Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
|
Three Months Ended
March 31, | |||||||
| 2023 | 2022 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net loss | $ | (9,010 | ) | $ | (6,820 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 601 | 401 | |||||
| Stock-based compensation | 2,985 | 2,309 | |||||
| Operating non-cash lease expense | 27 | 25 | |||||
| Amortization of deferred income | (291 | ) | — | ||||
| Loss from equity method investment | 834 | — | |||||
| Net accretion of discounts on available-for-sale securities | (259 | ) | — | ||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable, net | (2,607 | ) | 5,674 | ||||
| Prepaid expenses and other assets | 364 | (1,447 | ) | ||||
| Accounts payable | 555 | (434 | ) | ||||
| Accrued expenses and other liabilities | (974 | ) | (1,370 | ) | |||
| Deferred revenue | (614 | ) | 301 | ||||
| Net cash used in operating activities | (8,389 | ) | (1,361 | ) | |||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchases of property and equipment | (120 | ) | (92 | ) | |||
| Purchases of available-for-sale securities | (4,909 | ) | — | ||||
| Proceeds from maturities of available-for-sale securities | 5,450 | — | |||||
| Payments of deferred transaction costs relating to investment in Transchip | — | (191 | ) | ||||
| Net cash provided by (used in) investing activities | 421 | (283 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Payments of contingent consideration for business combination | (1,000 | ) | (1,573 | ) | |||
| Principal payments under vendor financing arrangements | (192 | ) | (205 | ) | |||
| Proceeds from exercise of stock options | 256 | 90 | |||||
| Payments to tax authorities for shares withheld from employees | (14 | ) | — | ||||
| Payments of deferred offering costs | — | (257 | ) | ||||
| Net cash used in financing activities | (950 | ) | (1,945 | ) | |||
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (8,918 | ) | (3,589 | ) | |||
| CASH AND CASH EQUIVALENTS, beginning of period | 37,423 | 85,825 | |||||
| CASH AND CASH EQUIVALENTS, end of period | $ | 28,505 | $ | 82,236 | |||
