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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (338,844) $ (587,756) $ (136,392)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization expense 1,187 1,246 555
Amortization of notes and securities discounts and debt issuance costs 30 13,717 21,118
Stock-based compensation expense 164,305 163,723 7,078
Paid-in-kind interest 0 0 28,334
Change in fair value of warrants and amortization of warrants (900) (66,146) 80,328
Change in derivative liabilities 0 0 (93,751)
Accretion, net of amortization (1,503) 200 (195)
Net realized losses on investment securities 267 53 (1,114)
Gain on extinguishment of note payable (23,326) 0 0
Gain on investment (9,217) 0 0
Premium deficiency reserve (94,240) 110,628 (17,128)
Changes in operating assets and liabilities:      
Accrued retrospective premiums 14,536 (94) (21,604)
Other receivables (8,988) (2,914) (5,865)
Reinsurance recoverable 0 (96) 481
Surety bonds and deposits (7,424) (10,656) 0
Prepaid expenses (3,415) (6,863) (6,473)
Other assets (1,204) (4,296) 1,003
Healthcare receivables (22,565) (9,297) (12,926)
Non-Insurance receivable (40,785) (12,170) 0
Operating lease right-of-use assets 1,984 3,591 3,257
Unpaid claims 2,589 36,948 26,090
Accounts payable and accrued expenses 7,635 5,307 10,845
Accrued salaries and benefits 8,784 11,169 186
Deferred rent 0 68 0
Other liabilities 2,468 979 1,378
Performance year obligation 36,953 36,891
Non-Insurance payable 110,418 37,773 0
Operating lease liabilities (2,671) (4,331) (3,703)
Net cash used in operating activities (203,926) (282,326) (118,498)
Cash flows from investing activities:      
Purchases of short-term investments, available-for-sale, and held-to-maturity securities (369,396) (876,252) (174,318)
Proceeds from sales of short-term investments and available-for-sale securities 13,348 126,862 248,664
Proceeds from maturities of short-term investments, available-for-sale, and held-to-maturity securities 472,098 314,666 63,751
Acquisition of business, net of cash acquired (16,200) 0 0
Purchases of property and equipment (4,467) (723) (693)
Acquisition of Character Biosciences, Inc. Series A preferred shares (250) 0 0
Net cash provided by (used in) investing activities 95,133 (435,447) 137,404
Cash flows from financing activities:      
Proceeds from issuance of convertible notes 0 0 20,000
Deferred financing costs 0 0 (98)
Payment of notes payable principal 0 (30,925) (18,752)
Issuance of common stock, net of early exercise liability 1,400 6,144 1,748
Proceeds from reverse recapitalization, net of transaction costs 0 666,241 0
Buyback and subsequent cancellation of common shares 0 0 (957)
Proceeds received for the exercise of public and private warrants 0 390 0
Issuance of common stock, net of stock issuance costs 0 283,775 0
Payment for the redemptions of public warrants 0 (85) 0
Treasury stock acquired (6,362) (147) 0
Acquisition of noncontrolling interest 0 0 3,903
Net cash (used in) provided by financing activities (4,962) 925,393 5,844
Net (decrease) increase in cash, cash equivalents, and restricted cash (113,755) 207,620 24,750
Cash, cash equivalents, and restricted cash, beginning of period 299,968 92,348 67,598
Cash, cash equivalents, and restricted cash , end of period 186,213 299,968 92,348
Reconciliation of cash and cash equivalents and restricted cash      
Cash and cash equivalents 103,791 299,968 92,348
Restricted cash 82,422 0 0
Total cash, cash equivalents, and restricted cash 186,213 299,968 92,348
Supplemental cash flow disclosures      
Cash paid during the period for interest 0 1,677 4,578
Cash paid during the year for health insurance industry fee 0 0 8,022
Supplemental disclosure of non-cash activities      
Conversion of preferred stock to common stock 0 447,747 0
Issuance of common stock related to convertible debt 0 16,059 0
Capital contribution for extinguishment of debt 0 126,795 0
Activities from Seek Dissolution 735 0 0
Issuance of common stock related to warrants exercised 0 97,782 0
Acquisition of public and private warrants 0 147,582 0
Issuance of common stock related to the exercise of public and private warrants 0 81,283 0
Right-of-use assets obtained in exchange for lease liabilities 642 1,076 42
Recognition of equity method investments and preferred stock 8,644 0 0
Derecognition of noncontrolling interest 3,903 0 0
Conversion of Character Biosciences, Inc. convertible note to preferred stock $ 250 $ 0 $ 0