Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:    
Net loss $ (154,154) $ (213,913)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 2,230 3,109
(Gain) loss on sale of property and equipment (1,466) 255
Bad debt expense 435 284
Amortization of debt discount 3,032 2,065
Accretion of partner company convertible preferred shares 757 0
Non-cash interest 353 770
Loss on extinguishment of debt 2,796 0
Amortization of acquired intangible assets 3,767 4,277
Reduction in the carrying amount of operating lease right-of-use assets 2,078 1,967
Stock-based compensation expense 17,029 22,987
Issuance of partner company's common shares for research and development expenses 1,240 0
Common shares issued/issuable for dividend on partner company's convertible preferred shares 266 0
Change in fair value of partner companies' warrant liabilities (4,424) (1,129)
Research and development - licenses acquired, expense 3,085 642
Loss from deconsolidation/dissolution of subsidiaries 4,127 0
Asset impairment loss 3,143 0
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable 12,551 (5,380)
Inventory 3,953 1,744
Other receivables - related party (29) 540
Prepaid expenses and other current assets (848) (2,595)
Other assets (808) 344
Accounts payable and accrued expenses (24,382) 8,349
Deferred revenue 0 (1,883)
Income taxes payable 121 377
Lease liabilities (2,291) (2,025)
Other long-term liabilities (786) (186)
Net cash used in operating activities (128,225) (179,401)
Cash Flows from Investing Activities:    
Purchase of research and development licenses (3,035) (340)
Purchase of property and equipment (63) (2,715)
Proceeds from sale of property and equipment 6,000 127
Other (5) 0
Acquisition of Vyne products 0 (20,000)
Acquired intangible assets (5,000) 0
Net cash used in investing activities (2,103) (22,928)
Cash Flows from Financing Activities:    
Payment of Series A perpetual preferred stock dividends (8,032) (8,031)
Proceeds from issuance of common stock for public offering, net 22,078 0
Proceeds from issuance of common stock for at-the-market offering, net 2,041 6,053
Proceeds from issuance of common stock under ESPP 0 174
Exercise of warrants for cash 382 0
Proceeds from partner companies' ESPP 178 206
Partner company's dividends declared and paid (736) (749)
Partner company's redemption of preferred shares (400) (85)
Proceeds from partner companies' sale of stock and warrants, net 51,637 17,835
Proceeds from partner companies' at-the-market offering, net 4,620 16,370
Proceeds from exercise of partner companies' options and warrants, net 121 290
Partner company's net settlement of shares withheld for taxes 0 (1,698)
Partner company's cash payout for reverse stock split fractional shares 0 (6)
Payment of partner company's repurchase of stock 0 (1,105)
Payment of partner company's deferred financing cost 0 (119)
Repayment of partner company installment payments - licenses (1,000) (5,000)
Proceeds from partner company convertible preferred shares 854 2,533
Payment of debt issuance costs associated with partner company convertible preferred shares (210) (597)
Proceeds from partner companies' long-term debt, net 14,529 47,112
Repayment of partner companies' long-term debt (50,375) 0
Proceeds from partner company's line of credit 28,000 5,000
Repayment of partner company's line of credit (30,948) (2,864)
Net cash (used in) provided by financing activities 32,739 75,319
Net decrease in cash and cash equivalents and restricted cash (97,589) (127,010)
Cash and cash equivalents and restricted cash at beginning of period 180,954 307,964
Cash and cash equivalents and restricted cash at end of period 83,365 180,954
Supplemental disclosure of cash flow information:    
Cash paid for interest 7,945 9,419
Cash paid (refunded) for income taxes (55) 858
Supplemental disclosure of non-cash financing and investing activities:    
Conversion of partner company annual maintenance fee to a promissory note 0 268
Partner company's unpaid intangible assets 0 4,740
Unpaid partner company's debt offering cost 0 1,058
Unpaid partner company's offering cost 263 4
Partner company's retained earning adjustment 0 195
Partner company's reclassification of warrant liability to equity 0 89
Partner company derivative warrant liability associated with partner company convertible preferred shares 33 90
Partner company's warrants issued in conjunction with debt 0 384
Unpaid research and development licenses acquired 50 325
Lease Liabilities arising from obtaining right-of-use assets $ 923 $ 2,953