Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities    
Net loss $ (14,788) $ (33,747)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on lease modification (3,139) 0
Stock-based compensation expense 9,268 11,941
Depreciation and amortization 7,401 4,359
Changes in fair value of derivative liabilities (8,019) 1,298
Reduction of transaction costs allocated to derivative liabilities upon Business Combination 0 (3,745)
Non-cash interest expense 2,811 2,872
Asset impairment charges 700 0
Inventory reserve (1,883) 1,123
Other non-cash expenses (income) (133) 99
Changes in operating assets and liabilities:    
Inventory 6,113 10,297
Prepaids and other assets 340 (574)
Accounts payable 1,318 (1,846)
Accrued expenses (5,040) 2,469
Deferred revenue (384) (3,133)
Operating lease right-of-use assets and liabilities (4,671) (752)
Other liabilities 87 237
Net cash used in operating activities (10,019) (9,102)
Cash Flows from Investing Activities    
Proceeds from sale of property and equipment 93 0
Purchase of property and equipment (1,392) (2,383)
Net cash used in investing activities (1,299) (2,383)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 0 7,500
Payment of debt issuance costs (114) (925)
Repayment of debt (42,000) (575)
Proceeds from issuance of redeemable convertible preferred stock 15,000 10,000
Payment of transaction costs related to Business Combination, Preferred Stock and settlement of Additional Shares liability 0 (4,295)
Payments related to stock-based award activities, net (1,077) (1,672)
Proceeds from issuance under employee stock purchase plan 235 213
Net cash (used in) provided by financing activities (27,956) 10,246
Net decrease in cash, cash equivalents and restricted cash (39,274) (1,239)
Cash, cash equivalents and restricted cash at beginning of period 94,863 95,985
Cash, cash equivalents and restricted cash at end of period 55,589 94,746
Supplemental Disclosure    
Cash paid for taxes 45 43
Cash paid for interest 9,160 8,953
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Purchase of property and equipment in accounts payable and accrued liabilities 290 76
Debt issuance costs in accounts payable and accrued liabilities 119 0
Lease liabilities arising from obtaining operating lease right-of-use assets 6,506 0
Preferred Stock issuance costs and costs to settle Additional Shares Liability in accounts payable and accrued liabilities 458 281
Cancellation of Volition Warrant 300 0
Reduction in transaction costs allocated to equity instruments 0 9,609
Settlement of Additional Shares liability 0 1,500
Partial settlement of Earnout due to cancellation of shares 0 347
Reconciliation of cash, cash equivalents, and restricted cash:    
Cash and cash equivalents 50,762 86,094
Restricted cash 4,827 8,652
Total cash, cash equivalents and restricted cash $ 55,589 $ 94,746