XML 48 R7.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net loss $ (26,477) $ (66,524)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 6,181 6,291
Stock-based compensation expense 10,146 4,694
Change in fair value of contingent earnout liability (55,772) 0
Change in fair value of common stock warrant liabilities (56) 0
Loss on disposal of property and equipment 0 177
Amortization expense 2,060 2,060
Non-cash operating lease costs 42 81
Amortization of SVB debt discount 977 0
Accrued interest on PPP loan obligation 11 22
Gain on PPP loan forgiveness (3,284) 0
Payment of liabilities assumed in Merger (14,461) 0
Changes in operating assets and liabilities:    
Accounts receivable (63) 488
Prepaid expenses (2,174) (767)
Accounts payable (197) (889)
Accrued expenses 2,035 (1,408)
Operating lease obligation (42) (82)
Deferred payroll taxes (116) 289
Net cash used in operating activities (81,190) (55,568)
Cash flows from investing activities    
Purchase of short-term investments (certificates of deposit) (8,000) 0
Purchase of property and equipment (220) (318)
Proceeds from sale of property and equipment 0 50
Net cash used in investing activities (8,220) (268)
Cash flows from financing activities    
Proceeds from Merger and PIPE financing, net of offering costs paid 242,400 0
Payment of transaction costs related to Merger (3,945) 0
Proceeds from the exercise of stock options 598 301
Proceeds from SVB loan 29,659 0
Proceeds from PPP loan 0 3,251
Payment of finance lease principal (1,729) (1,500)
Net cash provided by financing activities 266,983 2,052
Net increase (decrease) in cash and cash equivalents 177,573 (53,784)
Cash and cash equivalents at the beginning of the period 39,929 93,713
Cash and cash equivalents at the end of the period 217,502 39,929
Supplemental disclosure    
Cash paid for interest on SVB loan 1,123 0
Supplemental disclosure of noncash activities:    
Operating lease right-of-use assets obtained in exchange for lease obligations 0 36
Purchase of property and equipment in accounts payable 21 4
Issuance of warrants in conjunction with debt 3,275 0
Unpaid liabilities assumed in connection with Merger 130 0
Conversion of redeemable convertible preferred stock into common stock in connection with the reverse capitalization 420,989 0
Contingent earnout liability recognized upon the closing of the reverse recapitalization $ 159,432 $ 0