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Restatement of Financial Statements (Tables)
3 Months Ended
Mar. 31, 2016
Restatement of Financial Statements  
Schedule of restatement on the condensed consolidated balance sheet, consolidated statement of operations and consolidated statement of cash flows

 

The impact of the restatement and other corrections on the condensed Consolidated Balance Sheet, Consolidated Statement of Operations and Consolidated Statement of Cash Flows as of and for the three month periods ended March 31, 2016 and March 31, 2015 is presented below, in thousands except share and per share data.

 

Three Months Ended March 31, 2016

 

Consolidated Statement of Operations

 

As Previously

 

Restatement

 

Other

 

 

 

(unaudited)

 

Reported

 

Adjustments

 

Corrections

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

Royalty revenue

 

$

 

$

1,119

 

$

 

 

$

1,119

 

Total revenue

 

43,075

 

1,119

 

 

 

44,194

 

Operating income

 

5,318

 

1,119

 

 

 

6,437

 

Interest expense — non-recourse liability related to sale of future royalties

 

 

(1,279

)

 

 

(1,279

)

Total other expense

 

(133

)

(1,279

)

 

 

(1,412

)

Earnings before income taxes

 

5,185

 

(160

)

 

 

5,025

 

Income tax expense

 

198

 

 

 

2

 

200

 

Net income

 

4,987

 

(160

)

(2

)

4,825

 

 

Three Months Ended March 31, 2016

 

 

 

As Previously

 

Restatement

 

Other

 

 

 

Consolidated Statements of Cash Flows (unaudited)

 

Reported

 

Adjustments

 

Corrections

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

$

(11,304

)

 

 

$

654

 

$

(10,650

)

Net change in cash and cash equivalents

 

(14,322

)

 

 

654

 

(13,668

)

 

As of March 31, 2016

 

 

 

As Previously

 

Restatement

 

Other

 

 

 

Consolidated Balance Sheet (unaudited)

 

Reported

 

Adjustments

 

Corrections

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

Accrued expenses

 

$

22,573

 

 

 

$

342

 

$

22,915

 

Non-recourse liability related to sale of future royalties — current portion

 

 

1,067

 

 

 

1,067

 

Total current liabilities

 

54,124

 

1,067

 

342

 

55,533

 

Non-recourse liability related to sale of future royalties — long term

 

 

29,621

 

 

 

29,621

 

Total liabilities

 

66,335

 

30,688

 

342

 

97,365

 

Accumulated deficit

 

(139,654

)

(30,688

)

(342

)

(170,684

)

Total stockholders’ equity

 

128,139

 

(30,688

)

(342

)

97,109

 

 

Three Months Ended March 31, 2015

 

Consolidated Statement of Operations

 

As Previously

 

Restatement

 

Other

 

 

 

(unaudited)

 

Reported

 

Adjustments

 

Corrections

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

Royalty revenue

 

$

 

$

605

 

$

 

 

$

605

 

Total revenue

 

28,133

 

605

 

 

 

28,738

 

Selling, general and administrative

 

19,402

 

 

 

1

 

19,403

 

Total costs and expenses

 

24,703

 

 

 

1

 

24,704

 

Operating income

 

3,430

 

605

 

(1

)

4,034

 

Interest expense — non-recourse liability related to sale of future royalties

 

 

(759

)

 

 

(759

)

Total other expense

 

(2,451

)

(759

)

 

 

(3,210

)

Earnings before income taxes

 

979

 

(154

)

(1

)

824

 

Income tax expense

 

62

 

 

 

24

 

86

 

Net Income

 

917

 

(154

)

(25

)

738

 

 

Three Months Ended March 31, 2015

 

 

 

As Previously

 

Restatement

 

Other

 

 

 

Consolidated Statements of Cash Flows (unaudited)

 

Reported

 

Adjustments

 

Corrections

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

503

 

 

 

$

(768

)

$

(265

)

Net cash used in investing activities

 

(11,236

)

 

 

116

 

(11,120

)

Net change in cash and cash equivalents

 

(10,586

)

 

 

(652

)

(11,238

)

 

As of March 31, 2015

 

 

 

As Previously

 

Restatement

 

Other

 

 

 

Consolidated Balance Sheet (unaudited)

 

Reported

 

Adjustments

 

Corrections

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

25,810

 

 

 

$

(652

)

$

25,158

 

Marketable securities

 

39,026

 

 

 

652

 

39,678

 

Accrued expenses

 

15,828

 

 

 

654

 

16,482

 

Total current liabilities

 

26,855

 

 

 

654

 

27,509

 

Non-recourse liability related to sale of future royalties — long term

 

 

30,179

 

 

 

30,179

 

Total liabilities

 

45,053

 

30,179

 

422

 

75,654

 

Additional paid-in capital

 

252,341

 

 

 

142

 

252,483

 

Accumulated deficit

 

(157,740

)

(30,179

)

(796

)

(188,715

)

Total stockholders’ equity

 

94,584

 

(30,179

)

(654

)

63,751

 

 

As of December 31, 2015

 

 

 

As Previously

 

Restatement

 

Other

 

 

 

Consolidated Balance Sheet

 

Reported

 

Adjustments

 

Corrections

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

34,152

 

 

 

$

(654

)

$

33,498

 

Marketable securities

 

28,038

 

 

 

654

 

28,692

 

Accrued expenses

 

24,813

 

 

 

340

 

25,153

 

Non-recourse liability related to sale of future royalties — current portion

 

 

497

 

 

 

497

 

Total current liabilities

 

56,097

 

497

 

340

 

56,934

 

Non-recourse liability related to sale of future royalties — long term

 

 

30,031

 

 

 

30,031

 

Total liabilities

 

69,751

 

30,528

 

340

 

100,619

 

Accumulated deficit

 

(144,641

)

(30,528

)

(340

)

(175,509

)

Total stockholders’ equity

 

118,875

 

(30,528

)

(340

)

88,007