MARRONE BIO INNOVATIONS INC

CIK:0001441693|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total revenues	$ 11,097	$ 11,038
Cost of product revenues	4,891	4,069
Gross profit	6,206	6,969
Operating Expenses:
Research, development and patent	3,160	2,512
Selling, general and administrative	10,068	7,483
Total operating expenses	13,228	9,995
Loss from operations	(7,022)	(3,026)
Other income (expense):
Interest expense	(551)	(393)
Change in fair value of contingent consideration	32	134
Other income, net	(66)	65
Total other expense, net	(585)	(194)
Net loss before income taxes	(7,607)	(3,220)
Income tax expense	11	(41)
Net Loss	$ (7,596)	$ (3,261)
Basic and diluted net loss per common share:	$ (0.04)	$ (0.02)
Weighted-average shares outstanding used in computing basic and diluted net loss per common share:	182,261	168,938
Product [Member]
Revenues:
Total revenues	$ 10,982	$ 10,904
License [Member]
Revenues:
Total revenues	$ 115	$ 134

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (7,596,000)	$ (3,261,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	885,000	874,000
Change in inventory reserves	(84,000)	(75,000)
Right of use assets amortization	308,000	215,000
Share-based compensation	822,000	915,000
Non-cash interest expense	33,000	48,000
Change in fair value of contingent consideration	(32,000)	(134,000)
Net changes in operating assets and liabilities:
Accounts receivable	1,101,000	(3,420,000)
Inventories	(1,405,000)	279,000
Prepaid Expenses and other assets	(144,000)	356,000
Accounts payable	790,000	252,000
Accrued and other liabilities	(2,578,000)	(763,000)
Lease Liability	(306,000)	(225,000)
Deferred revenue	(190,000)	(78,000)
Net cash used in operating activities	(8,396,000)	(5,017,000)
Cash flows from investing activities
Payment of consideration in connection with previous asset purchase		(750,000)
Purchases of property, plant and equipment	(198,000)	(119,000)
Net cash used in investing activities	(198,000)	(869,000)
Cash flows from financing activities
Proceeds from secured borrowings	10,430,000	11,504,000
Repayment in secured borrowings	(12,066,000)	(8,725,000)
Repayment of debt	(96,000)	(99,000)
Net settlement of options		27,000
Proceeds from employee stock purchase plan	65,000	86,000
Exercise of warrants		6,175,000
Net cash provided by financing activities	(1,667,000)	8,968,000
Net increase in cash and cash equivalents and restricted cash	(10,261,000)	3,082,000
Cash and cash equivalents and restricted cash, beginning of period	21,183,000	17,401,000
Cash and cash equivalents and restricted cash, end of period	10,922,000	20,483,000
Supplemental disclosure of cash flow information
Cash paid for interest	489,000	339,000
Supplemental disclosure of non-cash investing and financing activities
Property, plant and equipment included in accounts payable and accrued liabilities	118,000	43,000
Right of use assets (non-cash) acquired		253,000
Accrued liabilities related to equity compensation for earned but not granted	$ 72,000

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 9,362,000	$ 19,623,000
Accounts receivable	12,110,000	13,211,000
Inventories	10,122,000	8,633,000
Prepaid expenses and other current assets	1,369,000	1,211,000
Total current assets	32,963,000	42,678,000
Property, plant and equipment, net	12,456,000	12,676,000
Right of use assets, net	3,329,000	3,637,000
Intangible assets, net	18,426,000	19,011,000
Goodwill	6,740,000	6,740,000
Restricted cash	1,560,000	1,560,000
Other assets	740,000	754,000
Total assets	76,214,000	87,056,000
Current liabilities:
Accounts payable	3,359,000	2,687,000
Accrued liabilities	12,354,000	14,851,000
Deferred revenue, current portion	285,000	360,000
Lease liability, current portion	1,433,000	1,381,000
Debt, current portion, net	24,280,000	25,909,000
Total current liabilities	41,711,000	45,188,000
Deferred revenue, less current portion	1,079,000	1,165,000
Lease liability, less current portion	2,153,000	2,511,000
Debt, less current portion, net	7,592,000	7,691,000
Other liabilities	807,000	848,000
Total liabilities	53,342,000	57,403,000
Commitments and contingencies
Stockholders’ equity:
Preferred stock: $0.00001 par value; 20,000 shares authorized and no shares issued or outstanding at March 31, 2022 and December 31, 2021
Common stock: $0.00001 par value; 250,000 shares authorized, 182,275 and 182,224 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	1,000	1,000
Additional paid in capital	387,838,000	387,023,000
Accumulated deficit	(364,967,000)	(357,371,000)
Total stockholders’ equity	22,872,000	29,653,000
Total liabilities and stockholders’ equity	$ 76,214,000	$ 87,056,000