Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities:      
Net Loss $ (11,935) $ (10,878) $ (22,996)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 1,570 1,147 1,042
Amortization expense - right-of-use assets - operating and finance leases 2,987 0 0
Loss on disposal of property and equipment 0 8 9
Stock-based compensation 6,943 7,889 7,091
Loss on investment in equity securities 525 83 0
Gain from extinguishment of asset retirement obligation 0 0 (207)
Changes in operating assets and liabilities:      
Accounts receivable, net 2,522 960 (5,298)
Unbilled receivables (7,397) (2,349) (353)
Inventories 217 447 (210)
Prepaid expenses and other current assets (1,412) (37) 157
Contract assets (992) (35) 0
Other non-current assets 88 228 (44)
Accounts payable (428) (524) (801)
Accrued compensation (269) 519 439
Other accrued liabilities 2,474 (17) 1,399
Other long-term liabilities (1,210) (904) 0
Deferred revenue (6,243) (10,631) 11,017
Net cash used in operating activities (12,560) (14,094) (8,755)
Investing activities:      
Purchase of property and equipment (3,730) (2,768) (985)
Proceeds from disposal of property and equipment 3 2 2
Proceeds from sale of investment securities 62 0 0
Net cash used in investing activities (3,665) (2,766) (983)
Financing activities:      
Proceeds from exercises of stock options 7,099 4,680 266
Proceeds from issuance of common stock in connection with public offering, net of underwriting discounts and commission   37,497 23,782
Costs incurred in connection with public offering (123) (180) (553)
Proceeds from issuance of common stock in connection with private offering 50,000    
Payments of lease obligations - Finance leases (242)    
Payments of lease obligations - Finance leases   (238) (175)
Recovery of short swing profit 77 0 0
Taxes paid related to net share settlement of equity awards (2,850) (3,190) (1,670)
Net cash provided by financing activities 53,961 38,569 21,650
Net increase in cash, cash equivalents and restricted cash 37,736 21,709 11,912
Cash, cash equivalents and restricted cash at the beginning of the year 54,485 32,776 20,864
Cash, cash equivalents and restricted cash at the end of the year 92,221 54,485 32,776
Supplemental disclosure of cash flow information:      
Interest paid 49 84 141
Income taxes 5 5 32
Supplemental non-cash investing and financing activities:      
Equipment acquired under finance leases 0 0 862
Capital expenditures incurred but not yet paid 140 300 42
Total cash, cash equivalents and restricted cash at the end of the period $ 54,485 $ 32,776 $ 32,776