MYOS Corp
CIK:0001402479|SEC Filings
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
| Cash flows from operating activities: | ||
| Net loss | $ (23,121) | $ (24,740) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation of property, plant, and equipment | 729 | 573 |
| Amortization of intangible assets | 68 | 295 |
| Amortization of leased assets | 518 | 384 |
| Loss on disposal of net assets from discontinued operations | 319 | 0 |
| Loss on issuance of warrants | 10,424 | 0 |
| Gain from change in fair value of warrants | (2,149) | 0 |
| Credit losses on accounts receivable | 91 | 59 |
| Term loan discount amortization and interest accretion on debt | 146 | 141 |
| Share-based compensation expense | 999 | 1,176 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 880 | (946) |
| Inventory | 1,585 | (2,380) |
| Prepaid expenses and other current assets | 1,952 | (1,185) |
| Accounts payable | (868) | 700 |
| Accrued liabilities | 223 | 166 |
| Accrued payroll and benefits | (1,300) | 314 |
| Deferred revenue | 194 | 8 |
| Operating lease liability due to cash payments | (279) | (279) |
| Net cash used in operating activities | (9,589) | (25,714) |
| Cash flows from investing activities: | ||
| Purchase of property, plant and equipment | 0 | (634) |
| Return (payment) of security deposits | 51 | (5) |
| Purchase of intangible assets and other assets | (109) | (1,087) |
| Net cash used in investing activities | (58) | (1,726) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of warrants in private placement | 15,999 | 37,201 |
| Issuance of common shares upon exercise of employee stock purchase plan | 11 | 77 |
| Payment of debt issuance costs | (380) | 0 |
| Repayment of debt | (3,000) | 0 |
| Payments on finance lease obligations | (68) | (49) |
| Net cash provided by financing activities | 12,562 | 37,229 |
| Net increase in cash, cash equivalents and restricted cash | 2,915 | 9,789 |
| Cash, cash equivalents and restricted cash at beginning of period | 12,120 | 20,089 |
| Cash, cash equivalents and restricted cash at end of period | 15,035 | 29,878 |
| Supplemental cash flow information: | ||
| Cash paid for interest | 242 | 376 |
| Supplemental noncash investing and financing activities: | ||
| Inventory transferred to property, plant and equipment | 0 | 676 |
| Purchase of property, plant and equipment in accounts payable | 0 | 62 |
| Purchases of intangible assets in accounts payable | 151 | 0 |
| Fair value of warrant issued upon closing of private placement | 0 | 7,503 |
| Reclassification of warrants from liability to equity classified | 24,332 | 0 |
| Lease liabilities arising from obtaining right of use assets: | ||
| Operating leases | 0 | 206 |
| Finance leases | $ 230 | $ 73 |
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
|---|---|---|---|---|
| Current assets: | ||||
| Cash and cash equivalents | $ 14,359 | $ 11,444 | ||
| Restricted cash | 676 | 676 | ||
| Accounts receivable | 292 | 404 | ||
| Inventories | 10,065 | 8,817 | ||
| Prepaid expenses and other current assets | 711 | 2,569 | ||
| Current assets from discontinued operations | 946 | 4,842 | ||
| Total current assets | 27,049 | 28,752 | ||
| Property, plant and equipment, net | 732 | 438 | ||
| Intangible assets, net | 657 | 451 | ||
| Right-of-use assets | 701 | 624 | ||
| Other assets | 40 | 30 | ||
| Long-term assets from discontinued operations | 729 | 2,837 | ||
| Total assets | 29,908 | 33,132 | ||
| Current liabilities: | ||||
| Accounts payable | 796 | 818 | ||
| Accrued liabilities | 462 | 552 | ||
| Accrued payroll and benefits | 832 | 1,379 | ||
| Deferred revenue | 346 | 152 | ||
| Current portion of lease obligations | 208 | 246 | ||
| Current liabilities from discontinued operations | 1,512 | 2,794 | ||
| Total current liabilities | 4,156 | 5,941 | ||
| Long-term debt, net | 1,506 | 4,798 | ||
| Long-term portion of lease obligations | 550 | 441 | ||
| Long-term liabilities from discontinued operations | 651 | 1,128 | ||
| Total liabilities | 6,863 | 12,308 | ||
| Commitments and contingencies (Note 10) | ||||
| Stockholders' equity: | ||||
| Common shares ($0.001 par value, 300,000,000 shares authorized, 1,613,870 and 1,603,394 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively) | [1] | 2 | 2 | |
| Warrants | 35,480 | 11,148 | ||
| Additional paid-in-capital | 257,318 | 256,308 | ||
| Accumulated other comprehensive loss | (6,928) | (6,928) | ||
| Accumulated deficit | (262,827) | (239,706) | ||
| Total stockholders' equity | 23,045 | 20,824 | ||
| Total liabilities and stockholders' equity | $ 29,908 | $ 33,132 | ||
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