XML 86 R8.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (60,513) $ (110,090)
Adjustments to reconcile net loss to net cash used in operating activities:    
Impairment of acquired contract intangible asset 3,724 74,156
Share-based compensation expense 9,643 2,106
Amortization of premiums and discounts on short-term investments, net (1,215) 0
Change in fair value of convertible promissory notes 0 (1,585)
Non-cash interest expense 0 665
Gain upon extinguishment of debt 0 (196)
Non-cash lease expense 382 171
Depreciation and amortization expense 159 105
Changes in operating assets and liabilities:    
Accounts receivable (1,862) 14,149
Inventory (1,861) 0
Prepaid expenses and other current assets (1,463) (2,166)
Other non-current assets 437 481
Operating lease liabilities, net (291) (129)
Accounts payable and accrued liabilities 3,220 8,290
Other liabilities 0 (8,380)
Net cash used in operating activities (49,640) (22,423)
Investing activities:    
Purchases of property and equipment (444) (46)
Purchases of short-term investments (145,192) 0
Maturities of short-term investments 12,750 0
Cash acquired in connection with the Merger 0 29,700
Transaction expenses related to the Merger 0 (4,501)
Net cash (used in) provided by investing activities (132,886) 25,153
Financing activities:    
Proceeds from issuance of common stock and prefunded warrants to PIPE Investors 72,500 0
Issuance of common stock upon exercise of stock options 401 833
Proceeds from issuance under employee stock purchase plan 323 0
Issuance of common stock upon exercise of warrants 55 0
Deferred offering costs paid for financing (337) 0
Costs incurred in connection with issuance of common stock (322) (9,617)
Proceeds from the issuance of common stock to PIPE Investors 0 155,000
Dividends paid 0 (4,412)
Net cash provided by financing activities 72,620 141,804
Net (decrease) increase in cash, cash equivalents and restricted cash (109,906) 144,534
Cash, cash equivalents and restricted cash at beginning of year 148,989 4,455
Cash, cash equivalents and restricted cash at end of year 39,083 148,989
Supplemental disclosure of cash flow information:    
Interest paid during the period 230 22
Costs incurred in connection with issuance of common stock paid during the period 322 0
Supplemental disclosure of non-cash activities:    
Issuance of common stock upon Merger 0 105,888
Conversion of convertible promissory note into common stock upon Merger 0 9,130
Amounts accrued for purchases of property and equipment 80 0
Right-of-use assets obtained in exchange for operating lease liabilities $ 1,241 $ 610