XML 16 R5.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net loss $ (49,198) $ (101,535)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 4,696 1,498
Non-cash operating lease expense 619 466
Loss on assignment of finance lease 158 0
Depreciation and amortization 63 73
Amortization of finance lease right-of-use asset 13 40
Non-cash interest expense 7 30
Gain on disposal of property and equipment (48) 0
Reversal due to settlement of indirect tax liabilities (9,445) 0
Loss on disposal of discontinued operations 0 1,799
Amortization of costs to obtain a contract with a customer 0 184
Changes in assets and liabilities:    
Accounts receivable (165) 13,620
Inventory 0 6,097
Prepaid expenses, other current assets, and other assets (206) 123
Accounts payable and accrued liabilities (4,819) (9,585)
Accrued indirect tax liabilities (1,665) 8,043
Accrued compensation and benefits (2,252) (1,465)
Contract liabilities 0 (29,329)
Operating lease liabilities (669) (483)
Net cash used in operating activities (62,911) (110,424)
Investing activities:    
Proceeds from sales of property and equipment 185 0
Purchases of property and equipment 0 (23)
Net cash provided by (used in) investing activities 185 (23)
Financing activities:    
Proceeds from underwritten public offering, net of issuance costs 378,125 0
Proceeds from at-the-market offering of common stock, net of issuance costs 4,126 0
Proceeds from exercise of stock options 1,124 0
Proceeds from private placement, net of issuance costs 0 239,202
Deferred financing costs 137 0
Payment of finance lease liabilities (50) (125)
Payment for shares withheld to fund payroll taxes 0 (39)
Net cash provided by financing activities 383,462 239,038
Net increase in cash, cash equivalents and restricted cash 320,736 128,591
Cash, cash equivalents and restricted cash at beginning of period 196,177 35,778
Cash, cash equivalents and restricted cash at end of period 516,913 164,369
Supplemental disclosure of cash flows:    
Income taxes paid 0 95
Non-cash investing activities:    
Purchases of property and equipment, included in accounts payable and accrued liabilities 0 106
Non-cash financing activities:    
Issuance costs incurred but not yet paid, included in accounts payable and accrued liabilities 1,220 35
Proceeds from exercise of stock options included in prepaid expenses, other current assets, and other assets 194 0
Deferred financing costs incurred but not yet paid 97 0
Purchase of shares pursuant to Employee Stock Purchase Plan $ 33 $ 55