Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities    
Net loss $ (82,694) $ (66,411)
Adjustments to reconcile net loss to net cash used in operating activities:    
Remeasurement of convertible preferred stock warrant liability (1,616) 1,308
Stock-based compensation 24,534 7,269
Depreciation and amortization 2,864 2,337
Changes in fair value of derivative liabilities (16,510) 0
Transaction costs allocated to derivative liabilities upon Business Combination 6,673 0
Non-cash interest expense 312 313
Inventory reserve 1,693 1,719
Loss on extinguishment of debt 0 1,027
Other non-cash expenses 139 387
Changes in operating assets and liabilities:    
Inventory (734) (11,320)
Prepaids and other assets 613 (3,059)
Accounts payable (3,495) (3,426)
Accrued expenses 525 7,327
Deferred revenue 1,308 1,788
Operating lease right-of-use assets and liabilities (52) 45
Other liabilities 302 (1,103)
Net cash used in operating activities (66,138) (61,799)
Cash Flows from Investing Activities    
Purchase of property and equipment (2,610) (2,845)
Net cash used in investing activities (2,610) (2,845)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock upon Closing of Business Combination 97,100 0
Proceeds from issuance of contingently redeemable convertible common stock 27,500 0
Payment of transaction costs related to the Closing of the Business Combination and convertible preferred stock issuance costs (1,267) (340)
Proceeds from the issuance of debt 0 25,000
Repayment of debt (562) (21,165)
Payment of debt extinguishment 0 (2,499)
Payment of debt issuance costs (211) (375)
Proceeds from exercise of stock options, net of withholding taxes paid related to common stock issued to employees 237 525
Repurchase of common stock (32) (297)
Net cash provided by financing activities 122,765 849
Net increase (decrease) in cash and cash equivalents 54,017 (63,795)
Cash and cash equivalents at beginning of period 78,376 176,523
Cash and cash equivalents at end of period 132,393 112,728
Supplemental Disclosure    
Cash paid for taxes 61 52
Cash paid for interest 3,052 1,299
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Transaction costs, convertible preferred stock and contingently redeemable convertible common stock issuance costs included in accounts payable and accrued liabilities 21,435 291
Purchases of property and equipment included in accounts payable and accrued liabilities 122 139
Initial measurement of common stock warrants recorded as debt fees 0 1,622
Net exercise of preferred stock warrants 989 0
Conversion of contingently redeemable convertible common stock and convertible preferred stock to common stock 516,365 0
Assumption of derivative liabilities upon Business Combination 93,196 0
Reclassification of Grove's preferred stock warrant liability to additional paid-in capital 2,182 0
Vesting of early exercised stock options $ 125 $ 1,245