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Unaudited Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (42,842) $ (65,921)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 2,685 2,115
Stock-based compensation expense 2,797 1,443
Reduction in the operating right of use assets 5,570 4,066
Amortization of debt discount 0 1,283
Change in fair value of derivative liability 0 84
Accretion on marketable securities 0 (741)
Write-off of property and equipment 74 0
Non-cash interest expense 192 117
Gain on sale of sale-leaseback (82) 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (4,460) 484
Accounts payable (2,228) 372
Accrued expenses (3,120) (3,534)
Deferred revenue (4,481) (1,274)
Operating lease liabilities (5,823) (3,574)
Other liabilities 153 0
Net cash used in operating activities (51,565) (65,080)
Cash flows from investing activities:    
Purchase of marketable securities 0 (34,460)
Proceeds from the sale of marketable securities 0 97,000
Purchases of property and equipment (123) (571)
Net cash (used in) provided by investing activities (123) 61,969
Cash flows from financing activities:    
Cash, cash equivalents and restricted cash acquired in connection with the reverse recapitalization 0 37,903
Payment of reverse recapitalization finance costs 0 (5,814)
Proceeds from the issuance of common stock in pre-closing financing 0 30,640
Payment of principal related to finance lease liabilities (1,158) (1,151)
Proceeds from failed sale-leaseback arrangement 686 1,183
Payment of finance liability from failed sale-leaseback arrangement (983) (628)
Payment of deferred financing costs 0 (146)
Proceeds from the exercise of stock options 4 92
Sale of common stock under Open Market Sales Agreement, net of issuance costs 2,415 0
Net cash provided by financing activities 964 62,079
Net (decrease) increase in cash, cash equivalents and restricted cash (50,724) 58,968
Cash, cash equivalents and restricted cash at beginning of the period 77,605 24,194
Cash, cash equivalents and restricted cash at end of the period 26,881 83,162
Supplemental disclosures of cash flow information:    
Cash paid for interest 153 283
Supplemental disclosure of non-cash financing and investing activities:    
Conversion of convertible preferred stock and non-controlling interests upon Merger 0 122,204
Conversion of convertible promissory note, accrued interest and derivative liability upon Merger 0 42,447
Unrealized gain on marketable securities 0 414
Financing costs in accounts payable 23 0
Reclassification of deferred financing costs to additional paid-in capital 9 0
Right of use assets obtained in exchange for new operating lease liabilities 5,719 908
Disposal of property and equipment in exchange for reduction in finance lease liability 396 0
Right of use assets obtained in exchange for new financing lease liabilities 1,660 0
Property and equipment in accounts payable $ 0 $ 295