Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]    
Sales $ 27,557 $ 19,474
Cost of goods sold [1],[2],[3] 25,341 17,259
Gross profit 2,216 2,215
Operating expenses:    
Research and development [1],[2] 16,086 14,059
Selling, general and administrative [1],[2] 64,559 82,682
Goodwill impairment 38,481 0
Total operating expenses 119,126 96,741
Loss from operations (116,910) (94,526)
Other income (expense):    
Change in fair value of warrant liability 18,483 0
Interest expense, net (25,745) (16,734)
Other income 157 189
Net loss $ (124,015) $ (111,071)
Net loss applicable to common stockholders per basic common share:    
Basic (in dollars per share) [4] $ (15.61) $ (16.57)
Diluted (in dollars per share) [4] $ (15.61) $ (16.57)
Weighted average common shares outstanding:    
Basic (in shares) [4] 7,943,874 6,701,126
Diluted (in shares) [4] 7,943,874 6,701,126
[1] Amounts include depreciation and amortization as follows:
  Year Ended December 31,
  2023 2022
Cost of goods sold
 $ 3,513  $ 2,957 
Research and development
 2,505  1,304 
Selling, general and administrative
 7,114  6,166 
Total depreciation and amortization $ 13,132  $ 10,427 
[2] Amounts include stock-based compensation as follows:
  Year Ended December 31,
  2023 2022
Cost of goods sold
 $ 123  $ 104 
Research and development
 1,464  2,057 
Selling, general and administrative
 14,687  37,005 
Total stock-based compensation expense, net of amounts capitalized $ 16,274  $ 39,166 
[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:
  Year Ended December 31,
  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 June 15, 2023 Reverse Stock Split (as defined below). See Note 12, Stockholders' Equity, for additional detail.
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