LIPOSCIENCE INC

CIK:0001168197|SEC Filings

Statements of Comprehensive Loss (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Revenues	$ 8,562	$ 12,738	$ 29,615	$ 39,665
Cost of revenues	2,272	2,608	7,347	8,074
Gross profit	6,290	10,130	22,268	31,591
Operating expenses:
Research and development	2,010	3,389	6,627	9,639
Sales and marketing	4,571	7,616	14,646	21,077
General and administrative	3,541	3,304	10,065	9,381
Total operating expenses	10,122	14,309	31,338	40,097
Loss from operations	(3,832)	(4,179)	(9,070)	(8,506)
Other expense:
Interest income	6	27	17	74
Interest expense	(434)	(473)	(1,306)	(1,471)
Other expense	0	(2)	0	(16)
Total other expense	(428)	(448)	(1,289)	(1,413)
Net loss	(4,260)	(4,627)	(10,359)	(9,919)
Net loss per share—basic and diluted	$ (0.28)	$ (0.31)	$ (0.68)	$ (0.67)
Weighted average shares used to compute basic and diluted net loss per share	15,282,639	14,727,286	15,249,232	14,727,286
Comprehensive loss	$ (4,260)	$ (4,627)	$ (10,359)	$ (9,919)

Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Operating activities
Net loss	$ (10,359)	$ (9,919)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,611	1,196
Amortization of deferred financing costs	17	27
Amortization of debt discount	49	80
Stock-based compensation expense	972	1,065
Fair value remeasurement of preferred stock warrant liability	0	(2)
Loss on sale or disposal of assets	157	401
Changes in operating assets and liabilities:
Accounts receivable, net	1,937	(1,362)
Inventories	25	(87)
Prepaid expenses and other	200	(59)
Accounts payable and accrued expenses	41	(462)
Other non-current assets	(8)	(31)
Other long-term liabilities	(86)	146
Net cash used in operating activities	(5,444)	(9,007)
Investing activities
Purchases of property and equipment	(4,525)	(2,939)
Capitalized patent and trademark costs	(48)	(154)
Proceeds from sale of equipment	100	150
Net cash used in investing activities	(4,473)	(2,943)
Financing activities
Payments on revolving line of credit	0	(5,000)
Payments of Series F redeemable convertible preferred stock accrued dividends	0	(5,200)
Changes in restricted cash	0	1,004
Changes in deferred financing costs	0	(6)
Issuance cost of common stock	0	(4,443)
Proceeds from issuance of common stock	0	51,750
Proceeds from exercise of stock options	339	651
Net cash provided by financing activities	339	38,756
Net (decrease) increase in cash and cash equivalents	(9,578)	26,806
Cash and cash equivalents at beginning of period	49,574	24,768
Cash and cash equivalents at end of period	$ 39,996	$ 51,574

Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 39,996	$ 49,574
Accounts receivable, net	3,884	5,821
Inventories	199	224
Prepaid expenses and other	697	972
Total current assets	44,776	56,591
Property and equipment, net of accumulated depreciation of $12,703 and $12,608 at September 30, 2014 and December 31, 2013, respectively	16,564	13,955
Other noncurrent assets:
Restricted cash	502	502
Intangible assets, net	753	841
Deferred financing costs	47	64
Other assets	53	45
Total other noncurrent assets	1,355	1,452
Total assets	62,695	71,998
Current liabilities:
Accounts payable	1,738	2,045
Accrued expenses	3,833	3,744
Current maturities of long-term debt	3,904	0
Long-term debt reclassified to current	0	15,816
Total current liabilities	9,475	21,605
Long-term liabilities:
Long-term debt, less current maturities	11,961	0
Other long-term liabilities	2,549	2,635
Total liabilities	23,985	24,240
Stockholders’ equity:
Common stock, $.001 par value; 75,000,000 shares authorized; 15,346,985 and 15,188,861 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	15	15
Preferred stock, $.001 par value; 5,000,000 shares authorized; issuable in series, no shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	0	0
Additional paid-in capital	109,582	108,271
Accumulated deficit	(70,887)	(60,528)
Total stockholders’ equity	38,710	47,758
Total liabilities and stockholders’ equity	$ 62,695	$ 71,998