beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 3,086	$ 3,327	$ 6,138	$ 5,527
Cost of revenue	1,096	597	2,648	1,106
Total gross profit	1,990	2,730	3,490	4,421
Operating expenses:
Research and development	11,870	13,219	23,341	26,925
Selling, general and administrative	6,205	5,747	12,819	14,761
Restructuring	0	0	0	991
Total operating expenses	18,075	18,966	36,160	42,677
Loss from operations	(16,085)	(16,236)	(32,670)	(38,256)
Other income (expense), net
Interest expense	(969)	(1,574)	(2,076)	(3,038)
Interest income	1,218	1,199	2,341	2,483
Change in fair value of derivative warrant liabilities	2,100	(5)	(483)	(878)
Change in fair value of earn-out liabilities	1,315	(350)	(306)	(631)
Total other income (expense), net	3,664	(730)	(524)	(2,064)
Net loss before provision for income taxes	(12,421)	(16,966)	(33,194)	(40,320)
Provision for income taxes	0	0	0	0
Net loss	$ (12,421)	$ (16,966)	$ (33,194)	$ (40,320)
Net loss per share attributable to common stockholders-basic (in $ per share)	$ (0.07)	$ (0.13)	$ (0.21)	$ (0.32)
Net loss per share attributable to common stockholders-diluted (in $ per share)	$ (0.07)	$ (0.13)	$ (0.21)	$ (0.32)
Weighted average shares used in computing net loss per share attributable to common stockholders - basic (in shares)	171,903	128,515	161,705	126,657
Weighted average shares used in computing net loss per share attributable to common stockholders - diluted (in shares)	171,903	128,515	161,705	126,657

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (33,194)	$ (40,320)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,334	4,249
Stock-based compensation	6,278	5,058
Change in fair value of earn-out liabilities	306	631
Change in fair value of derivative warrant liabilities	483	878
Change in fair value of forward contract	0	1,144
Impairment of deferred offering costs	0	836
Accretion of available-for-sale securities	(1,776)	(1,571)
Amortization of debt issuance costs, commitment fees and accretion of debt end-of-term liabilities	547	682
Non-cash lease expense	784	764
Changes in operating assets and liabilities:
Accounts receivable	(203)	(1,394)
Prepaid expenses, other current assets and other assets	(1,021)	(889)
Deferred revenue	493	(128)
Accounts payable	(1,085)	(1,298)
Accrued expenses and operating lease liabilities	(1,602)	(2,260)
Net cash used in operating activities	(26,656)	(33,618)
Cash flows from investing activities:
Purchases of property and equipment	(7,538)	(5,735)
Purchases of available-for-sale securities	(75,995)	(57,619)
Maturities of available-for-sale securities	76,500	60,589
Net cash used in investing activities	(7,033)	(2,765)
Cash flows from financing activities:
Payments of principal of notes payable	(6,199)	(2,858)
Proceeds from sale of common stock from sales through Common Stock Purchase Agreement	12,838	2,348
Proceeds from sale of common stock from sales through At-The-Market (ATM) Offering	26,833	0
Payments of offering costs	(447)	(107)
Proceeds from issuance of common stock upon exercise of stock options and warrants	68	903
Net cash provided by financing activities	33,093	286
Effects of exchange rate changes on cash and cash equivalents	(112)	(79)
Net decrease in cash and cash equivalents	(708)	(36,176)
Cash and cash equivalents - beginning of period	21,392	57,888
Cash and cash equivalents - end of period	20,684	21,712
Supplemental disclosures of other cash flow information:
Cash paid for interest	1,504	2,330
Non-cash investing and financing activities:
Capitalization of deferred costs to equity upon share issuance	132	13
Purchases of property and equipment recorded in accounts payable	739	307
Purchases of property and equipment recorded in accrued expenses	849	33
Purchases of deferred offering costs in accounts payable	29	0
Unrealized (Loss) Gain on short term investments	$ (16)	$ 241

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 20,684	$ 21,392
Available-for-sale investments	79,792	78,537
Accounts receivable	5,232	5,029
Prepaid expenses and other current assets	3,959	2,709
Total current assets	109,667	107,667
Property and equipment, net	45,651	44,483
Operating lease right-of-use assets	6,850	7,634
Other assets	244	129
Total assets	162,412	159,913
Current liabilities:
Accounts payable	1,843	5,772
Accrued expenses and other current liabilities	7,609	8,563
Deferred revenue	836	343
Current portion of debt	13,042	12,164
Current portion of operating lease liabilities	2,234	2,210
Total current liabilities	25,564	29,052
Debt, less current portion	3,364	9,894
Operating lease liabilities, less current portion	5,455	6,297
Derivative warrant liabilities	3,410	2,927
Earn-out liabilities	2,461	2,155
Total liabilities	40,254	50,325
Commitments and contingencies (Note 17)
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, 179,596,760 shares issued and outstanding at June 30, 2024 and 147,066,336 shares issued and outstanding at December 31, 2023	17	14
Additional paid-in capital	508,971	463,089
Accumulated other comprehensive income	123	244
Accumulated deficit	(386,953)	(353,759)
Total stockholders' equity	122,158	109,588
Total liabilities and stockholders' equity	$ 162,412	$ 159,913