Financials

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 39,884 $ 13,678
Accounts receivable 9 1,066
Prepaid expenses and other current assets 412 292
Total current assets 40,305 15,036
Property and equipment, net 178 203
Investment 2,618 2,745
Other long-term assets 322 321
Total assets 43,423 18,305
Current liabilities:    
Accounts payable 3,558 1,858
Accounts payable - related parties 25 88
Accrued expenses 367 1,832
Accrued income taxes 241 3
Warrant liability 3,313 0
Other liabilities, current 35 33
Total current liabilities 7,539 3,814
Other liabilities, non-current 102 119
Total liabilities 7,641 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 June 30, 2017 0 0
Common stock - $0.0001 par value; 80,000,000 shares authorized; 26,890,677 and 23,102,728 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively 3 2
Additional paid-in capital 21,906 18,140
Accumulated deficit (4,136) (17,256)
Total stockholders' equity 17,773 886
Total liabilities and stockholders' equity 43,423 18,305
Series A Preferred stock - $0.0001 par value, no shares and 83,502 shares issued and outstanding at June 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 June 30, 2017 and December 31, 2016, respectively (Liquidation preference of $18,934 at June 30, 2017)    
Redeemable Preferred Stock    
Redeemable Preferred Stock $ 18,009 $ 0

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Revenues $ 2,309,000 $ 6,528,000 $ 27,056,000 $ 8,847,000
Cost of revenues 225,000 2,237,000 4,008,000 2,237,000
Gross profit 2,084,000 4,291,000 23,048,000 6,610,000
Research and development expense 334,000 54,000 487,000 105,000
Selling, general and administrative expenses 4,635,000 3,339,000 9,172,000 6,769,000
Total operating expenses 4,969,000 3,393,000 9,659,000 6,874,000
Income (loss) from operations (2,885,000) 898,000 13,389,000 (264,000)
Income (loss) before income taxes (2,885,000) 898,000 13,389,000 (264,000)
Provision (benefit) for income taxes (56,000) 0 269,000 0
Net income (loss) (2,829,000) 898,000 13,120,000 (264,000)
Accretion of Preferred stock (3,925,000) (5,480,000) (3,925,000) (5,480,000)
Net income (loss) to common stockholders $ (6,754,000) $ (4,582,000) $ 9,195,000 $ (5,744,000)
Net income (loss) per share, basic (in dollars per share) $ (0.12) $ 0.04 $ 0.57 $ (0.01)
Net income (loss) per share, diluted (in dollars per share) (0.12) 0.04 0.54 (0.01)
Net income (loss) per share applicable to common stockholders, basic (in dollars per share) (0.29) (0.20) 0.40 (0.25)
Net income (loss) per share applicable to common stockholders, diluted (in dollars share) $ (0.29) $ (0.20) $ 0.38 $ (0.25)
Weighted-average common shares outstanding, basic (in shares) 23,257,492 22,764,322 23,195,775 22,736,505
Weighted-average common shares outstanding, diluted (in shares) 23,257,492 22,764,322 24,233,724 22,736,505

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income (loss) $ 13,120 $ (264)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 25 27
Stock-based compensation 419 453
Changes in operating assets and liabilities:    
Accounts receivable 1,057 0
Prepaid expenses and other current assets (120) 133
Accrued expenses (1,465) 2,513
Other long-term assets (1) 1
Accounts payable 1,700 (1,024)
Accounts payable - related parties (63) 1
Other current liabilities 2 (28)
Other non-current liabilities (17) 0
Accrued income taxes 238 0
Net cash provided by operating activities 14,895 1,812
Cash flows from investing activities:    
Purchase of additional investment 0 (250)
Net cash provided by operating activities 127 0
Net cash provided by (used in) investing activities 127 (250)
Cash flows from financing activities:    
Proceeds from Common share offering, net of issuance costs 10,385 0
Redemption of Series A Preferred shares (13,777) 0
Proceeds from exercise of stock options 201 76
Net Cash Provided by Financing Activities 11,184 9,566
Net increase in cash and cash equivalents 26,206 11,128
Cash and cash equivalents - beginning 13,678 6,101
Cash and cash equivalents - ending 39,884 17,229
Supplemental disclosures of cash flow information:    
Series A-1 warrant liability 3,313 0
Series A-1 Preferred Stock    
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 preferred stock to redemption value 3,634 0
Series A Preferred Stock    
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 preferred stock to redemption value $ 291 $ 5,480

Source