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 9 Months Ended 12 Months Ended
Sep. 30, 2021
Mar. 31, 2021
Sep. 30, 2020
Mar. 31, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Cash flows from operating activities:              
Net loss $ (20,977) $ (26,074) $ (6,609) $ (4,564) $ (58,110) $ (15,588)  
Adjustments to reconcile net loss to net cash used in operating activities              
Equity-based compensation         14,753 2,886  
Fair value change of warrants (8,369)   0   4,893 1,775  
Depreciation expense 522   475   1,507 1,409  
Accretion of debt instrument discounts         167 0  
Amortization of debt issuance costs         2,040 0  
Issuance costs attributable to warrants         109 0  
Amortization of premium on debt securities         395 0  
Gain on extinguishment of secured term loan         (314) 0  
Changes in operating assets and liabilities              
Prepaid expenses and other current assets         (2,347) (128)  
Prepaid expenses and other non-current assets         (2,917) (100)  
Accounts payable         (399) (587)  
Accrued expenses         (9,554) 288  
Accrued interest         2,819 (739)  
Deferred revenue         5,000 0  
Net cash used in operating activities         (41,958) (10,784)  
Cash flows from investing activities              
Construction of plant         (88,153) (2,423)  
Purchase of debt securities, available for sale         (229,183) 0  
Sale and maturity of debt securities, available for sale         44,197 0  
Net cash used in investing activities         (273,139) (2,423)  
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 (2,704)  
Payments on promissory notes         (91) (863)  
Proceeds for exercise of warrants         196 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) (155)  
Proceeds from issuance of units          0 17,173  
Payments on redemption of vested Legacy PCT profit interests         (36) 0  
Net cash provided by financing activities         294,074 13,165  
Net decrease in cash and restricted cash         (21,023) (42)  
Cash and restricted cash, beginning of period   $ 330,574   $ 150 330,574 150 $ 150
Cash and restricted cash, end of period $ 309,551   $ 108   309,551 108 $ 330,574
Non-cash operating activities              
Interest paid during the period, net of capitalized interest          845 1,581  
Non-cash investing activities              
Additions to property, plant, and equipment in accrued expenses         25,300 0  
Additions to property, plant, and equipment in accounts payable         1,425 1,319  
Additions to property, plant, and equipment in accrued interest         1,708 39  
Non-cash financing activities              
Share repurchase — additions to accrued expense         1,695 0  
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 expenses         0 1,961  
Conversion of accounts payable to promissory notes         $ 0 $ 1,247