v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents, including restricted cash of $200 $ 4,170 $ 4,219
Accounts receivable, net 1,360 1,529
Inventories 2,216 2,249
Prepaid expenses and other current assets 982 714
Note receivable, current portion 95
Total current assets 8,728 8,806
Property, plant and equipment, net 5,966 6,215
Intangible assets, net 2,894 2,860
Note receivable, less current portion 302
Goodwill 2,227 2,227
TOTAL ASSETS 26,328 23,917
Current liabilities    
Accounts payable and accrued expenses 4,663 3,885
Accrued payroll and related liabilities 1,796 1,209
Deferred revenue and customer deposits 34 29
Current portion of deferred acquisition obligation and accrued interest 53
Current portion of note payable, net of unamortized debt discount 992
Current portion of capital lease obligations, net of unamortized discount 674 598
Total current liabilities 8,159 5,774
Capital lease obligations, net of current portion and unamortized discount 363 720
Accrued expenses, net of current portion 800 800
Note payable, net of current portion and unamortized debt discount 13,274 14,008
TOTAL LIABILITIES 22,596 21,302
STOCKHOLDERS' EQUITY    
Common stock, $0.001 par value, 90,000,000 shares authorized, 21,049,448 and 20,623,129 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively 21 21
Additional paid-in capital 93,538 91,430
Accumulated deficit (89,827) (88,836)
TOTAL STOCKHOLDERS' EQUITY 3,722 2,615
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 26,328 23,917
Surface Pharmaceuticals [Member]    
Current assets    
Investment in Eton Pharmaceuticals 5,218
Eton Pharmaceuticals [Member]    
Current assets    
Investment in Eton Pharmaceuticals $ 1,295 $ 3,507
v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues:        
Product sales, net $ 10,374 $ 6,849 $ 19,229 $ 12,938
License revenues 10 8 20 16
Total revenues 10,384 6,857 19,249 12,954
Cost of sales (4,157) (3,288) (8,228) (6,645)
Gross profit 6,227 3,569 11,021 6,309
Operating expenses:        
Selling, general and administrative 6,779 6,485 13,267 13,296
Research and development 72 101 159 261
Total operating expenses 6,851 6,586 13,426 13,557
Loss from operations (624) (3,017) (2,405) (7,248)
Other income (expense):        
Interest expense, net (671) (767) (1,334) (1,555)
Loss on sale of assets (269) (284)
Other expense, net (255) (255)
Total other income, net 3,146 4,473 1,414 3,670
Income (loss) before income taxes 2,522 1,456 (991) (3,578)
Income tax benefit, net 28 56
Net income (loss) $ 2,522 $ 1,484 $ (991) $ (3,522)
Basic net income (loss) per share of common stock $ 0.12 $ 0.07 $ (0.05) $ (0.18)
Diluted net income (loss) per share of common stock $ 0.11 $ 0.06 $ (0.05) $ (0.18)
Weighted average number of shares of common stock outstanding, basic 21,190,794 20,209,821 21,070,664 19,572,051
Weighted average number of shares of common stock outstanding, diluted 23,175,431 23,177,881 21,070,664 19,572,051
Surface Pharmaceuticals [Member]        
Other income (expense):        
Investment losses $ (102) $ (102)
Gain on deconsolidation of Surface Pharmaceuticals 5,320 5,320
Eton Pharmaceuticals [Member]        
Other income (expense):        
Investment losses (1,146) (216) (2,215) (216)
Gain on deconsolidation of Surface Pharmaceuticals $ 5,725 $ 5,725
v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (991) $ (3,522)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization of property, plant and equipment 800 659
Amortization of intangible assets 117 181
Deferred income taxes (56)
Amortization of debt issuance costs and discount 314 632
Loss on write down of assets and note receivable 393 111
Loss on sale and disposal of assets 173
Stock-based compensation 1,359 1,617
Changes in assets and liabilities:    
Accounts receivable 169 65
Inventories 33 (404)
Prepaid expenses and other current assets (268) 202
Accounts payable and accrued expenses 885 (194)
Accrued payroll and related liabilities 587 (157)
Deferred revenue and customer deposits 5 (83)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 400 (6,285)
CASH FLOWS FROM INVESTING ACTIVITIES    
Repayment of note receivable 4
Investment in patent and trademark assets (154) (143)
Purchase of Klarity license (50)
Purchases of property, plant and equipment (550) (322)
NET CASH USED IN INVESTING ACTIVITIES (700) (515)
CASH FLOWS FROM FINANCING ACTIVITIES    
Payments on capital lease obligations (337) (305)
Net proceeds from public equity offering 2,940
Payments on Park deferred acquisition obligation (53) (101)
Principal payments on LSAF note payable (601)
Net proceeds from ATM sales of common stock 641
Net proceeds from exercise of warrants and stock options, net of taxes remitted for RSU's 179
NET CASH PROVIDED BY FINANCING ACTIVITIES 251 2,112
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (49) (4,688)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 4,219 9,053
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 4,170 4,365
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD:    
Cash and cash equivalents 3,970 4,165
Restricted cash 200 200
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 4,170 4,365
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for income taxes 4
Cash paid for interest 1,006 901
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Issuance of stock options for consulting services included in accounts payable and accrued expenses 108
Eton Pharmaceuticals [Member]    
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Gain on deconsolidation (5,725)
Investment loss 2,215 216
Surface Pharmaceuticals [Member]    
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Gain on deconsolidation (5,320)
Investment loss $ 102