Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
May 31, 2021
May 31, 2020
May 31, 2019
Cash flows from operating activities:      
Net loss $ (154,674) $ (124,403) $ (56,187)
Adjustments to reconcile net loss to net cash used in operating activities:      
Amortization and depreciation 1,797 2,034 1,245
Debt issuance costs 65 404 459
Amortization of discount on convertible notes 3,591 1,645 1,707
Legal settlement   22,500  
Inducement interest expense, debt 11,366 7,904 196
Interest expense associated with accretion of convertible notes payable   6,615 513
Change in fair value of derivative liabilities   9,542 (1,666)
Stock-based compensation 10,429 6,548 3,388
Loss on extinguishment of convertible notes 19,896 0 1,520
Deferred income tax benefit 0 0 (2,827)
Intangible asset impairment charge 10,049    
Changes in operating assets and liabilities:      
(Increase) in inventories (74,332) (19,147)  
Decrease (increase) in miscellaneous receivables   91 (91)
Decrease (increase) in prepaid expenses 1,228 (1,577) (464)
Increase in accounts payable and accrued expenses 53,012 19,040 1,741
Net cash used by operating activities (117,573) (68,804) (50,466)
Cash flows from investing activities:      
Intangibles     (19)
Furniture and equipment purchases (122) (41) (26)
Net cash used in investing activities (122) (41) (45)
Cash flows from financing activities:      
Proceeds from warrant transactions, net of offering costs 17,060    
Proceeds from sale of common stock and warrants 1,000 12,666 38,269
Proceeds from warrant exercises 19,428 38,422  
Proceeds from sale of preferred stock, net of offering costs   13,409 3,084
Payment on convertible notes (950) (2,185)  
Exercise of option to repurchase shares held in escrow   (8)  
Release of funds held in trust for warrant tender offer (10) (844) 854
Proceeds from stock option exercises 1,839 5,602  
Payment of payroll withholdings related to tender of common stock for income tax withholding (778) (89)  
Proceeds from convertible notes payable, net 100,000 15,000 14,877
Payment of conversion offering costs   (2,303) (4,337)
Dividend declared and paid on Series B preferred stock (243)    
Net cash provided by financing activities 137,346 79,670 52,747
Net change in cash 19,651 10,825 2,236
Cash and restricted cash, beginning of period 14,292 3,467 1,231
Cash and restricted cash, end of period 33,943 14,292 3,467
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]      
Cash 33,943 14,282 2,613
Restricted cash   10 854
Cash and restricted cash, total 33,943 14,292 3,467
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest 147 243  
Non-cash investing and financing transactions:      
Issuance of stock for principal and interest of convertible notes, net 77,703 15,092 1,680
Accrued dividends on convertible preferred stock 1,666 944 37
Cashless exercise of warrants 11    
Issuance of stock for legal settlement $ 4    
Derivative liability associated with warrants   11,949  
Common stock issued for accrued bonus compensation   155  
Stock issued for services, value   $ 3 8
Acquisition of ProstaGene LLC, value     11,558
Beneficial conversion feature and fair value of warrant issued with note payable     3,535
Debt discount and issuance costs associated with convertible note payable     3,059
Derivative liability associated with convertible note payable     2,750
Issuance costs associated with placement agent warrants     $ 261