v3.7.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
[1]
Current assets:    
Cash and cash equivalents $ 31,389 $ 8,086
Accounts receivable 4,020 2,091
Inventory 2,383 2,687
Prepaid expenses and other current assets 1,240 1,066
Total current assets 39,032 13,930
Property and equipment, net 791 483
Other assets 152 136
Total assets 39,975 14,549
Current liabilities:    
Accounts payable 3,359 3,086
Accrued liabilities 2,087 2,186
Note payable, current portion 2,870 1,867
Total current liabilities 8,316 7,139
Note payable, noncurrent portion 6,794 7,762
Other noncurrent liabilities 90 53
Total liabilities 15,200 14,954
Commitments and contingences (Note 7)
Stockholders’ equity (deficit):    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of March 31, 2017 and December 31, 2016; no shares issued
Common stock, $0.0001 par value; 75,000,000 shares authorized as of March 31, 2017 and December 31, 2016; 19,346,856 and 10,661,201 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively 2 1
Additional paid-in capital 100,090 68,216
Accumulated deficit (75,317) (68,622)
Total stockholders’ equity (deficit) 24,775 (405)
Total liabilities and stockholders’ equity (deficit) $ 39,975 $ 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
Mar. 31, 2017
Mar. 31, 2016
Revenue $ 3,041 $ 1,284
Cost of revenue 1,619 936
Gross profit 1,422 348
Operating expenses:    
Research and development 2,388 1,796
Selling, general and administrative 5,450 2,548
Total operating expenses 7,838 4,344
Loss from operations (6,416) (3,996)
Interest expense, net (263) (108)
Other expense, net (16) (2)
Comprehensive and net loss $ (6,695) $ (4,106)
Net loss per share:    
Basic and diluted (in dollars per share) $ (0.57) $ (0.55)
Weighted average shares used in computing net loss per common share:    
Basic and diluted (in shares) 11,663,765 7,493,011
v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net loss $ (6,695) $ (4,106)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 107 21
Stock-based compensation 372 188
Fair value of warrants issued 142
Non-cash interest expense 35 45
Changes in assets and liabilities:    
Accounts receivable (1,929) (198)
Inventory 40 623
Prepaid expenses and other current assets (174) (314)
Other noncurrent assets (16) (8)
Accounts payable 273 197
Accrued and other liabilities (62) 1,361
Net cash used in operating activities (8,049) (2,049)
Cash flows from investing activities:    
Purchase of property and equipment (151) (36)
Net cash used in investing activities (151) (36)
Cash flows from financing activities:    
Proceeds from sale of common stock, net of issuance costs 31,503
Transaction costs in connection with November 2015 Offering (3)
Repayments of note payable (299)
Proceeds from exercise of warrant 27
Proceeds from exercise of stock option 6
Net cash provided by (used in) financing activities 31,503 (269)
Net increase (decrease) in cash and cash equivalents 23,303 (2,354)
Cash and cash equivalents - beginning of period 8,086 [1] 7,360
Cash and cash equivalents - end of period 31,389 5,006
Supplemental disclosure:    
Cash paid for interest 194 64
Cash paid for income taxes
Supplemental disclosure of cash flow information as of end of period:    
Restricted stock awards granted to employees for 2015 accrued bonuses 246
Net transfer of equipment between inventory and property and equipment $ 264
[1] The condensed consolidated balance sheet as of December 31, 2016 has been derived from the audited consolidated financial statements as of that date.