Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Consolidated Statements of Cash Flows

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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities:    
Net loss $ (39,023) $ (55,145)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 377 844
Bad debt expense 6 126
Amortization of debt discount 609 644
Accretion of partner company convertible preferred shares 45 198
Non-cash interest 0 91
Amortization of acquired intangible assets 814 1,069
Reduction in the carrying amount of operating lease right-of-use assets 528 524
Stock-based compensation expense 4,857 4,731
Loss On Partner Company Warrant Issuance 574 0
Common shares issued for dividend on partner company's convertible preferred shares 68 0
Change in fair value of partner companies' warrant liabilities 93 (6,678)
Research and development - licenses acquired, expense 0 4,230
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable 5,417 466
Inventory (374) 881
Other receivables - related party (157) (498)
Prepaid expenses and other current assets (1,571) 1,199
Other assets 313 30
Accounts payable and accrued expenses 2,668 4,774
Deferred revenue 0 (181)
Lease liabilities (585) (478)
Other long-term liabilities (46) (47)
Net cash used in operating activities (25,387) (43,220)
Cash Flows from Investing Activities:    
Acquisition of VYNE products 0 (5,000)
Net cash used in investing activities 0 (5,000)
Cash Flows from Financing Activities:    
Payment of Series A perpetual preferred stock dividends (2,008) (2,008)
Proceeds from issuance of common stock for public offering, net 10,119 13,325
Proceeds from issuance of common stock for at-the-market offering, net 894 447
Exercise of warrants for cash 30 0
Proceeds from partner companies' ESPP 133 0
Partner company's dividends declared and paid (176) (186)
Proceeds from partner companies' sale of stock and warrants, net 12,786 9,905
Proceeds from partner companies' at-the-market offering, net 1,484 0
Proceeds from partner company convertible preferred shares, net 0 652
Proceeds from exercise of partner companies' options and warrants, net 4,597 0
Proceeds from partner company's line of credit 0 28,000
Repayment of partner company's line of credit 0 (27,948)
Net cash (used in) provided by financing activities 27,859 22,187
Net increase (decrease) in cash and cash equivalents and restricted cash 2,472 (26,033)
Cash and cash equivalents and restricted cash at beginning of period 83,365 180,954
Cash and cash equivalents and restricted cash at end of period 85,837 154,921
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,658 2,885
Cash paid (refunded) for income taxes 0 (104)
Supplemental disclosure of non-cash financing and investing activities:    
Settlement of restricted stock units into common stock 0 3
Unpaid fixed assets 0 18
Unpaid partner company's offering cost 150 156
Partner company derivative warrant liability associated with partner company convertible preferred shares 0 33
Unpaid at-the-market offering cost 0 37
Prepaid public offering cost $ 0 $ 94