v3.10.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
[1]
Current assets:    
Cash and cash equivalents $ 30,213 $ 20,730
Accounts receivable, net of allowance for doubtful accounts of $253 and $221 as of June 30, 2018 and December 31, 2017, respectively 7,241 6,213
Inventory 4,161 2,390
Prepaid expenses and other current assets 3,024 2,741
Total current assets 44,639 32,074
Property and equipment, net 1,931 1,303
Investment in limited liability company 2,093 2,500
Other assets 188 202
Total assets 48,851 36,079
Current liabilities:    
Accounts payable 4,867 4,799
Accrued liabilities 5,258 4,605
Total current liabilities 10,125 9,404
Note payable, noncurrent portion 29,724 28,948
Other noncurrent liabilities 305 327
Total liabilities 40,154 38,679
Commitments and contingences (Note 7)
Stockholders’ equity (deficit):    
Common stock, $0.0001 par value; 75,000,000 shares authorized as of June 30, 2018 and December 31, 2017; 31,466,508 and 19,503,558 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively 3 2
Additional paid-in capital 138,283 102,979
Accumulated deficit (129,589) (105,581)
Total stockholders’equity (deficit) 8,697 (2,600)
Total liabilities and stockholders’ equity (deficit) $ 48,851 $ 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.
v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue $ 5,525 $ 3,076 $ 9,224 $ 6,117
Cost of revenue 2,711 1,837 5,063 3,456
Gross profit 2,814 1,239 4,161 2,661
Operating expenses:        
Research and development 3,672 3,440 7,428 5,828
Selling, general and administrative 9,437 6,862 18,368 12,312
Total operating expenses 13,109 10,302 25,796 18,140
Loss from operations (10,295) (9,063) (21,635) (15,479)
Interest expense, net (1,063) (1,345) (2,133) (1,608)
Other expense, net (17) (10) (33)
Net loss from consolidated companies (11,358) (10,425) (23,778) (17,120)
Loss from minority interest in limited liability company (158) (407)
Comprehensive and net loss $ (11,516) $ (10,425) $ (24,185) $ (17,120)
Net loss per share:        
Basic and diluted (in dollars per share) $ (0.37) $ (0.54) $ (0.85) $ (1.10)
Weighted average shares used in computing net loss per common share:        
Basic and diluted (in shares) 31,305,386 19,373,322 28,591,134 15,539,840
v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net loss $ (24,185) $ (17,120)
Adjustments to reconcile net loss to net cash used in operating activities:    
Provision for doubtful accounts 32
Depreciation and amortization 334 188
Stock-based compensation 1,529 827
Fair value of common stock issued 256 260
Non-cash interest expense 776 489
Loss from minority interest in limited liability company 407
Changes in assets and liabilities:    
Accounts receivable (1,060) (1,709)
Inventory (1,930) 352
Prepaid expenses and other current assets (283) (822)
Other noncurrent assets 14 4
Accounts payable 68 258
Accrued and other liabilities 635 (5)
Other noncurrent liabilities 173 (53)
Net cash used in operating activities (23,234) (17,331)
Cash flows from investing activities:    
Purchase of property and equipment (803) (400)
Net cash used in investing activities (803) (400)
Cash flows from financing activities:    
Proceeds from sale of common stock, net of issuance costs 33,396 31,440
Proceeds from note payable 19,214
Repayments of note payable (10,000)
Proceeds from issuance of common shares from employee stock purchase plan 124
Proceeds from exercise of stock options 31
Proceeds from exercise of warrant 20
Net cash provided by financing activities 33,520 40,705
Net increase in cash and cash equivalents 9,483 22,974
Cash and cash equivalents - beginning of period 20,730 [1] 8,086
Cash and cash equivalents - end of period 30,213 31,060
Supplemental disclosure:    
Cash paid for interest 1,315 1,183
Cash paid for income taxes 2
Supplemental disclosure of cash flow information as of end of period:    
Issuance of warrants in connection with note payable 940
Issuance of note payable in settlement of accrued interest 616
Net transfer of equipment between inventory and property and equipment $ 159 $ 292
[1] The condensed consolidated balance sheet as of December 31, 2017 has been derived from the audited consolidated financial statements as of that date.