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
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities:    
Net loss $ (67,846) $ (114,446)
Reconciliation of net loss to net cash used in operating activities:    
Depreciation expense 753 1,476
Loss on disposal of property and equipment 29 0
Bad debt expense 152 574
Amortization of debt discount 1,365 1,867
Accretion of partner company convertible preferred shares (737) 521
Non-cash interest 0 176
Loss on extinguishment of debt 0 2,796
Amortization of acquired intangible assets 1,629 2,138
Reduction in the carrying amount of operating lease right-of-use assets 1,893 1,052
Stock-based compensation expense 9,856 8,948
Issuance of partner company's common shares for research and development expenses 0 1,233
Expense associated with partner company warrant liabilities 445 (6,166)
Common shares issued for dividend on partner company's convertible preferred shares 114 131
Research and development - licenses acquired, expense 0 3,000
Loss from deconsolidation/dissolution of subsidiaries 0 3,369
Asset impairment loss 2,649 2,923
Increase (decrease) in cash and cash equivalents resulting from changes in operating assets and liabilities:    
Accounts receivable 4,605 10,897
Inventory 519 1,993
Other receivables - related party (57) (135)
Prepaid expenses and other current assets 1,837 2,243
Other assets 927 (97)
Accounts payable and accrued expenses (2,837) 433
Deferred revenue 0 (364)
Income taxes payable (37) 1
Lease liabilities (2,390) (980)
Other long-term liabilities (94) (94)
Net cash used in operating activities (47,225) (76,511)
Cash Flows from Investing Activities:    
Purchase of research and development licenses 0 (2,000)
Purchase of property and equipment 0 (34)
Other 0 (5)
Acquisition of VYNE products 0 (5,000)
Net cash used in investing activities 0 (7,039)
Cash Flows from Financing Activities:    
Payment of Series A perpetual preferred stock dividends (4,016) (4,016)
Proceeds from issuance of common stock for public offering, net 10,118 13,248
Proceeds from issuance of common stock for at-the-market offering, net 2,826 1,168
Proceeds from issuance of common stock under ESPP 51 0
Exercise of warrants for cash 30 0
Proceeds from partner companies' ESPP 133 88
Partner company's dividends declared and paid (352) (371)
Proceeds from partner companies' sale of stock, options and warrants, net 26,214 24,455
Proceeds from partner companies' at-the-market offering, net 1,779 0
Proceeds from exercise of partner companies' equity grants 0 3
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 partner companies' long-term debt, net 5,000 (90)
Repayment of partner companies' long-term debt 0 (40,375)
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 42,124 (8,194)
Net increase (decrease) in cash and cash equivalents and restricted cash (5,101) (91,744)
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 78,264 89,210
Supplemental disclosure of cash flow information:    
Cash paid for interest 3,536 5,131
Cash paid (refunded) for income taxes 115 (52)
Supplemental disclosure of non-cash financing and investing activities:    
Transfer of assets classified as held for sale 0 4,348
Exchange of partner company convertible preferred 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 net purchase consideration of assets recorded to accrued other (1,395) 0
Settlement of restricted stock units into common stock 0 3
Unpaid partner company's offering cost 0 246
Partner company derivative warrant liability associated with partner company convertible preferred shares 0 33
Prepaid public offering cost $ 0 94
Partner company's warrants issued in conjunction with debt   $ 272