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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities    
Net loss $ (52,286) $ (175,767)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 21,953 33,734
Stock-based compensation expense 9,138 (326)
Change in fair value of warrants and contingent liabilities 13,370 (1,170)
Deferred tax benefit (343) (926)
Provision for excess and obsolete inventory 180 3,913
Change in third party payor reserves 607 (9,745)
Gain on sale of assets 0 (1,677)
Gain on debt forgiveness 0 (2,750)
Impairment loss 0 10,402
Other 3,630 2,406
Change in operating assets and liabilities:    
Accounts receivable (5,421) 10,263
Inventory (2,585) 975
Accounts payable and accrued expenses (20,461) (46,953)
Other assets and liabilities 3,722 (2,526)
Net cash used in operating activities (28,496) (180,147)
Investing activities    
Proceeds from maturities of marketable securities 41,060 17,765
Purchases of marketable securities (66,302) (47,670)
Purchases of property and equipment (5,491) (5,250)
Proceeds from sales of marketable securities 601 0
Consideration on escrow paid for Legacy GeneDx acquisition 0 (12,144)
Proceeds from sales of assets 0 4,034
Development of internal-use software assets 0 (461)
Net cash used in investing activities (30,132) (43,726)
Financing activities    
Proceeds from offerings, net of issuance costs 46,496 143,002
Exercise of stock options 394 285
Issuance of stock pursuant to employee stock purchase plan 497 0
Long-term debt principal payments (497) (2,000)
Finance lease payoff and principal payments (2,728) (3,598)
Proceeds from long-term debt 0 48,549
Net cash provided by financing activities 44,162 186,238
Net decrease in cash, cash equivalents and restricted cash (14,466) (37,635)
Cash, cash equivalents and restricted cash, at beginning of year 100,668 138,303
Cash, cash equivalents and restricted cash, at end of year 86,202 100,668
Supplemental disclosures of cash flow information    
Stock consideration paid pursuant to exercise of Perceptive warrant 12,586 0
Cash paid for interest 6,677 3,041
Purchases of property and equipment in accounts payable and accrued expenses 2,597 134
Cash paid for taxes 1,167 1,465
Assets acquired under capital leases obligations 689 0
Issuance of common stock for first Milestone Payment 0 6,692
Lease liability from obtaining right-of-use asset $ 0 $ 637