v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current Assets:    
Cash and cash equivalents $ 117,787 $ 82,387
Accounts receivable 5,036 0
Inventories 13,045 5,640
Prepaid expenses and other current assets 8,560 889
Total Current Assets 144,428 88,916
Property and equipment, net 1,045 593
Security deposits 318 343
Total Assets 145,791 89,852
Current Liabilities:    
Accounts payable 17,182 15,584
Accrued expenses 14,208 13,552
Interest payable on senior convertible notes 581 294
Deferred revenues, net 1,927 0
Total Current Liabilities 33,898 29,430
Senior convertible notes, net 17,125 22,665
Long term debt, net 95,977 0
Derivative financial instruments, at estimated fair value-warrants 0 216
Other long-term liabilities 460 0
Total Liabilities 147,460 52,311
Commitments and contingencies
Stockholders’ (Deficit)/Equity    
Preferred stock, authorized 20,000,000 shares and none outstanding, at September 30, 2017 and December 31, 2016 0 0
Common stock, par value of $.0001, 400,000,000 shares authorized at September 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 September 30, 2017 and December 31, 2016, respectively. 23 20
Additional paid-in capital 768,664 620,513
Accumulated deficit (770,356) (582,992)
Total Stockholders’ (Deficit)/Equity (1,669) 37,541
Total Liabilities and Stockholders’ (Deficit)/Equity $ 145,791 $ 89,852

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Net sales $ 5,008 $ 0 $ 7,420 $ 0
Cost of goods sold 2,163 0 6,858 0
Gross profit 2,845 0 562 0
Costs and expenses:        
Research and development 6,572 24,610 48,015 72,396
Selling, general and administrative 43,973 13,872 136,557 30,497
Loss from operations (47,700) (38,482) (184,010) (102,893)
Other expenses        
Interest expense, net (1,226) (1,674) (2,361) (10,383)
Debt conversion expense 0 0 (1,209) (25,615)
Change in fair value of derivative instruments-warrants 55 (87) 216 151
Total other expenses (1,171) (1,761) (3,354) (35,847)
Net loss $ (48,871) $ (40,243) $ (187,364) $ (138,740)
Weighted Average Common Shares Outstanding        
Basic and Diluted (in shares) 224,954,941 179,786,580 221,854,099 155,410,353
Net Loss per Common Share, Basic and Diluted        
Net Loss per Common Share, Basic and Diluted (in dollars per share) $ (0.22) $ (0.22) $ (0.84) $ (0.89)

Source

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows From Operating Activities:    
Net loss $ (187,364) $ (138,740)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 121 193
Amortization of deferred debt costs and debt discount 1,014 4,658
Accretion of back-end facility fee 21 0
Loss on disposal of property and equipment 44 0
Stock-based compensation expense 20,082 8,494
Interest expense — Payment-in-kind (PIK) 765 0
Change in fair value of derivative instruments—warrants (216) (151)
Common stock issued for interest on Notes 0 2,445
Debt conversion expense 1,209 25,615
Changes in operating assets and liabilities:    
Accounts receivable (5,036) 0
Inventories (7,405) 0
Security deposit 25 0
Prepaid expenses and other current assets (7,671) 1,561
Accounts payable and accrued expenses 2,145 3,452
Deferred revenues, net 1,927 0
Accrued interest expense on senior convertible notes 287 486
Total Adjustments 7,312 46,753
Net Cash used in Operating Activities (180,052) (91,987)
Cash Flows From Investing Activities:    
Net sales of available-for-sale securities 0 50,097
Additions to property and equipment (48) (297)
Net Cash (used in) provided by Investing Activities (48) 49,800
Cash Flows From Financing Activities:    
Proceeds of sale of common stock 121,951 89,845
Proceeds from borrowings, net of issuance costs 95,140 0
Payment for deferred financing costs (1,591) 0
Fees and expenses — note conversions 0 (434)
Fees and expenses — sale of common stock (347) 0
Proceeds from exercise of stock options 347 213
Net Cash provided by Financing Activities 215,500 89,624
Net increase in cash and cash equivalents 35,400 47,437
Cash and cash equivalents at beginning of period 82,387 61,653
Cash and cash equivalents at end of period 117,787 109,090
Supplementary disclosure of cash flow information:    
Cash paid for interest on senior convertible notes 698 2,969
Cash paid for taxes 20 45
Supplementary disclosure of non-cash investing and financing activities:    
Conversion of senior convertible notes to Synergy Common Stock 4,912 82,274
Amount added to principal of term loan for Payment-in-kind (PIK) interest 765 0
Non-cash tenant improvement allowance $ 587 $ 0

Source