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, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (21,716) $ (28,948) $ (26,985)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 4,218 2,827 2,744
Amortization of right-of-use assets 1,062 1,761 1,795
Amortization of intangible assets 273 265 202
Amortization of debt discount and deferred financing fees 891 891 831
Loss on disposal of equipment 56 0 0
(Recovery of) provision for bad debt (271) 612 (41)
Provision for inventory write-down 1,939 1,769 3,314
Investment losses (gains) (666) (228) 68
Change in fair value of derivatives (1,531) (1,044) 28
Stock-based compensation 14,418 15,591 10,919
Change in operating assets and liabilities:      
Accounts receivable (2,691) (4,639) (499)
Inventory (6,054) (3,656) (7,478)
Prepaid expenses and other (867) (84) 2,435
Accounts payable and accrued expenses 6,509 660 (270)
Operating lease obligations (1,269) (1,841) (463)
Cash paid for interest portion of finance leases (3) (2) (2)
Contract and other liabilities (14) 0 (3)
Net cash used in operating activities (5,716) (16,066) (13,405)
Cash flows from investing activities:      
Purchase of property and equipment (13,872) (20,078) (27,811)
Economic development grant proceeds 0 0 950
Purchase of investments (10,203) (39,247) (68,699)
Proceeds from sale of investments 44,374 57,300 72,500
Cash payments for intangible assets (1,046) (1,175) (589)
Net cash provided by (used in) investing activities 19,253 (3,200) (23,649)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 0 0 15,000
Cash paid for debt portion of finance leases (10) (12) (15)
Proceeds from exercise of stock options and ESPP stock purchases 1,964 1,806 5,467
Net cash provided by financing activities 1,954 1,794 20,452
Net increase (decrease) in cash, cash equivalents, and restricted cash 15,491 (17,472) (16,602)
Cash, cash equivalents, and restricted cash, beginning of period 21,535 39,007 55,609
Cash, cash equivalents, and restricted cash, end of period 37,026 21,535 39,007
Supplemental disclosures of cash flow activity:      
Cash paid for interest, net of capitalized interest 1,944 0 495
Supplemental disclosure of non-cash investing and financing activities:      
Acquisition of fixed assets in accounts payable and accrued expenses 704 866 1,420
Embedded derivative associated with the long-term debt 0 0 3,037
Obtaining a right-of-use asset in exchange for a lease liability 2,298 1,018 1,375
Acquisition of intangible assets in accounts payable and accrued expenses $ 407 $ 299 $ 418