(in thousands) | 1998 | 1997 | 1996 | ||||||
Cash Flows From Operating Activities: | |||||||||
Net income (loss) | $ | (29,698 | ) | $ | (11,437 | ) | $ | 5,073 | |
Adjustments to reconcile net income (loss) to net cash provided by | |||||||||
(used in) operating activities: | |||||||||
Depreciation and amortization | 3,575 | 2,735 | 1,102 | ||||||
Noncash compensation expense | 558 | 1,236 | 1,309 | ||||||
Gain on sale of assets | 26 | | | ||||||
Changes in assets and liabilities: | |||||||||
Accounts receivable, other current assets, and other assets | (1,339 | ) | (135 | ) | (94 | ) | |||
Inventory | 51 | 191 | (1,533 | ) | |||||
Accounts payable and other current liabilities | 908 | 3,306 | 2,110 | ||||||
Net cash provided by (used in) operating activities | (25,919 | ) | (4,104 | ) | 7,967 | ||||
Cash Flows From Investing Activities: | |||||||||
Investment in purchases of property and equipment, net | (5,104 | ) | (6,433 | ) | (9,101 | ) | |||
Sale and maturities of marketable securities | 100,130 | 100,457 | 47,010 | ||||||
Purchases of marketable securities | (84,222 | ) | (174,453 | ) | (92,633 | ) | |||
Net cash provided by (used in) investing activities | 10,804 | (80,429 | ) | (54,724 | ) | ||||
Cash Flows From Financing Activities: | |||||||||
Net proceeds from issuances of common stock | 1,296 | 93,063 | 50,584 | ||||||
Purchase of treasury stock | (521 | ) | (878 | ) | | ||||
Proceeds from bond and term loan issuances | | 1,843 | 7,867 | ||||||
Equity proceeds from Gell Pharmaceuticals Inc. | |||||||||
relating to the put option | | | 1,076 | ||||||
Payment of notes receivable on common stock | | 69 | | ||||||
Principal payments on bond and term loan payable | (2,160 | ) | (1,144 | ) | (470 | ) | |||
Net cash provided by (used in) financing activities | (1,385 | ) | 92,953 | 59,057 | |||||
Net increase (decrease) in cash and cash equivalents | (16,500 | ) | 8,420 | 12,300 | |||||
Cash and cash equivalents at the beginning of period | 24,980 | 16,560 | 4,260 | ||||||
Cash and cash equivalents at the end of period | $ | 8,480 | $ | 24,980 | $ | 16,560 | |||
Supplemental disclosures of cash flow information: |
|||||||||
Net interest paid | $ | 784 | $ | 828 | $ | 470 | |||
See accompanying notes to consolidated financial statements. |