XML 36 R7.htm IDEA: XBRL DOCUMENT v3.24.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (61,618,000) $ (62,493,000) $ (77,702,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 3,254,000 3,000,000 2,518,000
Provision for bad debts 301,000 204,000 123,000
Amortization of investment discount 0 98,000 226,000
Equity-based compensation expense 5,387,000 10,625,000 22,047,000
Unrealized (gain) loss on equity investments (114,000) 211,000 0
Loss (gain) on disposal of property and equipment 150,000 133,000 (75,000)
Gain on fair value adjustment (12,955,000) 0 0
Paid-in-kind interest 1,718,000 0 0
Inventory write-down 1,184,000 0 4,500,000
(Increase) decrease in assets:      
Deferred compensation plan (39,000) (298,000) (484,000)
Accounts receivable (234,000) (100,000) (893,000)
Inventory 446,000 (236,000) (415,000)
Prepaid expense and other assets 965,000 (62,000) 1,014,000
Increase (decrease) in liabilities:      
Accounts payable 295,000 2,920,000 273,000
Accrued liabilities and other (411,000) (861,000) (469,000)
Deferred revenue and income 2,120,000 96,000 75,000
Deferred compensation 290,000 66,000 473,000
Net cash used in operating activities (40,196,000) (48,728,000) (47,323,000)
Cash flows from investing activities:      
Purchases of equipment (1,035,000) (554,000) (603,000)
Purchase of marketable securities 0 (27,506,000) (30,081,000)
Proceeds from sales of marketable securities 0 0 250,000
Maturities of marketable securities 9,695,000 40,477,000 38,738,000
Net cash provided by investing activities 8,660,000 12,417,000 8,304,000
Cash flows from financing activities:      
Proceeds from exercise of options 0 7,000 1,620,000
Proceeds from issuance of common stocks under employee purchase plan 0 224,000 326,000
Proceeds from issuance of 5.00% Notes 10,000,000 0 0
Payment of debt 0 (80,000) (360,000)
Payments on finance leases (1,250,000) (1,201,000) 0
Transaction costs related to debt (3,731,000) (192,000) (1,240,000)
Net cash provided by financing activities 9,019,000 31,630,000 43,226,000
Effect of exchange rate on cash (250,000) (312,000) (90,000)
(Decrease) increase in cash and cash equivalents (22,767,000) (4,993,000) 4,117,000
Cash and cash equivalents, beginning of period 34,905,000 39,898,000 35,781,000
Cash and cash equivalents, end of period 12,138,000 34,905,000 39,898,000
Non-cash investing activities:      
Net transfer of instruments from inventory to property and equipment, net 401,000 168,000 688,000
Non-cash financing activities:      
Exchange of 2.50% Notes and accrued interest for 5.00% Notes 56,893,000 0 0
Debt premium on issuance of 5.00% Notes 6,023,000 0 0
Derivative liability associated with the bifurcated conversion option 38,160,000 0 0
Reclassification of bifurcated conversion option to contributed capital 26,908,000 0 0
Extinguishment of derivative liability in connection with extinguishment of 5.00% Notes 380,000 0 0
Issuance of common stock in connection with extinguishment of 5.00% Notes 819,000 0 0
Capital contribution from the exchange of secured note and accrued interest through the issuance of common stock with related party 25,366,000 29,847,000 0
2.50% Notes extinguished in connection with exchange transaction 0 49,624,000 0
Fair value of new note issued in connection with the exchange transaction 0 16,024,000 0
Fair value of common stock warrant issued in connection with the exchange transaction 0 3,753,000 0
Right-of-use assets obtained in exchange for finance lease obligations 200,000 3,096,000 0
Supplemental cash flow information:      
Interest paid 122,000 2,214,000 4,288,000
Income taxes paid, net of refunds 363,000 0 0
Convertible Notes      
Adjustments to reconcile net loss to net cash used in operating activities:      
Amortization of debt discount and issuance costs 3,278,000 474,000 11,542,000
2.50% Convertible Notes due 2023 | Convertible Notes      
Adjustments to reconcile net loss to net cash used in operating activities:      
Loss (gain) on extinguishment of debt   (3,600,000) (4,900,000)
Non-cash financing activities:      
Extinguishment of 2.50% Notes through issuance of common stock 0 10,180,000 38,902,000
Nonrelated Party      
Adjustments to reconcile net loss to net cash used in operating activities:      
Amortization of debt discount and issuance costs 3,278,000 474,000 11,542,000
Loss (gain) on extinguishment of debt 6,499,000 (3,565,000) (9,793,000)
Increase (decrease) in liabilities:      
Accrued interest 716,000 (437,000) (283,000)
Cash flows from financing activities:      
Proceeds from issuance of common and preferred stock, net 0 32,872,000 42,880,000
Related Party      
Adjustments to reconcile net loss to net cash used in operating activities:      
Amortization of debt discount and issuance costs 1,033,000 834,000 0
Loss (gain) on extinguishment of debt 6,755,000 0 0
Increase (decrease) in liabilities:      
Accrued interest 784,000 663,000 0
Cash flows from financing activities:      
Proceeds from issuance of common stock to related party $ 4,000,000 $ 0 $ 0