Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities    
Net loss $ (23,936) $ (82,694)
Adjustments to reconcile net loss to net cash used in operating activities:    
Remeasurement of convertible preferred stock warrant liability 0 (1,616)
Stock-based compensation expense 9,841 24,534
Depreciation and amortization 2,897 2,864
Changes in fair value of derivative liabilities (1,435) (16,510)
Reduction in transaction costs allocated to derivative liabilities upon Business Combination (3,745) 0
Deferred offering costs allocated to derivative liabilities upon Business Combination 0 6,673
Non-cash interest expense 1,911 312
Inventory reserve 1,228 1,693
Other non-cash expenses 95 139
Changes in operating assets and liabilities:    
Inventory 8,355 (734)
Prepaids and other assets 716 613
Accounts payable (34) (3,495)
Accrued expenses 812 525
Deferred revenue (1,890) 1,308
Operating lease right-of-use assets and liabilities (507) (52)
Other liabilities 120 302
Net cash used in operating activities (5,572) (66,138)
Cash Flows from Investing Activities    
Purchase of property and equipment (1,539) (2,610)
Net cash used in investing activities (1,539) (2,610)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock upon Closing of Business Combination 0 97,100
Proceeds from issuance of contingently redeemable convertible common stock 0 27,500
Payment of transaction costs related to the Business Combination and convertible preferred stock issuance costs (4,150) (1,267)
Proceeds from issuance of debt 7,500 0
Payment of debt issuance costs (925) (211)
Repayment of debt (575) (562)
Proceeds (payments) from exercise of stock options and settlement of restricted stock units, net of withholding taxes paid related to common stock issued to employees (1,201) 237
Proceeds from issuance under employee stock purchase plan 213 0
Payment in lieu of fractional shares in connection with reverse split (1) 0
Repurchase of common stock 0 (32)
Net cash provided by financing activities 861 122,765
Net increase (decrease) in cash, cash equivalents and restricted cash (6,250) 54,017
Cash, cash equivalents and restricted cash at beginning of period 95,985 78,376
Cash, cash equivalents and restricted cash at end of period 89,735 132,393
Supplemental Disclosure    
Cash paid for taxes 37 61
Cash paid for interest 5,784 3,052
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Purchase of property and equipment in accounts payable and accrued liabilities 154 122
Gain on settlement allocated to equity instruments 9,609 0
Settlement of Earnout due to cancellation of shares 347 0
Transaction costs, convertible preferred stock and contingently redeemable convertible common stock issuance costs included in accounts payable and accrued liabilities 0 21,435
Net exercise of preferred stock warrants 0 989
Conversion of contingently redeemable convertible common stock and convertible preferred stock to common stock 0 516,365
Assumption of derivative liabilities upon Business Combination 0 93,196
Reclassification of Grove's preferred stock warrant liability to additional paid-in capital 0 2,182
Vesting of early exercised stock options 0 125
Reconciliation of cash, cash equivalents, and restricted cash:    
Cash and cash equivalents 81,084 132,393
Restricted cash 8,651 0
Total cash, cash equivalents and restricted cash $ 89,735 $ 132,393