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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net loss $ (23,364) $ (88,424) $ (47,519)
Adjustments to reconcile net loss to net cash used for operating activities:      
Depreciation and amortization 3,961 3,779 3,777
Amortization of debt issuance costs and debt discount 3,142 7,909 10,664
Scilex Pharma Notes principal increase 0 28,000 0
Payment on the Scilex Pharma Notes attributed to accreted interest related to the debt discount (21,190) (12,487) (10,866)
(Gain) loss on debt extinguishment, net (28,634) 12,463 0
Non-cash operating lease cost 492 372 825
Stock-based compensation expenses 5,280 5,822 5,395
(Gain) loss on derivative liability (8,310) 300 (800)
Forfeitures of Private Warrants 1,697 0 0
Changes in operating assets and liabilities:      
Accounts receivables, net (6,968) (1,142) (598)
Inventory 1,184 (1,417) 2,379
Prepaid expenses and other (2,629) 1,479 (1,035)
Other long term assets 350 0 2,580
Accounts payable 2,806 (3,836) (4,062)
Accrued Payroll (2,379) (21) 1,247
Accrued expenses (123) 664 (1,066)
Accrued rebates and fees 23,531 (255) 3,117
Other liabilities (392) (80) (604)
Related party payable 30,125 18,210 5,105
Other long-term liabilities 163 0 0
Net cash used for operating activities (21,258) (28,664) (31,461)
Investing activities      
Acquisition consideration paid in cash for Romeg intangible asset acquisition (2,060) 0 0
Purchase of property and equipment (7) 0 (25)
Net cash used for investing activities (2,067) 0 (25)
Financing activities      
Proceeds from the Business Combination 3,375 0 0
Transaction costs paid related to the Business Combination (2,949) 0 0
Repayment of principal on the Scilex Pharma Notes (84,808) (33,387) (58,927)
Repayment on other loans (18,800) (48,832) 0
Proceeds from other loans 9,857 47,832 11,007
Proceeds from stock options exercised 96 0 50
Proceeds from related party payable 51,900 47,850 18,400
Proceeds from related party note payable 62,500 14,700 10,300
Net cash provided by financing activities 21,171 28,163 (19,170)
Net change in cash and cash equivalents (2,154) (501) (50,656)
Cash and cash equivalents at beginning of period 4,338 4,839 55,495
Cash and cash equivalents at end of period 2,184 4,338 4,839
Supplemental disclosures of non-cash investing and financing activities      
Related party debt converted to equity pursuant to Debt Exchange Agreement 289,733    
Deferred consideration for Romeg intangible asset acquisition 3,650 0 0
Non-cash consideration in Semnur acquisition 0 409 0
Other Loan Forgiveness 0 1,536 0
Promissory Note issued to Sorrento in exchange for the SP-104 license, net of discount 4,162 0 0
Fair value adjustment to derivative liability in troubled debt restructuring 30,400 0 0
Acquisition of right-of-use asset 320 0 0
Issuance of shares to Yorkville pursuant to Yorkville Purchase Agreement 1,238    
Non-cash distribution to Sorrento 0 0 9,600
Scilex Pharma Notes principal increase 0 28,000 0
Accrual for transaction costs related to the Business Combination 1,372 0 0
Transaction costs obligation assumed by Sorrento $ 5,148 $ 0 $ 0