Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities:    
Net loss $ (58,461) $ (84,539)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 5,152 3,477
Amortization 5,027 3,352
Stock-based compensation expense, net of amounts capitalized 13,658 33,616
Bad debt allowance 5 11
Inventory allowance 385 323
Loss on disposal of property and equipment 1,375 252
Gain related to change in fair value of warrant liability (16,917) 0
Paid-in-kind interest 15,797 0
Amortization of debt issuance costs 5,183 2,791
Interest on financing obligation 144 333
Changes in operating assets and liabilities:    
Accounts receivable 20 (68)
Inventory (1,284) 2
Prepaid expenses and other current assets 1,291 976
Other assets (649) 2,326
Accounts payable (493) 5,114
Operating lease liabilities (104) 6
Accrued liabilities 3,880 (4,849)
Net cash used in operating activities (25,991) (36,877)
Investing Activities:    
Purchases of property and equipment (117,241) (40,863)
Asset acquisition 0 (25,813)
Business combination, net of cash acquired 0 (90,552)
Net cash used in investing activities (117,241) (157,228)
Financing Activities:    
Proceeds from financing obligation 35,000 0
Proceeds from issuance of debt 101,861 119,351
Payment of debt issuance costs (226) (2,342)
Fractional shares paid in cash pursuant to Reverse Stock Split (3) 0
Net cash provided by financing activities 136,632 117,009
Net decrease in cash and cash equivalents and restricted cash (6,600) (77,096)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 24,938 101,077
Cash and cash equivalents and restricted cash and cash equivalents at end of period 18,338 23,981
Reconciliation of cash, cash equivalents, and restricted cash from the Unaudited Condensed Consolidated Balance Sheets to the Unaudited Condensed Consolidated Statements of Cash Flows    
Cash and cash equivalents 11,814 4,227
Restricted cash and cash equivalents 6,524 19,754
Total cash and cash equivalents and restricted cash and cash equivalents as shown in the Unaudited Condensed Consolidated Statements of Cash Flows 18,338 23,981
Non-cash activities:    
Warrants issued in connection with debt modification 25,697 0
Purchases of property and equipment included in accounts payable and accrued liabilities 1,910 7,168
Non-cash equity settlement on employee receivable 176 17,416
Stock-based compensation capitalized to property and equipment, net 1,451 222
Interest capitalized to property and equipment, net 9,486 0
Non-cash financing obligation activity 0 840
Right-of-use asset obtained in exchange for operating lease liability 0 388
Reduction of right of use asset and associated lease liability due to lease cancellation $ 0 $ (203)