XML 19 R7.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ (48,346) $ 8,851
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 229 231
Reduction in the carrying amount of right-of-use assets 516 362
Impairment loss on sublease 384  
Stock-based compensation expense 6,251 7,192
Amortization of premium on short-term investments (1,483) (97)
Non Cash Interest Expense 558 299
Change in fair value of earn-out liabilities (3,182) (77,892)
Changes in operating assets and liabilities:    
Accounts receivable (401) (1)
Prepaid expenses and other current assets 1,068 (2,086)
Prepaid expenses and other long-term assets (109) 11
Accounts payable (1,464) 1,193
Accrued expenses and other current liabilities (2,231) (187)
Other long term liabilities 22 (20)
Operating lease liabilities (609) (431)
Deferred revenue 67 13
Net cash used in operating activities (48,730) (62,562)
Cash flows from investing activities:    
Acquisition of property and equipment (13) (42)
Purchases of short-term investments (56,444) (81,593)
Proceeds from maturities of short-term investments 127,500 15,000
Net cash provided by (used in) investing activities 71,043 (66,635)
Cash flows from financing activities:    
Proceeds from exercise of stock options   145
Proceeds from note payable   10,000
Proceeds from Business Combination, net of transaction costs paid   131,814
Taxes paid related to net share settlement of share-based awards (111)  
Repayment of principal on note payable (2,500)  
Net cash provided by (used in) financing activities (2,611) 141,959
Net increase in cash, cash equivalents, and restricted cash 19,702 12,762
Cash, cash equivalents, and restricted cash at beginning of period 54,402 77,204
Cash, cash equivalents, and restricted cash at end of period 74,104 89,966
Supplementary Information:    
Cash paid for income taxes 16  
Cash paid for interest 1,298 453
Noncash investing and financing activities:    
Purchase of property and equipment included in accounts payable and accrued expenses $ 3  
Redemption value of Series D preferred stock   3,692
Dividends accrued for Series D preferred stock   7,383
Recognition of earn-out liabilities   87,512
Net liabilities assumed in Business Combination   $ 950