Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Consolidated Statements of Cash Flows

v3.22.2.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities:    
Net loss $ (156,468) $ (96,318)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 2,286 1,868
Loss on disposal of property and equipment 255 0
Bad debt (reserve) expense 10 (67)
Amortization of debt discount 1,500 1,623
Accretion of partner company convertible preferred shares 0 1,034
Non-cash interest 619 616
Prepayment penalty of Oaktree Note 0 450
Amortization of product revenue license fee 3,050 1,983
Amortization of operating lease right-of-use assets 1,425 1,259
Stock-based compensation expense 17,481 12,449
Issuance (reversal) of partner company's common shares for research and development expenses (27) 136
Common shares issued for dividend on partner company's convertible preferred shares. 0 263
Common shares issuable for dividend on partner company's convertible preferred shares. 0 365
Change in fair value of investment in Caelum 0 (39,294)
Change in fair value of partner company derivative liability 0 184
Research and development-licenses acquired, expense 40 15,449
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable (5,431) (7,743)
Inventory 673 (10,210)
Other receivables - related party 525 (203)
Prepaid expenses and other current assets 1,339 2,854
Other assets (77) (695)
Accounts payable and accrued expenses 4,410 33,953
Accounts payable and accrued expenses - related party 0 74
Deferred revenue (1,518) 3,354
Income taxes payable 13 0
Lease liabilities (1,522) (1,358)
Other long-term liabilities (140) 130
Net cash used in operating activities (131,557) (77,844)
Cash Flows from Investing Activities:    
Purchase of research and development licenses (40) (9,830)
Purchase of property and equipment (2,624) (2,609)
Proceeds from the sale of partner company's fixed assets 127 0
Purchase of intangible asset 0 (400)
Acquisition of VYNE products (20,000) 0
Net cash used in investing activities (22,537) (12,839)
Cash Flows from Financing Activities:    
Payment of Series A perpetual preferred stock dividends (6,024) (6,023)
Proceeds from issuance of common stock for at-the-market offering, net 5,750 2,748
Proceeds from issuance of common stock under ESPP 99 137
Proceeds from partner companies' ESPP 206 309
Partner company's dividends declared and paid (563) (562)
Payment of costs related to partner company's sale of stock (371) 0
Proceeds from partner companies' at-the-market offering, net 16,193 101,874
Proceeds from partner company convertible preferred shares, net 0 16,971
Proceeds from exercise of partner companies' equity grants 142 7
Partner company's net settlement of shares withheld for taxes (1,698) 0
Payment of partner company's deferred financing cost (119) 0
Payment of debt issuance costs associated with Oaktree Note 0 (95)
Repayment of partner company installment payments - licenses (3,000) (5,300)
Payment of debt issuance costs associated with partner company convertible preferred shares (214) (13)
Proceeds from partner company long-term debt, net 47,112 0
Repayment of partner company's line of credit (812) 0
Net cash provided by financing activities 56,701 110,053
Net (decrease) increase in cash and cash equivalents and restricted cash (97,393) 19,370
Cash and cash equivalents and restricted cash at beginning of period 307,964 234,996
Cash and cash equivalents and restricted cash at end of period 210,571 254,366
Supplemental disclosure of cash flow information:    
Cash paid for interest 6,595 5,025
Cash paid for tax 1,462 661
Supplemental disclosure of non-cash financing and investing activities:    
Settlement of restricted stock units into common stock 3 3
Unpaid fixed assets 21 1,376
Partner company's unpaid intangible assets 4,740 0
Unpaid partner company's debt offering cost 1,050 214
Unpaid partner company's deferred offering cost 0 264
Partner company derivative warrant liability associated with partner company convertible preferred shares 0 362
Partner company's warrants issued in conjunction with debt 384 0
Unpaid research and development licenses acquired 0 1,800
Lease liabilities arising from obtaining right-of-use assets $ 2,176 $ 187