Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:    
Net loss $ (120,855) $ (154,154)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 1,040 2,230
Loss on disposal of property and equipment 29 (1,466)
Bad debt expense 516 435
Amortization of debt discount 2,054 3,032
Accretion of partner company convertible preferred shares (737) 757
Non-cash interest 0 353
Loss on extinguishment of debt 2,457 2,796
Amortization of acquired intangible assets 3,424 3,767
Reduction in the carrying amount of operating lease right-of-use assets 2,846 2,078
Stock-based compensation expense 32,619 17,029
Issuance of partner company's common shares for research and development expenses 0 1,240
Common shares issued for dividend on partner company's convertible preferred shares 114 266
Change in fair value of partner companies' warrant liabilities 487 (4,424)
Research and development - licenses acquired, expense 250 3,085
Loss from deconsolidation/dissolution of subsidiaries 0 4,127
Asset impairment loss 3,692 3,143
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable 4,475 12,551
Inventory (4,225) 3,953
Other receivables - related party (4) (29)
Prepaid expenses and other current assets (624) (848)
Other assets 968 (808)
Accounts payable and accrued expenses (6,390) (24,382)
Income taxes payable 89 121
Lease liabilities (3,620) (2,291)
Other long-term liabilities 1,204 (786)
Net cash used in operating activities (80,191) (128,225)
Cash Flows from Investing Activities:    
Acquired intangible assets (15,000) (5,000)
Purchase of property and equipment 0 (63)
Proceeds from sale of property and equipment 0 6,000
Other 0 (5)
Purchase of research and development licenses 0 (3,035)
Net cash used in investing activities (15,000) (2,103)
Cash Flows from Financing Activities:    
Payment of Series A perpetual preferred stock dividends (4,016) (8,032)
Proceeds from issuance of common stock for equity offerings, net 17,404 22,078
Net proceeds from private placement 3,734 2,041
Proceeds from issuance of common stock under ESPP 101 0
Exercise of warrants for cash 181 382
Proceeds from partner companies' ESPP 257 178
Partner company's dividends declared and paid (694) (736)
Partner company's redemption of preferred shares 0 400
Proceeds from partner companies' equity offerings and warrant exercises, net 49,669 51,637
Proceeds from partner companies' at-the-market offering, net 12,037 4,620
Proceeds from exercise of partner company's options, net 207 121
Repayment of Oaktree Note and debt issuance costs (51,000) 0
Repayment of partner company installment payments - licenses (1,250) (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 33,720 0
Proceeds from partner company's long-term debt, net 9,950 14,529
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 70,641 32,739
Net increase (decrease) in cash and cash equivalents and restricted cash (24,550) (97,589)
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 58,815 83,365
Supplemental disclosure of cash flow information:    
Cash paid for interest 7,159 7,945
Cash paid (refunded) for income taxes 120 (55)
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 0 263
Partner company derivative warrant liability associated with partner company convertible preferred shares 0 33
Warrants issued in conjunction with debt 1,104 0
Unpaid debt offering cost 118 0
Unpaid research and development licenses acquired 250 50
Lease Liabilities arising from obtaining right-of-use assets $ 188 $ 923