(In thousands)
| Twelve Months Ended December 31, | ||||||||
| 2022 | 2021 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | (27,387 | ) | $ | (23,384 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 2,099 | 1,492 | ||||||
| Stock-based compensation | 11,692 | 5,510 | ||||||
| Pension plan expenses | 136 | 109 | ||||||
| Operating non-cash lease expense | (21 | ) | (45 | ) | ||||
| Amortization of deferred income | (391 | ) | — | |||||
| Gain on deconsolidation of subsidiary | (149 | ) | — | |||||
| Loss from equity method investment | 284 | — | ||||||
| Net accretion of discounts on available-for-sale securities | (177 | ) | — | |||||
| Deferred income taxes | (484 | ) | — | |||||
| Other, net | 14 | (9 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | 7,102 | 477 | ||||||
| Prepaid expenses and other assets | 202 | (4,418 | ) | |||||
| Accounts payable | (1,034 | ) | 350 | |||||
| Accrued expenses and other liabilities | 517 | 2,836 | ||||||
| Deferred revenue | 830 | 16,268 | ||||||
| Net cash used in operating activities | (6,767 | ) | (814 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchases of property and equipment | (1,051 | ) | (808 | ) | ||||
| Payments relating to investment in equity method investment | (519 | ) | — | |||||
| Purchases of available-for-sale securities | (35,031 | ) | — | |||||
| Proceeds from principal portion of related party loan | 241 | — | ||||||
| Payments for business acquisition, net of cash acquired | (1,121 | ) | — | |||||
| Payments of deferred consideration for business acquisition | — | (500 | ) | |||||
| Other | — | (51 | ) | |||||
| Net cash used in investing activities | (37,481 | ) | (1,359 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Payments of contingent consideration for business combination | (1,573 | ) | — | |||||
| Proceeds from issuance of common stock upon initial public offering, net of underwriting commissions | — | 74,865 | ||||||
| Proceeds from issuance of common stock | — | 5,435 | ||||||
| Payments to tax authorities for shares withheld from employees | (2,065 | ) | — | |||||
| Payments of principal portion of term loan | — | (550 | ) | |||||
| Principal payments under vendor financing arrangements | (1,136 | ) | (574 | ) | ||||
| Proceeds from exercise of stock options | 876 | 599 | ||||||
| Payments of deferred offering costs | (256 | ) | (3,521 | ) | ||||
| Net cash (used in) provided by financing activities | (4,154 | ) | 76,254 | |||||
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (48,402 | ) | 74,081 | |||||
| CASH AND CASH EQUIVALENTS, beginning of period | 85,825 | 11,744 | ||||||
| CASH AND CASH EQUIVALENTS, end of period | $ | 37,423 | $ | 85,825 | ||||
Non-GAAP Financial Measures
