Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities    
Net income including noncontrolling interests $ 438 $ 21,938
Less: gain from discontinued operations 731 0
Income from continuing operations (293) 21,938
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:    
Non-cash change in estimated fair value of contingent liabilities 1,638 7,277
Realized gain on sale of short-term investment (602) (502)
Gain on write-off of assets 133 0
Depreciation and amortization 5,388 1,296
Amortization of discount on investments, net 331 (34)
Amortization of debt discount and issuance fees 5,378 5,058
Stock-based compensation 8,766 6,675
Deferred income taxes 187 268
Accretion of note payable 0 16
Gain on deconsolidation of Viking Therapeutics 0 (28,190)
Change in fair value of the Viking convertible debt receivable and warrants (310) 0
Loss from Viking Therapeutics 12,743 870
Changes in operating assets and liabilities:    
Accounts receivable (3,791) 7,102
Inventory (2,202) (533)
Other current assets (629) (462)
Other long-term assets (42) (598)
Accounts payable and accrued liabilities (3,323) (3,107)
Restricted investments 0 661
Deferred revenue 113 (110)
Net cash provided by operating activities 23,485 17,625
Investing activities    
Purchase of commercial license rights (17,691) (4,030)
Payments to CVR holders and other contingency payments (5,635) (3,663)
Purchases of property and equipment (1,021) (27)
Cash paid for acquisition, net of cash acquired (92,504) 0
Purchase of short-term investments (49,892) (60,432)
Purchase of Viking common stock and warrants (700) (9,000)
Proceeds from sale of property and equipment 0 1
Proceeds received from repayment of Viking note receivable 300 0
Reduction of cash due to deconsolidation of Viking 0 (247)
Proceeds from sale of short-term investments 22,077 2,378
Proceeds from maturity of short-term investments 83,523 0
Net cash used in investing activities (61,543) (75,020)
Financing activities    
Net proceeds from stock option exercises and ESPP 2,482 5,430
Purchase of common stock for RSU vesting (502) 0
Net cash provided by financing activities 1,980 5,430
Net decrease in cash and cash equivalents (36,078) (51,965)
Cash and cash equivalents at beginning of period 97,428 160,203
Cash and cash equivalents at end of period 61,350 108,238
Supplemental disclosure of cash flow information    
Interest paid 919 903
Taxes paid 36 13
Supplemental schedule of non-cash activity    
Stock issued for acquisition, net of issuance cost (77,615) 0
Stock and warrant received for repayment of Viking notes receiveable 1,200 0
Unrealized gain (loss) on AFS investments $ (1,198) $ 7,844