v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities:    
Net loss $ (28,733,000) $ (18,584,000)
Adjustments to reconcile net loss to net cash used by operating activities:    
Depreciation and amortization expense 964,000 591,000
Non-cash interest 383,000 651,000
Stock-based compensation 2,129,000 656,000
Provision for bad debt expense 0 1,290,000
Gain on forgiveness of PPP Loan (1,775,000) 0
Loss on debt extinguishment 2,076,000 0
Changes in operating assets and liabilities:    
Accounts receivable (63,000) 1,795,000
Inventory (3,605,000) (1,037,000)
Prepaid expenses and other current assets 400,000 244,000
Accounts payable 816,000 150,000
Accrued expenses and contract liabilities 1,085,000 (1,006,000)
Net cash used in operating activities (26,323,000) (15,250,000)
Investing Activities:    
Purchases of property and equipment (76,000) 0
Sale of property and equipment 126,000 0
Net cash used in investing activities 50,000 0
Financing activities:    
Repayment of term-loan debt (17,010,000) (5,000,000)
Proceeds from PPP Loan 0 1,775,000
Proceeds from borrowing from line of credit 0 760,000
Repayments of borrowing from line of credit 0 (2,258,000)
Proceeds from sale of common stock 328,635,000 17,963,000
Offering expenses on sale of common stock (1,149,000) (1,597,000)
Proceeds from sale of common stock under employee stock purchase plan 65,000 21,000
Proceeds from warrant and option exercises 9,837,000 3,469,000
Net cash provided by financing activities 320,378,000 15,133,000
Net increase in cash and cash equivalents 294,105,000 (117,000)
Cash and cash equivalents at beginning of period 38,449,000 17,311,000
Cash and cash equivalents at end of period 332,554,000 17,194,000
Supplemental cash flow disclosures:    
Cash paid for interest 487,000 715,000
Supplemental disclosure of non-cash investing and financing activities:    
Transfer of instruments and servers from inventory to property and equipment 2,035,000 1,191,000
Gain on forgiveness of PPP Loan 1,775,000 0
Issue common stock for covenant waiver 0 300,000
Warrant exercise pursuant to cashless exercise $ 129,000 $ 0