Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net loss $ (26,985) $ (23,786) $ (29,135)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 2,721 1,507 933
Amortization of right-of-use assets 1,818 1,800 1,821
Amortization of intangible assets 202 153 123
Impairment loss on intangible assets 0 0 104
Amortization of debt discount and deferred financing fees 831 232 0
Loss on disposal of equipment 0 3 0
Provision for bad debt (41) (105) 514
Provision for inventory write-down 3,314 2,242 1,887
Investment losses (gains) 68 (47) (972)
Change in fair value of derivatives 28 117 0
Stock-based compensation 10,919 8,470 10,304
Change in operating assets and liabilities:      
Accounts receivable (499) (635) (2,136)
Inventory (7,478) (910) (3,767)
Prepaid expenses and other 2,435 (2,524) (661)
Accounts payable and accrued expenses (270) 4,958 2,920
Operating lease obligations (463) (1,086) (1,773)
Cash paid for interest portion of finance leases (2) (3) (4)
Contract and other liabilities (3) (12) (30)
Net cash used in operating activities (13,405) (9,626) (19,872)
Cash flows from investing activities:      
Purchase of property and equipment (27,811) (21,905) (4,664)
Economic development grant proceeds 950 0 0
Purchase of investments (68,699) (77,806) (121,074)
Proceeds from sale of investments 72,500 83,440 153,571
Cash payments for intangible assets (589) (692) (562)
Net cash (used in) / provided by investing activities (23,649) (16,963) 27,271
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 15,000 35,000 0
Proceeds from the paycheck protection program loan 0 7,820 0
Repayment of the paycheck protection program loan 0 (7,820) 0
Proceeds from issuance of common stock 0 3,500 0
Payments for debt issuance costs 0 (642) 0
Cash paid for debt portion of finance leases (15) (14) 29
Proceeds from exercise of stock options and ESPP stock purchases 5,467 3,300 4,002
Payments of employee tax withholdings in exchange of common stock awards 0 (670) 0
Net cash provided by financing activities 20,452 40,474 4,031
Net (decrease) increase in cash, cash equivalents, and restricted cash (16,602) 13,885 11,430
Cash, cash equivalents, and restricted cash, beginning of period 55,609 41,724 30,294
Cash, cash equivalents, and restricted cash, end of period 39,007 55,609 41,724
Supplemental disclosures of cash flow activity:      
Cash paid for interest, net of capitalized interest 495 822 34
Supplemental disclosure of non-cash investing and financing activities:      
Acquisition of fixed assets in accounts payable and accrued expenses 1,420 1,077 3,212
Acquisition of leasehold asset 0 5,250 0
Embedded derivative associated with the long-term debt 3,037 2,563 0
Obtaining a right-of-use asset in exchange for a lease liability 1,375 14,259 26
Conversion of the Oberland option 0 182 0
Acquisition of intangible assets in accounts payable and accrued expenses $ 418 $ 0 $ 0