Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities    
Net loss $ (33,747) $ (75,032)
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 11,941 34,348
Depreciation and amortization 4,359 4,291
Changes in fair value of derivative liabilities 1,298 (49,149)
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 6,873
Non-cash interest expense 2,872 447
Inventory reserve 1,123 3,540
Other non-cash expenses 99 170
Changes in operating assets and liabilities:    
Inventory 10,297 (5,132)
Prepaids and other assets (574) 715
Accounts payable (1,846) (7,550)
Accrued expenses 2,469 (1,826)
Deferred revenue (3,133) (451)
Operating lease right-of-use assets and liabilities (752) (84)
Other liabilities 237 909
Net cash used in operating activities (9,102) (89,547)
Cash Flows from Investing Activities    
Purchase of property and equipment (2,383) (3,580)
Net cash used in investing activities (2,383) (3,580)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock upon Closing of Business Combination 0 97,100
Proceeds from issuance of redeemable convertible preferred stock, convertible common stock and common stock warrants 10,000 27,638
Payment of transaction costs related to the Business Combination, redeemable convertible preferred stock, contingently redeemable convertible common stock and settlement of Additional Shares liability (4,295) (5,358)
Proceeds from issuance of debt 7,500 0
Payment of debt issuance costs (925) (211)
Repayment of debt (575) (865)
Net proceeds (payments) related to stock-based award activities (1,459) 238
Net cash provided by financing activities 10,246 118,542
Net increase (decrease) in cash, cash equivalents and restricted cash (1,239) 25,415
Cash, cash equivalents and restricted cash at beginning of period 95,985 78,376
Cash, cash equivalents and restricted cash at end of period 94,746 103,791
Supplemental Disclosure    
Cash paid for taxes 43 64
Cash paid for interest 8,953 4,803
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Purchase of property and equipment in accounts payable and accrued liabilities 76 91
Gain on settlement allocated to equity instruments 9,609 0
Settlement of Additional Shares liability 1,500 16,310
Settlement of Earn-Out due to cancellation of shares 347 0
Transaction costs, redeemable convertible preferred stock and contingently redeemable convertible common stock issuance costs included in accounts payable and accrued liabilities 281 18,799
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 86,094 103,791
Restricted cash 8,652 0
Total cash, cash equivalents and restricted cash $ 94,746 $ 103,791