Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (30,120) $ (4,564)
Adjustments to reconcile net loss to net cash used in operating activities    
Equity-based compensation 307 417
Fair value change of warrants 13,621 655
Depreciation expense 490 465
Accretion of debt instrument discounts 57 0
Amortization of debt issuance costs 784 0
Issuance costs attributable to warrants 109 0
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (1,770) (69)
Prepaid royalties and licenses (1,685) 0
Accounts payable 423 (987)
Accrued expenses (13,037) (78)
Accrued interest 5,253 (758)
Deferred revenue 5,000 0
Net cash used in operating activities (20,568) (4,919)
Cash flows from investing activities    
Construction of plant (33,891) (763)
Net cash used in investing activities (33,891) (763)
Cash flows from financing activities    
Proceeds from secured term loan 0 0
Proceeds from promissory note 91 0
Payments on promissory note from related parties 0 (600)
Payments on advances from related parties 0 (2,333)
Proceeds from ROCH and PIPE financing, net of issuance costs 298,461 0
Convertible notes issuance costs (480) 0
Bond issuance costs (4,067) 0
Proceeds from issuance of units  0 11,574
Payments on redemption of vested Legacy PCT profit interests (36) 0
Net cash provided by financing activities 293,969 8,641
Net increase in cash 239,510 2,959
Cash, beginning of period 330,574 150
Cash, end of period 570,084 3,109
Non-cash operating activities    
Interest paid during the period, net of capitalized interest  0 456
Non-cash investing activities    
Additions to property, plant, and equipment in accrued expenses 16,437 280
Additions to property, plant, and equipment in accrued interest 224 12
Non-cash financing activities    
Conversion of accounts payable to promissory notes 0 661
Initial fair value of acquired warrant liability $ 4,604 $ 0