Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities    
Net income (loss) $ (75,032) $ (103,909)
Adjustments to reconcile net loss to net cash used in operating activities:    
Remeasurement of convertible preferred stock warrant liability (1,616) 1,526
Stock-based compensation 34,348 10,858
Depreciation and amortization 4,291 3,633
Changes in fair value of derivative liabilities (49,149) 0
Transaction costs allocated to derivative liabilities upon Business Combination 6,873 0
Non-cash interest expense 447 509
Inventory reserve 3,540 1,933
Loss on extinguishment of debt 0 1,027
Other non-cash expenses 170 396
Changes in operating assets and liabilities:    
Inventory (5,132) (14,819)
Prepaids and other assets 715 (2,081)
Accounts payable (7,550) 7,400
Accrued expenses (1,826) 5,431
Deferred revenue (451) 159
Operating lease right-of-use assets and liabilities (84) 62
Other liabilities 909 (878)
Net cash used in operating activities (89,547) (88,753)
Cash Flows from Investing Activities    
Purchase of property and equipment (3,580) (4,268)
Net cash used in investing activities (3,580) (4,268)
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
Proceeds from issuance of shares under the ELOC Agreement 138 0
Payment of transaction costs related to the Closing of the Business Combination, the ELOC Agreement and convertible preferred stock issuance costs (5,358) (340)
Proceeds from the issuance of debt 0 50,000
Repayment of debt (865) (21,523)
Payment of debt issuance costs (211) (375)
Payment of debt extinguishment 0 (2,499)
Proceeds from exercise of stock options, net of withholding taxes paid related to common stock issued to employees, and warrants 270 749
Repurchase of common stock (32) (297)
Net cash provided by financing activities 118,542 25,715
Net increase (decrease) in cash and cash equivalents 25,415 (67,306)
Cash and cash equivalents at beginning of period 78,376 176,523
Cash and cash equivalents at end of period 103,791 109,217
Supplemental Disclosure    
Cash paid for taxes 64 52
Cash paid for interest 4,803 3,285
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Purchase of property and equipment in accounts payable and accrued liabilities 91 102
Conversion of contingently redeemable convertible common stock and 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 equity 2,182 0
Net exercise of preferred stock warrants 989 0
Settlement of Additional Shares liability 16,310 0
Transaction costs and convertible preferred stock included in accounts payable and accrued liabilities 18,799 1,198
Vesting of early exercised stock options 125 1,413
Initial measurement of common stock warrants recorded as debt fees $ 0 $ 1,622