In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 |
| 10-K | 10-K | 8-K | S-1 |
Operating activities | | | | |
Net loss | -24.6 | -74.6 | -4,885.1 | |
|
Adjustments to reconcile to net loss to net cash used in operating activities | | | | |
Depreciation and amortization | 0.3 | 0.2 | 165.0 | |
Share-based compensation | 5.2 | 4.2 | 599.5 | |
Financing costs | | 46.8 | | |
|
Beneficial conversion feature on convertible debenture | | | | |
Accretion of discount on convertible debenture | | 0.1 | | |
Change in fair value of warrants liability | -12.0 | 0.3 | | |
Change in fair value of derivative liability | -12.1 | 0.3 | | |
Loss on disposal of asset | | 0.0 | | |
Gain on extinguishment of PPP Loan | | -0.5 | | |
Noncash lease expense | 0.4 | 0.0 | | |
|
Change in operating assets and liabilities | | | | |
Accounts receivable | 0.8 | -0.9 | | |
Inventory | -0.4 | -10.1 | -835.7 | |
Prepaid expenses and other assets | -2.1 | -0.7 | | |
Accounts payable | -3.3 | 2.8 | 1,458.3 | |
Accrued expenses | 1.3 | 2.1 | 247.2 | |
Deferred revenue | 0.4 | 0.6 | | |
Net cash used in operating activities | -34.1 | -29.2 | -3,078.9 | |
|
Investing activities | | | | |
Proceeds from sale of property and equipment | | 0.0 | | |
Purchase of property and equipment | -0.4 | -0.3 | | |
Investments in equity securities | -1.0 | | | |
Net cash used in investing activities | -1.4 | -0.3 | -22.5 | |
|
Financing activities | | | | |
Proceeds from Newborn Escrow Account | | 58.2 | | |
Redemption of Newborn shares | | 0.0 | | |
Issuance costs related to reverse recapitalization and PIPE offering | | -4.0 | | |
Proceeds from PIPE offering | | 14.3 | | |
Repayment of Newborn sponsor loans | | -0.5 | | |
Repurchase of common stock from EDF | | -6.0 | | |
Newborn cash acquired | | 0.1 | | |
Purchase of stock from investor | | -2.0 | | |
Payment of financing costs | | -1.0 | -263.6 | |
Payment of finance lease obligations | 0.0 | 0.0 | | |
Proceeds from forward option put exercise | 2.0 | | | |
Proceeds from exercise of pre-funded warrants related to Direct Offering | 0.0 | | | |
Proceeds from Direct Offering of common stock, net of offering costs | 16.8 | 1.3 | | |
Proceeds from common stock offering, net of offering costs | 16.8 | 1.3 | | |
Proceeds from exercise of stock options | 0.2 | 0.6 | 22.9 | |
Issuance of Redeemable Preferred Stock | | 3.1 | | |
Payment of Preferred Stock dividends | | 0.0 | | |
Net cash provided by financing activities | 19.1 | 59.7 | 5,239.9 | |
Effect of exchange rate on cash | -0.1 | 0.2 | | |
Net increase in cash and restricted cash | -16.5 | 30.5 | | |
|
Supplemental Disclosure of cash information: | | | | |
Cash paid for income taxes | | 0.0 | | |
Supplemental Disclosure of Noncash Financing Activity | | | | |
Conversion of preferred stock to common stock | | 0.0 | | |
Conversion of debenture and accrued interest to common shares | | 4.0 | | |
Conversion of shares due to reverse recapitalization | | 0.0 | | |
Issuance of common stock for merger success fee | | 2.1 | | |
Non-cash merger transaction costs | | 2.1 | | |
Accrued transaction costs related to reverse recapitalization | | 0.2 | | |
Issuance of private warrants | 16.8 | 1.3 | | |
Forgiveness of PPP Loan | | 0.5 | | |
Issuance of Stonepeak and Evolve warrants | | 30.2 | | |
Issuance of Stonepeak and Evolve options | | 12.6 | | |