beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 12,008	$ 13,102
Cost of revenue	2,800	2,873
Total gross profit	9,208	10,229
Operating expenses:
Research and development	52,768	59,952
Selling, general and administrative	27,744	53,980
Goodwill impairment	0	5,377
Restructuring	991	0
Total operating expenses	81,503	119,309
Loss from operations	(72,295)	(109,080)
Other income (expense), net
Interest expense	(5,779)	(5,286)
Interest income	5,076	2,433
Change in fair value of derivative warrant liabilities	(1,160)	22,132
Change in fair value of earn-out liabilities	(949)	19,207
Transaction costs		(927)
Total other (expense) income, net	(2,812)	37,559
Net loss before provision for income taxes	(75,107)	(71,521)
Provision for income taxes	0	0
Net loss	$ (75,107)	$ (71,521)
Net loss per share attributable to common stockholders-basic (in $ per share)	$ (0.57)	$ (0.70)
Net loss per share attributable to common stockholders-diluted (in $ per share)	$ (0.57)	$ (0.70)
Weighted average shares used in computing net loss per share attributable to common stockholders - basic (in shares)	131,977	102,301
Weighted average shares used in computing net loss per share attributable to common stockholders - diluted (in shares)	131,977	102,301

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (75,107)	$ (71,521)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,426	7,017
Stock-based compensation	12,409	44,812
Change in fair value of earn-out liabilities	949	(19,207)
Change in fair value of derivative warrant liabilities	1,160	(22,132)
Change in fair value of forward contract	2,229	(5,764)
Impairment of deferred offering costs	836	0
Accretion of available-for-sale securities	(3,121)	(949)
Amortization of debt issuance costs, commitment fees and accretion of debt end-of-term liabilities	1,453	1,468
Non-cash lease expense	1,682	537
Goodwill impairment	0	5,377
Changes in operating assets and liabilities:
Accounts receivable	1,206	(4,692)
Prepaid expenses, other current assets and other assets	(259)	(1,065)
Deferred revenue	(618)	(24)
Accounts payable	895	(707)
Accrued expenses and operating lease liabilities	(1,719)	4,456
Other liabilities	0	(295)
Net cash used in operating activities	(50,579)	(62,689)
Cash flows from investing activities:
Purchases of property and equipment	(9,059)	(22,737)
Purchases of available-for-sale securities	(109,252)	(84,287)
Maturities of available-for-sale securities	119,084	0
Net cash provided by (used in) investing activities	773	(107,024)
Cash flows from financing activities:
Proceeds from Business Combination, net of transaction costs paid	0	225,604
Transaction costs paid directly by Rigetti	0	(18,842)
Proceeds from issuance of notes payable	0	5,000
Payments of principal of notes payable	(8,333)	(1,291)
Payments of debt issuance costs	0	(85)
Payment of loan and security agreement exit fees	0	(1,000)
Payments of offering costs	(107)	0
Proceeds from sale of common stock through Common Stock Purchase Agreement	20,544	0
Proceeds from issuance of common stock upon exercise of stock options and warrants	1,126	6,068
Net cash provided by financing activities	13,230	215,454
Effects of exchange rate changes on cash and cash equivalents	80	101
Net (decrease) increase in cash and cash equivalents	(36,496)	45,842
Cash and cash equivalents - beginning of period	57,888	12,046
Cash and cash equivalents - end of period	21,392	57,888
Supplemental disclosures of other cash flow information:
Cash paid for interest	4,340	3,819
Non-cash investing and financing activities:
Initial fair value of earn-out liability acquired in merger	0	20,413
Initial fair value of private placement and public warrant liability acquired in merger	0	22,932
Reclassification of loan and security agreement warrants to equity	0	6,370
Settlement of the first tranche of forward contract	0	3,305
Capitalization of deferred costs to equity upon share issuance	13	1,520
Purchases of property and equipment recorded in accounts payable	3,612	673
Purchases of property and equipment recorded in accrued expenses	1,019	639
Unrealized Gain (Loss) on short term investments	325	(314)
Right-of-use assets recorded on adoption of ASU 2016-02	0	6,270
Operating lease liabilities recorded on adoption of ASU 2016-02	0	6,620
Lease liabilities arising from obtaining right-of-use assets	$ 0	$ 4,892

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 21,392	$ 57,888
Available-for-sale investments	78,537	84,923
Accounts receivable	5,029	6,235
Prepaid expenses and other current assets	2,709	2,450
Forward contract-assets	0	2,229
Deferred offering costs	0	742
Total current assets	107,667	154,467
Property and equipment, net	44,483	39,530
Operating lease right-of-use assets	7,634	9,316
Other assets	129	129
Total assets	159,913	203,442
Current liabilities:
Accounts payable	5,772	1,938
Accrued expenses and other current liabilities	8,563	8,205
Deferred revenue	343	961
Current portion of debt	12,164	8,303
Current portion of operating lease liabilities	2,210	2,345
Total current liabilities	29,052	21,752
Debt, less current portion	9,894	20,635
Operating lease liabilities, less current portion	6,297	7,858
Derivative warrant liabilities	2,927	1,767
Earn-out liabilities	2,155	1,206
Total liabilities	50,325	53,218
Commitments and contingencies (Note 21)
Stockholders' equity:
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, none outstanding	0	0
Common stock, par value $0.0001 per share,1,000,000,000 shares authorized, 147,066,336 shares issued and outstanding at December 31, 2023 and 125,257,233 shares issued and outstanding at December 31, 2022	14	12
Additional paid-in capital	463,089	429,025
Accumulated other comprehensive income (loss)	244	(161)
Accumulated deficit	(353,759)	(278,652)
Total stockholders' equity	109,588	150,224
Total liabilities and stockholders' equity	$ 159,913	$ 203,442