v3.8.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 19,207 $ 8,086 [1]
Accounts receivable 4,833 2,091 [1]
Inventory 1,903 2,687 [1]
Prepaid expenses and other current assets 3,217 1,066 [1]
Total current assets 29,160 13,930 [1]
Property and equipment, net 1,337 483 [1]
Investment in limited liability company 2,500  
Other assets 112 136 [1]
Total assets 33,109 14,549 [1]
Current liabilities:    
Accounts payable 3,569 3,086 [1]
Accrued liabilities 3,933 2,186 [1]
Note payable, current portion 1,867 [1]
Total current liabilities 7,502 7,139 [1]
Note payable, noncurrent portion 18,665 7,762 [1]
Other noncurrent liabilities 77 53 [1]
Total liabilities 26,244 14,954 [1]
Commitments and contingences (Note 7)
Stockholders’ equity (deficit):    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of September 30, 2017 and December 31, 2016; no shares issued
Common stock, $0.0001 par value; 75,000,000 shares authorized as of September 30, 2017 and December 31, 2016; 19,418,531 and 10,661,201 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively 2 1 [1]
Additional paid-in capital 102,220 68,216 [1]
Accumulated deficit (95,357) (68,622) [1]
Total stockholders’ equity (deficit) 6,865 (405) [1]
Total liabilities and stockholders’ equity (deficit) $ 33,109 $ 14,549 [1]
[1] The condensed consolidated balance sheet as of December 31, 2016 has been derived from the audited consolidated financial statements as of that date.
v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue $ 4,070 $ 1,849 $ 10,187 $ 4,689
Cost of revenue 2,059 1,158 5,515 3,116
Gross profit 2,011 691 4,672 1,573
Operating expenses:        
Research and development 3,464 2,054 9,292 6,313
Selling, general and administrative 7,369 3,272 19,681 8,435
Total operating expenses 10,833 5,326 28,973 14,748
Loss from operations (8,822) (4,635) (24,301) (13,175)
Interest expense, net (777) (221) (2,385) (1,094)
Other expense, net (16) (13) (49) (22)
Comprehensive and net loss $ (9,615) $ (4,869) $ (26,735) $ (14,291)
Net loss per share:        
Basic and diluted (in dollars per share) $ (0.50) $ (0.46) $ (1.59) $ (1.63)
Weighted average shares used in computing net loss per common share:        
Basic and diluted (in shares) 19,408,920 10,630,468 16,843,706 8,741,667
v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net loss $ (26,735) $ (14,291)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 318 78
Stock-based compensation 1,314 662
Fair value of common stock issued 260
Fair value of warrants issued 162
Non-cash interest expense 762 422
Changes in assets and liabilities:    
Accounts receivable (2,742) (1,214)
Inventory 422 76
Prepaid expenses and other current assets (2,151) (70)
Other noncurrent assets 24 5
Accounts payable 483 1,045
Accrued and other liabilities 1,747 931
Other noncurrent liabilities 24
Net cash used in operating activities (26,274) (12,194)
Cash flows from investing activities:    
Investment in limited liability company (2,500)
Purchase of property and equipment (810) (224)
Net cash used in investing activities (3,310) (224)
Cash flows from financing activities:    
Proceeds from sale of common stock, net of issuance costs 31,440 13,886
Proceeds from note payable 19,214 9,910
Repayments of note payable (10,000) (4,833)
Proceeds from exercise of warrant 20 92
Proceeds from exercise of stock options 31 14
Net cash provided by financing activities 40,705 19,069
Net increase in cash and cash equivalents 11,121 6,651
Cash and cash equivalents - beginning of period 8,086 [1] 7,360
Cash and cash equivalents - end of period 19,207 14,011
Supplemental disclosure:    
Cash paid for interest 1,619 636
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 from inventory to property and equipment 362 60
Issuance of note payable in settlement of accrued interest 285
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.