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, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net loss $ (40,436) $ (37,133)
Adjustments to reconcile net loss to net cash used in operating activities    
Equity-based compensation 6,438 1,142
Fair value change of warrants 1,340 13,262
Depreciation expense 1,693 985
Amortization of debt issuance costs and debt discounts 492 1,508
Amortization of premium on debt securities 20 165
Operating lease amortization expense 531 0
Issuance costs attributable to warrants 0 109
Gain on extinguishment of secured term loan 0 (314)
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (3,572) (2,899)
Prepaid expenses and other non-current assets (875) (1,485)
Accounts payable 1,094 (725)
Accrued expenses (1,649) (13,082)
Accrued interest 0 (1,251)
Deferred revenue 0 5,000
Operating right-of-use liabilities (166) 0
Net cash used in operating activities (35,090) (34,718)
Cash flows from investing activities    
Construction of plant (127,067) (50,493)
Purchase of debt securities, available for sale (177,755) (200,703)
Sale and maturity of debt securities, available for sale 112,968 0
Net cash used in investing activities (191,854) (251,196)
Cash flows from financing activities    
Proceeds from issuance of common stock 206,071 0
Proceeds from issuance of warrants 43,929 0
Payments to repurchase shares (1,066) 0
Common stock issuance costs (775) 0
Other (payments) proceeds from financing activities (23) 0
Proceeds from ROCH and PIPE financing, net of issuance costs 0 298,461
Bond issuance costs 0 (4,067)
Convertible notes issuance costs 0 (480)
Net cash provided by financing activities 248,136 293,914
Net increase in cash and restricted cash 21,192 8,000
Cash and restricted cash, beginning of period 263,858 330,574
Cash and restricted cash, end of period 285,050 338,574
Non-cash operating activities    
Interest paid during the period, net of capitalized interest  650 845
Non-cash investing activities    
Additions to property, plant, and equipment in accrued expenses 22,059 26,404
Additions to property, plant, and equipment in accounts payable 3,267 268
Additions to property, plant, and equipment in accrued interest 0 277
Non-cash financing activities    
Initial fair value of acquired warrant liability 0 4,604
PIK interest on convertible notes $ 0 $ 1,680