Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Consolidated Statements of Cash Flows

v3.24.3
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities:    
Net loss $ (94,540) $ (125,170)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 896 1,853
Loss on disposal of property and equipment 29 (1,351)
Bad debt expense 823 492
Amortization of debt discount 1,754 2,524
Accretion of partner company convertible preferred shares (737) 687
Non-cash interest 0 353
Loss on extinguishment of debt 2,457 2,796
Amortization of acquired intangible assets 2,443 2,952
Reduction in the carrying amount of operating lease right-of-use assets 2,366 1,561
Stock-based compensation expense 16,429 13,325
Issuance of partner company's common shares for research and development expenses 0 1,233
Common shares issued for dividend on partner company's convertible preferred shares 114 199
Change in fair value of partner companies' warrant liabilities 427 (10,708)
Research and development - licenses acquired, expense 0 3,060
Loss from deconsolidation/dissolution of subsidiaries 0 4,127
Asset impairment loss 2,649 3,143
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable 3,728 19,727
Inventory (1,582) 3,135
Other receivables - related party (7) (27)
Prepaid expenses and other current assets 3,903 3,217
Other assets 939 (1,107)
Accounts payable and accrued expenses (7,118) (17,018)
Income taxes payable 7 84
Lease liabilities (2,999) (1,739)
Other long-term liabilities 735 (638)
Net cash used in operating activities (67,284) (93,290)
Cash Flows from Investing Activities:    
Purchase of research and development licenses 0 (3,000)
Purchase of property and equipment 0 (35)
Proceeds from sale of property and equipment 0 6,000
Other 0 (5)
Acquired intangible assets 0 (5,000)
Net cash used in investing activities 0 (2,040)
Cash Flows from Financing Activities:    
Payment of Series A perpetual preferred stock dividends (4,016) (6,024)
Proceeds from issuance of common stock for equity offerings, net 17,478 13,248
Proceeds from issuance of common stock for at-the-market offering, net 3,394 2,056
Proceeds from issuance of common stock under ESPP 51 0
Exercise of warrants for cash 30 0
Proceeds from partner companies' ESPP 257 178
Partner company's dividends declared and paid (528) (556)
Proceeds from partner companies' sale of stock, options and warrants, net 37,128 33,805
Proceeds from partner companies' at-the-market offering, net 3,657 160
Proceeds from exercise of partner companies' equity grants 0 24
Repayment of Oaktree Note and debt issuance costs (51,000) 0
Repayment of partner company installment payments - licenses (625) (1,000)
Proceeds from partner company convertible preferred shares 0 854
Stock and warrants issued for exchange of partner company preferred shares 341 0
Payment of debt issuance costs associated with partner company convertible preferred shares 0 (210)
Proceeds from long-term debt, net 33,718 0
Proceeds from partner company's long-term debt, net 4,950 (91)
Repayment of partner companies' long-term debt 0 (50,375)
Proceeds from partner company's line of credit 0 28,000
Repayment of partner company's line of credit 0 (30,948)
Net cash (used in) provided by financing activities 44,835 (10,879)
Net increase (decrease) in cash and cash equivalents and restricted cash (22,449) (106,209)
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 60,916 74,745
Supplemental disclosure of cash flow information:    
Cash paid for interest 5,401 6,590
Cash paid (refunded) for income taxes 115 (17)
Supplemental disclosure of non-cash financing and investing activities:    
Exchange of partner company convertible preferred shares for common shares 3,408 0
Fair value of assets received by partner company in repurchase transaction 2,209 0
Fair value of supplies received by partner company expensed to research and development 2,509 0
Partner company accounts receivable write-off related to repurchase transaction (6,967) 0
Partner company accounts payable write-off related to repurchase transaction 3,644 0
Partner company's deferred purchase consideration (1,295) 0
Unpaid partner company's offering cost 0 575
Partner company derivative warrant liability associated with partner company convertible preferred shares 0 33
Warrants issued in conjunction with debt 1,313 0
Unpaid debt offering cost 140 0
Unpaid at-the-market offering cost 0 50
Prepaid public offering cost 0 94
Unpaid research and development licenses acquired $ 0 $ 60