Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (78,885) $ (85,382)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,153 4,622
Foreign exchange loss (gain) on long-term debt 6 (16)
Loss on extinguishment of debt 8,281
Change in fair value of warrants and derivatives (2,090) (7,085)
Non-cash debt waiver and amendment fees 3,321
Share-based compensation expense 7,133 21,130
Inventory impairment charge 12,013
Gain on sale of subsidiary (28,414)
Credit loss 453 638
Total adjustments 535 22,610
Changes in operating assets and liabilities:    
Decrease in accounts receivable 19,312 10,777
Decrease (increase) in inventory 354 (1,339)
Decrease in prepaid expenses and other current assets 1,926 1,544
Decrease in other non-current assets 321 535
Decrease in accounts payable (3,786) (3,536)
Increase (decrease) in deferred revenue 35 (10)
Increase in accrued expenses and other current liabilities 122 2,418
Increase (decrease) in other long-term liabilities 501 (5,728)
Increase in accrued interest on long-term debt 19,881 10,947
Net cash used in operating activities (39,684) (47,164)
Cash flows from investing activities:    
Purchase of property, plant and equipment (1,266) (3,096)
Net proceeds from sale of subsidiary 54,971
Net cash provided by (used in) investing activities 53,705 (3,096)
Cash flows from financing activities:    
Borrowings from senior term loan 30,000
Repayments of senior term loan (24,930) (5,280)
Repayment of convertible debt (16,783)
Payment for taxes withheld on stock awards (162) (295)
Payment of debt issuance costs (1,916)
Net cash used in financing activities (13,791) (5,575)
Net increase (decrease) in cash, cash equivalents and restricted cash 230 (55,835)
Cash, cash equivalents and restricted cash, beginning of year 7,287 63,122
Cash, cash equivalents and restricted cash, end of year 7,517 7,287
Supplemental disclosures of cash flow information    
Cash paid for interest 5,982 6,091
Cash received from R&D tax credit refunds, net of cash paid for income taxes 820 509
Operating cash flows from operating leases (2,468) (2,830)
Lease liability obtained in exchange for obtaining right-of-use assets 84 1,494
Supplemental disclosure of non-cash financing activities:    
Non-cash debt amendment fee 4,658 463
Warrants issued for convertible debt $ 1,744