v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (23,533) $ (21,699)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,182 2,059
Amortization of right-of-use assets 1,303 1,418
Amortization of intangible assets 198 148
Amortization of debt discount and deferred financing fees 667 384
Provision for bad debt 566 (145)
Provision for inventory write-down 1,381 2,850
Change in fair value of derivatives (1,155) 152
Investment losses 44 49
Stock-based compensation 11,437 9,410
Change in operating assets and liabilities:    
Accounts receivable (3,695) (804)
Inventory (3,804) (5,774)
Prepaid expenses and other (828) 1,146
Accounts payable and accrued expenses (870) (927)
Operating lease obligations (1,320) (154)
Cash paid for interest portion of finance leases (1) (1)
Contract and other liabilities 0 (3)
Net cash used in operating activities (17,428) (11,891)
Cash flows from investing activities:    
Purchase of property and equipment (13,456) (20,641)
Economic development grant proceeds 0 950
Purchase of investments (24,607) (39,139)
Proceeds from sale of investments 37,100 49,300
Cash payments for intangible assets (1,028) (534)
Net cash used in investing activities (1,991) (10,064)
Cash flows from financing activities:    
Proceeds from the issuance of long-term debt 0 15,000
Cash paid for debt portion of finance leases (9) (12)
Proceeds from exercise of stock options and ESPP stock purchases 990 4,421
Net cash provided by financing activities 981 19,409
Net decrease in cash, cash equivalents, and restricted cash (18,438) (2,546)
Cash, cash equivalents, and restricted cash, beginning of period 39,007 55,609
Cash, cash equivalents, and restricted cash, end of period 20,569 53,063
Supplemental disclosures of cash flow activity:    
Cash paid for interest, net of capitalized interest 0 646
Supplemental disclosure of non-cash investing and financing activities:    
Acquisition of fixed assets in accounts payable and accrued expenses 2,090 1,460
Obtaining a right-of-use asset in exchange for a lease liability 920 1,375
Obtaining of property and equipment in exchange for a lease liability 22 0
Embedded derivative associated with the long-term debt 0 1,173
Acquisition of intangible assets in accounts payable and accrued expenses $ 177 $ 261

Source