Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.23.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]    
Sales $ 19,474 $ 638
Cost of goods sold [1],[2],[3] 17,259 432
Gross profit 2,215 206
Operating expenses:    
Research and development [1],[2] 14,059 3,425
Selling, general and administrative [1],[2] 82,682 41,498
Total operating expenses 96,741 44,923
Loss from operations (94,526) (44,717)
Other income (expense):    
Convertible Notes fair value adjustment 0 (5,067)
Interest expense, net (16,734) (6,618)
Other income 189 309
Net loss $ (111,071) $ (56,093)
Net loss applicable to common stockholders per basic common share:    
Basic (in dollars per share) $ (1.27) $ (1.06)
Diluted (in dollars per share) $ (1.27) $ (1.06)
Weighted average common shares outstanding:    
Basic (in shares) 87,114,635 52,888,268
Diluted (in shares) 87,114,635 52,888,268
[1] Amounts include depreciation and amortization as follows:
  Year Ended December 31,
  2022 2021
Cost of goods sold
 $ 2,957  $ 66 
Research and development
 1,304  528 
Selling, general and administrative
 6,166  90 
Total depreciation and amortization $ 10,427  $ 684 
[2] Amounts include stock-based compensation as follows:
  Year Ended December 31,
  2022 2021
Cost of goods sold
 $ 104  $ — 
Research and development
 2,057  — 
Selling, general and administrative
 37,005  17,895 
Total stock-based compensation expense $ 39,166  $ 17,895 
[3] Amounts include the impact for non-cash increase in cost of goods sold attributable to the fair value basis adjustment to inventory in connection with acquisition of Pete's as follows:
  Year Ended December 31,
  2022 2021
Cost of goods sold
 $ 1,042  $ — 
Total business combination fair value basis adjustment to inventory $ 1,042  $ —