Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net loss $ (73,297) $ (135,139)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 4,912 9,310
Amortization of debt discount and deferred financing costs 13,637 0
Stock-based compensation 15,363 24,931
Gain on exchange of debt for common stock (2,619) 0
Gain on fair value of warrants (32,094) (2,338)
Gain on fair value of contingent earnout liabilities (1,445) (15,958)
Non-cash cost of issuance of common stock warrants on BEPO Offering 1,311 0
Gain on fair value of debt derivatives 0 (8,485)
Loss on debt extinguishment 7,525 19,450
Non-cash warrant issuance in connection with August warrant inducement 2,439 0
Cost of issuance of common stock warrants 0 1,357
Loss on sale/disposal of fixed assets 11 0
Realized loss on available for sale securities 23 14
Changes in assets and liabilities    
Accounts receivable 5,860 (398)
Inventories, net 13,300 13,728
Contract assets 7,010 (7,224)
Prepaid expenses and other current assets 1,824 2,795
Other assets 3,952 10,153
Accounts payable (743) 2,211
Accrued expenses and other liabilities (2,578) (9,038)
Contract liabilities 5,150 (10,059)
Other noncurrent liabilities (2,218) (946)
Net cash used in operating activities (32,677) (105,636)
Cash flows from investing activities    
Purchase of property and equipment (9) (1,046)
Reimbursement of previously incurred leasehold expenditures 1,084 0
Sales of property and equipment 20 0
Production of equipment for lease to customers 0 (2,164)
Purchases of available-for-sale investments 0 (3,655)
Sale of available for sale securities 3,172 10,664
Proceeds from maturity of available for sale investments 3,500 35,092
Net cash provided by (used in) investing activities 7,767 38,891
Cash flows from financing activities    
Proceeds from ATM offering, net of issuance costs 0 22,805
Proceeds from revolving credit line 0 14,000
Repayment of revolving credit line 0 (17,000)
Proceeds from equipment loans 0 1,600
Repayment of equipment loans 0 (6,956)
Proceeds from capital raise - August Warrant Inducement 1,694 0
Proceeds from secured convertible notes, net of issuance costs 0 65,736
Repayment of secured convertible notes   (69,886)
Proceeds from secured notes, net of issuance costs 500 57,114
Repayment of secured notes (11,749) (25,000)
Proceeds from capital raise, net of issuance costs 10,700 16,287
Issuance of common stock upon exercise of stock options 315 561
Net cash provided by financing activities 1,460 59,261
Effect of exchange rate on cash and cash equivalents (4) (5)
Net change in cash and cash equivalents (23,454) (7,489)
Cash and cash equivalents and restricted cash at beginning of period 25,294 32,783
Cash and cash equivalents and restricted cash at end of period 1,840 25,294
Supplemental disclosure of cash flow information    
Cash paid for interest 1,183 9,722
Supplemental disclosure of non-cash information    
Unpaid liabilities related to property and equipment   92
Equipment for lease to customers returned to inventory 2,235 3,375
Unpaid inventory purchase (3,485) 0
Issuance of common stock warrants in connection with capital raise 0 11,428
Cash and Cash Equivalents and Restricted Cash    
Cash and cash equivalents 1,212 24,494
Restricted cash (Other assets) 628 800
Total cash and cash equivalents, and restricted cash $ 1,840 $ 25,294