Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.1
Condensed Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Cash Flows from Operating Activities    
Net loss $ (13,069) $ (47,384)
Adjustments to reconcile net loss to net cash used in operating activities:    
Remeasurement of convertible preferred stock warrant liability 0 (1,886)
Stock-based compensation 4,893 4,460
Depreciation and amortization 1,448 1,410
Changes in fair value of derivative liabilities 292 0
Reduction in transaction costs allocated to derivative liabilities upon Business Combination (3,745) 0
Non-cash interest expense 948 195
Inventory reserve 124 856
Other non-cash expenses 77 8
Changes in operating assets and liabilities:    
Inventory 3,078 3,038
Prepaids and other assets (828) (3,312)
Accounts payable 1,554 10,287
Accrued expenses 162 2,917
Deferred revenue (1,726) 159
Operating lease right-of-use assets and liabilities (261) (22)
Other liabilities 316 (229)
Net cash used in operating activities (6,737) (29,503)
Cash Flows from Investing Activities    
Purchase of property and equipment (784) (1,352)
Net cash used in investing activities (784) (1,352)
Cash Flows from Financing Activities    
Proceeds from issuance of contingently redeemable convertible common stock 0 27,500
Payment of transaction costs related to the Business Combination (4,150) (489)
Proceeds from issuance of debt 7,500 0
Payment of debt issuance costs (837) 0
Repayment of debt (235) (275)
Proceeds from exercise of stock options and settlement of restricted stock units, net of withholding taxes paid related to common stock issued to employees (288) 171
Net cash provided by financing activities 1,990 26,907
Net decrease in cash, cash equivalents and restricted cash (5,531) (3,948)
Cash, cash equivalents and restricted cash at beginning of period 95,985 78,376
Cash, cash equivalents and restricted cash at end of period 90,454 74,428
Supplemental Disclosure    
Cash paid for taxes 9 21
Cash paid for interest 2,734 1,461
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Purchase of property and equipment in accounts payable and accrued liabilities 113 286
Reduction in transaction costs allocated to equity instruments 9,609 0
Transaction and contingently redeemable convertible common stock issuance costs in accounts payable and accrued liabilities 0 2,582
Vesting of early exercised stock options 0 125
Reconciliation of cash, cash equivalents, and restricted cash:    
Cash and cash equivalents 81,653 74,428
Restricted cash 8,801 0
Total cash, cash equivalents and restricted cash $ 90,454 $ 74,428