beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

beatandraise.com

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 10,790	$ 12,008
Cost of revenue	5,093	2,800
Total gross profit	5,697	9,208
Operating expenses:
Research and development	49,750	52,768
Selling, general and administrative	24,457	27,744
Restructuring	0	991
Total operating expenses	74,207	81,503
Loss from operations	(68,510)	(72,295)
Other income (expense), net
Interest expense	(3,255)	(5,779)
Interest income	5,113	5,076
Change in fair value of derivative warrant liabilities	(90,168)	(1,160)
Change in fair value of earn-out liabilities	(43,742)	(949)
Loss on extinguishment of debt	(426)	0
Total other expense, net	(132,478)	(2,812)
Net loss before provision for income taxes	(200,988)	(75,107)
Provision for income taxes	0	0
Net loss	$ (200,988)	$ (75,107)
Net loss per share attributable to common stockholders-basic (in $ per share)	$ (1.09)	$ (0.57)
Net loss per share attributable to common stockholders-diluted (in $ per share)	$ (1.09)	$ (0.57)
Weighted average shares used in computing net loss per share attributable to common stockholders - basic (in shares)	184,666	131,977
Weighted average shares used in computing net loss per share attributable to common stockholders - diluted (in shares)	184,666	131,977

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (200,988)	$ (75,107)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,906	7,426
Stock-based compensation	13,069	12,409
Change in fair value of earn-out liabilities	43,742	949
Change in fair value of derivative warrant liabilities	90,168	1,160
Change in fair value of forward contract	0	2,229
Impairment of deferred offering costs	0	836
Accretion of available-for-sale securities	(3,622)	(3,121)
Loss on extinguishment of debt	426	0
Amortization of debt issuance costs, commitment fees and accretion of final payment fees	844	1,453
Non-cash lease expense	1,909	1,682
Changes in operating assets and liabilities:
Accounts receivable	2,602	1,206
Prepaid expenses, other current assets and other assets	(2,434)	(259)
Deferred revenue	468	(618)
Accounts payable	(1,036)	895
Accrued expenses and operating lease liabilities	(2,681)	(1,719)
Net cash used in operating activities	(50,627)	(50,579)
Cash flows from investing activities:
Purchases of property and equipment	(11,098)	(9,059)
Purchases of available-for-sale securities	(224,764)	(109,252)
Maturities of available-for-sale securities	157,500	119,084
Net cash (used in) provided by investing activities	(78,362)	773
Cash flows from financing activities:
Principal repayments and prepayment and final payment fees of notes payable	(23,328)	(8,333)
Net payments of tax withholdings on sell-to-cover equity award transactions	(6,272)	0
Proceeds from sale of common stock through Common Stock Purchase Agreement	12,838	20,544
Proceeds from sale of common stock through At-The-Market (ATM) Offering	97,500	0
Proceeds from sale of common stock through registered direct offering	96,000	0
Payments of offering costs	(1,833)	(107)
Proceeds from issuance of common stock upon exercise of stock options and warrants	554	1,126
Net cash provided by financing activities	175,459	13,230
Effects of exchange rate changes on cash and cash equivalents	(188)	80
Net decrease in cash and cash equivalents	46,282	(36,496)
Cash and cash equivalents - beginning of period	21,392	57,888
Cash and cash equivalents - end of period	67,674	21,392
Supplemental disclosures of other cash flow information:
Cash paid for interest	2,350	4,340
Non-cash investing and financing activities:
Capitalization of deferred costs to equity upon share issuance	0	13
Purchases of property and equipment recorded in accounts payable	466	3,612
Purchases of property and equipment recorded in accrued expenses	150	1,019
Non-cash addition to operating lease right-of-use assets and lease liability	2,268	0
Unrealized gain on short term investments	$ 66	$ 325

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 67,674	$ 21,392
Available-for-sale investments - short-term	124,420	78,537
Accounts receivable	2,427	5,029
Prepaid expenses	3,156	1,938
Other current assets	9,081	771
Total current assets	206,758	107,667
Available-for-sale investments - long-term	25,068	0
Property and equipment, net	44,643	44,483
Operating lease right-of-use assets	7,993	7,634
Other assets	325	129
Total assets	284,787	159,913
Current liabilities:
Accounts payable	1,590	5,772
Accrued expenses and other current liabilities	8,005	8,563
Current portion of deferred revenue	113	343
Current portion of debt	0	12,164
Current portion of operating lease liabilities	2,159	2,210
Total current liabilities	11,867	29,052
Debt, less current portion	0	9,894
Defered revenue, less current portion	698	0
Operating lease liabilities, less current portion	6,641	6,297
Derivative warrant liabilities	93,095	2,927
Earn-out liabilities	45,897	2,155
Total liabilities	158,198	50,325
Commitments and contingencies (Note 20)
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, 283,546,871 shares issued and outstanding at December 31, 2024 and 147,066,336 shares issued and outstanding at December 31, 2023	29	14
Additional paid-in capital	681,202	463,089
Accumulated other comprehensive income	105	244
Accumulated deficit	(554,747)	(353,759)
Total stockholders' equity	126,589	109,588
Total liabilities and stockholders' equity	$ 284,787	$ 159,913