v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Current Assets:    
Cash and cash equivalents $ 81,960 $ 82,387
Accounts receivable 1,782 0
Inventories 11,853 5,640
Prepaid expenses and other current assets 8,368 889
Total Current Assets 103,963 88,916
Property and equipment, net 529 593
Security deposits 407 343
Total Assets 104,899 89,852
Current Liabilities:    
Accounts payable 30,460 15,584
Accrued expenses 12,390 13,552
Interest payable on senior convertible notes 233 294
Deferred revenues, net 1,498 0
Total Current Liabilities 44,581 29,430
Senior convertible notes, net 16,948 22,665
Derivative financial instruments, at estimated fair value-warrants 55 216
Total Liabilities 61,584 52,311
Commitments and contingencies
Stockholders’ Equity    
Preferred stock, authorized 20,000,000 shares and none outstanding, at June 30, 2017 and December 31, 2016 0 0
Common stock, par value of $.0001, 400,000,000 shares authorized at June 30, 2017 and 350,000,000 shares authorized at December 31, 2016. Issued and outstanding 224,954,941 shares and 202,737,860 shares at June 30, 2017 and December 31, 2016, respectively. 23 20
Additional paid-in capital 764,777 620,513
Accumulated deficit (721,485) (582,992)
Total Stockholders’ Equity 43,315 37,541
Total Liabilities and Stockholders’ Equity $ 104,899 $ 89,852

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Net sales $ 2,314 $ 0 $ 2,412 $ 0
Cost of goods sold 2,890 0 4,695 0
Gross profit (576) 0 (2,283) 0
Costs and expenses:        
Research and development 22,314 26,611 41,443 47,786
Selling, general and administrative 50,693 10,249 92,584 16,624
Loss from operations (73,583) (36,860) (136,310) (64,410)
Other expenses        
Interest and investment expense, net (345) (1,673) (1,135) (8,709)
Debt conversion expense 0 0 (1,209) (25,615)
Change in fair value of derivative instruments-warrants 39 (23) 161 237
Total other expenses (306) (1,696) (2,183) (34,087)
Net loss $ (73,889) $ (38,556) $ (138,493) $ (98,497)
Weighted Average Common Shares Outstanding        
Basic and Diluted (in shares) 224,948,622 168,127,144 220,269,223 143,017,970
Net Loss per Common Share, Basic and Diluted        
Net Loss per Common Share, Basic and Diluted (in dollars per share) $ (0.33) $ (0.23) $ (0.63) $ (0.69)

Source

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows From Operating Activities:    
Net loss $ (138,493) $ (98,497)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 80 79
Amortization of deferred debt costs 785 4,406
Stock-based compensation expense 16,195 3,909
Change in fair value of derivative instruments—warrants (161) (237)
Common stock issued for interest on Notes 2,445
Debt conversion expense 1,209 25,615
Transaction fees on Note conversions 0 (434)
Changes in operating assets and liabilities:    
Accounts receivable (1,782) 0
Inventories (6,213) 0
Security deposit (64) 0
Prepaid expenses and other current assets (7,479) (961)
Accounts payable and accrued expenses 13,714 4,546
Deferred revenues, net 1,498 0
Accrued interest expense on senior convertible notes (61) (998)
Total Adjustments 17,721 38,370
Net Cash used in Operating Activities (120,772) (60,127)
Cash Flows From Investing Activities:    
Net sales of available-for-sale securities 0 50,097
Additions to property and equipment (15) (272)
Net Cash (used in) provided by Investing Activities (15) 49,825
Cash Flows From Financing Activities:    
Proceeds of sale of common stock 121,951 89,845
Payment for deferred financing costs (1,591) 0
Fees and expenses — sale of common stock (347) 0
Proceeds from exercise of stock options 347 23
Net Cash provided by Financing Activities 120,360 89,868
Net (decrease) increase in cash and cash equivalents (427) 79,566
Cash and cash equivalents at beginning of period 82,387 61,653
Cash and cash equivalents at end of period 81,960 141,219
Supplementary disclosure of cash flow information:    
Cash paid for interest on senior convertible notes 698 2,969
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