Change in Method of Accounting for Stock-based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2014
|
Adjustments in Balance Sheet |
The adjustments as of December 31, 2013 were as follows:
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Balance Sheet |
|
December 31, 2013 |
|
(in thousands, except for share and per
share amounts) |
|
As Previously
Reported |
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Retrospective
Adjustment |
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As
Adjusted |
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Stockholders’ equity:
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Preferred stock, $0.001 par value; 20,000,000 shares authorized,
and no shares issued or outstanding
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— |
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— |
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Common stock, $0.001 par value; 150,000,000 shares authorized;
33,338,543 shares issued and outstanding at December 31,
2013
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$ |
33 |
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$ |
— |
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$ |
33 |
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Additional paid-in capital
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355,432 |
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(3,192 |
) |
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352,240 |
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Accumulated other comprehensive income
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21 |
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— |
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21 |
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Accumulated deficit
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(311,362 |
) |
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3,192 |
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(308,170 |
) |
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Total stockholders’ equity
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$ |
44,124 |
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$ |
— |
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$ |
44,124 |
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Adjustments in Statement of Operations |
The adjustments for the three and six months ended June 30,
2013 were as follows:
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Statement of Operations |
|
Three Months Ended June 30,
2013 |
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Six Months Ended June 30,
2013 |
|
(in thousands, except for share and
per share amounts) |
|
As previously
Reported |
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Retrospective
Adjustment |
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As
Adjusted |
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As previously
Reported |
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Retrospective
Adjustment |
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As
Adjusted |
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Revenues:
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Licensing agreement
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$ |
6,678 |
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$ |
— |
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$ |
6,678 |
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$ |
13,284 |
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$ |
— |
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$ |
13,284 |
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Royalty revenue
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1,641 |
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— |
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1,641 |
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3,103 |
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— |
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3,103 |
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Total revenues
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8,319 |
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— |
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8,319 |
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16,387 |
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— |
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16,387 |
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Operating expenses:
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Research and development
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5,982 |
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118 |
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6,100 |
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13,942 |
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269 |
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14,211 |
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Selling, general and administrative
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5,074 |
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186 |
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5,260 |
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9,032 |
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381 |
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9,413 |
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Intangible asset amortization
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372 |
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— |
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372 |
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741 |
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— |
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741 |
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Total operating expenses
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11,428 |
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304 |
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11,732 |
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23,715 |
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650 |
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24,365 |
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Loss from operations
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(3,109 |
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(304 |
) |
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(3,413 |
) |
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(7,328 |
) |
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(650 |
) |
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(7,978 |
) |
Other income
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30 |
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— |
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30 |
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76 |
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— |
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76 |
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Loss before tax benefit
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(3,079 |
) |
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(304 |
) |
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(3,383 |
) |
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(7,252 |
) |
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(650 |
) |
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(7,902 |
) |
Tax benefit
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— |
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— |
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— |
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— |
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— |
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— |
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Net loss
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$ |
(3,079 |
) |
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$ |
(304 |
) |
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$ |
(3,383 |
) |
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$ |
(7,252 |
) |
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$ |
(650 |
) |
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$ |
(7,902 |
) |
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Basic and diluted net loss per share
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$ |
(0.11 |
) |
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$ |
(0.01 |
) |
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$ |
(0.12 |
) |
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$ |
(0.26 |
) |
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$ |
(0.02 |
) |
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$ |
(0.28 |
) |
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Weighted average shares outstanding, basic and diluted
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28,377,254 |
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— |
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28,377,254 |
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28,361,340 |
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— |
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28,361,340 |
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|
Adjustments in Statement of Comprehensive Loss |
The adjustment for the three and six months ended June 30,
2013 was as follows:
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Statement of Comprehensive Loss |
|
Three Months Ended June 30,
2013 |
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|
Six Months Ended June 30,
2013 |
|
(in thousands) |
|
As Previously
Reported |
|
|
Retrospective
Adjustment |
|
|
As
Adjusted |
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|
As Previously
Reported |
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|
Retrospective
Adjustment |
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|
As
Adjusted |
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Net loss
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$ |
(3,079 |
) |
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$ |
(304 |
) |
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$ |
(3,383 |
) |
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$ |
(7,252 |
) |
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$ |
(650 |
) |
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$ |
(7,902 |
) |
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Other comprehensive loss:
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Change in net unrealized loss on marketable securities
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— |
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— |
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— |
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(10 |
) |
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— |
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(10 |
) |
Tax provision on other comprehensive income (loss)
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— |
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— |
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— |
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— |
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— |
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— |
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Other comprehensive loss, net of tax:
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— |
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— |
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— |
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(10 |
) |
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— |
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(10 |
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Comprehensive loss
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$ |
(3,079 |
) |
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$ |
(304 |
) |
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$ |
(3,383 |
) |
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$ |
(7,262 |
) |
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$ |
(650 |
) |
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$ |
(7,912 |
) |
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Adjustments in Statement of Cash Flows |
The adjustments for the six months ended June 30, 2013 were as
follows:
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Statement of Cash Flows |
|
Six Months Ended June 30,
2013 |
|
(in thousands) |
|
As Previously
Reported |
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Retrospective
Adjustment |
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As
Adjusted |
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Cash flows from operating activities
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Net loss
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$ |
(7,252 |
) |
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$ |
(650 |
) |
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$ |
(7,902 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities:
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Depreciation and amortization of property and equipment
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212 |
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— |
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212 |
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Employee and non-employee stock-based compensation
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|
1,782 |
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650 |
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2,432 |
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Amortization of discounts and premiums on marketable securities
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121 |
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— |
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121 |
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Intangible asset amortization
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|
741 |
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— |
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|
741 |
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Changes in assets and liabilities, net
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(12,772 |
) |
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— |
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(12,772 |
) |
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Net cash used in operating activities
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$ |
(17,168 |
) |
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$ |
— |
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$ |
(17,168 |
) |
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