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 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]        
Sales $ 6,810 $ 6,285 $ 20,691 $ 12,836
Cost of goods sold [1],[2],[3] 6,405 5,015 19,155 11,535
Gross profit 405 1,270 1,536 1,301
Operating expenses:        
Research and development [1],[2] 5,001 3,019 12,103 8,933
Selling, general and administrative [1],[2] 14,406 20,239 47,091 64,741
Total operating expenses 19,407 23,258 59,194 73,674
Loss from operations (19,002) (21,988) (57,658) (72,373)
Other income (expense):        
Change in fair value of warrant liability 1,766 0 16,917 0
Interest expense, net (7,105) (5,154) (17,876) (12,262)
Other income 83 38 156 96
Net loss $ (24,258) $ (27,104) $ (58,461) $ (84,539)
Net loss applicable to common stockholders per basic common share:        
Basic (in dollars per share) $ (3.02) [4] $ (3.95) $ (7.41) [4] $ (12.73) [4]
Diluted (in dollars per share) $ (3.02) $ (3.95) $ (7.41) [4] $ (12.73) [4]
Weighted average common shares outstanding:        
Basic (in shares) 8,019,561 6,865,001 7,893,665 [4] 6,639,879 [4]
Diluted (in shares) 8,019,561 [4] 6,865,001 7,893,665 [4] 6,639,879 [4]
[1] Amounts include depreciation and amortization as follows:
  Three Months Ended September 30, Nine Months Ended
September 30,
  2023 2022 2023 2022
Cost of goods sold
 $ 832  $ 921  $ 2,662  $ 1,874 
Research and development
 722  229  1,754  760 
Selling, general and administrative
 1,851  1,757  5,763  4,195 
Total depreciation and amortization $ 3,405  $ 2,907  $ 10,179  $ 6,829 
[2] Amounts include stock-based compensation as follows:
  Three Months Ended September 30, Nine Months Ended
September 30,
  2023 2022 2023 2022
Cost of goods sold
 $ 24  $ 29  $ 100  $ 81 
Research and development
 343  419  1,676  1,389 
Selling, general and administrative
 2,898  10,459  11,882  32,146 
Total stock-based compensation expense, net of amounts capitalized $ 3,265  $ 10,907  $ 13,658  $ 33,616 
[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 September 30, Nine Months Ended
September 30,
  2023 2022 2023 2022
Cost of goods sold
 $ —  $ —  $ —  $ 1,042 
Total business combination fair value basis adjustment to inventory $ —  $ —  $ —  $ 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.