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Unaudited Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (65,921) $ (44,487)
Adjustment to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization expense 2,115 1,188
Stock-based compensation expense 1,443 235
Reduction in the operating right of use assets 4,066 2,895
Amortization of debt discount 1,283 1,995
Change in fair value of derivative liability 84 1,369
Accretion on marketable securities (741) 0
Non-cash interest expense 117 176
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 484 (1,055)
Accounts payable 372 1,794
Accrued expenses (3,534) 4,526
Deferred revenue (1,274) 46,230
Operating lease liabilities (3,574) (2,882)
Net cash (used in) provided by operating activities (65,080) 11,984
Cash flows from investing activities:    
Purchase of marketable securities (34,460) (84,028)
Proceeds from the sale of marketable securities 97,000 42,000
Purchases of property and equipment (571) (4,341)
Net cash provided by (used in) investing activities 61,969 (46,369)
Cash flows from financing activities:    
Cash, cash equivalents and restricted cash acquired in connection with the reverse recapitalization 37,903 0
Payment of reverse recapitalization finance costs (5,814) 0
Proceeds from the issuance of common stock in pre-closing financing 30,640 0
Payment of principal related to finance lease liabilities (1,151) (766)
Proceeds from failed sale-leaseback arrangement 1,183 505
Payment of finance liability from failed sale-leaseback arrangement (628) (50)
Payment of deferred financing costs 146 0
Proceeds from issuance of convertible promissory note 0 35,000
Proceeds from the exercise of stock options 92 88
Net cash provided by financing activities 62,079 34,777
Net increase in cash, cash equivalents and restricted cash 58,968 392
Cash, cash equivalents and restricted cash at beginning of the period 24,194 28,551
Cash, cash equivalents and restricted cash at end of the period 83,162 28,943
Supplemental disclosures of cash flow information:    
Cash paid for interest 283 50
Supplemental disclosure of non-cash financing and investing activities:    
Conversion of convertible preferred stock and non-controlling interests upon Merger 122,204 0
Conversion of convertible promissory note, accrued interest and derivative liability upon Merger 42,447 0
Unrealized gain (loss) on marketable securities 414 (160)
Right-of-use assets obtained in exchange for new operating lease liabilities 908 6,437
Right-of-use assets obtained in exchange for new financing lease liabilities 0 2,471
Allocation of debt proceeds to derivative liability 0 3,820
Property and equipment in accounts payable $ 295 $ 90