Cash Flow

Unaudited Condensed Consolidated Statements of Cash Flows for the Six months ended June 30, 2022 and 2021

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (84,746) $ (77,502) $ (52,992)
Adjustments to reconcile net loss to net cash used in operating activities      
Equity-based compensation 10,840 22,636 5,626
Non-cash issuance of shares 0 333 333
Fair value change of warrants 5,842 1,476 11,554
Depreciation expense 3,613 2,281 1,896
Accretion of debt instrument discounts 237 223 48
Amortization of debt issuance costs 767 2,389 173
(Accretion) amortization of (discount) premium on debt securities (432) 584 0
Operating lease amortization expense 1,596    
Issuance costs attributable to warrants 0 109 0
Gain on extinguishment of secured term loan 0 (314) 0
Amortization of beneficial conversion feature 0 0 648
Loss on exercise of warrants 0 0 211
Changes in operating assets and liabilities      
Prepaid expenses and other current assets (2,171) (2,265) 275
Prepaid expenses and other non-current assets 52 (2,645) (890)
Accounts payable 85 (293) 234
Accrued expenses 1,201 (9,320) 14,725
Accrued interest 0 2,801 206
Deferred revenue 0 5,000 0
Operating right-of-use liabilities (2,362) 0 0
Net cash used in operating activities (65,478) (54,507) (17,953)
Cash flows from investing activities      
Purchase of property, plant, and equipment (287,189) (137,388) (29,812)
Purchase of debt securities, available for sale (192,388) (229,183) 0
Maturity of debt securities, available for sale 188,509 37,800 0
Sale of debt securities, available for sale 72,681 23,196 0
Net cash used in investing activities (218,387) (305,575) (29,812)
Cash flows from financing activities      
Proceeds from issuance of common stock 206,071 1,000 107,170
Proceeds from issuance of warrants 43,929 0 0
Payments to repurchase shares (1,639) (1,695) 0
Common stock issuance costs (775) 0 0
Other (payments) proceeds from financing activities (56) 238 298
Proceeds from ROCH and PIPE financing, net of issuance costs 0 298,461 0
Bond issuance costs 0 (4,067) (8,550)
Convertible notes issuance costs 0 (480) (3,358)
Payments on promissory notes 0 (91) (6,142)
Issuance of bonds 0 0 244,075
Issuance of convertible notes 0 0 60,000
Payments on promissory note from related parties 0 0 (12,600)
Payments on advances from related parties 0 0 (2,704)
Net cash provided by financing activities 247,530 293,366 378,189
Net (decrease) increase in cash and restricted cash (36,335) (66,716) 330,424
Cash and restricted cash, beginning of period 263,858 330,574 150
Cash and restricted cash, end of period 227,523 263,858 330,574
Non-cash operating activities      
Interest paid during the period, net of capitalized interest 1,300 1,495 2,141
Non-cash investing activities      
Additions to property, plant, and equipment in accrued expenses 26,386 29,797 11,893
Additions to property, plant, and equipment in accounts payable 817 636 0
Additions to property, plant, and equipment in accrued interest 1,424 1,424 3,849
Non-cash financing activities      
Issuance of common stock on conversion of convertible notes 0 61,796 0
PIK interest on convertible notes 0 3,492 0
Initial fair value of acquired warrant liability 0 4,604 0
Issuance of shares upon exercise of warrants 0 0 18,173
Beneficial conversion feature of convertible notes     31,075
Conversion of accounts payable to promissory notes 0 0 1,541
Capitalization of bond issuance costs — additions to accrued expense $ 0 $ 0 $ 2,646

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