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
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net loss $ (45,397) $ (8,979)
Adjustments to reconcile net loss to net cash used in operating activities    
Equity-based compensation 1,142 590
Fair value change of warrants 13,262 1,775
Depreciation expense 985 934
Accretion of debt instrument discounts 112 0
Amortization of debt issuance costs 1,396 0
Issuance costs attributable to warrants 109 0
Amortization of premium on debt securities 165 0
Gain on extinguishment of secured term loan (314) 0
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (2,899) (22)
Prepaid royalties and licenses (1,485) (40)
Accounts payable (725) (1,187)
Accrued expenses (13,082) 476
Accrued interest (1,251) (737)
Deferred revenue 5,000 0
Net cash used in operating activities (42,982) (7,190)
Cash flows from investing activities    
Construction of plant (42,229) (1,557)
Purchase of debt securities, available for sale (200,703) 0
Net cash used in investing activities (242,932) (1,557)
Cash flows from financing activities    
Proceeds from secured term loan 0 314
Proceeds from promissory note 91 0
Payments on promissory note from related parties 0 (600)
Payments on advances from related parties 0 (2,333)
Payments on promissory notes (55) 0
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 12,493
Payments on redemption of vested Legacy PCT profit interests (36) 0
Net cash provided by financing activities 293,914 9,874
Net increase in cash and restricted cash 8,000 1,127
Cash and restricted cash, beginning of period 330,574 150
Cash and restricted cash, end of period 338,574 1,277
Non-cash operating activities    
Interest paid during the period, net of capitalized interest  11,948 1,120
Non-cash investing activities    
Additions to property, plant, and equipment in accrued expenses 26,404 0
Additions to property, plant, and equipment in accounts payable 268 1,062
Additions to property, plant, and equipment in accrued interest 277 30
Non-cash financing activities    
Conversion of accounts payable to promissory notes 0 945
PIK interest on convertible notes 1,680 0
Initial fair value of acquired warrant liability 4,604 0
Capitalization of bond issuance costs — additions to accrued expense $ 0 $ 1,418