The information in the table below sets forth the non-GAAP financial measures that the Company uses in this release. Because of the limitations associated with these non-GAAP financial measures, “EBITDA,” “Adjusted EBITDA”, “Non-GAAP Net Income (loss)”, and “Adjusted Operating Expenses”, should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. The Company compensates for these limitations by relying primarily on its GAAP results and using EBITDA, Adjusted EBITDA, Non-GAAP Net Income (loss) and Adjusted Operating Expenses on a supplemental basis. You should review the reconciliation of the non-GAAP financial measures below and not rely on any single financial measure to evaluate the Company business.
The following table reconciles Net loss to EBITDA, Adjusted EBITDA, Non-GAAP Net Income (loss) and Total Operating Expenses to Adjusted Operating Expenses during the three and nine months ended September 30, 2021 and 2020:
Velo3D, Inc. NON-GAAP Net Income (Loss) Reconciliation (Unaudited) |
||||||||||||||||||||||||||||||||||||||||||
|
|
Three months ended
|
|
Nine months ended
|
|
Three months ended
|
||||||||||||||||||||||||||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||||||||||||||||||||
|
|
(In thousands, except for percentages) |
||||||||||||||||||||||||||||||||||||||||
|
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
||||||||||||||||||||||||
Revenues |
|
$ |
8,711 |
|
|
100.0 |
% |
|
$ |
2,273 |
|
|
100.0 |
% |
|
$ |
17,029 |
|
|
100.0 |
% |
|
$ |
12,233 |
|
|
100.0 |
% |
|
$ |
7,146 |
|
|
100.0 |
% |
|
$ |
3,561 |
|
|
100.0 |
% |
| Gross profit |
|
1,474 |
|
|
16.9 |
% |
|
488 |
|
|
21.5 |
% |
|
3,268 |
|
|
19.2 |
% |
|
3,993 |
|
|
32.6 |
% |
|
2,184 |
|
|
30.6 |
% |
|
1,589 |
|
|
44.6 |
% |
||||||
| Net income (loss) |
|
$ |
(66,578 |
) |
|
(764.3 |
)% |
|
$ |
(7,107 |
) |
|
(312.7 |
)% |
|
$ |
(92,663 |
) |
|
(544.1 |
)% |
|
$ |
(17,591 |
) |
|
(143.8 |
)% |
|
$ |
(12,536 |
) |
|
(175.4 |
)% |
|
$ |
(4,782 |
) |
|
(134.3 |
)% |
| Stock based compensation |
|
676 |
|
|
7.8 |
% |
|
466 |
|
|
20.5 |
% |
|
1,751 |
|
|
10.3 |
% |
|
1,243 |
|
|
10.2 |
% |
|
760 |
|
|
10.6 |
% |
|
389 |
|
|
10.9 |
% |
||||||
| Loss on fair value on the convertible note modification |
|
50,577 |
|
|
580.6 |
% |
|
— |
|
|
— |
% |
|
50,577 |
|
|
297.0 |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
||||||
| Loss/(gain) on fair value of warrants |
|
1,892 |
|
|
21.7 |
% |
|
2 |
|
|
0.1 |
% |
|
3,633 |
|
|
21.3 |
% |
|
(5 |
) |
|
— |
% |
|
227 |
|
|
3.2 |
% |
|
(3 |
) |
|
(0.1 |
)% |
||||||
| Gain on fair value of contingent earnout liabilities |
|
(2,014 |
) |
|
(23.1 |
)% |
|
— |
|
|
— |
% |
|
(2,014 |
) |
|
(11.8 |
)% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
||||||
| Merger related transactional costs |
|
846 |
|
|
9.7 |
% |
|
— |
|
|
— |
% |
|
4,360 |
|
|
25.6 |
% |
|
— |
|
|
— |
% |
|
1,583 |
|
|
22.2 |
% |
|
— |
|
|
— |
% |
||||||
| Non-GAAP Net income (loss) |
|
$ |
(14,601 |
) |
|
(167.6 |
)% |
|
$ |
(6,639 |
) |
|
(292.1 |
)% |
|
$ |
(34,356 |
) |
|
(201.7 |
)% |
|
$ |
(16,353 |
) |
|
(133.7 |
)% |
|
$ |
(9,966 |
) |
|
(139.5 |
)% |
|
$ |
(4,396 |
) |
|
(123.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
| Non-GAAP net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(0.74 |
) |
|
|
|
$ |
(0.42 |
) |
|
|
|
$ |
(1.98 |
) |
|
|
|
$ |
(1.05 |
) |
|
|
|
$ |
(0.62 |
) |
|
|
|
$ |
(0.28 |
) |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
| Weighted-average shares used in computing non-GAAP net loss per share attributable to common stockholders, basic and diluted |
|
19,793,868 |
|
|
|
|
15,994,154 |
|
|
|
|
17,348,557 |
|
|
|
|
15,503,475 |
|
|
|
|
16,150,202 |
|
|
|
|
15,774,755 |
|
|
|
||||||||||||
| Velo3D, Inc. NON-GAAP Adjusted EBITDA Reconciliation (Unaudited) |
|||||||||||||||||||||||||||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
Three months ended June 30, |
||||||||||||||||||||||||||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||||||||||||||||||||
|
|
(In thousands, except for percentages) |
||||||||||||||||||||||||||||||||||||||||
|
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
||||||||||||||||||||||||
| Revenues |
$ |
8,711 |
|
|
100.0 |
% |
|
$ |
2,273 |
|
|
100.0 |
% |
|
$ |
17,029 |
|
|
100.0 |
% |
|
$ |
12,233 |
|
|
100.0 |
% |
|
$ |
7,146 |
|
|
100.0 |
% |
|
$ |
3,561 |
|
|
100.0 |
% |
| Net loss |
(66,578 |
) |
|
(764.3 |
)% |
|
(7,107 |
) |
|
(312.7 |
)% |
|
(92,663 |
) |
|
(544.1 |
)% |
|
(17,591 |
) |
|
(143.8 |
)% |
|
(12,536 |
) |
|
(175.4 |
)% |
|
(4,782 |
) |
|
(134.3 |
)% |
||||||
| Interest expense |
986 |
|
|
11.3 |
% |
|
48 |
|
|
2.1 |
% |
|
1,630 |
|
|
9.6 |
% |
|
200 |
|
|
1.6 |
% |
|
524 |
|
|
7.3 |
% |
|
71 |
|
|
2.0 |
% |
||||||
| Tax expense |
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
||||||
| Depreciation and amortization |
584 |
|
|
6.7 |
% |
|
322 |
|
|
14.2 |
% |
|
1,276 |
|
|
7.5 |
% |
|
851 |
|
|
7.0 |
% |
|
221 |
|
|
3.1 |
% |
|
273 |
|
|
7.7 |
% |
||||||
| EBITDA |
$ |
(65,008 |
) |
|
(746.3 |
)% |
|
$ |
(6,737 |
) |
|
(296.4 |
)% |
|
$ |
(89,757 |
) |
|
(527.1 |
)% |
|
$ |
(16,540 |
) |
|
(135.2 |
)% |
|
$ |
(11,791 |
) |
|
(165.0 |
)% |
|
$ |
(4,438 |
) |
|
(124.6 |
)% |
| Stock based compensation |
676 |
|
|
7.8 |
% |
|
466 |
|
|
20.5 |
% |
|
1,751 |
|
|
10.3 |
% |
|
1,243 |
|
|
10.2 |
% |
|
760 |
|
|
10.6 |
% |
|
389 |
|
|
10.9 |
% |
||||||
| Loss/(gain) on fair value of warrants |
1,892 |
|
|
21.7 |
% |
|
2 |
|
|
0.1 |
% |
|
3,633 |
|
|
21.3 |
% |
|
(5 |
) |
|
— |
% |
|
227 |
|
|
3.2 |
% |
|
(3 |
) |
|
(0.1 |
)% |
||||||
| Gain on fair value of contingent earnout liabilities |
(2,014 |
) |
|
(23.1 |
)% |
|
— |
|
|
— |
% |
|
(2,014 |
) |
|
(11.8 |
)% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
||||||
| Adjusted EBITDA |
$ |
(64,454 |
) |
|
(739.9 |
)% |
|
$ |
(6,269 |
) |
|
(275.8 |
)% |
|
$ |
(86,387 |
) |
|
(507.3 |
)% |
|
$ |
(15,302 |
) |
|
(125.1 |
)% |
|
$ |
(10,804 |
) |
|
(151.2 |
)% |
|
$ |
(4,052 |
) |
|
(113.8 |
)% |
| Merger related transactional costs |
846 |
|
|
9.7 |
% |
|
— |
|
|
— |
% |
|
4,360 |
|
|
25.6 |
% |
|
— |
|
|
— |
% |
|
1,583 |
|
|
22.2 |
% |
|
— |
|
|
— |
% |
||||||
| Loss on fair value on the convertible note modification |
50,577 |
|
|
580.6 |
% |
|
— |
|
|
— |
% |
|
50,577 |
|
|
297.0 |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
||||||
| Adjusted EBITDA excluding merger related transactional costs and loss on fair value on the convertible note modification |
$ |
(13,031 |
) |
|
(149.6 |
)% |
|
$ |
(6,269 |
) |
|
(275.8 |
)% |
|
$ |
(31,450 |
) |
|
(184.7 |
)% |
|
$ |
(15,302 |
) |
|
(125.1 |
)% |
|
$ |
(9,221 |
) |
|
(129.0 |
)% |
|
$ |
(4,052 |
) |
|
(113.8 |
)% |
| Velo3D, Inc. NON-GAAP Adjusted Operating Expenses Reconciliation (Unaudited) |
|||||||||||||||||||||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
Three months ended June 30, |
||||||||||||||||||||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||||||||||||||||
|
|
(In thousands, except for percentages) |
||||||||||||||||||||||||||||||||||
|
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
|
|
% of Rev |
||||||||||||||||||
| Revenue |
$ |
8,711 |
|
100.0 |
% |
|
$ |
2,273 |
|
100.0 |
% |
|
$ |
17,029 |
|
100.0 |
% |
|
$ |
12,233 |
|
100.0 |
% |
|
$ |
7,146 |
|
100.0 |
% |
|
$ |
3,561 |
|
100.0 |
% |
| Cost of revenue |
7,237 |
|
83.1 |
% |
|
1,785 |
|
78.5 |
% |
|
13,761 |
|
80.8 |
% |
|
8,240 |
|
67.4 |
% |
|
4,962 |
|
69.4 |
% |
|
1,972 |
|
55.4 |
% |
||||||
| Gross profit |
$ |
1,474 |
|
16.9 |
% |
|
$ |
488 |
|
21.5 |
% |
|
$ |
3,268 |
|
19.2 |
% |
|
$ |
3,993 |
|
32.6 |
% |
|
$ |
2,184 |
|
30.6 |
% |
|
$ |
1,589 |
|
44.6 |
% |
| Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
| Research and development |
7,987 |
|
91.7 |
% |
|
4,043 |
|
177.9 |
% |
|
19,081 |
|
112.1 |
% |
|
10,917 |
|
89.2 |
% |
|
6,399 |
|
89.5 |
% |
|
3,165 |
|
88.9 |
% |
||||||
| Selling and marketing |
3,346 |
|
38.4 |
% |
|
1,526 |
|
67.1 |
% |
|
7,706 |
|
45.3 |
% |
|
4,401 |
|
36.0 |
% |
|
2,337 |
|
32.7 |
% |
|
1,362 |
|
38.2 |
% |
||||||
| General and administrative |
5,158 |
|
59.2 |
% |
|
1,941 |
|
85.4 |
% |
|
15,162 |
|
89.0 |
% |
|
6,069 |
|
49.6 |
% |
|
5,218 |
|
73.0 |
% |
|
1,788 |
|
50.2 |
% |
||||||
| Total operating expenses |
$ |
16,491 |
|
189.3 |
% |
|
$ |
7,510 |
|
330.4 |
% |
|
$ |
41,949 |
|
246.3 |
% |
|
$ |
21,387 |
|
174.8 |
% |
|
$ |
13,954 |
|
195.3 |
% |
|
$ |
6,315 |
|
177.3 |
% |
| Stock based compensation |
676 |
|
7.8 |
% |
|
466 |
|
20.5 |
% |
|
1,751 |
|
10.3 |
% |
|
1,243 |
|
10.2 |
% |
|
760 |
|
10.6 |
% |
|
389 |
|
10.9 |
% |
||||||
| Merger related transactional costs |
846 |
|
9.7 |
% |
|
— |
|
— |
% |
|
4,360 |
|
25.6 |
% |
|
— |
|
— |
% |
|
1,583 |
|
22.2 |
% |
|
— |
|
— |
% |
||||||
| Adjusted operating expenses |
$ |
14,969 |
|
171.8 |
% |
|
$ |
7,044 |
|
309.9 |
% |
|
$ |
35,838 |
|
210.5 |
% |
|
$ |
20,144 |
|
164.7 |
% |
|
$ |
11,611 |
|
162.5 |
% |
|
$ |
5,926 |
|
166.4 |
% |
| Velo3D, Inc. Condensed Statements of Operations and Comprehensive Loss (Unaudited) |
|||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
|
(in thousands, except share and per share data) |
||||||||||||||
| Revenue |
$ |
8,711 |
|
|
$ |
2,273 |
|
|
$ |
17,029 |
|
|
$ |
12,233 |
|
| Cost of revenue |
7,237 |
|
|
1,785 |
|
|
13,761 |
|
|
8,240 |
|
||||
| Gross profit |
1,474 |
|
|
488 |
|
|
3,268 |
|
|
3,993 |
|
||||
| Operating expenses |
|
|
|
|
|
|
|
||||||||
| Research and development |
7,987 |
|
|
4,043 |
|
|
19,081 |
|
|
10,917 |
|
||||
| Selling and marketing |
3,346 |
|
|
1,526 |
|
|
7,706 |
|
|
4,401 |
|
||||
| General and administrative |
5,158 |
|
|
1,941 |
|
|
15,162 |
|
|
6,069 |
|
||||
| Total operating expenses |
16,491 |
|
|
7,510 |
|
|
41,949 |
|
|
21,387 |
|
||||
| Loss from operations |
(15,017 |
) |
|
(7,022 |
) |
|
(38,681 |
) |
|
(17,394 |
) |
||||
| Interest expense |
(986 |
) |
|
(48 |
) |
|
(1,630 |
) |
|
(200 |
) |
||||
| Loss on fair value on the convertible note modification |
(50,577 |
) |
|
— |
|
|
(50,577 |
) |
|
— |
|
||||
| Loss/(gain) on fair value of warrants |
(1,892 |
) |
|
(2 |
) |
|
(3,633 |
) |
|
5 |
|
||||
| Gain on fair value of contingent earnout liabilities |
2,014 |
|
|
— |
|
|
2,014 |
|
|
— |
|
||||
| Other income (expense), net |
(120 |
) |
|
(35 |
) |
|
(156 |
) |
|
(2 |
) |
||||
| Loss before provision for income taxes |
(66,578 |
) |
|
(7,107 |
) |
|
(92,663 |
) |
|
(17,591 |
) |
||||
| Provision for income taxes |
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
| Net loss and comprehensive loss |
$ |
(66,578 |
) |
|
$ |
(7,107 |
) |
|
$ |
(92,663 |
) |
|
$ |
(17,591 |
) |
| Net loss per share attributable to common stockholders, basic and diluted |
$ |
(3.36 |
) |
|
$ |
(0.44 |
) |
|
$ |
(5.34 |
) |
|
$ |
(1.13 |
) |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
19,793,863 |
|
|
15,994,154 |
|
|
17,348,557 |
|
|
15,503,475 |
|
||||
| Velo3D, Inc. Condensed Balance Sheets (Unaudited) |
|||||||
|
|
September 30, |
|
December 31, |
||||
|
|
2021 |
|
2020 |
||||
|
|
(in thousands, except share and per share data) |
||||||
| Assets |
|
|
|
||||
| Current assets: |
|
|
|
||||
| Cash and cash equivalents |
$ |
296,826 |
|
|
$ |
15,517 |
|
| Accounts receivable, net |
6,558 |
|
|
1,232 |
|
||
| Inventories |
15,220 |
|
|
7,309 |
|
||
| Contract assets |
1,510 |
|
|
3,033 |
|
||
| Prepaid expenses and other current assets |
9,069 |
|
|
807 |
|
||
| Total current assets |
329,183 |
|
|
27,898 |
|
||
| Property and equipment, net |
5,001 |
|
|
1,006 |
|
||
| Equipment on lease, net |
7,748 |
|
|
2,855 |
|
||
| Other assets |
5,858 |
|
|
932 |
|
||
| Total assets |
$ |
347,790 |
|
|
$ |
32,691 |
|
| Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit) |
|
|
|
||||
| Current liabilities: |
|
|
|
||||
| Accounts payable |
$ |
33,343 |
|
|
$ |
1,226 |
|
| Accrued expenses and other current liabilities |
6,552 |
|
|
2,512 |
|
||
| Debt – current portion |
13,731 |
|
|
3,687 |
|
||
| Contract liabilities |
17,116 |
|
|
4,702 |
|
||
| Total current liabilities |
70,742 |
|
|
12,127 |
|
||
| Long-term debt – less current portion |
14,322 |
|
|
4,316 |
|
||
| Convertible notes payable |
— |
|
|
— |
|
||
| Other noncurrent liabilities |
116,342 |
|
|
365 |
|
||
| Total liabilities |
201,406 |
|
|
16,808 |
|
||
| Commitments and contingencies (Note 16) |
|
|
|
||||
| Redeemable convertible preferred stock, $0.00001 par value, 10,000,000 and 102,208,350 shares authorized as of September 30, 2021 and December 31, 2020, respectively; 0 and 95,945,683 shares issued as of September 30, 2021 and December 31, 2020, respectively, 0 and 95,945,683 shares outstanding as of September 30, 2021 and December 31, 2020; liquidation preference of $0 and $133,762 as of September 30, 2021 and December 31, 2020, respectively |
— |
|
|
123,704 |
|
||
| Stockholders’ equity (deficit): |
|
|
|
||||
| Common stock, $0.00001 par value – 500,000,000 and 176,025,618 shares authorized at September 30, 2021 and December 31, 2020, 183,163,825 and 16,003,558 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively |
2 |
|
|
1 |
|
||
| Additional paid-in capital |
361,821 |
|
|
14,954 |
|
||
| Accumulated deficit |
(215,439 |
) |
|
(122,776 |
) |
||
| Total stockholders’ equity (deficit) |
146,384 |
|
|
(107,821 |
) |
||
| Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) |
$ |
347,790 |
|
|
$ |
32,691 |
|
| Velo3D, Inc. Condensed Statements of Cash Flows (Unaudited) |
||||||||
|
|
|
Nine months ended September 30, |
||||||
|
|
|
2021 |
|
2020 |
||||
|
|
|
(In thousands) |
||||||
| Cash flows from operating activities |
|
|
|
|
||||
| Net loss |
|
$ |
(92,663 |
) |
|
$ |
(17,591 |
) |
| Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
||||
| Depreciation |
|
1,276 |
|
|
851 |
|
||
| Stock-based compensation |
|
1,751 |
|
|
1,243 |
|
||
| Loss on fair value on the convertible note modification |
|
50,577 |
|
|
— |
|
||
| Loss/(gain) on fair value of warrants |
|
3,633 |
|
|
(5 |
) |
||
| Gain on fair value of contingent earnout liabilities |
|
(2,014 |
) |
|
— |
|
||
| Changes in assets and liabilities |
|
|
|
|
||||
| Accounts receivable |
|
(5,326 |
) |
|
(790 |
) |
||
| Inventories |
|
(6,391 |
) |
|
(1,383 |
) |
||
| Contract assets |
|
1,523 |
|
|
(133 |
) |
||
| Prepaid expenses and other assets |
|
(10,669 |
) |
|
491 |
|
||
| Accounts payable |
|
10,019 |
|
|
(624 |
) |
||
| Accrued expenses and other liabilities |
|
4,040 |
|
|
(1,239 |
) |
||
| Contract liabilities |
|
12,414 |
|
|
(669 |
) |
||
| Other noncurrent liabilities |
|
565 |
|
(46 |
) |
|||
| Net cash used in operating activities |
|
(31,265 |
) |
|
(19,895 |
) |
||
| Cash flows from investing activities |
|
|
|
|
||||
| Purchase of property and equipment |
|
(1,534 |
) |
|
(225 |
) |
||
| Production of equipment for lease to customers |
|
(6,919 |
) |
|
(2,954 |
) |
||
| Net cash used in investing activities |
|
(8,453 |
) |
|
(3,179 |
) |
||
| Cash flows from financing activities |
|
|
|
|
||||
| Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs |
|
— |
|
|
28,278 |
|
||
| Proceeds from Merger |
|
317,849 |
|
|
— |
|
||
| Payment of transactional cost related to Merger |
|
(19,666 |
) |
|
|
|||
| Proceeds from loan refinance |
|
19,339 |
|
|
— |
|
||
| Repayment of term loan and equipment loan |
|
(4,819 |
) |
|
— |
|
||
| Proceeds from term loan revolver facility |
|
3,000 |
|
|
— |
|
||
| Proceeds from equipment loans |
|
5,600 |
|
|
1,550 |
|
||
| Repayment of equipment loans |
|
(3,070 |
) |
|
(370 |
) |
||
| Proceeds from convertible notes |
|
5,000 |
|
|
5,415 |
|
||
| Issuance of common stock upon exercise of stock options |
|
313 |
|
|
53 |
|
||
| Net cash provided by financing activities |
|
323,546 |
|
|
34,926 |
|
||
| Net change in cash and cash equivalents |
|
283,828 |
|
|
11,852 |
|
||
| Cash and cash equivalents at beginning of period |
|
15,517 |
|
|
9,815 |
|
||
| Cash and cash equivalents at end of period |
|
$ |
299,345 |
|
|
$ |
21,667 |
|
| Supplemental disclosure of cash flow information |
|
|
|
|
||||
| Cash paid for interest |
|
$ |
857 |
|
|
$ |
187 |
|
| Supplemental disclosure of non-cash information |
|
|
|
|
||||
| Extinguishment of redeemable convertible preferred stock |
|
$ |
— |
|
|
$ |
13,274 |
|
| Conversion of warrants into redeemable convertible preferred stock, net settlement |
|
1,046 |
|
|
— |
|
||
| Conversion of convertible notes to Series D redeemable convertible preferred stock |
|
5,000 |
|
|
1,512 |
|
||
| Conversion of redeemable convertible preferred stock into common stock |
|
123,704 |
|
|
— |
|
||
| Conversion of warrants into common stock, net settlement |
|
3,488 |
|
|
— |
|
||
| Reclassification of warrants liability upon the reverse merger |
|
96,547 |
|
|
— |
|
||
| Reclassification of contingent earnout liability upon the reverse merger |
|
21,051 |
|
|
— |
|
||
| Issuance of common stock warrants in connection with financing |
|
316 |
|
|
— |
|
||
| Unpaid liabilities related to property and equipment |
|
3,231 |
|
|
103 |
|
||
| Unpaid merger related transactional costs |
|
19,913 |
|
|
— |
|
||
