Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Financial Statements Details

v3.20.1
Condensed Consolidated Financial Statements Details
3 Months Ended
Mar. 31, 2020
Condensed Consolidated Financial Statements Details  
Condensed Consolidated Financial Statements Details

3. Condensed Consolidated Financial Statements Details

Equity Securities

As of March 31, 2020 and December 31, 2019, equity securities consisted of an investment in Rezolute’s common stock of $0.4 million and $0.7 million, respectively (Note 4). During the three months ended March 31, 2020 and 2019, the Company recognized a loss of $0.3 million and a gain of $0.7 million, respectively, in the other (expense) income, net line item of the condensed consolidated statements of operations and comprehensive (loss) income due to the change in fair value of its investment in Rezolute’s common stock.

Accrued and Other Liabilities

Accrued and other liabilities consisted of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

March 31, 

 

December 31, 

 

    

2020

    

2019

Accrued legal and accounting fees

 

$

398

 

$

256

Accrued payroll and other benefits

 

 

131

 

 

231

Interest payable

 

 

62

 

 

69

Accrued incentive compensation

 

 

55

 

 

332

Other

 

 

63

 

 

57

Total

 

$

709

 

$

945

 

Net (Loss) Income Per Share Attributable to Common Stockholders

The following is a reconciliation of the numerator (net income or loss) and the denominator (number of shares) used in the calculation of basic and diluted net (loss) income per share attributable to common stockholders (in thousands, except per share amounts):

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

    

2020

    

2019

Numerator

 

 

  

 

 

  

Net (loss) income

 

$

(4,758)

 

$

3,233

Less: Allocation of undistributed earnings to participating securities

 

 

 —

 

 

(1,352)

Net (loss) income available to common stockholders, basic

 

 

(4,758)

 

 

1,881

Add: Adjustments to undistributed earnings allocated to participating securities

 

 

 —

 

 

54

Net (loss) income available to common stockholders, diluted

 

$

(4,758)

 

$

1,935

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

Weighted average shares used in computing basic net (loss) income per share available to common stockholders

 

 

9,761

 

 

8,706

Effect of dilutive stock options

 

 

 —

 

 

618

Weighted average shares used in computing diluted net (loss) income per share available to common stockholders

 

 

9,761

 

 

9,324

Basic net (loss) income per share of common stock

 

$

(0.49)

 

$

0.22

Diluted net (loss) income per share of common stock

 

$

(0.49)

 

$

0.21

 

Potentially dilutive securities are excluded from the calculation of diluted net (loss) income per share available to common stockholders if their inclusion is anti-dilutive.

 

The following table shows the weighted-average outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net (loss) income per share attributable to common stockholders (in thousands):

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

    

2020

    

2019

Convertible preferred stock

 

6,256

 

 —

Common stock options and RSUs

 

532

 

830

Warrants for common stock

 

15

 

25

Total

 

6,803

 

855