v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Current Assets:    
Cash and cash equivalents $ 139,262 $ 82,387
Accounts receivable 6,319 0
Inventories 9,647 5,640
Prepaid expenses and other current assets 8,038 889
Total Current Assets 163,266 88,916
Property and equipment, net 568 593
Security deposits 408 343
Total Assets 164,242 89,852
Current Liabilities:    
Accounts payable 28,445 15,584
Accrued expenses 10,203 13,552
Interest payable on senior convertible notes 581 294
Deferred revenues, net 4,260 0
Total Current Liabilities 43,489 29,430
Senior convertible notes, net 16,771 22,665
Derivative financial instruments, at estimated fair value-warrants 94 216
Total Liabilities 60,354 52,311
Commitments and contingencies
Stockholders’ Equity    
Preferred stock, Authorized 20,000,000 shares and none outstanding, at March 31, 2017 and December 31, 2016 0 0
Common stock, par value of $.0001, 350,000,000 shares authorized at March 31, 2017 and December 31, 2016. Issued and outstanding 224,944,941 shares and 202,737,860 shares at March 31, 2017 and December 31, 2016, respectively. 23 20
Additional paid-in capital 751,461 620,513
Accumulated deficit (647,596) (582,992)
Total Stockholders’ Equity 103,888 37,541
Total Liabilities and Stockholders’ Equity $ 164,242 $ 89,852

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v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Net sales $ 98 $ 0
Cost of goods sold 1,805 0
Gross profit (1,707) 0
Costs and expenses:    
Research and development 19,129 21,175
Selling, general and administrative 41,891 6,375
Loss from operations (62,727) (27,550)
Other expenses    
Interest and investment expense, net (790) (7,036)
Debt conversion expense (1,209) (25,615)
Change in fair value of derivative instruments-warrants 122 260
Total other expenses (1,877) (32,391)
Net loss $ (64,604) $ (59,941)
Weighted Average Common Shares Outstanding    
Basic and Diluted (in shares) 215,484,670 117,626,669
Net Loss per Common Share, Basic and Diluted    
Net Loss per Common Share, Basic and Diluted (in dollars per share) $ (0.30) $ (0.51)

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows From Operating Activities:    
Net loss $ (64,604) $ (59,941)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 41 38
Amortization of deferred debt costs 608 4,153
Stock-based compensation expense 2,897 1,202
Change in fair value of derivative instruments—warrants (122) (260)
Common stock issued for interest on Notes 0 2,445
Debt conversion expense 1,209 25,615
Transaction fees on Note conversions 0 (435)
Changes in operating assets and liabilities:    
Accounts receivable (6,319) 0
Inventories (4,007) 0
Security deposit (65) 0
Prepaid expenses and other current assets (7,149) (56)
Accounts payable and accrued expenses 9,512 (800)
Deferred revenues, net 4,260 0
Accrued interest expense on senior convertible notes 287 487
Total Adjustments 1,152 32,389
Net Cash used in Operating Activities (63,452) (27,552)
Cash Flows From Investing Activities:    
Net sales of available-for-sale securities 0 50,097
Additions to property and equipment (15) (43)
Net Cash used in (provided by) Investing Activities (15) 50,054
Cash Flows From Financing Activities:    
Proceeds of sale of common stock 121,951 0
Payment for deferred financing costs (1,591) 0
Fees and expenses — sale of common stock (347) 0
Proceeds from exercise of stock options 329 0
Net Cash provided by Financing Activities 120,342 0
Net increase in cash and cash equivalents 56,875 22,502
Cash and cash equivalents at beginning of period 82,387 61,653
Cash and cash equivalents at end of period 139,262 84,155
Supplementary disclosure of cash flow information:    
Cash paid for taxes 44 45
Supplementary disclosure of non-cash investing and financing activities:    
Conversion of senior convertible notes to Synergy Common Stock $ 4,912 $ 82,274

Source