v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current Assets:    
Cash and cash equivalents $ 109,090,000 $ 61,653,000
Available-for-sale securities 0 50,097,000
Prepaid expenses and other current assets 1,744,000 3,305,000
Total Current Assets 110,834,000 115,055,000
Property and equipment, net 635,000 531,000
Security deposits 343,000 343,000
Total Assets 111,812,000 115,929,000
Current Liabilities:    
Accounts payable 15,801,000 13,263,000
Accrued expenses 5,242,000 4,328,000
Interest payable on senior convertible notes 2,474,000 1,988,000
Total Current Liabilities 23,517,000 19,579,000
Senior convertible notes, net 76,070,000 151,241,000
Derivative financial instruments, at estimated fair value-warrants 171,000 322,000
Total Liabilities 99,758,000 171,142,000
Commitments and contingencies
Stockholders’ Equity/(Deficit):    
Preferred stock, Authorized 20,000,000 shares and none outstanding, at September 30, 2016 and December 31, 2015 0 0
Common stock, par value of $.0001, 350,000,000 shares authorized at September 30, 2016 and December 31, 2015. Issued and outstanding 179,836,107 shares and 113,694,606 shares at September 30, 2016 and December 31, 2015, respectively. 18,000 11,000
Additional paid-in capital 535,161,000 329,161,000
Accumulated deficit (523,125,000) (384,385,000)
Total Stockholders’ Equity/(Deficit) 12,054,000 (55,213,000)
Total Liabilities and Stockholders’ Equity $ 111,812,000 $ 115,929,000

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Income Statement [Abstract]        
Revenues $ 0 $ 0 $ 0 $ 0
Costs and Expenses:        
Research and development 24,610 20,424 72,396 58,147
Selling, general and administrative 13,872 2,728 30,497 14,727
Loss from Operations (38,482) (23,152) (102,893) (72,874)
Other Loss        
Interest and investment expense, net (1,674) (4,291) (10,383) (13,815)
Debt conversion expense 0 0 (25,615) 0
Change in fair value of derivative instruments-warrants (87) 1,446 151 (364)
Total Other Loss (1,761) (2,845) (35,847) (14,179)
Net Loss $ (40,243) $ (25,997) $ (138,740) $ (87,053)
Weighted Average Common Shares Outstanding        
Basic and Diluted (in shares) 179,786,580 111,328,339 155,410,353 102,838,814
Net Loss per Common Share, Basic and Diluted        
Net Loss per Common Share, Basic and Diluted (in dollars per share) $ (0.22) $ (0.23) $ (0.89) $ (0.85)

Source

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash Flows From Operating Activities:    
Net loss $ (138,740) $ (87,053)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 193 103
Amortization of deferred debt costs 4,658 4,060
Stock-based compensation expense 8,494 7,724
Value of common stock issued for patent license 0 71
Accretion of discount/premium on available for sale securities 0 (97)
Change in fair value of derivative instruments—warrants (151) 364
Common stock issued for interest on Notes 2,445 0
Debt conversion expense 25,615 0
Changes in operating assets and liabilities:    
Security deposit 0 (56)
Accounts payable and accrued expenses 3,452 (1,042)
Prepaid expenses and other current assets 1,561 2,781
Accrued interest expense on senior convertible notes 486 2,470
Total Adjustments 46,753 16,378
Net Cash used in Operating Activities (91,987) (70,675)
Cash Flows From Investing Activities:    
Net sales (purchases) of available-for-sale securities 50,097 (50,188)
Additions to property and equipment (297) (50)
Net Cash provided by (used in) Investing Activities 49,800 (50,238)
Cash Flows From Financing Activities:    
Proceeds of sale of common stock 89,845 14,672
Fees and expenses — note conversions (434) 0
Fees and expenses — sale of common stock 0 (404)
Proceeds from exercise of warrants 0 1,012
Proceeds from exercise of stock options 213 1,079
Net Cash provided by Financing Activities 89,624 16,359
Net increase (decrease) in cash and cash equivalents 47,437 (104,554)
Cash and cash equivalents at beginning of period 61,653 146,470
Cash and cash equivalents at end of period 109,090 41,916
Supplementary disclosure of cash flow information:    
Cash paid for interest on senior convertible notes 2,969 7,416
Cash paid for taxes 45 258
Supplementary disclosure of non-cash investing and financing activities:    
Conversion of senior convertible notes to Synergy Common Stock $ 82,274 $ 40,989

Source