conjunction with Horizon Notes 0 888
Issuance of warrants in conjunction with Oaktree debt 4,419 0
Common shares issued from 2017 Subordinated Note Financing interest expense 500 0
Common shares issued for 2019 Notes 0 500
Unpaid fixed assets 31 187
Partner company's unpaid intangible assets 7,472 4,734
Partner company's previous paid offering cost 0 833
Reclass partner company's warrants from liability to equity 1,216 0
Unpaid partner company's offering cost 0 69
Unpaid partner company's at-the-market offering cost 84 0
Unpaid partner company's preferred stock offering cost 13 0
Unpaid debt offering cost 13 26
Unpaid at-the-market offering cost 30 6
Unpaid Series A preferred stock offering cost 0 153
Unpaid research and development licenses acquired 0 1,350
Retirement of Series A preferred stock 70 0
2017 Subordinated Note Financing [Member]    
Cash Flows from Financing Activities:    
Payment of debt issuance costs (93) (118)
Repayments of debt (28,356) 0
Oaktree Note [Member]    
Cash Flows from Financing Activities:    
Proceeds from issuance of notes 60,000 0
Payment of debt issuance costs (4,302) 0
2018 Venture Notes [Member]    
Cash Flows from Financing Activities:    
Payment of debt issuance costs (58) (134)
Repayments of debt (21,707) 0
Opus Credit Facility (2019 Notes) [Member]    
Cash Flows from Financing Activities:    
Repayments of debt (9,000) 0
Mustang Horizon Notes [Member]    
Cash Flows from Financing Activities:    
Proceeds from issuance of notes 0 15,000
Payment of debt issuance costs 0 (1,393)
Repayments of debt (15,750) 0
IDB Note Payable [Member]    
Cash Flows from Financing Activities:    
Repayments of debt $ (14,858) $ 0