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 $ (29,628) $ (43,994)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 284 48
Non-cash interest expense 770 781
Amortization of debt discount 63 2,572
Accretion of convertible preferred shares 0 2,845
Amortization of acquired intangible assets 4,277 2,474
Amortization of operating lease right-of-use assets 88 86
Share-based compensation 4,425 2,466
Deferred taxes   1,566
Change in fair value of derivative liability   447
Research and development-licenses acquired, expense   13,819
Changes in operating assets and liabilities:    
Accounts receivable (5,380) 768
Inventory 1,744 (8,458)
Prepaid expenses and other current assets (871) (774)
Other assets 55 (144)
Accounts payable 14,343 20,388
Related party expenses (228) 1,869
Accrued expenses (3,568) 1,235
Accrued interest 160  
Income tax payable 27 (91)
Lease liabilities (95) (84)
Net cash used in operating activities (13,534) (2,181)
Cash flows from investing activities    
Purchase of research and development licenses   (10,000)
Acquired assets (20,000)  
Net cash used in investing activities (20,000) (10,000)
Cash flows from financing activities    
Proceeds from the exercise of stock options 142 7
Proceeds from Fortress note   9,540
Payment of license installment note payable (5,000) (5,300)
Proceeds from convertible preferred shares   18,967
Payment of debt issuance costs associated with convertible preferred shares (214) (1,996)
Proceeds from line of credit 5,000 7,000
Repayment of line of credit (2,864) (6,188)
Proceeds from issuance of common stock - initial public offering   32,536
Proceeds from EWB term-loan, net of discount 19,763  
Offering costs for the issuance of common stock - initial public offering (371) (1,550)
Net cash provided by financing activities 16,456 53,016
Net change in cash (17,078) 40,835
Cash at the beginning of the period 49,081 8,246
Cash at the end of the period 32,003 49,081
Supplemental disclosure of cash flow information:    
Cash paid for interest 993  
Cash paid for income taxes 168 158
Supplemental disclosure of non-cash financing and investing activities:    
Deferred payment for asset acquisition 4,740  
ROU assets obtained in exchange for lease liabilities $ 188  
Unpaid debt offering cost   214
Unpaid initial public offering cost   371
Derivative warrant liability associated with convertible preferred shares   362
Conversion of class A preferred stock settled note to common stock   21,812
Conversion of related party payables to common stock   16,105
Conversion of placement agent warrants to common stock   948
Conversion of contingent payment warrants to common stock   3,680
Extinguishment of related party payable relates to deferred tax assets   $ 43