Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Sales $ 7,183 $ 6,269 $ 13,881 $ 6,551
Cost of goods sold [1],[2],[3] 6,331 6,281 12,750 6,520
Gross profit 852 (12) 1,131 31
Operating expenses:        
Research and development [1],[2] 3,526 3,073 7,102 5,914
Selling, general and administrative [1],[2] 16,704 23,141 32,685 44,502
Total operating expenses 20,230 26,214 39,787 50,416
Loss from operations (19,378) (26,226) (38,656) (50,385)
Other income (expense):        
Change in fair value of warrant liability 15,151 0 15,151 0
Interest expense, net (6,472) (5,465) (10,771) (7,108)
Other income 23 28 73 58
Net loss $ (10,676) $ (31,663) $ (34,203) $ (57,435)
Net loss applicable to common stockholders per basic common share:        
Basic (in dollars per share) [4] $ (1.35) $ (4.65) $ (4.37) $ (8.80)
Diluted (in dollars per share) [4] $ (1.35) $ (4.65) $ (4.37) $ (8.80)
Weighted average common shares outstanding:        
Basic (in shares) [4] 7,930,371 6,815,947 7,829,673 6,525,453
Diluted (in shares) [4] 7,930,371 6,815,947 7,829,673 6,525,453
[1] Amounts include depreciation and amortization as follows:
  Three Months Ended June 30, Six Months Ended June 30,
  2023 2022 2023 2022
Cost of goods sold
 $ 894  $ 891  $ 1,830  $ 953 
Research and development
 466  218  1,032  531 
Selling, general and administrative
 1,956  2,272  3,912  2,438 
Total depreciation and amortization $ 3,316  $ 3,381  $ 6,774  $ 3,922 
[2] Amounts include stock-based compensation as follows:
  Three Months Ended June 30, Six Months Ended June 30,
  2023 2022 2023 2022
Cost of goods sold
 $ (11) $ 47  $ 76  $ 52 
Research and development
 595  485  1,333  970 
Selling, general and administrative
 3,850  11,164  8,984  21,687 
Total stock-based compensation expense, net of amounts capitalized $ 4,434  $ 11,696  $ 10,393  $ 22,709 
[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 the Pete's Acquisition (as defined below) as follows:
  Three Months Ended June 30, Six Months Ended June 30,
  2023 2022 2023 2022
Cost of goods sold
 $ —  $ 1,042  $ —  $ 1,042 
Total business combination fair value basis adjustment to inventory $ —  $ 1,042  $ —  $ 1,042 
[4] Prior comparative period share and per share amounts have been retroactively adjusted to reflect the Reverse Stock Split (as defined below). See Note 2, Summary of Significant Accounting Policies, for additional detail.