Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:    
Net loss $ (213,913) $ (164,826)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 3,109 2,628
Loss on disposal of property and equipment 255 0
Bad debt expense 284 48
Amortization of debt discount 2,065 3,914
Accretion of partner company convertible preferred shares 0 2,845
Non-cash interest 770 781
Prepayment penalty of Oaktree Note 0 450
Amortization of product revenue license fee 4,277 2,474
Amortization of operating lease right-of-use assets 1,967 1,689
Stock-based compensation expense 22,987 19,486
Common shares issued for dividend on partner company's convertible preferred shares 0 820
Change in fair value of investment in Caelum 0 (39,294)
Change in fair value of partner companies' warrant liabilities (1,129) 447
Research and development-licenses acquired, expense 642 15,625
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable (5,380) 768
Inventory 1,744 (8,458)
Other receivables - related party 540 66
Prepaid expenses and other current assets (2,595) (309)
Other assets 344 (185)
Accounts payable and accrued expenses 8,349 43,307
Deferred revenue (1,883) 2,611
Income taxes payable 377 345
Lease liabilities (2,025) (1,856)
Other long-term liabilities (186) 84
Net cash used in operating activities (179,401) (116,540)
Cash Flows from Investing Activities:    
Purchase of research and development licenses (340) (11,380)
Purchase of property and equipment (2,715) (4,566)
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
Proceeds from sale of Caelum 0 56,860
Net cash used in investing activities (22,928) 40,514
Cash Flows from Financing Activities:    
Payment of Series A perpetual preferred stock dividends (8,031) (8,031)
Proceeds from issuance of common stock for at-the-market offering, net 6,053 9,085
Proceeds from issuance of common stock under ESPP 174 278
Proceeds from partner companies' ESPP 206 309
Partner company's dividends declared and paid (749) (749)
Proceeds from partner companies' sale of stock and warrants, net 17,835 35,367
Proceeds from partner companies' at-the-market offering, net 16,370 110,803
Proceeds from partner company convertible preferred shares, net 0 16,971
Proceeds from partner company's preferred stock offering, net 0 (13)
Proceeds from exercise of partner companies' equity grants 290 7
Partner company's net settlement of shares withheld for taxes (1,698) 0
Partner company's cash payout for reverse stock split fractional shares (6) 0
Payment of partner company's redemption of preferred shares (85) 0
Payment of partner company's repurchase of stock (1,105) 0
Payment of partner company's deferred financing cost (119) 0
Payment of debt issuance costs associated with Oaktree Note 0 (95)
Repayment of Oaktree Note 0 (10,450)
Repayment of partner company installment payments - licenses (5,000) (5,300)
Proceeds from partner company convertible preferred shares 2,533 0
Payment of debt issuance costs associated with partner company convertible preferred shares (597) 0
Proceeds from partner company long-term debt, net 47,112 0
Proceeds from partner's company line of credit 5,000 7,000
Repayment of partner company's line of credit (2,864) (6,188)
Net cash provided by financing activities 75,319 148,994
Net (decrease) increase in cash and cash equivalents and restricted cash (127,010) 72,968
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 180,954 307,964
Supplemental disclosure of cash flow information:    
Cash paid for interest 9,419 6,918
Cash paid for tax 858 993
Supplemental disclosure of non-cash financing and investing activities:    
Settlement of restricted stock units into common stock 5 3
Unpaid fixed assets 0 1,270
Conversion of partner company convertible preferred shares 0 21,812
Conversion of partner company derivative warrant liabilities 0 4,628
Conversion of partner company annual maintenance fee to a promissory note 268 0
Partner company's unpaid intangible assets 4,740 0
Unpaid partner company's debt offering cost 1,058 214
Unpaid partner company's offering cost 4 371
Unpaid partner company's repurchase of stock 0 0
Partner company's retained earning adjustment 195 0
Partner company's reclassification of warrant liability to equity 89 0
Partner company derivative warrant liability associated with partner company convertible preferred shares 90 362
Partner company's warrants issued in conjunction with debt 384 0
Unpaid research and development licenses acquired 325 250
Lease liabilities arising from obtaining right-of-use assets $ 2,953 $ 207