Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
| Operating activities |
|
|
| Net (loss) income |
$ (40,617)
|
$ 4,345
|
| Adjustments to reconcile net loss (income) to net cash used in operating activities: |
|
|
| Non-cash interest expense related to debt financing and royalty obligation |
13,065
|
12,459
|
| Settlement of interest with payment-in-kind note |
3,125
|
|
| Non-cash gain on partial extinguishment of senior notes |
(296)
|
|
| Change in fair value of warrant liability |
(12,508)
|
(551)
|
| Change in fair value of derivative liability |
0
|
(66,340)
|
| Stock-based compensation expense |
668
|
825
|
| Depreciation |
25
|
18
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(1,941)
|
(4,400)
|
| Inventory |
(8,357)
|
1,104
|
| Prepaid expenses and other current assets |
(2,830)
|
(804)
|
| Accounts payable |
1,838
|
7,728
|
| Accrued expenses |
3,629
|
2,864
|
| Deferred revenue |
413
|
1,172
|
| Net cash used in operating activities |
(43,786)
|
(41,580)
|
| Investing activities |
|
|
| Purchases of property and equipment |
(25)
|
(63)
|
| Net cash used in investing activities |
(25)
|
(63)
|
| Financing activities |
|
|
| Proceeds from business combination, net |
17,009
|
|
| Proceeds from issuance of convertible notes payable |
23,591
|
1,611
|
| Proceeds from issuance of senior notes payable |
8,592
|
49,125
|
| Proceeds from issuance of common stock and warrants, net of issuance costs |
13,801
|
|
| Proceeds from PPP loan |
0
|
488
|
| Repayment of PPP loan |
0
|
(488)
|
| Debt issuance costs |
0
|
(3,516)
|
| Net cash provided by financing activities |
62,993
|
47,220
|
| Net increase in cash and cash equivalents |
19,182
|
5,577
|
| Cash and cash equivalents—beginning of period |
7,233
|
1,656
|
| Cash and cash equivalents—end of period |
26,415
|
7,233
|
| Supplemental disclosure of cash flow information: |
|
|
| Cash paid for interest |
0
|
3,125
|
| Conversion of convertible notes payable into Series D redeemable convertible preferred stock |
3,360
|
0
|
| Accretion of redeemable convertible preferred stock to redemption value, including dividends on preferred stock |
7,737
|
$ 14,682
|
| Senior secured note principal and royalty obligation balance conversion to shares of common stock upon merger |
28,254
|
|
| Convertible notes principal and accrued interest balance conversion to shares of common stock upon merger |
103,267
|
|
| Conversion of Series D redeemable convertible preferred stock into common stock |
209,290
|
|
| Value of warrants assumed upon merger (Note 3) |
$ 14,075
|
|