v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Current Assets:    
Cash and cash equivalents $ 45,647 $ 136,986
Accounts receivable 9,222 6,491
Inventories 21,530 17,214
Prepaid expenses and other current assets 5,259 4,469
Total Current Assets 81,658 165,160
Property and equipment, net 1,069 1,134
Security deposits 312 312
Total Assets 83,039 166,606
Current Liabilities:    
Accounts payable 11,549 23,256
Accrued expenses 21,225 14,658
Interest payable on senior convertible notes 581 233
Deferred revenue 5,000 0
Senior convertible notes, net 17,834 0
Term Loan, net 101,739 0
Total Current Liabilities 157,928 38,147
Senior convertible notes, net 0 17,302
Term Loan, net 0 98,660
Derivative financial instruments, at estimated fair value-warrants 9,767 17,582
Deferred revenue, net of current portion 11,236 0
Other long-term liabilities 352 433
Total Liabilities 179,283 172,124
Commitments and contingencies
Stockholders’ Deficit    
Preferred stock, authorized 20,000,000 shares and none outstanding, at September 30, 2018 and December 31, 2017 0 0
Common stock, par value of $.0001, 400,000,000 shares authorized at June 30, 2018 and December 31, 2017. Issued and outstanding 248,037,301 shares and 246,660,367 shares at September 30, 2018 and December 31, 2017, respectively. 25 25
Additional paid-in capital 811,399 801,787
Accumulated deficit (907,668) (807,330)
Total Stockholders’ Deficit (96,244) (5,518)
Total Liabilities and Stockholders’ Deficit $ 83,039 $ 166,606

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v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Net sales $ 11,105 $ 5,008 $ 31,945 $ 7,420
Cost of goods sold 3,922 1,722 11,511 5,001
Gross profit 7,183 3,286 20,434 2,419
Costs and expenses:        
Research and development 2,904 5,876 9,140 46,346
Selling, general and administrative 33,887 45,110 108,647 140,083
Total operating expenses 36,791 50,986 117,787 186,429
Loss from operations (29,608) (47,700) (97,353) (184,010)
Other Income (Expense)        
Interest expense, net (3,369) (1,226) (9,697) (2,361)
Debt conversion expense 0 0 0 (1,209)
State R&D tax credits 0 0 30 0
Change in fair value of derivative financial instruments-warrants (433) 55 7,815 216
Total other expense (3,802) (1,171) (1,852) (3,354)
Loss before taxes (33,410) (48,871) (99,205) (187,364)
Tax expense (1,133) 0 (1,133) 0
Net loss $ (34,543) $ (48,871) $ (100,338) $ (187,364)
Weighted Average Common Shares Outstanding        
Basic and Diluted (in shares) 247,994,922 224,954,941 247,221,231 221,854,099
Net Loss per Common Share, Basic and Diluted        
Net Loss per Common Share, Basic and Diluted (in dollars per share) $ (0.14) $ (0.22) $ (0.41) $ (0.84)

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows From Operating Activities:    
Net loss $ (100,338) $ (187,364)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 179 121
Amortization of deferred debt costs and debt discount 1,222 1,014
Accretion of back-end facility fee 548 21
Loss on disposal of property and equipment 0 (44)
Stock-based compensation expense 9,178 20,082
Interest expense — Payment-in-kind (PIK) 4,339 765
Change in fair value of derivative financial instruments—warrants (7,815) (216)
Debt conversion expense 0 1,209
Changes in operating assets and liabilities:    
Accounts receivable (2,731) (5,036)
Inventories (4,316) (7,405)
Deferred revenue, net 16,236 1,927
Security deposits 0 25
Accounts payable and accrued expenses (5,140) 2,145
Prepaid expenses and other current assets (790) (7,671)
Accrued interest expense on senior convertible notes 348 287
Total Adjustments 11,258 7,312
Net Cash used in Operating Activities (89,080) (180,052)
Cash Flows From Investing Activities:    
Additions to property and equipment (193) (48)
Net Cash used in Investing Activities (193) (48)
Cash Flows From Financing Activities:    
Proceeds of sale of common stock, net of issuance costs 0 121,604
Payment for deferred financing costs (2,500) (1,591)
Proceeds from borrowings, net of issuance costs 0 95,140
Proceeds from exercise of stock options 434 347
Net Cash (used in) provided by Financing Activities (2,066) 215,500
Net decrease in cash and cash equivalents (91,339) 35,400
Cash and cash equivalents at beginning of period 136,986 82,387
Cash and cash equivalents at end of period 45,647 117,787
Supplementary disclosure of cash flow information:    
Cash paid for interest on senior convertible notes 698 698
Cash paid for interest on long-term debt 3,238 0
Cash paid for taxes 1,133 20
Supplementary disclosure of non-cash investing and financing activities:    
Conversion of senior convertible notes to Synergy Common Stock 0 4,912
Tenant improvement allowance $ 0 $ 587

Source