Axogen, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (21,699)	$ (17,776)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	2,059	993
Amortization of right-of-use assets	1,418	1,282
Amortization of intangible assets	148	111
Amortization of deferred financing fees	384	22
Provision for bad debt	(145)	(115)
Provision for inventory write-down	2,850	2,108
Change in fair value of derivatives	152	71
Change in investment gains and losses	49	(29)
Share-based compensation	9,410	5,725
Change in operating assets and liabilities:
Accounts receivable	(804)	(1,700)
Inventory	(5,774)	(176)
Prepaid expenses and other	1,146	(844)
Accounts payable and accrued expenses	(927)	(911)
Operating lease obligations	(154)	(1,213)
Cash paid for interest portion of finance leases	(1)	(2)
Contract and other liabilities	(3)	(9)
Net cash used in operating activities	(11,891)	(12,463)
Cash flows from investing activities:
Purchase of property and equipment	(20,641)	(18,907)
Economic development grant proceeds	950	0
Purchase of investments	(39,139)	(41,794)
Proceeds from sale of investments	49,300	63,483
Cash payments for intangible assets	(534)	(393)
Net cash (used in) provided by investing activities	(10,064)	2,389
Cash flows from financing activities:
Proceeds from the issuance of long-term debt	15,000	35,000
Proceeds from the paycheck protection program	0	7,820
Repayment of paycheck protection program	0	(7,820)
Payments for debt issuance costs	0	(642)
Payments of employee tax withholding in exchange of common stock awards	0	(665)
Cash paid for debt portion of finance leases	(12)	(10)
Proceeds from exercise of stock options	4,421	2,276
Net cash provided by financing activities	19,409	35,959
Net (decrease) increase in cash, cash equivalents, and restricted cash	(2,546)	25,885
Cash, cash equivalents, and restricted cash, beginning of period	55,609	41,724
Cash, cash equivalents and restricted cash, end of period	53,063	67,609
Supplemental disclosures of cash flow activity:
Cash paid for interest, net of capitalized interest	646	379
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of fixed assets in accounts payable and accrued expenses	1,460	1,271
Obtaining a right-of-use asset in exchange for a lease liability	1,375	14,119
Embedded derivative associated with the long-term debt	1,173	2,562
Acquisition of intangible assets in accounts payable and accrued expenses	$ 261	$ 0