Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:    
Net loss $ (164,826) $ (102,985)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 2,628 2,280
Bad debt expense 48 49
Amortization of debt discount 3,914 5,622
Accretion of partner company convertible preferred shares 2,845 0
Non-cash interest 781 697
Prepayment penalty of Oaktree Note 450 0
Amortization of product revenue license fee 2,474 1,420
Amortization of operating lease right-of-use assets 1,689 1,625
Stock-based compensation expense 19,486 13,451
Issuance of common stock for service 0 18
Issuance of partner company's common shares for research and development expenses 176 46
Common shares issued for dividend on partner company's convertible preferred shares. 820 0
Common shares issued for 2017 Subordinated Note Financing interest expense 0 1,317
Change in fair value of investment in Caelum (39,294) (6,418)
Change in fair value of partner company derivative liability 447 1,189
Research and development-licenses acquired, expense 15,449 2,788
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable 768 (10,438)
Inventory (8,458) (547)
Other receivables - related party 66 121
Prepaid expenses and other current assets (309) (2,590)
Other assets (185) 145
Accounts payable and accrued expenses 43,307 11,101
Interest payable 0 (1,042)
Interest payable - related party 0 (92)
Deferred revenue 2,611 0
Income taxes payable 345 136
Lease liabilities (1,856) (1,388)
Other long-term liabilities 84 (187)
Net cash used in operating activities (116,540) (83,682)
Cash Flows from Investing Activities:    
Purchase of research and development licenses (11,380) (4,038)
Purchase of property and equipment (4,566) (1,926)
Purchase of intangible asset (400) (1,200)
Proceeds from sale of Caelum 56,860 0
Net cash provided by (used in) investing activities 40,514 (7,164)
Cash Flows from Financing Activities:    
Payment of Series A perpetual preferred stock dividends (8,031) (6,515)
Purchase of treasury stock   (70)
Payment of costs related to purchase of treasury stock   (2)
Proceeds from issuance of Series A perpetual preferred stock   39,075
Payment of costs related to issuance of Series A perpetual preferred stock   (3,535)
Proceeds from issuance of common stock for at-the-market offering, net 9,085 45,851
Proceeds from issuance of common stock under ESPP 278 253
Proceeds from partner companies' ESPP 309 349
Partner company's dividends declared and paid (749) (237)
Proceeds from partner companies' sale of stock, net 35,367 53,680
Proceeds from partner companies' at-the-market offering, net 110,803 71,072
Proceeds from partner company's preferred stock offering   8,000
Payment of costs related to partner company's preferred stock offering (13) (913)
Proceeds from exercise of partner companies' equity grants 7 26
Repayment of partner company installment payments - licenses (5,300) (500)
Proceeds from partner company convertible preferred shares, net 16,971  
Proceeds from partner's company line of credit 7,000  
Repayments of partner's company line of credit (6,188)  
Net cash provided by financing activities 148,994 172,410
Net increase in cash and cash equivalents and restricted cash 72,968 81,564
Cash and cash equivalents and restricted cash at beginning of period 234,996 153,432
Cash and cash equivalents and restricted cash at end of period 307,964 234,996
Supplemental disclosure of cash flow information:    
Cash paid for interest 6,918 8,204
Cash paid for interest - related party   617
Cash paid for tax 993  
Supplemental disclosure of non-cash financing and investing activities:    
Settlement of restricted stock units into common stock 3 2
Issuance of warrants in conjunction with Oaktree Note   4,419
Common shares issued from 2017 Subordinated Note Financing interest expense   500
Unpaid fixed assets 1,270 31
Conversion of partner company convertible preferred shares 21,812  
Conversion of partner company derivative warrant liabilities 4,628  
Partner company's unpaid intangible assets   7,472
Reclass partner company's warrants from liability to equity   1,216
Unpaid partner company's at-the-market offering cost   84
Unpaid partner company's preferred stock offering cost   13
Unpaid partner company's debt offering cost 214  
Unpaid partner company's offering cost 371  
Partner company derivative warrant liability associated with partner company convertible preferred shares 362  
Unpaid debt offering cost   13
Unpaid at-the-market offering cost   30
Retirement of Series A perpetual preferred stock   70
Unpaid research and development licenses acquired 250  
Lease liabilities arising from obtaining right-of-use assets 207 634
2017 Subordinated Note Financing [Member]    
Cash Flows from Financing Activities:    
Payment of debt issuance costs   (93)
Repayments of debt   (28,356)
Oaktree Note [Member]    
Reconciliation of net loss to net cash used in operating activities:    
Amortization of debt discount 1,300 400
Prepayment penalty of Oaktree Note 500  
Cash Flows from Financing Activities:    
Payment of debt issuance costs (95) (4,302)
Proceeds from issuance of notes   60,000
Repayments of debt $ (10,450)  
Venture Debt [Member]    
Cash Flows from Financing Activities:    
Payment of debt issuance costs   (58)
Repayments of debt   (21,707)
Opus Credit Facility (2019 Notes) [Member]    
Cash Flows from Financing Activities:    
Repayments of debt   (9,000)
Mustang Horizon Notes [Member]    
Reconciliation of net loss to net cash used in operating activities:    
Prepayment penalty of Oaktree Note   600
Cash Flows from Financing Activities:    
Repayments of debt   (15,750)
IDB Note Payable [Member]    
Cash Flows from Financing Activities:    
Repayments of debt   $ (14,858)