v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Current Assets:    
Cash and cash equivalents $ 136,986 $ 82,387
Accounts receivable 6,491 0
Inventories 17,214 5,640
Prepaid expenses and other current assets 4,469 889
Total Current Assets 165,160 88,916
Property and equipment, net 1,134 593
Security deposits 312 343
Total Assets 166,606 89,852
Current Liabilities:    
Accounts payable 23,256 15,584
Accrued expenses 14,658 13,552
Interest payable on senior convertible notes 233 294
Total Current Liabilities 38,147 29,430
Senior convertible notes, net 17,302 22,665
Long term debt, net 98,660 0
Derivative financial instruments, at estimated fair value-warrants 17,582 216
Other long term liabilities 433 0
Total Liabilities 172,124 52,311
Commitments and contingencies
Stockholders’ (Deficit)/Equity:    
Preferred stock, Authorized 20,000,000 shares and none outstanding, at December 31, 2017 and December 31, 2016 0 0
Common stock, par value of $.0001, 400,000,000 shares authorized at December 31, 2017 and 350,00,000 shares authorized at December 31, 2016. Issued and outstanding 246,660,367 shares at December 31, 2017 and 202,737,860 shares at December 31, 2016, respectively. 25 20
Additional paid-in capital 801,787 620,513
Accumulated deficit (807,330) (582,992)
Total Stockholders’ (Deficit)/Equity (5,518) 37,541
Total Liabilities and Stockholders’ (Deficit)/Equity $ 166,606 $ 89,852

Source

v3.8.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Income Statement [Abstract]                      
Net sales $ 9,400 $ 5,008 $ 2,314 $ 98 $ 0 $ 0 $ 0 $ 0 $ 16,820 $ 0 $ 0
Cost of goods sold 3,820 1,722 1,643 1,626         8,811 0 0
Gross profit 5,580 3,286 671 (1,528)         8,009 0 0
Costs and Expenses:                      
Research and development 1,990 5,876 22,069 18,411 16,406 24,065 25,906 20,679 48,346 87,056 78,028
Selling, general and administrative 41,779 45,110 52,185 42,788 25,992 14,417 10,954 6,871 181,862 58,230 21,794
Loss from Operations (38,189) (47,700) (73,583) (62,727) (42,398) (38,482) (36,860) (27,550) (222,199) (145,286) (99,822)
Other Income/(Loss)                      
Interest expense, net 2,909 (1,226) (345) (790) (3,007) (1,674) (1,673) (7,036) (5,270) (13,390) (17,284)
Debt conversion expense 0 0 0 (1,209) (14,543) 0 0 (25,615) (1,209) (40,158) 0
State R&D tax credits         126 0 0 0 0 121 0
Change in fair value of derivative instruments-warrants 4,124 55 39 122 (45) (87) (23) 260 4,340 106 (394)
Total Other Loss 1,215 (1,171) (306) (1,877) (17,469) (1,761) (1,696) (32,391) (2,139) (53,321) (17,678)
Net loss $ (36,974) $ (48,871) $ (73,889) $ (64,604) $ (59,867) $ (40,243) $ (38,556) $ (59,941) $ (224,338) $ (198,607) $ (117,500)
Weighted Average Common Shares Outstanding                      
Basic and Diluted (in shares) 235,924,350 224,954,941 224,948,622 215,484,670 190,093,786 179,786,580 168,127,144 117,626,669 225,439,121 164,437,548 105,570,960
Net Loss per Common Share, Basic and Diluted (in dollars per share) $ (0.16) $ (0.22) $ (0.33) $ (0.30) $ (0.31) $ (0.22) $ (0.23) $ (0.51) $ (1.00) $ (1.21) $ (1.11)

Source

v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows From Operating Activities:      
Net loss $ (224,338) $ (198,607) $ (117,500)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 165 233 163
Amortization of deferred debt costs and debt discount 1,342 6,921 4,566
Accretion of back-end facility fee 106 0 0
Loss on disposal of property and equipment 46 0 0
Stock-based compensation expense 22,715 12,575 9,724
Interest expense — Payment-in-kind (PIK) 3,212 0 0
Value of common stock issued for patent license 0 0 67
Accretion of discount/premium on available for sale securities 0 0 (109)
Change in fair value of derivative instruments—warrants (4,340) (106) 394
Common stock issued for interest on Notes 2,445 0
Debt conversion expense 1,209 40,158 0
Changes in operating assets and liabilities:      
Accounts receivable (6,491) 0 0
Inventories (11,574) (5,640) 0
Security deposits 31 0 (180)
Accounts payable and accrued expenses 8,669 11,546 1,867
Prepaid expenses and other current assets (3,580) 2,416 531
Accrued interest expense on senior convertible notes (61) (1,694) (512)
Total Adjustments 11,449 68,854 16,511
Net Cash used in Operating Activities (212,889) (129,753) (100,989)
Cash Flows From Investing Activities:      
Net sales (purchases) of available-for-sale securities 0 50,097 (200)
Additions to property and equipment (210) (297) (50)
Net Cash (used in) provided by Investing Activities (210) 49,800 (250)
Cash Flows From Financing Activities:      
Proceeds of sale of common stock, net of issuance costs 173,802 89,845 14,268
Proceeds from borrowings, net of issuance costs 95,140 0 0
Fees and expenses — note conversions 0 (711) 0
Payment for deferred financing costs (1,591) 0 0
Proceeds from exercise of warrants 0 11,331 1,012
Proceeds from exercise of stock options 347 222 1,142
Net Cash provided by Financing Activities 267,698 100,687 16,422
Net increase (decrease) in cash and cash equivalents 54,599 20,734 (84,817)
Cash and cash equivalents at beginning of period 82,387 61,653 146,470
Cash and cash equivalents at end of period 136,986 82,387 61,653
Supplementary disclosure of cash flow information:      
Cash paid for interest on senior convertible notes 1,396 5,939 13,379
Cash paid for taxes 20 45 258
Supplementary disclosure of non-cash investing and financing activities:      
Conversion of senior convertible notes to Synergy Common Stock 4,912 137,941 40,989
Amount added to principal of term loan for Payment-in-kind (PIK) interest 3,212 0 0
Non-cash tenant improvement allowance 587 0 0
Fair value of warrants classified to derivative liability $ 21,706 $ 0 $ 0

Source