Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (39,696) $ (84,936)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 3,093 3,250
Stock-based compensation expense 3,051 8,916
Non-cash gain on settlement with licensor (6,743)
Non-cash PPP loan payable forgiveness income (1,758)
Non-cash impairment of goodwill 32,466
Change in fair value of warrant liabilities (11,383)
Non-cash impairment of licensed technology 1,355
Non-cash impairment of right-of-use lease assets 2,511
Non-cash impairment of construction-in-progress 1,792
Accretion and interest on short-term investments (380) 122
Amortization of right-of-use lease assets 1,484 1,214
Non-cash interest 736 67
Loss on disposal of property and equipment 138
Gain on lease termination (292)
Change in operating assets and liabilities:    
Accounts receivable 3,000 (3,000)
Other receivables (188)
Prepaid expenses and other current assets 1,953 331
Other assets 125 (7)
Accounts payable, accrued expenses and lease liabilities (5,490) 825
Deferred revenue (292)
Change in payable to licensor (5,000) (16,412)
Net cash used in operating activities (43,483) (65,665)
Cash flows from investing activities:    
Capital expenditures (130) (4,151)
Proceeds from disposal of property and equipment 1,734
Purchases of short-term investments (78,212) (20,163)
Proceeds from maturities of short-term investments 52,644 90,376
Net cash (used in) provided by investing activities (23,964) 66,062
Cash flows from financing activities:    
Proceeds from ATM sales of common stock, net of issuance costs 12,839 8,051
Proceeds from issuance of common stock and warrants in public offering, net of issuance costs 15,979
Proceeds from issuance of common stock and warrants in private offering, net of issuance costs 34,121
Proceeds from exercise of stock options and net settlement of restricted share awards (5) 831
Proceeds from issuance of Series A and Series B Convertible Redeemable Preferred Stock, net of issuance costs 22,468
Redemption of Series A and Series B Convertible Redeemable Preferred Stock (26,250)
Net cash provided by financing activities 43,173 24,861
Net (decrease)increase in cash, cash equivalents and restricted cash (24,274) 25,258
Cash, cash equivalents and restricted cash at beginning of year 38,829 13,571
Cash, cash equivalents and restricted cash at end of year 14,555 38,829
Supplemental cash flow information:    
Cash and cash equivalents 14,217 32,938
Restricted cash 338 5,891
Total cash, cash equivalents and restricted cash 14,555 38,829
Supplemental non-cash flow information:    
Additions (deletions) to right-of-use lease assets obtained from new operating lease liabilities resulting from modification of original lease arrangement (77) 3,585
Deletions to operating lease liabilities obtained from new operating lease liabilities resulting from modification of original lease arrangement $ (369)