v3.7.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
[1]
Current assets:    
Cash and cash equivalents $ 31,060 $ 8,086
Accounts receivable 3,800 2,091
Inventory 2,043 2,687
Prepaid expenses and other current assets 1,888 1,066
Total current assets 38,791 13,930
Property and equipment, net 987 483
Other assets 132 136
Total assets 39,910 14,549
Current liabilities:    
Accounts payable 3,344 3,086
Accrued liabilities 2,181 2,186
Note payable, current portion 1,867
Total current liabilities 5,525 7,139
Note payable, noncurrent portion 18,392 7,762
Other noncurrent liabilities 53
Total liabilities 23,917 14,954
Commitments and contingences (Note 6)
Stockholders’ equity (deficit):    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2017 and December 31, 2016; no shares issued
Common stock, $0.0001 par value; 75,000,000 shares authorized as of June 30, 2017 and December 31, 2016; 19,405,334 and 10,661,201 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively 2 1
Additional paid-in capital 101,733 68,216
Accumulated deficit (85,742) (68,622)
Total stockholders’ equity (deficit) 15,993 (405)
Total liabilities and stockholders’ equity (deficit) $ 39,910 $ 14,549
[1] The condensed consolidated balance sheet as of December 31, 2016 has been derived from the audited consolidated financial statements as of that date.
v3.7.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenue $ 3,076 $ 1,556 $ 6,117 $ 2,840
Cost of revenue 1,837 1,022 3,456 1,958
Gross profit 1,239 534 2,661 882
Operating expenses:        
Research and development 3,440 2,463 5,828 4,259
Selling, general and administrative 6,862 2,615 12,312 5,163
Total operating expenses 10,302 5,078 18,140 9,422
Loss from operations (9,063) (4,544) (15,479) (8,540)
Interest expense, net (1,345) (765) (1,608) (873)
Other expense, net (17) (7) (33) (9)
Comprehensive and net loss $ (10,425) $ (5,316) $ (17,120) $ (9,422)
Net loss per share:        
Basic and diluted (in dollars per share) $ (0.54) $ (0.66) $ (1.10) $ (1.21)
Weighted average shares used in computing net loss per common share:        
Basic and diluted (in shares) 19,373,322 8,080,737 15,539,840 7,786,889
v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (17,120) $ (9,422)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 188 45
Stock-based compensation 827 390
Fair value of common stock issued 260
Fair value of warrants issued 162
Non-cash interest expense 489 387
Changes in assets and liabilities:    
Accounts receivable (1,709) 4
Inventory 352 679
Prepaid expenses and other current assets (822) 24
Other noncurrent assets 4 (1)
Accounts payable 258 422
Accrued and other liabilities (58) 1,009
Net cash used in operating activities (17,331) (6,301)
Cash flows from investing activities:    
Purchase of property and equipment (400) (137)
Net cash used in investing activities (400) (137)
Cash flows from financing activities:    
Proceeds from sale of common stock, net of issuance costs 31,440 13,857
Proceeds from note payable, net of issuance costs 19,214 9,944
Repayments of note payable (10,000) (4,833)
Proceeds from exercise of warrant 20 27
Proceeds from exercise of stock options 31 14
Net cash provided by financing activities 40,705 19,009
Net increase in cash and cash equivalents 22,974 12,571
Cash and cash equivalents - beginning of period 8,086 [1] 7,360
Cash and cash equivalents - end of period 31,060 19,931
Supplemental disclosure:    
Cash paid for interest 1,183 487
Cash paid for income taxes 1
Supplemental disclosure of cash flow information as of end of period:    
Issuance of warrants in connection with note payable 940 350
Net transfer of equipment between inventory and property and equipment 292 25
Restricted stock awards granted to employees for 2015 accrued bonuses $ 246
[1] The condensed consolidated balance sheet as of December 31, 2016 has been derived from the audited consolidated financial statements as of that date.