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SEC Filings

10-Q
OREXIGEN THERAPEUTICS, INC. filed this Form 10-Q on 05/12/2017
Entire Document
 

 

Orexigen Therapeutics, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2017

 

 

2016

 

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(69,087

)

 

$

(22,348

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Amortization of premium on investment securities, available-for-sale

 

 

20

 

 

 

65

 

Accretion of debt discount

 

 

639

 

 

 

1,116

 

Change in fair value of financial instruments

 

 

28,006

 

 

 

 

Gain from extinguishment of debt

 

 

(13,869

)

 

 

 

Change in fair value of contingent consideration

 

 

1,400

 

 

 

 

Amortization of intangible assets

 

 

1,984

 

 

 

 

Depreciation

 

 

117

 

 

 

78

 

Stock-based compensation

 

 

2,991

 

 

 

2,792

 

Deferred revenue

 

 

(2,963

)

 

 

(2,687

)

Unrealized foreign currency gain

 

 

(1,420

)

 

 

(2,398

)

Other non-cash adjustments

 

 

14

 

 

 

18

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(5,160

)

 

 

4,039

 

Inventory

 

 

2,433

 

 

 

(4,096

)

Prepaid expenses and other current assets

 

 

1,337

 

 

 

(303

)

Other assets

 

 

157

 

 

 

64

 

Accounts payable and accrued expenses

 

 

3,465

 

 

 

(1,890

)

Deferred rent and lease incentives

 

 

 

 

 

(54

)

Net cash used in operating activities

 

 

(49,936

)

 

 

(25,604

)

Investing activities

 

 

 

 

 

 

 

 

Purchases of investment securities, available-for-sale

 

 

 

 

 

(23,600

)

Maturities of investment securities, available-for-sale

 

 

1,500

 

 

 

23,033

 

Restricted cash and investments

 

 

50,000

 

 

 

(165,000

)

Purchase of Contrave - net

 

 

(3,414

)

 

 

 

Prepaid purchase price - Contrave

 

 

 

 

 

(60,000

)

Purchase of property and equipment

 

 

 

 

 

(228

)

Net cash provided by (used) in investing activities

 

 

48,086

 

 

 

(225,795

)

Financing activities

 

 

 

 

 

 

 

 

Payment for conversions of 2017 Exchange Notes

 

 

(1,074

)

 

 

 

Contingent payment to Takeda

 

 

(12,900

)

 

 

 

Proceeds from convertible debt issuance

 

 

 

 

 

120,000

 

Proceeds from issuance of warrants

 

 

 

 

 

41,000

 

Proceeds from issuance of Series Z Preferred

 

 

 

 

 

3,343

 

Proceeds from issuance of common stock

 

 

 

 

 

36

 

Net cash provided by (used in) financing activities

 

 

(13,974

)

 

 

164,379

 

Effect of exchange rate changes on cash

 

 

(14

)

 

 

(435

)

Net decrease in cash and cash equivalents

 

 

(15,838

)

 

 

(87,455

)

Cash and cash equivalents at beginning of period

 

 

92,494

 

 

 

155,422

 

Cash and cash equivalents at end of period

 

$

76,656

 

 

$

67,967

 

Supplemental disclosure of non-cash financing information:

 

 

 

 

 

 

 

 

Conversions of 2017 Exchange Notes

 

$

3,794

 

 

$

 

See accompanying notes.

 

 

6