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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities:    
Net loss $ (21,517) $ (39,431)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,060 3,027
Provision for bad debts 34 0
Amortization of right-of-use lease assets 41 132
Amortization of debt issuance costs and premium 0 287
Loss on extinguishment of debt 0 1,769
Amortization of discount on short-term investments (6,349) (4,545)
Stock-based compensation 17,353 11,321
Provision for excess and obsolete inventory 333 13
Change in operating assets and liabilities:    
Accounts receivable (5,121) (4,288)
Inventories (4,585) (4,101)
Prepaid and other assets 850 997
Accounts payable 830 1,408
Accrued expenses and other liabilities 2,385 119
Net cash used in operating activities (12,686) (33,292)
Investing Activities:    
Purchases of property and equipment (4,593) (3,223)
Maturities of short-term investments 188,000 205,000
Purchases of short-term investments (284,038) (228,472)
Net cash used in investing activities (100,631) (26,695)
Financing Activities:    
Proceeds from term loan 0 20,000
Repayment of term loan 0 (60,000)
Proceeds from issuance of common stock from public offering 108,100 54,050
Proceeds from issuance of common stock from at-the-market offerings 0 42,433
Proceeds from issuance of common stock 17,828 5,890
Payments for employee taxes related to stock compensation (4,768) (1,421)
Principal payments on finance lease liabilities (49) (119)
Payments of deferred offering costs (768) (647)
Payments of debt issuance costs 0 (2,224)
Net cash provided by financing activities 120,343 57,962
Effect of foreign exchange rate on cash, cash equivalents and restricted cash 3 (2)
Net increase (decrease) in cash, cash equivalents and restricted cash 7,029 (2,026)
Cash, cash equivalents and restricted cash - beginning of period 10,402 12,595
Cash, cash equivalents and restricted cash - end of period 17,431 10,569
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases 1,633 1,666
Cash paid for income taxes 26 12
Cash paid for interest on financing leases 16 8
Cash paid for interest on term loan 0 3,464
Right-of-use assets obtained in exchange for lease obligations:    
Operating lease 9,060 8
Finance lease 19 0
Lease obligations recorded for right-of-use assets:    
Operating lease 9,060 8
Finance lease 19 0
Acquisition of property and equipment included in accounts payable and accrued expenses and other current liabilities 393 211
Deferred offering costs included in accounts payable and accrued liabilities 0 159
Reclassification of deferred financing costs $ 768 $ 1,300