XML 151 R132.htm IDEA: XBRL DOCUMENT v3.23.3
Note 19 - Adoption of U.S. GAAP - Accounting Standards Update and Change in Accounting Principle (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2019
Revenue $ 1,196 $ 2,158 $ 4,380 $ 4,546 $ 6,012 $ 4,247 $ 0      
Cost of sales 1,046 969 3,159 2,298 3,284 1,876 0      
General administrative expenses 5,865 6,308 15,732 30,917 37,191 36,640 [1],[2] 8,003 [1],[2]      
Research and development 2,169 3,941 7,996 9,657 13,055 9,636 [3] 5,924 [3]      
Depreciation expense 5,420 4,031 14,030 10,516 14,326 10,728 [3] 3,031 [3]      
Other operating expenses, net 4,852 6,992 17,930 20,728 29,023 14,002 5,449      
Total costs and expenses 19,352 22,241 58,847 74,116 96,879 72,882 22,407      
Operating loss (18,156) (20,083) (54,467) (69,570) (90,867) (68,635) (22,407)      
Finance costs, net 389 381 1,471 (1,225) (652) (9,738) [2],[4] 35 [2],[4]      
Change in fair value of financial instruments 1,940 6,270 7,520 50,866 58,311 17,983 [4] 9,637 [4]      
Gain (loss) on extinguishment of debt         0 (37,216) [4] (9,240) [4]      
Other income (expense), net 2,277 1,592 4,199 2,111 1,140 1,069 [2] 594 [2]      
Total other income (expense), net 4,606 8,243 13,190 51,752 58,799 (27,902) 1,026      
Loss before income tax (13,550) (11,840) (41,277) (17,818) (32,068) (96,537) (21,381)      
Income tax 4,069 2,983 6,193 5,126 4,573 (232) 148      
Net loss available to common stockholders (17,619) (14,823) (47,470) (22,944) (36,641) (96,305) (21,529)      
Foreign currency translation loss, net of tax (294) (373) (218) (695) (226) (86) 0      
Comprehensive loss $ (17,913) $ (15,196) $ (47,688) $ (23,639) $ (36,867) $ (96,391) $ (21,529)      
Basic loss for the period attributable to common stockholders (in dollars per share) $ (0.2) $ (0.17) $ (0.53) $ (0.28) $ (0.44) $ (5.78) [5] $ (1.34) [5]      
Basic weighted-average common shares outstanding (in shares) 89,739,310 89,002,430 89,476,065 81,221,550 83,188,276 [6] 16,655,634 [5],[6] 16,029,826 [5],[6]      
Diluted loss for the period attributable to common stockholders (in dollars per share) $ (0.2) $ (0.37) $ (0.53) $ (0.5) $ (0.66) $ (5.78) [5] $ (1.34) [5]      
Diluted weighted-average common shares outstanding (in shares) 89,739,310 90,413,087 89,476,065 82,632,207 83,798,149 16,655,634 [5] 16,029,826 [5]      
Cash and cash equivalents $ 30,971   $ 30,971   $ 76,528 $ 8,533        
Accounts receivable, net of allowance of $3,317 and $3,237, respectively 1,718   1,718   1,388 1,196        
Prepaid expenses and other current assets 3,245   3,245   3,198 2,695        
Total current assets 35,934   35,934   81,240 12,424        
Property and equipment, net 42,728   42,728   47,981 32,530        
Operating lease right-of-use assets 9,331   9,331   8,171 2,955 $ 1,403      
Deferred income tax assets         0 1,640        
Other non-current assets 5,349   5,349   6,463 369        
Total assets 93,342   93,342   143,855 49,918        
Accounts payable         9,850 6,650        
Debt         0 108,473        
Warrant liabilities 1,945   1,945   8,335 143,237        
Operating lease liabilities 2,034   2,034   2,176 985        
Contract liabilities 3,286   3,286   1,941 935        
Accrued expenses and other liabilities 7,481   7,481   6,417 23,435        
Total current liabilities 21,461   21,461   30,072 283,715        
Operating lease liabilities 7,641   7,641   6,063 2,083        
Contract liabilities 1,000   1,000   1,000 1,000        
Other non-current liabilities 499   499   522 2,552        
Total liabilities 30,601   30,601   37,657 289,350        
Redeemable preferred stock         0 21,306        
Treasury stock, at cost: 516,123 shares at September 30, 2023, and 516,123 shares at December 31, 2022 (8,603)   (8,603)   (8,603) (170,949)        
Additional paid-in capital 342,159   342,159   337,928 96,471        
Accumulated other comprehensive loss (530)   (530)   (312) (86)        
Accumulated deficit (270,285)   (270,285)   (222,815) (186,174)        
Total stockholders’ equity (deficit) 62,741 $ 118,129 62,741 $ 118,129 106,198 (260,738) (25,828) $ 79,245 $ 132,000 $ (5,449)
Total liabilities, redeemable preferred stock and stockholders’ equity (deficit) 93,342   93,342   143,855 49,918        
Research and development 2,169 3,941 7,996 9,657 13,055 9,636 [3] 5,924 [3]      
Other operating expenses 4,852 6,992 17,930 20,728 29,023 14,002 5,449      
Increase (decrease) to loss before income tax (13,550) (11,840) (41,277) (17,818) (32,068) (96,537) (21,381)      
Research and development 2,169 3,941 7,996 9,657 13,055 9,636 [3] 5,924 [3]      
Depreciation expense 5,420 4,031 14,030 10,516 14,326 10,728 [3] 3,031 [3]      
Other operating expenses 4,852 6,992 17,930 20,728 29,023 14,002 5,449      
Loss before income tax (13,550) (11,840) (41,277) (17,818) (32,068) (96,537) (21,381)      
General and administrative expenses 5,865 6,308 15,732 30,917 37,191 36,640 [1],[2] 8,003 [1],[2]      
Finance costs, net 389 381 1,471 (1,225) (652) (9,738) [2],[4] 35 [2],[4]      
Other income, net 2,277 1,592 4,199 2,111 1,140 1,069 [2] 594 [2]      
Operating lease liabilities         8,239 3,068 1,415      
Total non-current 7,641   7,641   6,063 2,083        
Change in fair value of financial instruments 1,940 6,270 7,520 50,866 58,311 17,983 [4] 9,637 [4]      
Loss on extinguishment of debt         0 (37,216) [4] (9,240) [4]      
Net loss $ (17,619) $ (14,823) $ (47,470) $ (22,944) $ (36,641) $ (96,305) $ (21,529)      
Basic weighted-average common shares outstanding (in shares) 89,739,310 89,002,430 89,476,065 81,221,550 83,188,276 [6] 16,655,634 [5],[6] 16,029,826 [5],[6]      
Basic loss per share for the period attributable to common stockholders (in dollars per share) $ (0.2) $ (0.17) $ (0.53) $ (0.28) $ (0.44) $ (5.78) [5] $ (1.34) [5]      
Dilutive numerator $ (17,619) $ (33,458) $ (47,470) $ (41,579) $ (55,276) $ (96,305) $ (21,529)      
Diluted loss per share for the period attributable to common stockholders (in dollars per share) $ (0.2) $ (0.37) $ (0.53) $ (0.5) $ (0.66) $ (5.78) [5] $ (1.34) [5]      
Previously Reported [Member]                    
Revenue           $ 4,247 $ 0      
Cost of sales           1,876 0      
General administrative expenses [1],[2]           36,649 8,127      
Research and development [3]           9,640 5,878      
Depreciation expense [3]           10,825 3,182      
Other operating expenses, net           14,002 5,476      
Total costs and expenses           72,992 22,663      
Operating loss           (68,745) (22,663)      
Finance costs, net [2],[4]           (11,769) (22)      
Change in fair value of financial instruments [4]           (42,102) (84,224)      
Gain (loss) on extinguishment of debt [4]           3,576 (7,466)      
Other income (expense), net [2]           1,067 597      
Total other income (expense), net           (49,228) (91,115)      
Loss before income tax           (117,973) (113,778)      
Income tax           (232) 148      
Net loss available to common stockholders           (117,741) (113,926)      
Foreign currency translation loss, net of tax           (86) 0      
Comprehensive loss           $ (117,827) $ (113,926)      
Basic loss for the period attributable to common stockholders (in dollars per share) [5]           $ (7.07) $ (7.11)      
Basic weighted-average common shares outstanding (in shares) [5]           16,655,634 16,029,826      
Diluted loss for the period attributable to common stockholders (in dollars per share) [5]           $ (7.07) $ (7.11)      
Diluted weighted-average common shares outstanding (in shares) [5]           16,655,634 16,029,826      
Cash and cash equivalents           $ 8,533        
Accounts receivable, net of allowance of $3,317 and $3,237, respectively           1,196        
Prepaid expenses and other current assets           2,695        
Total current assets           12,424        
Property and equipment, net           33,586        
Operating lease right-of-use assets           2,663        
Deferred income tax assets           1,640        
Other non-current assets           369        
Total assets           50,682        
Accounts payable           6,650        
Debt           246,189        
Warrant liabilities           0        
Operating lease liabilities           891        
Contract liabilities           935        
Accrued expenses and other liabilities           23,435        
Total current liabilities           278,100        
Operating lease liabilities           1,908        
Contract liabilities           1,000        
Other non-current liabilities           2,552        
Total liabilities           283,560        
Redeemable preferred stock           0        
Treasury stock, at cost: 516,123 shares at September 30, 2023, and 516,123 shares at December 31, 2022           (170,949)        
Additional paid-in capital           235,909        
Accumulated other comprehensive loss           (86)        
Accumulated deficit           (297,752)        
Total stockholders’ equity (deficit)           (232,878)        
Total liabilities, redeemable preferred stock and stockholders’ equity (deficit)           50,682        
Research and development [3]           9,640 $ 5,878      
Other operating expenses           14,002 5,476      
Increase (decrease) to loss before income tax           (117,973) (113,778)      
Research and development [3]           9,640 5,878      
Depreciation expense [3]           10,825 3,182      
Other operating expenses           14,002 5,476      
Loss before income tax           (117,973) (113,778)      
General and administrative expenses [1],[2]           36,649 8,127      
Finance costs, net [2],[4]           (11,769) (22)      
Other income, net [2]           1,067 597      
Total non-current           1,908        
Change in fair value of financial instruments [4]           (42,102) (84,224)      
Loss on extinguishment of debt [4]           3,576 (7,466)      
Net loss           $ (117,741) $ (113,926)      
Basic weighted-average common shares outstanding (in shares) [5]           16,655,634 16,029,826      
Basic loss per share for the period attributable to common stockholders (in dollars per share) [5]           $ (7.07) $ (7.11)      
Diluted loss per share for the period attributable to common stockholders (in dollars per share) [5]           $ (7.07) $ (7.11)      
Revision of Prior Period, Adjustment [Member]                    
Revenue           $ 0 $ 0      
Cost of sales           0 0      
General administrative expenses [1],[2]           (9) (124)      
Research and development [3]           (4) 46      
Depreciation expense [3]           (97) (151)      
Other operating expenses, net           0 (27)      
Total costs and expenses           (110) (256)      
Operating loss           110 256      
Finance costs, net [2],[4]           2,031 57      
Change in fair value of financial instruments [4]           60,085 93,861      
Gain (loss) on extinguishment of debt [4]           (40,792) (1,774)      
Other income (expense), net [2]           2 (3)      
Total other income (expense), net           21,326 92,141      
Loss before income tax           21,436 92,397      
Income tax           (0) (0)      
Net loss available to common stockholders           21,436 92,397      
Foreign currency translation loss, net of tax           0 0      
Comprehensive loss           $ 21,436 $ 92,397      
Basic loss for the period attributable to common stockholders (in dollars per share) [5]           $ 1.29 $ 5.76      
Basic weighted-average common shares outstanding (in shares) [5]           0 0      
Diluted loss for the period attributable to common stockholders (in dollars per share) [5]           $ 1.29 $ 5.76      
Diluted weighted-average common shares outstanding (in shares) [5]           0 0      
Cash and cash equivalents           $ 0        
Accounts receivable, net of allowance of $3,317 and $3,237, respectively           0        
Prepaid expenses and other current assets           0        
Total current assets           0        
Property and equipment, net           (1,056)        
Operating lease right-of-use assets           292        
Deferred income tax assets           0        
Other non-current assets           0        
Total assets           (764)        
Accounts payable           0        
Debt           (137,716)        
Warrant liabilities           143,237        
Operating lease liabilities           94        
Contract liabilities           0        
Accrued expenses and other liabilities           0        
Total current liabilities           5,615        
Operating lease liabilities           175        
Contract liabilities           0        
Other non-current liabilities           0        
Total liabilities           5,790        
Redeemable preferred stock           21,306        
Treasury stock, at cost: 516,123 shares at September 30, 2023, and 516,123 shares at December 31, 2022           0        
Additional paid-in capital           (139,438)        
Accumulated other comprehensive loss           0        
Accumulated deficit           111,578        
Total stockholders’ equity (deficit)           (27,860)        
Total liabilities, redeemable preferred stock and stockholders’ equity (deficit)           (764)        
Research and development [3]           (4) $ 46      
Other operating expenses           0 (27)      
Increase (decrease) to loss before income tax           21,436 92,397      
Research and development [3]           (4) 46      
Depreciation expense [3]           (97) (151)      
Other operating expenses           0 (27)      
Loss before income tax           21,436 92,397      
General and administrative expenses [1],[2]           (9) (124)      
Finance costs, net [2],[4]           2,031 57      
Other income, net [2]           2 (3)      
Total non-current           175        
Change in fair value of financial instruments [4]           60,085 93,861      
Loss on extinguishment of debt [4]           (40,792) (1,774)      
Net loss           $ 21,436 $ 92,397      
Basic weighted-average common shares outstanding (in shares) [5]           0 0      
Basic loss per share for the period attributable to common stockholders (in dollars per share) [5]           $ 1.29 $ 5.76      
Diluted loss per share for the period attributable to common stockholders (in dollars per share) [5]           $ 1.29 $ 5.76      
Revision of Prior Period, Adjustment [Member] | I F R S Impact on Share Based Compensation [Member]                    
Research and development           $ 0 $ (89)      
Other operating expenses, net           0 (27)      
Loss before income tax           (80) (252)      
Additional paid-in capital           542        
Accumulated deficit           (542)        
Total liabilities, redeemable preferred stock and stockholders’ equity (deficit)           0        
General and administrative expenses           (80) (136)      
Research and development           0 (89)      
Other operating expenses           0 (27)      
Increase (decrease) to loss before income tax           (80) (252)      
Research and development           0 (89)      
Other operating expenses           0 (27)      
Loss before income tax           (80) (252)      
Revision of Prior Period, Adjustment [Member] | I F R S Impact on Research and Development [Member]                    
Research and development           (4) 135      
Depreciation expense           (97) (151)      
Other operating expenses, net           0 0      
Loss before income tax           (101) (16)      
Property and equipment, net           (1,056)        
Total assets           (1,056)        
Accumulated deficit           (1,056)        
Total liabilities, redeemable preferred stock and stockholders’ equity (deficit)           (1,056)        
Research and development           (4) 135      
Other operating expenses           0 0      
Increase (decrease) to loss before income tax           (101) (16)      
Research and development           (4) 135      
Depreciation expense           (97) (151)      
Other operating expenses           0 0      
Loss before income tax           (101) (16)      
Revision of Prior Period, Adjustment [Member] | I F R S Impact on Leases [Member]                    
General administrative expenses           71 12      
Finance costs, net           (49) (57)      
Other income (expense), net           (2) 3      
Loss before income tax           20 (42)      
Operating lease right-of-use assets           292        
Total assets           292        
Operating lease liabilities           175        
Accumulated deficit           23        
Total liabilities, redeemable preferred stock and stockholders’ equity (deficit)           292        
Increase (decrease) to loss before income tax           20 (42)      
Loss before income tax           20 (42)      
General and administrative expenses           71 12      
Finance costs, net           (49) (57)      
Other income, net           (2) 3      
Operating lease liabilities           94        
Total non-current           175        
Revision of Prior Period, Adjustment [Member] | I F R S Impact on Financial Instruments [Member]                    
Finance costs, net           (1,982) 0      
Change in fair value of financial instruments           (60,085) (93,861)      
Gain (loss) on extinguishment of debt           40,792 1,774      
Loss before income tax           (21,275) (92,087)      
Debt           (137,716)        
Warrant liabilities           143,237        
Redeemable preferred stock           21,306        
Additional paid-in capital           (139,980)        
Accumulated deficit           113,153        
Total liabilities, redeemable preferred stock and stockholders’ equity (deficit)           0        
Increase (decrease) to loss before income tax           (21,275) (92,087)      
Loss before income tax           (21,275) (92,087)      
Finance costs, net           (1,982) 0      
Change in fair value of financial instruments           (60,085) (93,861)      
Loss on extinguishment of debt           40,792 1,774      
Revision of Prior Period, Adjustment [Member] | I F R S Impact on Earnings Per Share [Member]                    
Net loss available to common stockholders           $ (96,305) $ (21,529)      
Basic loss for the period attributable to common stockholders (in dollars per share)           $ (5.78) $ (1.34)      
Basic weighted-average common shares outstanding (in shares)           16,655,634 16,029,826      
Diluted loss for the period attributable to common stockholders (in dollars per share)           $ (5.78) $ (1.34)      
Net loss           $ (96,305) $ (21,529)      
Basic weighted-average common shares outstanding (in shares)           16,655,634 16,029,826      
Basic loss per share for the period attributable to common stockholders (in dollars per share)           $ (5.78) $ (1.34)      
Dilutive numerator           $ (96,305) $ (21,529)      
Diluted weighted-average common shares outstanding (in shares)           16,655,634 16,029,826      
Diluted loss per share for the period attributable to common stockholders (in dollars per share)           $ (5.78) $ (1.34)      
[1] Certain awards granted by us have a service inception date preceding the grant date. Under IFRS, this resulted in the recognition of stock-based compensation expense prior to the grant date. Under U.S. GAAP, the stock-based compensation expense shall not be recognized until authorization at the grant date.
[2] Under IFRS, all recognized leases are accounted for similarly to finance leases. Under U.S. GAAP, there is a dual classification on-balance sheet lease accounting model for lessees: finance and operating leases. Operating leases create a straight-line expense, and no interest expense is recognized on the lease liability.
[3] Under IFRS, certain development expenditures may be capitalized. Under U.S. GAAP, all of our costs relating to R&D activities are expensed as incurred.
[4] Under IFRS, the redeemable Series X preferred shares and convertible notes contained conversion features that resulted in a bifurcated derivative component with changes in fair value recognized as gain or (loss). Under U.S. GAAP, the conversion features did not result in a material bifurcated embedded derivative, resulting in the elimination of the change in fair value of financial instruments, reduction in interest expense and preferred dividends expense, and increase in the gain (loss) on extinguishment of debt. Under IFRS, it was determined that the redeemable Series X preferred shares should be classified as a liability since there is a contractual obligation to deliver cash or another financial asset and certain conversion events being beyond our control. Under U.S. GAAP, it was determined that the redeemable Series X preferred shares should be classified as mezzanine equity since the shares are redeemable based on events outside of our control. Under IFRS, it was determined that the Columbia Warrant should be classified as equity since settlement would only occur by exchanging a fixed amount of cash for a fixed number of our own equity instruments. Changes in fair value are not recognized. Under U.S. GAAP, it was determined that the Columbia Warrant should be classified as a liability since the number and type of shares received could be different pre- and post- Merger. The Columbia Warrant is recorded at fair value with changes recognized in the Consolidated Statement of Operations and Comprehensive Loss. Additionally, the resulting gain (loss) on extinguishment of the amended convertible notes differed under IFRS versus U.S. GAAP.
[5] The change in net loss in the adoption of U.S. GAAP as described in items a-d above impacted net loss per share as follows:
[6] After applying the 3.3028 Exchange Ratio as described in Note 4 (Reverse Recapitalization).