Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows from Operating Activities:    
Net loss $ (96,318) $ (82,495)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 1,868 1,676
Bad debt (reserve) expense (67) 47
Amortization of debt discount 1,623 5,319
Accretion of partner company convertible preferred shares 1,034 0
Non-cash interest 616 492
Amortization of product revenue license fee 1,983 1,065
Amortization of operating lease right-of-use assets 1,259 1,214
Stock-based compensation expense 12,449 10,319
Issuance of partner company's common shares for research and development expenses 136 42
Common shares issued for dividend on partner company's convertible preferred shares 263 0
Common shares issuable for dividend on partner company's convertible preferred shares 365 0
Common shares issued for 2017 Subordinated Note Financing interest expense 0 1,317
Common shares issuable for service 0 18
Change in fair value of investment (39,294) (575)
Change in fair value of derivative liability 184 1,189
Research and development-licenses acquired, expense 15,449 2,236
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable (7,743) (2,161)
Inventory (10,210) (195)
Other receivables - related party (203) (74)
Prepaid expenses and other current assets 2,854 2,429
Other assets (695) (198)
Accounts payable and accrued expenses 33,953 (2,686)
Accounts payable and accrued expenses - related party 74 19
Interest payable 0 (1,019)
Interest payable - related party 0 (92)
Deferred revenue 3,354 0
Partner company contract liability 0 0
Lease liabilities (1,358) (943)
Other long-term liabilities 130 (140)
Net cash used in operating activities (77,844) (63,196)
Cash Flows from Investing Activities:    
Purchase of research and development licenses (9,830) (3,369)
Purchase of property and equipment (2,609) (1,228)
Purchase of intangible asset (400) (1,000)
Net cash used in investing activities (12,839) (5,597)
Cash Flows from Financing Activities:    
Payment of Series A perpetual preferred stock dividends (6,023) (4,507)
Purchase of treasury stock 0 (70)
Payment of costs related to purchase of treasury stock 0 (2)
Proceeds from issuance of Series A perpetual preferred stock 0 39,075
Payment of costs related to issuance of Series A perpetual preferred stock 0 (3,407)
Proceeds from issuance of common stock for at-the-market offering 2,833 44,796
Payment of costs related to issuance of common stock for at-the-market offering (85) (1,506)
Proceeds from issuance of common stock under ESPP 137 90
Proceeds from partner companies' ESPP 309 349
Partner company's dividends declared and paid (562) (50)
Proceeds from partner companies' sale of stock 0 57,729
Payment of costs related to partner companies' sale of stock 0 (3,642)
Proceeds from partner companies' at-the-market offering 104,097 34,254
Payment of costs related to partner companies' at-the-market offering (2,223) (754)
Proceeds from partner company's preferred stock offering 0 8,000
Payment of costs related to partner company's preferred stock offering (13) (912)
Proceeds from exercise of partner company's warrants 0 13
Proceeds from exercise of partner company's options 7 0
Repayment of partner company installment payments - licenses (5,300) 0
Proceeds from partner company convertible preferred shares 18,967 0
Payment of debt issuance costs associated with partner company convertible preferred shares (1,996) 0
Net cash provided by financing activities 110,053 135,395
Net increase in cash and cash equivalents and restricted cash 19,370 66,602
Cash and cash equivalents and restricted cash at beginning of period 234,996 153,432
Cash and cash equivalents and restricted cash at end of period 254,366 220,034
Supplemental disclosure of cash flow information:    
Cash paid for interest 5,025 6,669
Cash paid for interest - related party 0 463
Cash paid for tax 661 0
Supplemental disclosure of non-cash financing and investing activities:    
Settlement of restricted stock units into common stock 3 2
Issuance of warrants in conjunction with Oaktree Note 0 4,419
Common shares issued from 2017 Subordinated Note Financing interest expense 0 500
Unpaid fixed assets 1,376 317
Partner company's unpaid intangible assets 0 3,727
Reclass partner company's warrants from liability to equity 0 1,216
Unpaid debt offering cost 0 57
Unpaid partner company's debt offering cost 214 0
Unpaid partner company's deferred offering cost 264 0
Partner company derivative warrant liability associated with partner company convertible preferred shares 362 0
Unpaid at-the-market offering cost 0 96
Unpaid partner company's offering cost 0 457
Unpaid Series A perpetual preferred stock offering cost 0 203
Retirement of Series A perpetual preferred stock 0 70
Unpaid research and development licenses acquired 1,800 117
Lease liabilities arising from obtaining right-of-use assets 187 0
2017 Subordinated Note Financing [Member]    
Cash Flows from Financing Activities:    
Payment of debt issuance costs 0 (93)
Repayments of debt 0 (28,356)
Oaktree Note [Member]    
Reconciliation of net loss to net cash used in operating activities:    
Amortization of debt discount 4,400  
Prepayment penalty 450 0
Cash Flows from Financing Activities:    
Proceeds from issuance of notes 0 60,000
Payment of debt issuance costs (95) (4,239)
2018 Venture Notes [Member]    
Cash Flows from Financing Activities:    
Payment of debt issuance costs 0 (58)
Repayments of debt 0 (21,707)
Opus Credit Facility (2019 Notes) [Member]    
Cash Flows from Financing Activities:    
Repayments of debt 0 (9,000)
Mustang Horizon Notes [Member]    
Cash Flows from Financing Activities:    
Repayments of debt 0 (15,750)
IDB Note Payable [Member]    
Cash Flows from Financing Activities:    
Repayments of debt $ 0 $ (14,858)