Financials

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 1,249 $ 748
Restricted cash 29 29
Prepaid expenses and other current assets 203 105
Mortgage note receivable, current portion 1,294
Total current assets 1,481 2,176
Property and equipment, net 109 119
Deposits 31 31
In process research and development 53,905 53,905
Goodwill 65,195 65,195
Total assets 120,721 121,426
Current liabilities:    
Accounts payable and accrued expenses 810 837
Derivative liabilities 548 569
Total current liabilities 1,358 1,406
Long-term liabilities    
Deferred rent 25 31
Convertible notes payable 2,039 1,007
Deferred tax liability 13,163 13,582
Total long-term liabilities 15,227 14,620
Total liabilities 16,585 16,026
Commitments and contingencies
Common stock, $0.001 par value; 800,000 shares authorized; 24,402 and 24,275 issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 24 24
Additional paid-in capital 243,708 243,419
Accumulated deficit (139,596) (138,043)
Total stockholders’ equity 104,136 105,400
Total liabilities and stockholders’ equity $ 120,721 $ 121,426

Source

v3.8.0.1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating expenses    
Research and development $ 877 $ 2,071
General and administrative 1,190 1,050
Total operating expenses 2,067 3,121
Loss from operations (2,067) (3,121)
Other income (expense)    
Interest income (expense) (32) 2
Gain on disposal of mortgage note 106
Change in fair value of derivative liabilities 21 571
Total other income, net 95 573
Loss before income tax benefit (1,972) (2,548)
Income tax benefit 419
Net loss and comprehensive loss $ (1,553) $ (2,548)
Net loss per common share:    
Loss per share, basic $ (0.06) $ (0.11)
Weighted average common shares outstanding, basic 24,384,000 23,801,000
Loss per share, fully diluted $ (0.06) $ (0.11)
Weighted average common shares outstanding, diluted 24,384,000 23,801,000

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities:    
Net loss $ (1,553) $ (2,548)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 15 26
Stock-based compensation 105 212
Interest income 32
Gain on mortgage note receivable (106)
Change in deferred income tax (419)
Change in fair value of derivative liabilities (21) (571)
Changes in operating assets and liabilities:    
Accounts receivable 21
Prepaid expenses and other current assets (98) 266
Accounts payable and accrued expenses (27) 558
Deferred rent (6) (16)
Net cash used in operating activities (2,078) (2,052)
Investing activities:    
Purchase of fixed assets (5) (33)
Proceeds from mortgage note receivable 1,400
Net cash provided by (used in) investing activities 1,395 (33)
Financing activities:    
Proceeds from issuance of notes payable 1,000
Proceeds from exercise of stock options 184
Net cash provided by financing activities 1,184
Net increase (decrease) in cash, cash equivalent, and restricted cash 501 (2,085)
Cash, cash equivalent, and restricted cash at beginning of period 777 3,640
Cash, cash equivalent, and restricted cash at end of period $ 1,278 $ 1,555

Source