Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities      
Net loss $ (43,232) $ (87,715) $ (135,896)
Adjustments to reconcile net loss to net cash used in operating activities:      
Remeasurement of convertible preferred stock warrant liability 0 (1,616) 1,234
Stock-based compensation 15,513 45,660 14,610
Depreciation and amortization 5,824 5,716 4,992
Changes in fair value of derivative liabilities (216) (71,532) 0
(Reduction of transaction costs) deferred offering costs allocated to derivative liabilities upon Business Combination (3,745) 6,873 0
Non-cash interest expense 3,833 586 704
Inventory reserve 372 7,036 4,725
Loss on extinguishment of debt 0 4,663 1,027
Asset impairment charges 2,495 5,300 0
Other non-cash expenses 135 274 1,274
Changes in operating assets and liabilities:      
Inventory 14,984 3,285 (12,598)
Prepaids and other assets 1,672 3,114 (3,294)
Accounts payable (2,574) (10,518) (2,489)
Accrued expenses 2,216 (5,004) (817)
Deferred revenue (3,724) (389) 148
Operating lease right-of-use assets and liabilities (1,603) (130) 65
Other liabilities 57 (1,864) (774)
Net cash used in operating activities (7,993) (96,261) (127,089)
Cash Flows from Investing Activities      
Purchase of property and equipment (2,985) (4,222) (5,768)
Net cash used in investing activities (2,985) (4,222) (5,768)
Cash Flows from Financing Activities      
Proceeds from issuance of common stock upon Closing of Business Combination 0 97,100 0
Proceeds from the issuance of common stock 0 4,924 0
Proceeds from issuance of redeemable convertible preferred stock, convertible common stock, and common stock warrants 10,000 27,500 0
Payment of transaction costs related to the Closing of the Business Combination, the ELOC Agreement and convertible preferred stock issuance costs (4,555) (6,558) (1,396)
Proceeds from the issuance of debt 7,500 70,820 60,000
Payment of debt issuance costs (925) (2,463) (375)
Repayment of debt (575) (5,180) (21,932)
Payment of debt upon extinguishment 0 (66,034) (2,499)
Net proceeds (payments) related to stock-based award activities (1,589) (2,017) 912
Net cash provided by financing activities 9,856 118,092 34,710
Net increase (decrease) in cash, cash equivalents and restricted cash (1,122) 17,609 (98,147)
Cash, cash equivalents and restricted cash at beginning of period 95,985 78,376 176,523
Cash, cash equivalents and restricted cash at end of period 94,863 95,985 78,376
Supplemental Disclosure      
Cash paid for taxes 43 67 52
Cash paid for interest 12,140 10,144 4,472
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Purchase of property and equipment in accounts payable and accrued liabilities 21 85 112
Debt issuance costs in accounts payable and accrued liabilities 0 46 0
Transaction costs and convertible preferred stock included in accounts payable and accrued liabilities 0 17,500 1,928
Assumption of derivative liabilities upon Business Combination 0 93,196 0
Initial measurement of Structural Derivative Liability recorded as debt fees 0 7,050 0
Initial measurement of common stock recorded as debt fees 0 1,072 0
Initial measurement of common stock warrants recorded as debt fees 0 0 1,622
Settlement of Additional Shares liability 1,500 16,310 0
Settlement of Earn-Out due to Cancellation of shares 347 0 0
Conversion of contingently redeemable convertible common stock and preferred stock to common stock 0 516,380 0
Reclassification of Grove's preferred stock warrant liability to equity 0 2,182 0
Net exercise of preferred stock warrants 0 989 0
Gain on settlement allocated to equity instruments 9,609 0 0
Vesting of early exercised stock options $ 0 $ 125 $ 1,577