v3.8.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
[1]
Current assets:    
Cash and cash equivalents $ 38,378 $ 20,730
Accounts receivable, net of allowance for doubtful accounts of $263 and $221 as of March 31, 2018 and December 31, 2017, respectively 6,999 6,213
Inventory 3,828 2,390
Prepaid expenses and other current assets 3,302 2,741
Total current assets 52,507 32,074
Property and equipment, net 1,674 1,303
Investment in limited liability company 2,251 2,500
Other assets 204 202
Total assets 56,636 36,079
Current liabilities:    
Accounts payable 3,865 4,799
Accrued liabilities 4,257 4,605
Total current liabilities 8,122 9,404
Note payable, noncurrent portion 29,334 28,948
Other noncurrent liabilities 218 327
Total liabilities 37,674 38,679
Commitments and contingences (Note 7)
Stockholders’ equity (deficit):    
Common stock, $0.0001 par value; 75,000,000 shares authorized as of March 31, 2018 and December 31, 2017; 31,254,716 and 19,503,558 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 3 2
Additional paid-in capital 137,032 102,979
Accumulated deficit (118,073) (105,581)
Total stockholders’ equity (deficit) 18,962 (2,600)
Total liabilities and stockholders’ equity (deficit) $ 56,636 $ 36,079
[1] The condensed consolidated balance sheet as of December 31, 2017 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
Mar. 31, 2018
Mar. 31, 2017
Revenue $ 3,699 $ 3,041
Cost of revenue 2,352 1,619
Gross profit 1,347 1,422
Operating expenses:    
Research and development 3,756 2,388
Selling, general and administrative 8,931 5,450
Total operating expenses 12,687 7,838
Loss from operations (11,340) (6,416)
Interest expense, net (1,070) (263)
Other expense, net (10) (16)
Net loss from consolidated companies (12,420) (6,695)
Loss from minority interest in limited liability company (249)
Comprehensive and net loss $ (12,669) $ (6,695)
Net loss per share:    
Basic and diluted (in dollars per share) $ (0.49) $ (0.57)
Weighted average shares used in computing net loss per common share:    
Basic and diluted (in shares) 25,846,724 11,663,765
v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ (12,669) $ (6,695)
Adjustments to reconcile net loss to net cash used in operating activities:    
Provision for doubtful accounts 42
Depreciation and amortization 150 107
Stock-based compensation 753 372
Non-cash interest expense 386 35
Loss from minority interest in limited liability company 249
Changes in assets and liabilities:    
Accounts receivable (828) (1,929)
Inventory (1,497) 40
Prepaid expenses and other current assets (561) (174)
Other noncurrent assets (2) (16)
Accounts payable (934) 273
Accrued and other liabilities (366) (99)
Other noncurrent liabilities 86 37
Net cash used in operating activities (15,191) (8,049)
Cash flows from investing activities:    
Purchase of property and equipment (462) (151)
Net cash used in investing activities (462) (151)
Cash flows from financing activities:    
Proceeds from sale of common stock, net of issuance costs 33,236 31,503
Proceeds from issuance of common shares from employee stock purchase plan 65
Net cash provided by financing activities 33,301 31,503
Net increase in cash and cash equivalents 17,648 23,303
Cash and cash equivalents - beginning of period 20,730 [1] 8,086
Cash and cash equivalents - end of period 38,378 31,389
Supplemental disclosure:    
Cash paid for interest 653 194
Cash paid for income taxes
Supplemental disclosure of cash flow information as of end of period:    
Issuance of note payable in settlement of accrued interest 305
Net transfer of equipment between inventory and property and equipment $ 59 $ 264
[1] The condensed consolidated balance sheet as of December 31, 2017 has been derived from the audited consolidated financial statements as of that date.