Financials

v3.19.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash $ 8,571 $ 2,723
Restricted cash 50 29
Accounts receivable 1,078
Prepaid expenses and other current assets 169 191
Total current assets 9,868 2,943
Property and equipment, net 386 384
Deposits 40 40
Operating lease right-of-use assets, net 802
Goodwill 65,195 65,195
Total assets 76,291 68,562
Current liabilities:    
Accounts payable and accrued expenses 1,211 1,077
Deferred rent 3
Current maturities of finance lease liabilities 218 214
Current maturities of operating lease liabilities 161
Derivative liabilities 163 263
Total current liabilities 1,753 1,557
Long-term liabilities:    
Finance lease liabilities 61 117
Operating lease liabilities 657
Total long-term liabilities 718 117
Total liabilities 2,471 1,674
Commitments and contingencies  
Stockholders' equity:    
Common stock, $.001 par value; 100,000 shares authorized as of March 31, 2019 and December 31, 2018; 31,620 and 29,938 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively 32 30
Additional paid-in capital 257,908 253,949
Accumulated deficit (184,120) (187,091)
Total stockholders' equity 73,820 66,888
Total liabilities and stockholders' equity $ 76,291 $ 68,562

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v3.19.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenues:    
Collaboration revenue $ 5,078
Operating expenses:    
Research and development 878 877
General and administrative 1,323 1,190
Total operating expenses 2,201 2,067
Income (loss) from operations 2,877 (2,067)
Other (expense) income:    
Interest expense, net (6) (32)
Gain on settlement of mortgage note receivable 106
Change in fair value of derivative liabilities 100 21
Total other income, net 94 95
Income (loss) before income taxes 2,971 (1,972)
Income tax benefit 419
Net income (loss) $ 2,971 $ (1,553)
Net income (loss) per common share, basic and diluted $ 0.1 $ (0.06)
Weighted average number of common shares outstanding, basic 30,337,000 24,384,000
Weighted average number of common shares outstanding, diluted 30,371,000 24,384,000

Source

v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating activities:    
Net income (loss) $ 2,971 $ (1,553)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 23 15
Operating lease expense 43
Stock-based compensation 33 105
Interest expense, net 32
Payments on operating lease liabilities (27)
Gain on settlement of mortgage note receivable (106)
Change in fair value of derivative liabilities (100) (21)
Deferred income tax benefit (419)
Changes in operating assets and liabilities:    
Accounts receivable (1,078)
Prepaid expenses and other current assets 22 (98)
Accounts payable and accrued expenses 134 (27)
Deferred rent (3) (6)
Net cash provided by (used in) operating activities 2,018 (2,078)
Investing activities:    
Purchases of property and equipment (25) (5)
Proceeds from settlement of mortgage note receivable 1,400
Net cash (used in) provided by investing activities (25) 1,395
Financing activities:    
Payments on finance lease liabilities (52)
Proceeds from exercise of stock options 184
Proceeds from sale of common stock, net of transaction costs 3,928
Proceeds from issuance of convertible notes 1,000
Net cash provided by financing activities 3,876 1,184
Net increase in cash and restricted cash 5,869 501
Cash and restricted cash at beginning of period 2,752 777
Cash and restricted cash at end of period 8,621 1,278
SUPPLEMENTAL DISCLOSURE OF NON-CASH OPERATING ACTIVITIES:    
Recognition of operating lease right-of-use assets and operating lease liabilities upon adoption of ASC Topic 842, Leases $ 833

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