Financials

v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 33,395 $ 13,678
Accounts receivable 0 1,066
Prepaid expenses and other current assets 543 292
Total current assets 33,938 15,036
Property and equipment, net 167 203
Investment 2,618 2,745
Intangible assets, net 8,279 0
Other long-term assets 322 321
Total assets 45,324 18,305
Current liabilities:    
Accounts payable 2,831 1,858
Accounts payable - related parties 13 88
Accrued expenses 504 1,832
Accrued income taxes 241 3
Warrant liability 1,783 0
Other liabilities, current - patent purchase 1,000 33
Total current liabilities 6,372 3,814
Other liabilities, non-current 91 119
Other liabilities, non-current - patent purchase 5,500 0
Total liabilities 11,963 3,933
Commitments and contingencies (Note 2)
Stockholders' equity    
Preferred stock - $0.0001 par value; 10,000,000 shares authorized; 153,000 shares designated Series A-1 Redeemable Preferred Stock at September 30, 2017 0 0
Common stock - $0.0001 par value; 80,000,000 shares authorized; 27,483,994, and 23,102,728 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively 3 2
Additional paid-in capital 23,722 18,140
Accumulated deficit (8,373) (17,256)
Total stockholders' equity 15,352 886
Total liabilities and stockholders' equity 45,324 18,305
Series A Preferred stock - $0.0001 par value, no shares and 83,502 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively (Liquidation preference of $13,777 at December 31, 2016)    
Redeemable Preferred Stock    
Redeemable Preferred Stock 0 13,486
Series A-1 Preferred stock - $0.0001 par value, 153,000 shares and no shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively (Liquidation preference of $18,934 at September 30, 2017)    
Redeemable Preferred Stock    
Redeemable Preferred Stock $ 18,009 $ 0

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Revenues $ 0 $ 1,141,000 $ 27,056,000 $ 9,988,000
Cost of revenues 0 0 4,008,000 2,237,000
Gross profit 0 1,141,000 23,048,000 7,751,000
Research and development expense 655,000 259,000 1,142,000 364,000
Selling, general and administrative expenses 5,112,000 4,184,000 14,284,000 10,953,000
Total operating expenses 5,767,000 4,443,000 15,426,000 11,317,000
Income (loss) from operations (5,767,000) (3,302,000) 7,622,000 (3,566,000)
Other income        
Change in fair value of warrant liability 1,530,000 0 1,530,000 0
Income (loss) before income taxes (4,237,000) (3,302,000) 9,152,000 (3,566,000)
Provision for income taxes 0 0 269,000 0
Net income (loss) (4,237,000) (3,302,000) 8,883,000 (3,566,000)
Accretion of Preferred stock 0 (1,309,000) (3,925,000) (6,789,000)
Net income (loss) to common stockholders $ (4,237,000) $ (4,611,000) $ 4,958,000 $ (10,355,000)
Net income (loss) per share, basic (in dollars per share) $ (0.16) $ (0.14) $ 0.36 $ (0.16)
Net income (loss) per share, diluted (in dollars per share) (0.16) (0.14) 0.34 (0.16)
Net income (loss) per share applicable to common stockholders, basic (in dollars per share) (0.16) (0.20) 0.20 (0.45)
Net income (loss) per share applicable to common stockholders, diluted (in dollars share) $ (0.16) $ (0.20) $ 0.19 $ (0.45)
Weighted-average common shares outstanding, basic (in shares) 27,327,936 22,853,865 24,588,296 22,775,918
Weighted-average common shares outstanding, diluted (in shares) 27,327,936 22,853,865 26,138,201 22,775,918

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income (loss) $ 8,883 $ (3,566)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 257 42
Change in fair value of warrant liability (1,530) 0
Stock-based compensation 641 682
Accounts receivable 1,066 0
Prepaid expenses and other current assets (252) 137
Accrued expenses (1,328) 1,848
Accounts payable 973 (88)
Accounts payable - related parties (75) (4)
Other current liabilities (33) (38)
Other non-current liabilities (28) 0
Accrued income taxes 238 0
Net cash provided by (used in) operating activities 8,812 (987)
Cash flows from investing activities:    
Purchase of intangible assets (2,000) 0
Purchase of property and equipment 0 (9)
Purchase of additional investment 0 (550)
Proceeds from investments 127 0
Net cash used in investing activities (1,873) (559)
Cash flows from financing activities:    
Proceeds from Common share offering, net of issuance costs 11,951 0
Redemption of Series A Preferred shares (13,777) (2,593)
Proceeds from exercise of stock options 229 111
Net cash provided by financing activities 12,778 7,008
Net increase in cash and cash equivalents 19,717 5,462
Cash and cash equivalents - beginning 13,678 6,101
Cash and cash equivalents - ending 33,395 11,563
Supplemental disclosures of cash flow information:    
Series A-1 warrant liability 3,313 0
Patent purchase in exchange for payable 6,500 0
Series A-1 preferred shares    
Cash flows from financing activities:    
Proceeds from sale of preferred shares, net of issuance costs 14,375 0
Supplemental disclosures of cash flow information:    
Accretion of series A and series A-1 preferred stock to redemption value 3,634 0
Series A preferred shares    
Cash flows from financing activities:    
Proceeds from sale of preferred shares, net of issuance costs 0 9,490
Supplemental disclosures of cash flow information:    
Accretion of series A and series A-1 preferred stock to redemption value $ 291 $ 6,789

Source