v3.6.0.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Current Assets:    
Cash and cash equivalents $ 5,580 $ 26,080
Accounts receivable, net 2,760 2,060
Inventory, net 2,702 2,275
Prepaid expenses and other current assets 735 942
Current assets of discontinued operations 0 1,315
Total current assets 11,777 32,672
Improvements and equipment, net 2,092 1,847
Intangible assets, net 28,498 33,667
Goodwill, net 11,959 21,166
Other assets 173 173
Assets of discontinued operations - noncurrent 0 227
Total assets 54,499 89,752
Current Liabilities:    
Accounts payable 2,612 2,594
Accrued expenses and other current liabilities 5,286 3,071
Contingent consideration, current 675 2,573
Senior secured term loan, net 11,541 0
Warrant liability 20 861
Current liabilities of discontinued operations 0 103
Total current liabilities 20,134 9,202
Senior secured term loan, net 0 12,126
Contingent consideration, long-term 1,141 14,455
Deferred tax liability 749 1,468
Other long-term liabilities 385 76
Total liabilities 22,409 37,327
Commitments and Contingencies
Stockholders' Equity    
Preferred Stock, par value $0.001 per share, 1,000,000 shares authorized, no shares issued and outstanding 0 0
Common Stock, par value $0.001 per share, 95,000,000 shares authorized; 29,669,036 and 27,668,913 shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively 30 28
Additional paid-in capital 156,363 148,457
Accumulated deficit (124,303) (96,060)
Total stockholders' equity 32,090 52,425
Total liabilities and stockholders' equity $ 54,499 $ 89,752

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v3.6.0.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Revenue, net of returns, allowances and discounts $ 18,240,000 $ 12,177,000
Cost of revenues 6,655,000 5,227,000
Gross profit 11,585,000 6,950,000
Operating expenses    
Selling, general and administrative 37,125,000 34,340,000
Research and product development 859,000 715,000
Milestone expense to licensor 1,000,000 0
Acquisition-related 2,959,000 2,876,000
Change in fair value of contingent consideration liability (10,065,000) (1,474,000)
Impairment charges 10,895,000 0
Total operating expenses 42,773,000 36,457,000
Loss from operations (31,188,000) (29,507,000)
Other (expense) income    
Interest expense (2,541,000) (1,565,000)
Interest income 42,000 42,000
Change in fair value of warrant liability 841,000 2,095,000
Loss on early extinguishment of debt (373,000) 0
Other income 100,000 0
Total other (expense) income (1,931,000) 572,000
Loss from continuing operations before tax (33,119,000) (28,935,000)
Income tax benefit 715,000 1,718,000
Loss from continuing operations (32,404,000) (27,217,000)
Discontinued operations:    
Income from discontinued operations, net of tax of $0 for the years ended December 31, 2016 and 2015 850,000 1,200,000
Gain on sale of assets, net of tax of $0 for the years ended December 31, 2016 and 2015 3,311,000 0
Income from discontinued operations, net of tax 4,161,000 1,200,000
Net loss $ (28,243,000) $ (26,017,000)
Net loss per basic and diluted common share:    
Loss from continuing operations $ (1.16) $ (1.18)
Income from discontinued operations 0.03 0.05
Gain on sale of assets 0.12 0
Total from discontinued operations 0.15 0.05
Weighted average shares used in computing net income (loss) per common share:    
Net loss per basic and diluted common share $ (1.01) $ (1.13)
Weighted average shares used in computing basic and diluted net loss per common share 27,965,626 23,061,931

Source

v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Operating Activities    
Net loss $ (28,243) $ (26,017)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 4,167 2,867
Amortization of deferred lease incentive (42) (8)
Lease incentive 267 0
Impairment charges 10,895 0
Deferred income tax benefit (719) (1,718)
Provision for doubtful accounts 38 108
Reserve for note receivable 1,020 0
Provision for excess and slow moving inventory (58) 58
Stock-based compensation expense 4,863 8,634
Deferred rent 84 0
Accrued interest receivable (19) 0
Amortization of debt issuance and debt discount costs 841 565
Loss on early extinguishment of debt 373 0
Change in fair value of warrant liability (841) (2,095)
Fair value adjustment of contingent consideration liability (10,065) (1,474)
Gain on sale of assets (3,311) 0
Changes in operating assets and liabilities:    
Accounts receivable (281) (780)
Inventory (113) (1,438)
Prepaid expenses and other assets 207 (257)
Accounts payable (26) 572
Accrued expenses and other current liabilities 2,680 (639)
Net Cash Used in Operating Activities (18,335) (21,622)
Investing Activities    
Proceeds from sale of assets 4,103 0
Purchase of improvements and equipment (893) (423)
Acquisition of business, net of cash acquired 0 (14,948)
Issuance of note (1,000) 0
Net Cash Provided by (Used in) Investing Activities 2,210 (15,371)
Financing Activities    
Contingent purchase price payments (2,573) 0
Repayment of long-term debt (1,748) 0
Prepayment penalty (52) 0
Net proceeds from issuance of common stock 0 32,197
Net proceeds from long-term debt 0 14,244
Proceeds from the exercise of stock options 0 332
Payment of withholding taxes related to stock-based employee compensation (2) (471)
Net Cash (Used in) Provided by Financing Activities (4,375) 46,302
Net (Decrease) Increase in Cash and Cash Equivalents (20,500) 9,309
Cash and Cash Equivalents - Beginning of year 26,080 16,771
Cash and Cash Equivalents - End of year 5,580 26,080
Supplemental Disclosure of Cash Flows Information    
Interest 1,599 1,000
Non-cash investing and financing activities:    
Extinguishment of warrant liability due to cashless warrant exercise 0 31
2015 Accrued bonus awarded in equity 474 0
Common stock issued for contingent purchase price payments 2,573 0
Acquisition of business:    
Current assets, excluding cash and cash equivalents 0 1,836
Intangibles 0 31,952
Goodwill 0 17,066 [1]
Liabilities assumed 0 (2,006)
Deferred tax liability 0 (3,122)
Contingent consideration 0 (15,570)
Issuance of common stock for acquisition $ 0 $ (15,208)
[1] Goodwill acquired as a result of the acquisition of Celleration in May 2015. See Note 5 – Acquisitions for further information on the acquisition.

Source