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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities    
Net loss $ (72,807) $ (114,331)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation and amortization 4,046 4,146
Amortization of debt issuance costs and debt discount 316 65
Non-cash operating lease cost 718 507
Stock-based compensation 15,689 14,596
Issuance of shares under Settlement Agreement 0 750
(Gain) loss on derivative liability (17,378) 512
Allocated expense for financial instruments at fair value 17,297 0
Change in fair value of debt and liability instruments 4,782 7,189
Allowances for expected credit losses 1,186 0
Other 661 57
Changes in operating assets and liabilities:    
Accounts receivables, net (6,267) (13,361)
Inventory 1,462 (2,838)
Prepaid expenses and other (479) (441)
Other long-term assets (30) 855
Accounts payable 7,419 19,880
Accrued Payroll (1,176) 1,327
Accrued expenses (8,167) 2,310
Accrued rebates and fees 72,859 58,765
Operating lease liability (758) (711)
Other long-term liabilities (24) 16
Net cash proceeds from (used for) operating activities 19,349 (20,707)
Investing activities    
Acquisition consideration paid in cash for Romeg intangible asset acquisition (600) (300)
Purchase of equity securities (2,000) 0
Purchase of convertible promissory note from Denali (75) 0
Purchase of property, plant, and equipment 0 (30)
Net cash used for investing activities (2,675) (330)
Financing activities    
Proceeds from issuance of shares under Standby Equity Purchase Agreements and ATM Sales Agreement 2,671 35,458
Proceeds from issuance of Convertible Debentures 0 24,000
Proceeds from issuance of Revolving Facility 95,438 86,354
Proceeds from issuance of FSF Deposit 10,000 0
Proceeds from issuance of Tranche B Notes and purchased revenue liability 25,000 0
Repayment of Revolving Facility (112,791) (69,001)
Repayment of Oramed Note (64,200) (5,000)
Cash consideration paid in connection with warrant repurchase (300) 0
Transaction costs paid related to the Business Combination 0 (1,372)
Repayment of Convertible Debentures (4,375) (15,625)
Repayment of Tranche B Notes (3,283) 0
Payments of debt issuance costs (4,172) (380)
Disbursement of funds to Sorrento 0 (20,000)
Cash consideration paid in connection with share repurchase 0 (10,000)
Transaction costs paid in connection with share repurchase 0 (1,987)
Excise tax paid in connection with share repurchase (450) 0
Proceeds from issuance of shares under direct offerings 41,967 0
Payments of direct offering issuance costs (4,370) 0
Payments of deferred transaction costs related to Semnur Merger (1,379) 0
Proceeds from stock options and warrants exercised and ESPP 2,113 1,135
Net cash (used for) proceeds from financing activities (18,131) 23,582
Net change in cash, cash equivalents and restricted cash (1,457) 2,545
Cash and cash equivalents at beginning of period 4,729 2,184
Cash and cash equivalents at end of period 3,272 4,729
Supplemental disclosure:    
Cash paid for interest 1,561 1,426
Non-cash investing and financing activities    
Issuance of shares to B. Riley pursuant to B. Riley Purchase Agreement 0 1,869
Issuance costs related to direct offerings included in accrued expenses and account payables 1,845 0
Fee Warrants issued and exercised in connection with the Commitment Letter 610 0
Settlement of FSF Deposit 13,000 0
Deferred transaction costs related to Semnur Merger included in accrued expenses and account payable 4,602 0
Conversion of Oramed Note into Tranche B Notes 25,000 0
Conversion of Tranche B Notes into common stock 9,256 0
Debt issuance costs included in accrued expenses 3,063 0
Placement Agent Shares and October 2024 Placement Agent Warrants 3,792 0
StockBlock Warrants issued in connection with the December 2024 RDO 1,265 0
Conversion of Convertible Debentures into common stock 0 7,735
Right-of-use assets obtained in exchange for operating lease liabilities with lease modification 0 2,523
Oramed Note issuance at fair value 0 106,252
Other non-cash consideration in connection with share repurchase 0 26,154
Excise tax in connection with share repurchase included in accrued expenses $ 860 $ 1,310