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, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (28,948) $ (26,985) $ (23,786)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 2,827 2,744 1,530
Amortization of right-of-use assets 1,761 1,795 1,777
Amortization of intangible assets 265 202 153
Amortization of debt discount and deferred financing fees 891 831 232
Loss on disposal of equipment 0 0 3
Provision for bad debt 612 (41) (105)
Provision for inventory write-down 1,769 3,314 2,242
Investment losses (gains) (228) 68 (47)
Change in fair value of derivatives (1,044) 28 117
Stock-based compensation 15,591 10,919 8,470
Change in operating assets and liabilities:      
Accounts receivable (4,639) (499) (635)
Inventory (3,656) (7,478) (910)
Prepaid expenses and other (84) 2,435 (2,524)
Accounts payable and accrued expenses 660 (270) 4,958
Operating lease obligations (1,841) (463) (1,086)
Cash paid for interest portion of finance leases (2) (2) (3)
Contract and other liabilities 0 (3) (12)
Net cash used in operating activities (16,066) (13,405) (9,626)
Cash flows from investing activities:      
Purchase of property and equipment (20,078) (27,811) (21,905)
Economic development grant proceeds 0 950 0
Purchase of investments (39,247) (68,699) (77,806)
Proceeds from sale of investments 57,300 72,500 83,440
Cash payments for intangible assets (1,175) (589) (692)
Net cash used in investing activities (3,200) (23,649) (16,963)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 0 15,000 35,000
Proceeds from the paycheck protection program loan 0 0 7,820
Repayment of the paycheck protection program loan 0 0 (7,820)
Proceeds from issuance of common stock 0 0 3,500
Payments for debt issuance costs 0 0 (642)
Cash paid for debt portion of finance leases (12) (15) (14)
Proceeds from exercise of stock options and ESPP stock purchases 1,806 5,467 3,300
Payments of employee tax withholdings in exchange of common stock awards 0 0 (670)
Net cash provided by financing activities 1,794 20,452 40,474
Net (decrease) increase in cash, cash equivalents, and restricted cash (17,472) (16,602) 13,885
Cash, cash equivalents, and restricted cash, beginning of period 39,007 55,609 41,724
Cash, cash equivalents, and restricted cash, end of period 21,535 39,007 55,609
Supplemental disclosures of cash flow activity:      
Cash paid for interest, net of capitalized interest 0 495 822
Supplemental disclosure of non-cash investing and financing activities:      
Acquisition of fixed assets in accounts payable and accrued expenses 866 1,420 1,077
Acquisition of leasehold asset 0 0 5,250
Embedded derivative associated with the long-term debt 0 3,037 2,563
Obtaining a right-of-use asset in exchange for a lease liability 1,018 1,375 14,259
Conversion of the Credit Facility option 0 0 182
Acquisition of intangible assets in accounts payable and accrued expenses $ 299 $ 418 $ 0