Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (240,334) $ (34,015)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 24,854 8,589
Stockbased compensation 28,778 8,006
Change in fair value of warrant liability 56,576 (56,417)
Change in fair value of subscription agreement 2,920  
Expense related to Common Stock warrants issued   1,915
Amortization (accretion) of discount on investments 3,021 75
Amortization of debt financing cost 9 19
Provision for bad debt 447 377
Acquired in-process research and development 25,581  
Loss on disposal of property and equipment 74 18
Foreign exchange (gains) losses on intercompany transactions, net 182  
Net increase in accrued interest related to marketable securities (819) (3)
Net unrealized (gain) loss on equity investment 9,660  
Net unrealized (gain) loss on other investments (130)  
Deferred tax benefit (29,668) (940)
Change in fair value of contingent consideration (429)  
Foreign currency transaction (gain) loss 7  
Changes in operating assets and liabilities:    
Accounts receivable (18,299) (2,370)
Inventory (16,962) (1,303)
Prepaid expenses and other current assets (8,937) 901
Other assets (3)  
Accounts payable 12,797 (2,637)
Accrued expenses and other current liabilities (8,761) (2,391)
Customer deposits (2,569) (845)
Current portion of deferred revenue 5,989 774
Change in right of use assets and lease liabilities, net (641) (328)
Other liabilities 1,609  
Net cash used in operating activities (155,048) (80,575)
Cash flows from investing activities:    
Purchases of property and equipment (7,683) (1,429)
Purchase of other investments (3,620) (3,000)
Purchase of equity investment (20,000)  
Proceeds from sale of property and equipment 44  
Proceeds from policy buyout 333  
Purchase of marketable securities (330,873) (136,286)
Proceeds from sales and maturities of marketable securities 243,349 109,016
Cash paid to acquire in-process research and development (21,220)  
Cash paid for acquisitions, net of cash acquired (287,624) (5,284)
Net cash used in investing activities (427,294) (36,983)
Cash flows from financing activities:    
Proceeds from reverse recapitalization, net of issuance costs   534,597
Proceeds from the exercise of stock options 6,426 325
Proceeds from the exercise of stock warrants 170,665  
Payment of taxes related to net share settlement upon vesting of restricted stock units (541)  
Proceeds from PPP loan   5,379
Repayment of PPP loan   (5,379)
Repayment of term loan (10,000)  
Net cash provided by financing activities 166,550 534,922
Effect of exchange rate changes on cash, cash equivalents and restricted cash (87)  
Net increase (decrease) in cash, cash equivalents, and restricted cash (415,879) 417,364
Cash, cash equivalents, and restricted cash at beginning of period 484,137 66,773
Cash, cash equivalents, and restricted cash at end of period 68,258 484,137
Supplemental disclosures of cash flow information    
Cash and cash equivalents 65,017 483,525
Restricted cash included in other current assets 2,129  
Restricted cash included in other noncurrent assets 1,112 612
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows 68,258 484,137
Supplemental cash flow information:    
Interest paid 148 322
Taxes paid 150  
Noncash investing and financing activities:    
Net liabilities assumed from Trine Business Combination   152,395
Accrued reverse recapitalization transaction costs   1,901
Net unrealized (gain) loss on investments 40  
Exercise of private placement warrants 149,904  
Common Stock issued for acquisitions 620,590 500
Common Stock issued for acquisition of in-process research and development 4,300  
Accrued purchase price for asset acquisition 1,800 200
Additions to right of use assets and lease liabilities 5,582  
Purchase of property and equipment included in accounts payable 90  
Purchase of property and equipment included in accrued expenses and other current liabilities 38  
Transfers from property and equipment to inventory 1,068  
Transfers from inventory to property and equipment 1,435  
Accrued contingent consideration in connection with acquisitions 6,083  
Tax liabilities related to withholdings on Common Stock issued in connection with acquisitions   $ 102
Taxes related to net share settlement upon vesting of restricted stock awards in accrued expense 958  
In-process research and development    
Noncash investing and financing activities:    
Common Stock issued for acquisition of in-process research and development $ 4,300