| | | | | ii | | | |
| | | | | iv | | | |
| | | | | 1 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 36 | | | |
| | | | | 37 | | | |
| | | | | 38 | | | |
| | | | | 39 | | | |
| | | | | 40 | | | |
| | | | | 41 | | | |
| | | | | 64 | | | |
| | | | | 89 | | | |
| | | | | 96 | | | |
| | | | | 101 | | | |
| | | | | 110 | | | |
| | | | | 118 | | | |
| | | | | 121 | | | |
| | | | | 127 | | | |
| | | | | 135 | | | |
| | | | | 136 | | | |
| | | | | 140 | | | |
| | | | | 141 | | | |
| | | | | 142 | | | |
| | | |
(in millions)
|
| |
Number of
Shares |
| |
Percentage of
Outstanding Shares |
| ||||||
Legacy Tempo Stockholders(1)(2)(5)(6)
|
| | | | 16,305,986 | | | | | | 61.8% | | |
ACE’s public shareholders
|
| | | | 2,269,299 | | | | | | 8.6% | | |
Sponsor & related parties(3)(5)
|
| | | | 4,464,014 | | | | | | 16.9% | | |
Third Party PIPE Investors(6)
|
| | | | 2,530,000 | | | | | | 9.6% | | |
Cantor and advisors(4)
|
| | | | 823,990 | | | | | | 3.1% | | |
Pro Forma Outstanding Shares
|
| | | | 26,393,289 | | | | | | 100% | | |
| | |
As of September 30, 2022
|
| | | | |
As of
September 30, 2022 |
| ||||||||||||||||||
| | |
Legacy Tempo
(Historical) |
| |
ACE
(Historical) |
| |
Transaction
Accounting Adjustments (Note 3) |
| | | | |
Pro Forma
Combined |
| ||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 533 | | | | | $ | — | | | | | $ | 23,064 | | | |
[A]
|
| | | $ | 15,588 | | |
| | | | | | | | | | | | | | | | | 3,500 | | | |
[B]
|
| | | | | | |
| | | | | | | | | | | | | | | | | (3,300) | | | |
[C]
|
| | | | | | |
| | | | | | | | | | | | | | | | | (1,992) | | | |
[E1]
|
| | | | | | |
| | | | | | | | | | | | | | | | | (1,106) | | | |
[E2]
|
| | | | | | |
| | | | | | | | | | | | | | | | | (2,950) | | | |
[E3]
|
| | | | | | |
| | | | | | | | | | | | | | | | | 434 | | | |
[G]
|
| | | | | | |
| | | | | | | | | | | | | | | | | (2,035) | | | |
[K]
|
| | | | | | |
| | | | | | | | | | | | | | | | | (560) | | | |
[D]
|
| | | | | | |
Accounts receivable, net
|
| | | | 1,945 | | | | | | — | | | | | | — | | | | | | | | | 1,945 | | |
Inventory
|
| | | | 2,916 | | | | | | — | | | | | | — | | | | | | | | | 2,916 | | |
Prepaid expenses and other current assets
|
| | | | 1,923 | | | | | | 16 | | | | | | — | | | | | | | | | 1,939 | | |
Total current assets
|
| | | | 7,317 | | | | | | 16 | | | | | | 15,055 | | | | | | | | | 22,388 | | |
Cash and marketable securities held in Trust Account
|
| | | | — | | | | | | 40,294 | | | | | | (23,064) | | | |
[A]
|
| | | | — | | |
| | | | | | | | | | | | | | | | | (17,230) | | | |
[M]
|
| | | | | | |
Property and equipment, net
|
| | | | 7,031 | | | | | | — | | | | | | — | | | | | | | | | 7,031 | | |
Operating lease right-of-use assets
|
| | | | 565 | | | | | | — | | | | | | — | | | | | | | | | 565 | | |
Restricted cash, noncurrent
|
| | | | 320 | | | | | | — | | | | | | — | | | | | | | | | 320 | | |
Other noncurrent assets
|
| | | | 6,208 | | | | | | — | | | | | | (5,912) | | | |
[E4]
|
| | | | 296 | | |
Total assets
|
| | | $ | 21,441 | | | | | $ | 40,310 | | | | | $ | (31,151) | | | | | | | | $ | 30,600 | | |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 4,994 | | | | | $ | — | | | | | $ | — | | | | | | | | $ | 4,994 | | |
Accrued expenses and other current liabilities
|
| | | | 8,467 | | | | | | 15,757 | | | | | | 80 | | | |
[B]
|
| | | | 17,045 | | |
| | | | | | | | | | | | | | | | | (146) | | | |
[E1]
|
| | | | | | |
| | | | | | | | | | | | | | | | | (6,181) | | | |
[E2]
|
| | | | | | |
| | | | | | | | | | | | | | | | | (932) | | | |
[E3]
|
| | | | | | |
Operating lease liabilities, current
|
| | | | 801 | | | | | | — | | | | | | — | | | | | | | | | 801 | | |
Finance lease, current
|
| | | | 1,897 | | | | | | — | | | | | | — | | | | | | | | | 1,897 | | |
Loan payable, current
|
| | | | 42,545 | | | | | | — | | | | | | (39,030) | | | |
[C]
|
| | | | 3,515 | | |
Convertible promissory note
|
| | | | — | | | | | | 1,500 | | | | | | (984) | | | |
[K]
|
| | | | 516 | | |
Note payable – related party
|
| | | | 40,041 | | | | | | 1,479 | | | | | | (1,051) | | | |
[K]
|
| | | | 428 | | |
| | | | | — | | | | | | | | | | | | (40,041) | | | |
[L]
|
| | | | | | |
Total current liabilities
|
| | | | 98,745 | | | | | | 18,736 | | | | | | (88,285) | | | | | | | | | 29,196 | | |
PIPE derivative liability
|
| | | | | | | | | | 19,906 | | | | | | (19,906) | | | |
[N]
|
| | | | — | | |
Warrant liabilities
|
| | | | 32,435 | | | | | | 1,810 | | | | | | (32,435) | | | |
[G]
|
| | | | 1,810 | | |
Earn-out share derivative liability
|
| | | | — | | | | | | — | | | | | | 5,112 | | | |
[I]
|
| | | | 5,112 | | |
| | |
As of September 30, 2022
|
| | | | |
As of
September 30, 2022 |
| ||||||||||||||||||
| | |
Legacy Tempo
(Historical) |
| |
ACE
(Historical) |
| |
Transaction
Accounting Adjustments (Note 3) |
| | | | |
Pro Forma
Combined |
| ||||||||||||
Deferred underwriting commissions
|
| | | | — | | | | | | 8,050 | | | | | | (8,050) | | | |
[D]
|
| | | | — | | |
Operating lease liabilities, long-term
|
| | | | 38 | | | | | | — | | | | | | — | | | | | | | | | 38 | | |
Loan payable, noncurrent
|
| | | | 880 | | | | | | — | | | | | | — | | | | | | | | | 880 | | |
Senior notes
|
| | | | — | | | | | | — | | | | | | 20,000 | | | |
[C]
|
| | | | 19,462 | | |
| | | | | | | | | | | | | | | | | (154) | | | |
[E1]
|
| | | | | | |
| | | | | | | | | | | | | | | | | (384) | | | |
[E4]
|
| | | | | | |
Total liabilities
|
| | | | 132,098 | | | | | | 48,502 | | | | | | (124,102) | | | | | | | | | 56,498 | | |
Commitments and Contingencies
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Convertible preferred stock
|
| | | | 75,684 | | | | | | — | | | | | | (75,684) | | | |
[G]
|
| | | | — | | |
Class A ordinary shares subject to possible redemption
|
| | | | — | | | | | | 40,294 | | | | | | (23,064) | | | |
[F]
|
| | | | — | | |
| | | | | | | | | | | | | | | | | (17,230) | | | |
[M]
|
| | | | | | |
Stockholders’ (Deficit) Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ACE Convergence Acquisition Corp. Class A Ordinary Shares
|
| | | | — | | | | | | — | | | | | | — | | | |
[F]
|
| | | | — | | |
ACE Convergence Acquisition Corp. Class B Ordinary Shares
|
| | | | — | | | | | | 1 | | | | | | (1) | | | |
[F]
|
| | | | — | | |
Tempo Automation Holdings, Inc. common stock
|
| | | | — | | | | | | — | | | | | | 1 | | | |
[F]
|
| | | | 2 | | |
| | | | | | | | | | | | | | | | | 1 | | | |
[G]
|
| | | | | | |
Additional paid-in capital
|
| | | | 18,489 | | | | | | — | | | | | | 3,420 | | | |
[B]
|
| | | | 189,206 | | |
| | | | | | | | | | | | | | | | | 18,393 | | | |
[C]
|
| | | | | | |
| | | | | | | | | | | | | | | | | 7,490 | | | |
[D]
|
| | | | | | |
| | | | | | | | | | | | | | | | | (1,471) | | | |
[E1]
|
| | | | | | |
| | | | | | | | | | | | | | | | | (5,529) | | | |
[E4]
|
| | | | | | |
| | | | | | | | | | | | | | | | | 23,064 | | | |
[F]
|
| | | | | | |
| | | | | | | | | | | | | | | | | 108,552 | | | |
[G]
|
| | | | | | |
| | | | | | | | | | | | | | | | | (45,430) | | | |
[H]
|
| | | | | | |
| | | | | | | | | | | | | | | | | (5,112) | | | |
[I]
|
| | | | | | |
| | | | | | | | | | | | | | | | | 7,393 | | | |
[J]
|
| | | | | | |
| | | | | | | | | | | | | | | | | 40,041 | | | |
[L]
|
| | | | | | |
| | | | | | | | | | | | | | | | | 19,906 | | | |
[N]
|
| | | | | | |
Accumulated deficit
|
| | | | (204,830) | | | | | | (48,487) | | | | | | (2,663) | | | |
[C]
|
| | | | (215,106) | | |
| | | | | | | | | | | | | | | | | (220) | | | |
[E1]
|
| | | | | | |
| | | | | | | | | | | | | | | | | 5,075 | | | |
[E2]
|
| | | | | | |
| | | | | | | | | | | | | | | | | (2,018) | | | |
[E3]
|
| | | | | | |
| | | | | | | | | | | | | | | | | 45,430 | | | |
[H]
|
| | | | | | |
| | | | | | | | | | | | | | | | | (7,393) | | | |
[J]
|
| | | | | | |
Total stockholders’ (deficit) equity
|
| | | | (186,341) | | | | | | (48,486) | | | | | | 208,929 | | | | | | | | | (25,898) | | |
TOTAL LIABILITIES, CONVERTIBLE
PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) |
| | | $ | 21,441 | | | | | $ | 40,310 | | | | | $ | (31,151) | | | | | | | | $ | 30,600 | | |
| | |
Year Ended December 31, 2021
|
| | | | | | | |
Year Ended
December 31, 2021 |
| ||||||||||||||||||
| | |
Legacy Tempo
(Historical) |
| |
ACE
(Historical) |
| |
Transaction
Accounting Adjustments (Note 3) |
| | | | | | | |
Pro Forma
Combined |
| ||||||||||||
Revenue
|
| | | $ | 17,361 | | | | | | — | | | | | $ | — | | | | | | | | | | | $ | 17,361 | | |
Cost of revenue
|
| | | | 14,578 | | | | | | — | | | | | | — | | | | | | [CC] | | | | | | 16,072 | | |
| | | | | | | | | | | | | | | | | 1,494 | | | | | | [DD] | | | | | | | | |
Gross profit (loss)
|
| | | | 2,783 | | | | | | — | | | | | | (1,494) | | | | | | | | | | | | 1,289 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 9,904 | | | | | | — | | | | | | — | | | | | | [CC] | | | | | | 11,400 | | |
| | | | | | | | | | | | | | | | | 1,496 | | | | | | [DD] | | | | | | | | |
Sales and marketing
|
| | | | 9,817 | | | | | | — | | | | | | — | | | | | | [CC] | | | | | | 9,817 | | |
General and administrative
|
| | | | 16,376 | | | | | | 6,943 | | | | | | — | | | | | | [CC] | | | | | | 31,416 | | |
| | | | | — | | | | | | — | | | | | | 5,859 | | | | | | [DD] | | | | | | — | | |
| | | | | | | | | | | | | | | | | 2,238 | | | | | | [FF] | | | | | | | | |
Total operating expenses
|
| | | | 36,097 | | | | | | 6,943 | | | | | | 9,593 | | | | | | | | | | | | 52,633 | | |
Loss from operations
|
| | | | (33,314) | | | | | | (6,943) | | | | | | (11,087) | | | | | | | | | | | | (51,344) | | |
Change in fair value of warrant liability
|
| | | | (4,242) | | | | | | 12,723 | | | | | | 4,242 | | | | | | [GG] | | | | | | 12,723 | | |
Interest earned on marketable securities held in
Trust Account |
| | | | — | | | | | | 67 | | | | | | (67) | | | | | | [AA] | | | | | | — | | |
Interest expense
|
| | | | (3,686) | | | | | | — | | | | | | (3,021) | | | | | | [BB] | | | | | | (5,598) | | |
| | | | | | | | | | | | | | | | | 1,109 | | | | | | [EE] | | | | | | | | |
Other financing costs
|
| | | | (8,955) | | | | | | — | | | | | | — | | | | | | | | | | | | (8,955) | | |
Gain on forgiveness of PPP loan
|
| | | | 2,500 | | | | | | — | | | | | | — | | | | | | | | | | | | 2,500 | | |
Other income (expense), net
|
| | | | (316) | | | | | | — | | | | | | — | | | | | | | | | | | | (316) | | |
(Loss) income before income taxes
|
| | | | (48,013) | | | | | | 5,847 | | | | | | (8,824) | | | | | | | | | | | | (50,990) | | |
Income tax (provision) benefit
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
Net (loss) income
|
| | | $ | (48,013) | | | | | $ | 5,847 | | | | | $ | (8,824) | | | | | | | | | | | $ | (50,990) | | |
| | |
Legacy Tempo
(Historical) |
| |
ACE
(Historical) |
| |
Pro Forma
Combined |
| |||||||||
Net loss per common share – basic and diluted
|
| | | $ | (4.89) | | | | | | | | | | | $ | (1.93) | | |
Basic and diluted weighted average common shares
outstanding |
| | | | 9,819,576 | | | | | | | | | | | | 26,393,289 | | |
Net loss per share, Class A redeemable ordinary shares – basic and diluted
|
| | | | | | | | | $ | 0.20 | | | | | | | | |
Weighted average shares outstanding of Class A redeemable ordinary shares
|
| | | | | | | | | | 23,000,000 | | | | | | | | |
Net loss per share, Class B non-redeemable ordinary shares – basic and diluted
|
| | | | | | | | | $ | 0.20 | | | | | | | | |
Weighted average shares outstanding of Class B non-redeemable ordinary shares
|
| | | | | | | | | | 5,750,000 | | | | | | | | |
| | |
Nine Months Ended September 30, 2022
|
| | | | |
Nine Months
Ended September 30, 2022 |
| ||||||||||||||||||
| | |
Legacy Tempo
(Historical) |
| |
ACE
(Historical) |
| |
Transaction
Accounting Adjustments (Note 3) |
| | | | |
Pro Forma
Combined |
| ||||||||||||
Revenue
|
| | | $ | 9,146 | | | | | | — | | | | | $ | — | | | | | | | | $ | 9,146 | | |
Cost of revenue
|
| | | | 8,141 | | | | | | — | | | | | | — | | | |
[CC]
|
| | | | 8,141 | | |
Gross profit
|
| | | | 1,005 | | | | | | — | | | | | | — | | | | | | | | | 1,005 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 8,317 | | | | | | — | | | | | | — | | | |
[CC]
|
| | | | 8,317 | | |
Sales and marketing
|
| | | | 7,363 | | | | | | — | | | | | | — | | | |
[CC]
|
| | | | 7,363 | | |
General and administrative
|
| | | | 9,992 | | | | | | 3,249 | | | | | | — | | | |
[CC]
|
| | | | 13,241 | | |
Impairment loss
|
| | | | 297 | | | | | | | | | | | | | | | | | | | | | 297 | | |
Total operating expenses
|
| | | | 25,969 | | | | | | 3,249 | | | | | | — | | | | | | | | | 29,218 | | |
Loss from operations
|
| | | | (24,964) | | | | | | (3,249) | | | | | | — | | | | | | | | | (28,213) | | |
Change in fair value of warrant and derivative
liability |
| | | | 5,674 | | | | | | 10,956 | | | | | | (5,674) | | | |
[GG]
|
| | | | 10,956 | | |
Change in fair value of PIPE liability
|
| | | | | | | | | | (27) | | | | | | | | | | | | | | | (27) | | |
Change in fair value of debt
|
| | | | (597) | | | | | | | | | | | | 597 | | | | | | | | | — | | |
Interest earned on marketable securities held in Trust
Account |
| | | | — | | | | | | 113 | | | | | | (113) | | | |
[AA]
|
| | | | — | | |
Interest expense
|
| | | | (6,899) | | | | | | — | | | | | | (2,324) | | | |
[BB]
|
| | | | (6,438) | | |
| | | | | | | | | | | | | | | | | 2,385 | | | |
[EE]
|
| | | | | | |
| | | | | | | | | | | | | | | | | 400 | | | |
[HH]
|
| | | | | | |
Loss on debt extinguishment
|
| | | | (38,939) | | | | | | | | | | | | | | | | | | | | | (38,939) | | |
Other financing costs
|
| | | | (30,793) | | | | | | (7,353) | | | | | | 5,075 | | | |
[II]
|
| | | | (33,071) | | |
Total other income (expense), net
|
| | | | (71,554) | | | | | | 3,689 | | | | | | 346 | | | | | | | | | (67,519) | | |
(Loss) income before income taxes
|
| | | | (96,518) | | | | | | 440 | | | | | | 346 | | | | | | | | | (95,732) | | |
Income tax (provision) benefit
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Net (loss) income
|
| | | $ | (96,518) | | | | | $ | 440 | | | | | $ | 346 | | | | | | | | $ | (95,732) | | |
| | |
Legacy Tempo
(Historical) |
| |
ACE
(Historical) |
| |
Pro Forma
Combined |
| |||||||||
Net loss per common share – basic and diluted
|
| | | $ | (9.58) | | | | | | | | | | | $ | (3.63) | | |
Basic and diluted weighted average common shares
outstanding |
| | | | 10,072,318 | | | | | | | | | | | | 26,393,289 | | |
Net loss per share, Class A redeemable ordinary shares – basic and diluted
|
| | | | | | | | | $ | 0.03 | | | | | | | | |
Weighted average shares outstanding of Class A redeemable ordinary shares
|
| | | | | | | | | | 8,092,696 | | | | | | | | |
Net loss per share, Class B non-redeemable ordinary shares – basic and diluted
|
| | | | | | | | | $ | 0.03 | | | | | | | | |
Weighted average shares outstanding of Class B non-redeemable
ordinary shares |
| | | | | | | | | | 5,750,000 | | | | | | | | |
(in thousands, except share and per share data)
|
| |
For the year ended
December 31, 2021 |
| |
For the Nine Months Ended
September 30, 2022 |
| ||||||
Pro forma loss attributable to common stockholders – Tempo
|
| | | $ | (50,990) | | | | | $ | (95,732) | | |
Tempo common stock | | | | | | | | | | | | | |
Weighted average shares outstanding – basic and diluted
|
| | | | 26,393,289 | | | | | | 26,393,289 | | |
Net loss per share – basic and diluted
|
| | | $ | (1.93) | | | | | $ | (3.63) | | |
|
Legacy Tempo Stockholders(1)
|
| | | | 16,305,986 | | |
|
ACE’s public shareholders
|
| | | | 2,269,299 | | |
|
Sponsor and related parties(2)
|
| | | | 4,464,014 | | |
|
Third-Party PIPE Investors
|
| | | | 2,530,000 | | |
|
Cantor
|
| | | | 823,990 | | |
|
Pro forma weighted average shares outstanding – basic and diluted
|
| | | | 26,393,289 | | |
|
Public warrants and private placement warrants
|
| | | | 18,100,000 | | |
|
Tempo Options
|
| | | | 562,526 | | |
|
Tempo RSUs
|
| | | | 1,618,991 | | |
|
Legacy Tempo earnout shares, options and restricted stock units
|
| | | | 7,000,000 | | |
| | |
Nine Months Ended
September 30, |
| |||||||||
(In thousands)
|
| |
2022
|
| |
2021
|
| ||||||
Statement of Operations Data: | | | | | | | | | | | | | |
Revenue
|
| | | $ | 9,146 | | | | | $ | 13,354 | | |
Cost of revenue
|
| | | | 8,141 | | | | | | 10,696 | | |
Gross profit
|
| | | | 1,005 | | | | | | 2,658 | | |
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | | 8,317 | | | | | | 6,538 | | |
Sales and marketing
|
| | | | 7,363 | | | | | | 6,504 | | |
General and administrative
|
| | | | 9,992 | | | | | | 12,098 | | |
Impairment loss
|
| | | | 297 | | | | | | — | | |
Total operating expenses
|
| | | | 25,969 | | | | | | 25,140 | | |
Loss from operations
|
| | | | (24,964) | | | | | | (22,482) | | |
Other income (expense), net | | | | | | | | | | | | | |
Interest expense
|
| | | | (6,902) | | | | | | (2,069) | | |
Other financing cost
|
| | | | (30,793) | | | | | | — | | |
Interest income
|
| | | | 7 | | | | | | 3 | | |
Loss on debt extinguishment
|
| | | | (38,939) | | | | | | — | | |
Other income (expense)
|
| | | | (4) | | | | | | 2,500 | | |
Change in fair value of warrant and derivatives
|
| | | | 5,674 | | | | | | (2,340) | | |
Change in fair value of debt
|
| | | | (597) | | | | | | — | | |
Total other income (expense), net
|
| | | | (71,554) | | | | | | (1,906) | | |
Loss before income taxes
|
| | | | (96,518) | | | | | | (24,388) | | |
Income tax provision
|
| | | | — | | | | | | — | | |
Net loss
|
| | | $ | (96,518) | | | | | $ | (24,388) | | |
Date of Option Grant
|
| |
# of Options
Granted |
| |
Fair Value of
Underlying Stock* |
| ||||||
1/27/2021
|
| | | | 185,000 | | | | | $ | 1.41 | | |
3/29/2021
|
| | | | 3,056,993 | | | | | $ | 1.51 | | |
3/30/2021
|
| | | | 305,583 | | | | | $ | 1.51 | | |
6/1/2021
|
| | | | 880,874 | | | | | $ | 2.26 | | |
6/25/2021
|
| | | | 204,500 | | | | | $ | 2.55 | | |
7/3/2021
|
| | | | 273,365 | | | | | $ | 2.65 | | |
8/10/2021
|
| | | | 937,731 | | | | | $ | 3.69 | | |
9/28/2021
|
| | | | 566,250 | | | | | $ | 5.46 | | |
11/10/2021
|
| | | | 353,000 | | | | | $ | 6.63 | | |
12/3/2021
|
| | | | 237,000 | | | | | $ | 7.12 | | |
5/16/2022
|
| | | | 3,594 | | | | | $ | 6.42 | | |
8/18/2022
|
| | | | 125,000 | | | | | $ | 2.23 | | |
| | |
Nine Months Ended
September 30, |
| | | | | | | | | | | | | |||||||||
(In thousands)
|
| |
2022
|
| |
2021
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Statement of Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 9,146 | | | | | $ | 13,354 | | | | | $ | (4,208) | | | | | | -32% | | |
Cost of revenue
|
| | | | 8,141 | | | | | | 10,696 | | | | | | (2,555) | | | | | | -24% | | |
Gross profit
|
| | | | 1,005 | | | | | | 2,658 | | | | | | (1,653) | | | | | | -62% | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 8,317 | | | | | | 6,538 | | | | | | 1,779 | | | | | | 27% | | |
Sales and marketing
|
| | | | 7,363 | | | | | | 6,504 | | | | | | 859 | | | | | | 13% | | |
General and administrative
|
| | | | 9,992 | | | | | | 12,098 | | | | | | (2,106) | | | | | | -17% | | |
Impairment loss
|
| | | | 297 | | | | | | — | | | | | | 297 | | | | | | N.M. | | |
Total operating expenses
|
| | | | 25,969 | | | | | | 25,140 | | | | | | 829 | | | | | | 3% | | |
Loss from operations
|
| | | | (24,964) | | | | | | (22,482) | | | | | | (2,482) | | | | | | 11% | | |
Other income (expense), net | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (6,902) | | | | | | (2,069) | | | | | | (4,833) | | | | | | 234% | | |
Other financing cost
|
| | | | (30,793) | | | | | | — | | | | | | (30,793) | | | | | | N.M. | | |
Interest income
|
| | | | 7 | | | | | | 3 | | | | | | 4 | | | | | | 133% | | |
Loss on debt extinguishment
|
| | | | (38,939) | | | | | | — | | | | | | (38,939) | | | | | | N.M. | | |
Other income (expense)
|
| | | | (4) | | | | | | 2,500 | | | | | | (2,504) | | | | | | -100% | | |
Change in fair value of warrant and derivatives
|
| | | | 5,674 | | | | | | (2,340) | | | | | | 8,014 | | | | | | -342% | | |
Change in fair value of debt
|
| | | | (597) | | | | | | — | | | | | | (597) | | | | | | N.M. | | |
Total other income (expense), net
|
| | | | (71,554) | | | | | | (1,906) | | | | | | (69,648) | | | | | | 3654% | | |
Loss before income taxes
|
| | | | (96,518) | | | | | | (24,388) | | | | | | (72,130) | | | | | | 296% | | |
Income tax provision
|
| | | | — | | | | | | — | | | | | | — | | | | | | N.M. | | |
Net loss
|
| | | $ | (96,518) | | | | | $ | (24,388) | | | | | $ | (72,130) | | | | | | 296% | | |
| | |
Years Ended December 31,
|
| |||||||||||||||||||||
(In thousands)
|
| |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Statement of Operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 17,361 | | | | | $ | 18,724 | | | | | $ | (1,363) | | | | | | -7% | | |
Cost of revenue
|
| | | | 14,578 | | | | | | 14,098 | | | | | | 480 | | | | | | 3% | | |
Gross profit
|
| | | | 2,783 | | | | | | 4,626 | | | | | | (1,843) | | | | | | -40% | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 9,904 | | | | | | 6,690 | | | | | | 3,214 | | | | | | 48% | | |
Sales and marketing
|
| | | | 9,817 | | | | | | 7,892 | | | | | | 1,925 | | | | | | 24% | | |
General and administrative
|
| | | | 16,376 | | | | | | 8,613 | | | | | | 7,763 | | | | | | 90% | | |
Total operating expenses
|
| | | | 36,097 | | | | | | 23,195 | | | | | | 12,902 | | | | | | 56% | | |
Loss from operations Other income (expense), net
|
| | | | (33,314) | | | | | | (18,569) | | | | | | (14,745) | | | | | | 79% | | |
Interest expense
|
| | | | (3,686) | | | | | | (630) | | | | | | (3,056) | | | | | | 485% | | |
Other financing cost
|
| | | | (8,955) | | | | | | — | | | | | | (8,955) | | | | | | 100% | | |
Gain on PPP loan forgiveness
|
| | | | 2,500 | | | | | | — | | | | | | 2,500 | | | | | | 100% | | |
Loss on debt extinguishment
|
| | | | (319) | | | | | | — | | | | | | (319) | | | | | | 100% | | |
Interest income
|
| | | | 3 | | | | | | 49 | | | | | | (46) | | | | | | -94% | | |
Change in fair value of warrants
|
| | | | (4,242) | | | | | | 47 | | | | | | (4,289) | | | | | | -9126% | | |
Total other income (expense), net
|
| | | | (14,699) | | | | | | (534) | | | | | | (14,165) | | | | | | 2653% | | |
Loss before income taxes
|
| | | | (48,013) | | | | | | (19,103) | | | | | | (28,910) | | | | | | 151% | | |
Income tax provision
|
| | | | — | | | | | | 1 | | | | | | (1) | | | | | | -100% | | |
Net loss
|
| | | $ | (48,013) | | | | | $ | (19,104) | | | | | $ | (28,909) | | | | | | 151% | | |
| | |
For the Nine Months
Ended September 30, |
| |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| ||||||
Net cash used in operating activities
|
| | | $ | (20,182) | | | | | $ | (20,883) | | |
Net cash used in investing activities
|
| | | $ | (24) | | | | | $ | (453) | | |
Net cash provided by financing activities
|
| | | $ | 17,875 | | | | | $ | 27,434 | | |
| | |
For the Years Ended
December 31, |
| |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
Net cash used in operating activities
|
| | | $ | (30,228) | | | | | $ | (13,904) | | |
Net cash used in investing activities
|
| | | $ | (622) | | | | | $ | (2,307) | | |
Net cash provided by financing activities
|
| | | $ | 16,288 | | | | | $ | 10,088 | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers | | | | | | | |
Joy Weiss | | |
62
|
| |
President, Chief Executive Officer and Director
|
|
Ryan Benton | | |
52
|
| |
Chief Financial Officer, Secretary and Director
|
|
Directors | | | | | | | |
Behrooz Abdi | | |
61
|
| | Director | |
Matthew Granade | | |
46
|
| | Director | |
Omid Tahernia | | |
62
|
| | Director | |
Jacqueline Schneider | | |
58
|
| | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($) |
| |
Option
Awards ($)(2) |
| |
Stock
Awards ($)(3) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
All Other
Compensation ($) |
| |
($) Total
|
| ||||||||||||||||||||||||
Joy Weiss
|
| | | | 2022 | | | | | | 340,385 | | | | | | 114,230 | | | | | | | | | | | | 2,384,995 | | | | | | — | | | | | | — | | | | | | 2,839,610 | | |
President and Chief Executive Officer
|
| | | | 2021 | | | | | | 450,075 | | | | | | — | | | | | | 1,545,860 | | | | | | | | | | | | — | | | | | | — | | | | | | 1,995,935 | | |
Ryan Benton
|
| | | | 2022 | | | | | | 292,308 | | | | | | 85,673 | | | | | | | | | | | | 2,384,995 | | | | | | — | | | | | | — | | | | | | 2,762,976 | | |
Chief Financial Officer
|
| | | | 2021 | | | | | | 375,075 | | | | | | — | | | | | | 508,874 | | | | | | | | | | | | — | | | | | | — | | | | | | 883,949 | | |
Ralph Richart
|
| | | | 2022 | | | | | | 276,282 | | | | | | 76,154 | | | | | | | | | | | | 2,384,995 | | | | | | — | | | | | | — | | | | | | 2,737,431 | | |
Chief Technology and
Manufacturing Officer |
| | | | 2021 | | | | | | 342,583 | | | | | | — | | | | | | 257,643 | | | | | | | | | | | | — | | | | | | — | | | | | | 600,226 | | |
| | | | | | | | | | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Vesting
Start Date |
| |
Notes
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Number of
Securities Underlying Unexercised Unearned Options (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock That Have Not Vested (#) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units, or Other Rights That Have Not Vested (#) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units, or Other Rights That Have Not Vested ($) |
| |||||||||||||||||||||
Joy Weiss
|
| |
4/27/2015
|
| |
1/26/2015
|
| |
(1)(5)(6)(8)
|
| | | | 5,328 | | | | | | | | | | | | | | | 0.27 | | | |
4/26/2025
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
1/20/2016
|
| |
12/17/2015
|
| |
(1)(5)(6)(8)
|
| | | | 10,231 | | | | | | | | | | | | | | | 1.94 | | | |
1/19/2026
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||
|
1/24/2018
|
| |
12/18/2017
|
| |
(1)(5)(6)(8)
|
| | | | 17,052 | | | | | | | | | | | | | | | 5.69 | | | |
1/23/2028
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||
|
11/8/2019
|
| |
9/23/2019
|
| |
(1)(5)(6)
|
| | | | 259,065 | | | | | | | | | | | | | | | 8.57 | | | |
11/7/2029
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||
|
3/29/2021
|
| |
N/A
|
| |
(2)(6)
|
| | | | 86,666 | | | | | | | | | | | | | | | 5.52 | | | |
3/28/2031
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||
|
3/29/2021
|
| |
9/23/2021
|
| |
(1)(5)(6)
|
| | | | 108,332 | | | | | | | | | 65,000 | | | | | | 5.52 | | | |
3/28/2031
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||
|
9/27/2022
|
| |
9/9/2022
|
| |
(10)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 127,895 | | | | | $ | 100,014 | | | | | | 127,895 | | | | | $ | 100,014 | | | ||
Ryan Benton
|
| |
7/29/2020
|
| |
N/A
|
| |
(2)(5)(6)
|
| | | | 44,058 | | | | | | | | | | | | | | | 5.52 | | | |
7/28/2030
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
7/29/2020
|
| |
7/13/2020
|
| |
(3)(6)(7)
|
| | | | 79,856 | | | | | | | | | 52,320 | | | | | | 5.52 | | | |
7/28/2030
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||
|
7/3/2021
|
| |
7/2/2021
|
| |
(3)(5)(6)
|
| | | | 16,630 | | | | | | | | | 30,327 | | | | | | 8.86 | | | |
7/2/2031
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||
|
9/27/2022
|
| |
9/9/2022
|
| |
(10)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 127,895 | | | | | $ | 100,014 | | | | | | 127,895 | | | | | $ | 100,014 | | | ||
Ralph Richart
|
| |
8/3/2018
|
| |
8/2/2018
|
| |
(1)(5)(6)
|
| | | | 1,278 | | | | | | | | | | | | | | | 5.69 | | | |
8/2/2028
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
7/25/2019
|
| |
4/30/2019
|
| |
(3)(5)(6)
|
| | | | 17,193 | | | | | | | | | 1,564 | | | | | | 8.57 | | | |
7/24/2029
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||
|
7/29/2020
|
| |
7/29/2020
|
| |
(4)(5)(6)
|
| | | | 16,908 | | | | | | | | | 11,078 | | | | | | 5.52 | | | |
7/28/2030
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||
|
11/4/2020
|
| |
11/4/2020
|
| |
(4)(5)(6)
|
| | | | 20,466 | | | | | | | | | 18,830 | | | | | | 5.52 | | | |
11/3/2030
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||
|
3/29/2021
|
| |
N/A
|
| |
(6)(9)
|
| | | | 21,666 | | | | | | | | | 21,667 | | | | | | 5.52 | | | |
3/28/2031
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||
|
9/27/2022
|
| |
9/9/2022
|
| |
(10)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 127,895 | | | | | $ | 100,014 | | | | | | 127,895 | | | | | $ | 100,014 | | |
Name
|
| |
Fees Earned or Paid
in Cash ($) |
| |
Stock Awards
($)(1)(2) |
| |
All Other
Compensation ($) |
| |
Total ($)
|
| ||||||||||||
Behrooz Abdi | | | | | | | | | | | | | | | | | | | | | | | | | |
Sri Chandrasekar | | | | | | | | | | | | | | | | | | | | | | | | | |
Zavain Dar | | | | | | | | | | | | | | | | | | | | | | | | | |
Matthew Granade
|
| | | | — | | | | | | 397,484 | | | | | | — | | | | | | 397,484 | | |
Jacqueline Dee Schneider
|
| | | | — | | | | | | 397,484 | | | | | | | | | | | | 397,484 | | |
Omid Tahernia | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Number of RSUs
|
| |||
•
Additional RSUs for service as the Chairperson of the Board
|
| | | | 10,000 | | |
•
Additional RSUs for service as the Chair of a Committee of the Board:
|
| | | | | | |
•
Audit Committee
|
| | | | 8,800 | | |
•
Compensation Committee
|
| | | | 6,600 | | |
•
Nominating and Governance Committee
|
| | | | 4,400 | | |
•
Additional RSUs for service as a member (non-Chair) of a Committee of the Board:
|
| | | | | | |
•
Audit Committee
|
| | | | 4,400 | | |
•
Compensation Committee
|
| | | | 3,300 | | |
•
Nominating and Governance Committee
|
| | | | 2,200 | | |
Name of Beneficial Owners
|
| |
Number of
Shares of Common Stock Beneficially Owned |
| |
Percentage of
Outstanding Common Stock |
| ||||||
5% Stockholders: | | | | | | | | | | | | | |
Point72 Ventures Investments, LLC(1)
|
| | | | 5,350,999 | | | | | | 20.27% | | |
ACE Convergence Acquisition LLC(2)
|
| | | | 6,888,642 | | | | | | 26.10% | | |
Lux Ventures IV, L.P. (3)
|
| | | | 2,787,492 | | | | | | 10.56% | | |
SQN and Affiliates(4)
|
| | | | 3,039,820 | | | | | | 11.52% | | |
ACE Equity Partners LLC(5)
|
| | | | 2,461,872 | | | | | | 9.33% | | |
Structural and Affiliates(6)
|
| | | | 1,693,596 | | | | | | 6.42% | | |
Kai Yeung Sunny Siu(7)
|
| | | | 1,558,500 | | | | | | 5.90% | | |
Directors and Named Executive Officers: | | | | | | | | | | | | | |
Behrooz Abdi(2)
|
| | | | 6,888,642 | | | | | | 26.10% | | |
Joy Weiss
|
| | | | 493,452 | | | | | | 1.87% | | |
Ryan Benton
|
| | | | 183,008 | | | | | | * | | |
Matthew Granade(8)
|
| | | | 70,514 | | | | | | * | | |
Omid Tahernia
|
| | | | 35,000 | | | | | | * | | |
Jacqueline Dee Schneider
|
| | | | 21,180 | | | | | | * | | |
Directors and executive officers as a group (6 individuals)
|
| | | | 7,691,796 | | | | | | 29.14% | | |
| | |
Securities Beneficially
Owned prior to this Offering(1) |
| |
Securities to be Offered
in this Offering |
| |
Securities Beneficially Owned after this Offering(2)
|
| |||||||||||||||||||||||||||||||||||||||
Names and Addresses
|
| |
Shares of
Common Stock |
| |
Warrants
|
| |
Shares of
Common Stock(3) |
| |
Warrants(4)
|
| |
Shares of
Common Stock |
| |
Percentage
|
| |
Warrants
|
| |
Percentage
|
| ||||||||||||||||||||||||
White Lion Capital, LLC(5)
|
| | | | 800,000 | | | | | | — | | | | | | 5,276,018 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Craig-Hallum Capital Group LLC(6)
|
| | | | 178,948 | | | | | | — | | | | | | 178,948 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Northland Securities, Inc.(7)
|
| | | | 178,948 | | | | | | — | | | | | | 178,948 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Roth Capital Partners, LLC(8)
|
| | | | 178,948 | | | | | | — | | | | | | 178,948 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cantor Fitzgerald & Co.(9)
|
| | | | 805,000 | | | | | | — | | | | | | 748,990 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Firsthand Technology Opportunities Fund(10)
|
| | | | 520,000 | | | | | | — | | | | | | 520,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lux Ventures IV, L.P.(11)
|
| | | | 2,787,492 | | | | | | — | | | | | | 2,787,492 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
SQN Venture Income Fund II, LP(12)
|
| | | | 2,521,371 | | | | | | — | | | | | | 2,521,371 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
SQN Tempo Automation, LLC(12)
|
| | | | 518,449 | | | | | | — | | | | | | 518,449 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Structural Capital Investments III, LP(13)
|
| | | | 1,439,349 | | | | | | — | | | | | | 1,439,349 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Structural Capital Holding III, LP(13)
|
| | | | 101,785 | | | | | | — | | | | | | 101,785 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Series Structural DCO II(13)
|
| | | | 152,462 | | | | | | — | | | | | | 152,462 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
CEOF Holdings LP(14)
|
| | | | 108,900 | | | | | | — | | | | | | 108,900 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Acme Height Limited(15)
|
| | | | 520,000 | | | | | | — | | | | | | 520,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Joy Weiss
|
| | | | 493,452 | | | | | | — | | | | | | 493,452 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ryan Benton
|
| | | | 183,008 | | | | | | — | | | | | | 183,008 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kenneth Klein(16)
|
| | | | 40,000 | | | | | | — | | | | | | 40,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Matthew Granade(17)
|
| | | | 70,514 | | | | | | — | | | | | | 70,514 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jeffrey McAlvay(18)
|
| | | | 818,529 | | | | | | — | | | | | | 818,529 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jacqueline Schneider
|
| | | | 21,180 | | | | | | — | | | | | | 21,180 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
ACE Convergence Acquisition LLC(19)
|
| | | | 2,129,106 | | | | | | 4,759,536 | | | | | | 2,129,106 | | | | | | 4,759,536 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kai Yeung Sunny Siu(20)
|
| | | | 1,078,500 | | | | | | 480,000 | | | | | | 1,078,500 | | | | | | 480,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Behrooz Abdi(21)
|
| | | | 6,888,642 | | | | | | — | | | | | | 6,888,642 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Minyoung Park(22)
|
| | | | 10,000 | | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Omid Tahernia
|
| | | | 35,000 | | | | | | — | | | | | | 35,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Raquel Chmielewski(23)
|
| | | | 35,000 | | | | | | — | | | | | | 35,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
ACE SO5 Holdings Limited(15)
|
| | | | 485,714 | | | | | | 891,714 | | | | | | 485,714 | | | | | | 891,714 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
ACE SO3 Holdings Limited(15)
|
| | | | — | | | | | | 468,750 | | | | | | — | | | | | | 468,750 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Point72 Ventures Investments, LLC(24)
|
| | | | 5,350,999 | | | | | | — | | | | | | 5,350,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Page
|
| |||
Audited Consolidated Financial Statements | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Unaudited Condensed Consolidated Financial Statements | | | | | | | |
| | | | F-24 | | | |
| | | | F-25 | | | |
| | | | F-26 | | | |
| | | | F-27 | | | |
| | | | F-28 | | |
| Audited Financial Statements | | | | | | | |
| | | | | F-55 | | | |
| | | | | F-56 | | | |
| | | | | F-57 | | | |
| | | | | F-58 | | | |
| | | | | F-59 | | | |
| | | | | F-60 | | | |
| Unaudited Condensed Consolidated Financial Statements | | | | | | | |
| | | | | F-87 | | | |
| | | | | F-88 | | | |
| | | | | F-89 | | | |
| | | | | F-90 | | | |
| | | | | F-91 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 8,390 | | | | | $ | 792,416 | | |
Prepaid expenses
|
| | | | 113,140 | | | | | | 343,839 | | |
Total Current Assets
|
| | | | 121,530 | | | | | | 1,136,255 | | |
Cash and marketable securities held in Trust Account
|
| | | | 230,158,259 | | | | | | 230,091,362 | | |
TOTAL ASSETS
|
| | | $ | 230,279,789 | | | | | $ | 231,227,617 | | |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| | | $ | 6,260,642 | | | | | $ | 859,811 | | |
Promissory note – related party
|
| | | | 527,756 | | | | | | — | | |
Total current liabilities
|
| | | | 6,788,398 | | | | | | 859,811 | | |
Warrant liability
|
| | | | 12,766,082 | | | | | | 25,489,000 | | |
Deferred underwriting fee payable
|
| | | | 8,050,000 | | | | | | 8,050,000 | | |
TOTAL LIABILITIES
|
| | | | 27,604,480 | | | | | | 34,398,811 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption, 23,000,000 shares issued and outstanding at redemption value of $10.00 per share
|
| | | | 230,000,000 | | | | | | 230,000,000 | | |
Shareholders’ Deficit | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized;
excluding 23,000,000 shares subject to possible redemption |
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 shares issued and outstanding
|
| | | | 575 | | | | | | 575 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (27,325,266) | | | | | | (33,171,769) | | |
Total Shareholders’ Deficit
|
| | | | (27,324,691) | | | | | | (33,171,194) | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT
|
| | | $ | 230,279,789 | | | | | $ | 231,227,617 | | |
| | |
Year Ended
December 31, 2021 |
| |
For the Period
from March 31, 2020 (Inception) through December 31, 2020 |
| ||||||
Operating costs
|
| | | $ | 6,943,312 | | | | | $ | 1,125,460 | | |
Loss from operations
|
| | | | (6,943,312) | | | | | | (1,125,460) | | |
Other income (expense): | | | | | | | | | | | | | |
Change in fair value of warrant liability
|
| | | | 12,722,918 | | | | | | (7,487,000) | | |
Offering costs allocated to warrant liability
|
| | | | — | | | | | | (667,259) | | |
Interest earned on marketable securities held in Trust Account
|
| | | | 66,897 | | | | | | 91,362 | | |
Total other income (expense), net
|
| | |
|
12,789,815
|
| | | |
|
(8,062,897)
|
| |
Net income (loss)
|
| | | $ | 5,846,503 | | | | | $ | (9,188,357) | | |
Weighted average shares outstanding of Class A ordinary shares
|
| | | | 23,000,000 | | | | | | 16,353,211 | | |
Basic and diluted net income (loss) per ordinary share, Class A
|
| | | $ | 0.20 | | | | | $ | (0.42) | | |
Weighted average shares outstanding of Class B ordinary shares
|
| | | | 5,750,000 | | | | | | 5,529,817 | | |
Basic and diluted net income (loss) per ordinary share, Class B
|
| | | $ | 0.20 | | | | | $ | (0.42) | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – March 31, 2020 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares to Sponsor
|
| | | | — | | | | | | — | | | | | | 5,750,000 | | | | | | 575 | | | | | | 24,425 | | | | | | — | | | | | | 25,000 | | |
Accretion for Class A ordinary shares subject to redemption amount
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (24,425) | | | | | | (23,983,412) | | | | | | (24,007,837) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,188,357) | | | | | | (9,188,357) | | |
Balance – December 31, 2020
|
| | |
|
—
|
| | | | $ | — | | | | | | 5,750,000 | | | | | $ | 575 | | | | | $ | — | | | | | $ | (33,171,769) | | | | | $ | (33,171,194) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,846,503 | | | | | | 5,846,503 | | |
Balance – December 31, 2021
|
| | |
|
—
|
| | | | $ | — | | | | | | 5,750,000 | | | | | $ | 575 | | | | | $ | — | | | | | $ | (27,325,266) | | | | | $ | (27,324,691) | | |
| | |
Year Ended
December 31, 2021 |
| |
For the Period
from March 31, 2020 (Inception) through December 31, 2020 |
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 5,846,503 | | | | | $ | (9,188,357) | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
| | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | (66,897) | | | | | | (91,362) | | |
Change in fair value of warrant liability
|
| | | | (12,722,918) | | | | | | 7,487,000 | | |
Offering cost allocated to warrants
|
| | | | — | | | | | | 667,259 | | |
Payment of formation costs through promissory note- related party
|
| | | | — | | | | | | 1,548 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses
|
| | | | 230,699 | | | | | | (343,839) | | |
Accounts payable and accrued expenses
|
| | | | 5,400,831 | | | | | | 859,811 | | |
Net cash used in operating activities
|
| | | | (1,311,782) | | | | | | (607,940) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Investment of cash in Trust Account
|
| | | | — | | | | | | (230,000,000) | | |
Net cash used in investing activities
|
| | | | — | | | | |
|
(230,000,000)
|
| |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from issuance of Class B ordinary shares to Sponsor
|
| | | | — | | | | | | 25,000 | | |
Proceeds from sale of Units, net of underwriting discounts paid
|
| | | | — | | | | | | 225,400,000 | | |
Proceeds from sale of Private Placement Warrants
|
| | | | — | | | | | | 6,600,000 | | |
Proceeds from promissory note – related party
|
| | | | 527,756 | | | | | | 62,558 | | |
Repayment of promissory note – related party
|
| | | | — | | | | | | (186,760) | | |
Payment of offering costs
|
| | | | — | | | | | | (500,442) | | |
Net cash provided by financing activities
|
| | | | 527,756 | | | | | | 231,400,356 | | |
Net Change in Cash
|
| | | | (784,026) | | | | | | 792,416 | | |
Cash – Beginning
|
| | | | 792,416 | | | | |
|
—
|
| |
Cash – Ending | | | | $ | 8,390 | | | | | $ | 792,416 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Offering costs paid through promissory note – related party
|
| | | $ | — | | | | | $ | 122,654 | | |
Deferred underwriting fee payable
|
| | | $ | — | | | | | $ | 8,050,000 | | |
|
Gross proceeds
|
| | | $ | 230,000,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (11,270,000) | | |
|
Class A ordinary shares issuance costs
|
| | | | (12,737,837) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 24,007,837 | | |
|
Class A ordinary shares subject to possible redemption
|
| | | $ | 230,000,000 | | |
| | |
Year Ended
December 31, 2021 |
| |
For the Period from
March 31, 2020 (Inception) through December 31, 2020 |
| ||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||
Basic and diluted net income (loss) per ordinary share
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income (loss), as adjusted
|
| | | $ | 4,677,202 | | | | | $ | 1,169,301 | | | | | $ | (7,350,686) | | | | | $ | (1,837,671) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 23,000,000 | | | | | | 5,750,000 | | | | | | 16,353,211 | | | | | | 5,529,817 | | |
Basic and diluted net income (loss) per ordinary share
|
| | | $ | 0.20 | | | | | $ | 0.20 | | | | | $ | (0.42) | | | | | $ | (0.42) | | |
| | |
Held-To-Maturity
|
| |
Amortized
Cost |
| |
Gross
Holding Gain |
| |
Fair
Value |
| |||||||||
December 31, 2020
|
| |
U.S. Treasury Securities (Matured on 1/28/21)*
|
| | | | 230,091,280 | | | | | | 7,515 | | | | | | 230,098,795 | | |
Description
|
| |
Markets
(level) |
| |
December 31,
2021 |
| |
December 31,
2020 |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Cash and marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 230,157,661 | | | | | $ | 230,098,795 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Warrant Liability – Public Warrants
|
| | | | 1 | | | | | $ | 7,820,000 | | | | | $ | 15,985,000 | | |
Warrant Liability – Private Placement
|
| | | | 3 | | | | | $ | 4,946,082 | | | | | $ | 9,504,000 | | |
Input:
|
| |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Risk-free interest rate
|
| | | | 1.26% | | | | | | 0.36% | | |
Expected term (years)
|
| | | | 5.28 | | | | | | 5.49 | | |
Expected volatility
|
| | | | 18.8% | | | | | | 22.7% | | |
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
Stock Price
|
| | | $ | 9.96 | | | | | $ | 10.22 | | |
| | |
Private
Placement |
| |
Public
|
| ||||||
Fair value as of May 28, 2020
|
| | | | — | | | | | | — | | |
Initial measurement on July 30, 2020
|
| | | $ | 6,732,000 | | | | | $ | 11,270,000 | | |
Transfer from Level 3 to Level 1
|
| | | | — | | | | | | (11,270,000) | | |
Change in fair value
|
| | | | 2,772,000 | | | | | | — | | |
Fair value as of December 31, 2020
|
| | | $ | 9,504,000 | | | | | | — | | |
Change in fair value
|
| | | | (4,557,918) | | | | | | — | | |
Fair value as of December 31, 2021
|
| | | $ | 4,946,082 | | | | | | — | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | — | | | | | $ | 8,390 | | |
Prepaid expenses
|
| | | | 15,597 | | | | | | 113,140 | | |
Total Current Assets
|
| | | | 15,597 | | | | | | 121,530 | | |
Cash and marketable securities held in Trust Account
|
| | | | 40,293,597 | | | | | | 230,158,259 | | |
TOTAL ASSETS
|
| | | $ | 40,309,194 | | | | | $ | 230,279,789 | | |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| | | $ | 15,756,798 | | | | | $ | 6,260,642 | | |
Promissory note – related party
|
| | | | 1,051,499 | | | | | | 527,756 | | |
Advance from related party
|
| | | | 427,857 | | | | | | — | | |
Convertible promissory note
|
| | | | 1,500,000 | | | | | | — | | |
Total current liabilities
|
| | | | 18,736,154 | | | | | | 6,788,398 | | |
PIPE derivative liability
|
| | | | 19,905,700 | | | | | | — | | |
Warrant liability
|
| | | | 1,810,000 | | | | | | 12,766,082 | | |
Deferred underwriting fee payable
|
| | | | 8,050,000 | | | | | | 8,050,000 | | |
TOTAL LIABILITIES
|
| | | | 48,501,854 | | | | | | 27,604,480 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption, 3,945,298 and
23,000,000 shares issued and outstanding at redemption value of $10.21 and $10.00 per share at September 30, 2022 and December 31, 2021, respectively |
| | | | 40,293,597 | | | | | | 230,000,000 | | |
Shareholders’ Deficit | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued
or outstanding |
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; no
non-redeemable shares issued or outstanding excluding 3,945,298 and 23,000,000 shares subject to possible redemption at September 30, 2022 and December 31, 2021, respectively |
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,750,000 shares issued and outstanding at September 30, 2022 and December 31, 2021
|
| | | | 575 | | | | | | 575 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (48,486,832) | | | | | | (27,325,266) | | |
Total Shareholders’ Deficit
|
| | | | (48,486,257) | | | | | | (27,324,691) | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT
|
| | | $ | 40,309,194 | | | | | $ | 230,279,789 | | |
| | |
For the Three Months
Ended September 30, |
| |
For the Nine Months
Ended September 30, |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Operating costs
|
| | | $ | 894,289 | | | | | $ | 2,634,162 | | | | | $ | 3,248,689 | | | | | $ | 4,773,008 | | |
Loss from operations
|
| | | | (894,289) | | | | | | (2,634,162) | | | | | | (3,248,689) | | | | | | (4,773,008) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liability
|
| | | | (362,000) | | | | | | 24,916,621 | | | | | | 10,956,082 | | | | | | 14,433,236 | | |
Change in fair value of PIPE liability
|
| | | | (26,800) | | | | | | — | | | | | | (26,800) | | | | | | — | | |
Interest earned on cash and marketable securities held in Trust Account
|
| | | | — | | | | | | 5,802 | | | | | | 113,123 | | | | | | 61,010 | | |
Termination Fees and Expenses
|
| | | | (7,353,469) | | | | | | — | | | | | | (7,353,469) | | | | | | | | |
Total other income (expense), net
|
| | | | (7,742,269) | | | | | | 24,922,423 | | | | | | 3,688,936 | | | | | | 14,494,246 | | |
Net income (loss)
|
| | | $ | (8,636,558) | | | | | $ | 22,288,261 | | | | | $ | 440,247 | | | | | $ | 9,721,238 | | |
Weighted average shares outstanding of Class A
ordinary shares |
| | | | 4,459,878 | | | | | | 23,000,000 | | | | | | 8,092,696 | | | | | | 23,000,000 | | |
Basic and diluted net income (loss) per share, Class A ordinary shares
|
| | | $ | (0.85) | | | | | $ | 0.78 | | | | | $ | 0.03 | | | | | $ | 0.34 | | |
Weighted average shares outstanding of Class B
ordinary shares |
| | | | 5,750,000 | | | | | | 5,750,000 | | | | | | 5,750,000 | | | | | | 5,750,000 | | |
Basic and diluted net income (loss) per share, Class B ordinary shares
|
| | | $ | (0.85) | | | | | $ | 0.78 | | | | | $ | 0.03 | | | | | $ | 0.34 | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – January 1, 2022
|
| | | | — | | | | | $ | — | | | | | | 5,750,000 | | | | | $ | 575 | | | | | $ | — | | | | | $ | (27,325,266) | | | | | $ | (27,324,691) | | |
Accretion for Class A ordinary shares to redemption
amount |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (492,136) | | | | | | (492,136) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,058,490) | | | | | | (1,058,490) | | |
Balance – March 31, 2022 (unaudited)
|
| | | | — | | | | | | — | | | | | | 5,750,000 | | | | | | 575 | | | | | | — | | | | | | (28,875,892) | | | | | | (28,875,317) | | |
Accretion for Class A ordinary shares to redemption
amount |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,009,587) | | | | | | (1,009,587) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,135,295 | | | | | | 10,135,295 | | |
Balance – June 30, 2022 (unaudited)
|
| | | | — | | | | | | — | | | | | | 5,750,000 | | | | | | 575 | | | | | | — | | | | | | (19,750,184) | | | | | | (19,749,609) | | |
Accretion for Class A ordinary shares to redemption
amount |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (221,190) | | | | | | (221,190) | | |
Fair value of PIPE derivative liability at issuance
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,878,900) | | | | | | (19,878,900) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,636,558) | | | | | | (8,636,558) | | |
Balance – September 30, 2022 (unaudited)
|
| | | | — | | | | | $ | — | | | | | | 5,750,000 | | | | | $ | 575 | | | | | $ | — | | | | | $ | (48,486,832) | | | | | $ | (48,486,257) | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – January 1, 2021
|
| | | | — | | | | | $ | — | | | | | | 5,750,000 | | | | | $ | 575 | | | | | $ | — | | | | | $ | (33,171,769) | | | | | $ | (33,171,194) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (11,524,429) | | | | | | (11,524,429) | | |
Balance – March 31, 2021 (unaudited)
|
| | | | — | | | | | | — | | | | | | 5,750,000 | | | | | | 575 | | | | | | — | | | | | | (44,696,198) | | | | | | (44,695,623) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,042,594) | | | | | | (1,042,594) | | |
Balance – June 30, 2021 (unaudited)
|
| | | | — | | | | | | — | | | | | | 5,750,000 | | | | | | 575 | | | | | | — | | | | | | (45,738,792) | | | | | | (45,738,217) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 22,288,261 | | | | | | 22,288,261 | | |
Balance – September 30, 2021 (unaudited)
|
| | | | — | | | | | $ | — | | | | | | 5,750,000 | | | | | $ | 575 | | | | | $ | — | | | | | $ | (23,450,531) | | | | | $ | (23,449,956) | | |
| | |
Nine Months Ended
September 30, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income
|
| | | $ | 440,247 | | | | | $ | 9,721,238 | | |
Adjustments to reconcile net income to net cash used in operating activities:
|
| | | | | | | | | | | | |
Interest earned on cash and marketable securities held in Trust
Account |
| | | | (113,123) | | | | | | (61,010) | | |
Change in fair value of warrant liability
|
| | | | (10,956,082) | | | | | | (14,433,236) | | |
Change in fair value of PIPE derivative liability
|
| | | | 26,800 | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses
|
| | | | 97,543 | | | | | | 171,117 | | |
Accounts payable and accrued expenses
|
| | | | 9,496,156 | | | | | | 3,516,107 | | |
Net cash used in operating activities
|
| | | | (1,008,459) | | | | | | (1,085,784) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Investment of cash into Trust Account
|
| | | | (1,451,531) | | | | | | — | | |
Cash withdrawn from Trust Account in connection with redemption
|
| | | | 191,429,316 | | | | | | — | | |
Net cash provided by investing activities
|
| | | | 189,977,785 | | | | | | — | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from promissory note – related party
|
| | | | 523,743 | | | | | | 309,210 | | |
Advance from related party
|
| | | | 427,857 | | | | | | | | |
Convertible promissory note
|
| | | | 1,500,000 | | | | | | | | |
Redemption of ordinary shares
|
| | | | (191,429,316) | | | | | | — | | |
Net cash provided by (used in) financing activities
|
| | | | (188,977,716) | | | | | | 309,210 | | |
Net Change in Cash
|
| | | | (8,390) | | | | | | (776,574) | | |
Cash – Beginning of period
|
| | | | 8,390 | | | | | | 792,416 | | |
Cash – End of period
|
| | | $ | — | | | | | $ | 15,842 | | |
|
Gross proceeds
|
| | | $ | 230,000,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (11,270,000) | | |
|
Class A ordinary shares issuance costs
|
| | | | (12,737,837) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 24,007,837 | | |
|
Class A ordinary shares subject to possible redemption, December 31, 2021
|
| | | $ | 230,000,000 | | |
| Less: | | | | | | | |
|
Redemption of Class A Ordinary Shares
|
| | | | (191,429,316) | | |
| Add: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 1,722,913 | | |
|
Class A ordinary shares subject to possible redemption, September 30, 2022
|
| | |
$
|
40,293,597
|
| |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||
Basic and diluted net income (loss) per ordinary share
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income (loss)
|
| | | $ | (3,772,620) | | | | | $ | (4,863,938) | | | | | $ | 17,830,609 | | | | | | 4,457,652 | | | | | $ | 257,377 | | | | | $ | 182,870 | | | | | $ | 7,776,990 | | | | | | 1,944,248 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares
outstanding |
| | | | 4,459,878 | | | | | | 5,750,000 | | | | | | 23,000,000 | | | | | | 5,750,000 | | | | | | 8,092,696 | | | | | | 5,750,000 | | | | | | 23,000,000 | | | | | | 5,750,000 | | |
Basic and diluted net income (loss) per ordinary share
|
| | | $ | (0.85) | | | | | $ | (0.85) | | | | | $ | 0.78 | | | | | | 0.78 | | | | | $ | 0.03 | | | | | $ | 0.03 | | | | | $ | 0.34 | | | | | | 0.34 | | |
Description
|
| |
Markets
(level) |
| |
September 30,
2022 |
| |
Markets
(level) |
| |
December 31,
2021 |
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and Marketable Securities held in Trust Account
|
| | | | 1 | | | | | $ | 40,293,597 | | | | | | 1 | | | | | $ | 230,158,259 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
PIPE derivative liability – PIPE Incentive Shares
|
| | | | 3 | | | | | $ | 19,905,700 | | | | | | — | | | | | $ | — | | |
Warrant Liability – Public Warrants
|
| | | | 1 | | | | | $ | 1,150,000 | | | | | | 1 | | | | | $ | 7,820,000 | | |
Warrant Liability – Private Placement
|
| | | | 2 | | | | | $ | 660,000 | | | | | | 3 | | | | | $ | 4,946,082 | | |
Input:
|
| |
December 31,
2021 |
| |||
Risk-free interest rate
|
| | | | 1.26% | | |
Expected term (years)
|
| | | | 5.28 | | |
Expected volatility
|
| | | | 18.8% | | |
Exercise price
|
| | | $ | 11.50 | | |
Stock Price
|
| | | $ | 9.96 | | |
| | |
Private
Placement |
| |||
Fair value as of January 1, 2022
|
| | | $ | 4,946,082 | | |
Change in fair value
|
| | | | (295,793) | | |
Fair value as of March 31, 2022
|
| | | | 4,650,289 | | |
Change in fair value
|
| | | | (4,122,289) | | |
Fair value as of June 30, 2022
|
| | | | 528,000 | | |
Change in fair value
|
| | | | 132,000 | | |
Transfer to Level 2
|
| | | | (660,000) | | |
Fair value as of September 30, 2022
|
| | | $ | — | | |
| | |
Private
Placement |
| |||
Fair value as of January 1, 2021
|
| | | $ | 9,504,000 | | |
Change in fair value
|
| | | | 3,871,560 | | |
Fair value as of March 31, 2021
|
| | | | 13,375,560 | | |
Change in fair value
|
| | | | (115,675) | | |
Fair value as of June 30, 2021
|
| | | | 13,259,885 | | |
Change in fair value
|
| | | | (9,104,121) | | |
Fair value as of September 30, 2021
|
| | | $ | 4,155,764 | | |
| | |
As of
September 30, 2022 |
| |
As of
September 7, 2022 |
| ||||||
Incentive shares
|
| | | | 2,000,000 | | | | | | 2,000,000 | | |
Per share subscription price
|
| | | $ | 10.00 | | | | | $ | 10.00 | | |
Discount period
|
| | | | 0.210 | | | | | | 0.150 | | |
Present value factor
|
| | | | 0.994 | | | | | | 0.995 | | |
| | |
PIPE Derivative
Liability |
| |||
Fair value as of September 7, 2022
|
| | | $ | 19,878,900 | | |
Change in fair value
|
| | | | 26,800 | | |
Fair value as of September 30, 2022
|
| | | $ | 19,905,700 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 2,864 | | | | | $ | 17,340 | | |
Accounts receivable, net
|
| | | | 2,918 | | | | | | 2,713 | | |
Inventory
|
| | | | 879 | | | | | | 168 | | |
Contract assets
|
| | | | 1,219 | | | | | | 608 | | |
Prepaid expenses and other current assets
|
| | | | 892 | | | | | | 535 | | |
Total current assets
|
| | | | 8,772 | | | | | | 21,364 | | |
Property and equipment, net
|
| | | | 8,891 | | | | | | 10,602 | | |
Operating leases – right of use asset
|
| | | | 1,323 | | | | | | 2,109 | | |
Restricted cash
|
| | | | 320 | | | | | | 406 | | |
Other noncurrent assets
|
| | | | 2,925 | | | | | | 257 | | |
Total assets
|
| | | $ | 22,231 | | | | | $ | 34,738 | | |
LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ DEFICIT
|
| | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 1,583 | | | | | $ | 467 | | |
Contract liabilities
|
| | | | 175 | | | | | | 80 | | |
Accrued liabilities
|
| | | | 3,971 | | | | | | 933 | | |
Accrued compensation and related benefits
|
| | | | 1,249 | | | | | | 604 | | |
Operating lease liability, current
|
| | | | 1,111 | | | | | | 987 | | |
Finance lease, current
|
| | | | 1,091 | | | | | | 906 | | |
Loan payable, current
|
| | | | 10,486 | | | | | | 1,978 | | |
Total current liabilities
|
| | | | 19,666 | | | | | | 5,955 | | |
Operating lease liability, noncurrent
|
| | | | 546 | | | | | | 1,657 | | |
Finance lease, noncurrent
|
| | | | 1,606 | | | | | | 2,697 | | |
Loan payable, noncurrent
|
| | | | 11,351 | | | | | | 4,418 | | |
Other noncurrent liabilities
|
| | | | 5,573 | | | | | | 341 | | |
Total liabilities
|
| | | | 38,742 | | | | | | 15,068 | | |
Commitment and contingencies (Note 15) | | | | | | | | | | | | | |
Convertible preferred stock | | | | | | | | | | | | | |
Convertible preferred stock, $0.00001 par value. 31,058,244 and 39,982,670 shares authorized at December 31, 2021 and 2020, respectively; 29,520,187 shares issued and outstanding at December 31, 2021 and 2020 (liquidation preference of $74,496 at December 31, 2021 and 2020)
|
| | | | 75,684 | | | | | | 75,684 | | |
Stockholders’ deficit | | | | | | | | | | | | | |
Common stock, $0.00001 par value. 63,299,666 and 66,000,000 shares authorized
at December 31, 2021 and 2020, respectively; 10,037,305 and 9,773,097 shares issued and outstanding at December 31, 2021 and 2020, respectively |
| | | | — | | | | | | — | | |
Additional paid in capital
|
| | | | 16,117 | | | | | | 4,285 | | |
Accumulated deficit
|
| | | | (108,312) | | | | | | (60,299) | | |
Total stockholders’ deficit
|
| | | | (92,195) | | | | | | (56,014) | | |
Total liabilities, convertible preferred stock and stockholders’ deficit
|
| | | $ | 22,231 | | | | | $ | 34,738 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenue
|
| | | $ | 17,361 | | | | | $ | 18,724 | | |
Cost of revenue
|
| | | | 14,578 | | | | | | 14,098 | | |
Gross profit
|
| | | | 2,783 | | | | | | 4,626 | | |
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | | 9,904 | | | | | | 6,690 | | |
Sales and marketing
|
| | | | 9,817 | | | | | | 7,892 | | |
General and administrative
|
| | | | 16,376 | | | | | | 8,613 | | |
Total operating expenses
|
| | | | 36,097 | | | | | | 23,195 | | |
Loss from operations
|
| | | | (33,314) | | | | | | (18,569) | | |
Other income (expense), net | | | | | | | | | | | | | |
Interest expense
|
| | | | (3,686) | | | | | | (630) | | |
Other financing cost
|
| | | | (8,955) | | | | | | — | | |
Gain on PPP loan forgiveness
|
| | | | 2,500 | | | | | | — | | |
Loss on debt extinguishment
|
| | | | (319) | | | | | | | | |
Interest income
|
| | | | 3 | | | | | | 49 | | |
Change in fair value of warrants
|
| | | | (4,242) | | | | | | 47 | | |
Total other income (expense), net
|
| | | | (14,699) | | | | | | (534) | | |
Loss before income taxes
|
| | | | (48,013) | | | | | | (19,103) | | |
Income tax provision
|
| | | | — | | | | | | 1 | | |
Net loss
|
| | | $ | (48,013) | | | | | $ | (19,104) | | |
Net loss attributable per share to common stockholders, basic and diluted
|
| | | | (4.89) | | | | | | (1.96) | | |
Weighted-average shares used to compute net loss attributable per share to common stockholders, basic and diluted
|
| | | | 9,819,576 | | | | | | 9,755,174 | | |
| | |
Convertible Preferred Stock
|
| | |
Common Stock
|
| |
Additional
Paid-in- Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance at January 1, 2020
|
| | | | 29,520,187 | | | | | $ | 75,684 | | | | | | | 9,740,717 | | | | | $ | — | | | | | $ | 2,900 | | | | | $ | (41,195) | | | | | $ | (38,295) | | |
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | | |
|
—
|
| | | | | — | | | | | | — | | | | | | (19,104) | | | | | | (19,104) | | |
Issuance of common stock upon exercise of stock options | | | |
|
—
|
| | | |
|
—
|
| | | | | | 18,681 | | | | | | — | | | | | | 22 | | | | | | — | | | | | | 22 | | |
Issuance of common stock awards
|
| | |
|
—
|
| | | |
|
—
|
| | | | | | 13,699 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of common stock warrants
|
| | |
|
—
|
| | | |
|
—
|
| | | | |
|
—
|
| | | | | — | | | | | | 107 | | | | | | — | | | | | | 107 | | |
Stock-based compensation
|
| | |
|
—
|
| | | |
|
—
|
| | | | |
|
—
|
| | | | | — | | | | | | 1,256 | | | | | | — | | | | | | 1,256 | | |
Balance at December 31, 2020
|
| | |
|
29,520,187
|
| | | |
|
75,684
|
| | | | |
|
9,773,097
|
| | | | | — | | | | |
|
4,285
|
| | | |
|
(60,299)
|
| | | |
|
(56,014)
|
| |
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | | |
|
—
|
| | | | | — | | | | | | — | | | | | | (48,013) | | | | | | (48,013) | | |
Issuance of common stock upon exercise of stock options | | | |
|
—
|
| | | |
|
—
|
| | | | | | 264,208 | | | | | | — | | | | | | 126 | | | | | | — | | | | | | 126 | | |
Issuance of common stock warrants
|
| | |
|
—
|
| | | |
|
—
|
| | | | |
|
—
|
| | | | | — | | | | | | 9,168 | | | | | | — | | | | | | 9,168 | | |
Stock-based compensation
|
| | |
|
—
|
| | | |
|
—
|
| | | | |
|
—
|
| | | | | — | | | | | | 2,538 | | | | | | — | | | | | | 2,538 | | |
Balance at December 31, 2021
|
| | |
|
29,520,187
|
| | | | $ | 75,684 | | | | | |
|
10,037,305
|
| | | | $ | — | | | | |
$
|
16,117
|
| | | |
$
|
(108,312)
|
| | | |
$
|
(92,195)
|
| |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (48,013) | | | | | $ | (19,104) | | |
Adjustments to reconcile net loss to cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 3,770 | | | | | | 2,232 | | |
Stock-based compensation
|
| | | | 2,538 | | | | | | 1,256 | | |
Noncash other financing cost
|
| | | | 8,955 | | | | | | — | | |
Loss on debt extinguishment
|
| | | | 319 | | | | | | — | | |
Noncash operating lease expense
|
| | | | 786 | | | | | | 685 | | |
Bad debt expense
|
| | | | 91 | | | | | | 175 | | |
Change in fair value of warrants
|
| | | | 4,242 | | | | | | (47) | | |
Gain on PPP loan forgiveness
|
| | | | (2,500) | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (297) | | | | | | 2,789 | | |
Inventory
|
| | | | (711) | | | | | | 355 | | |
Prepaid expenses and other current assets
|
| | | | (1,244) | | | | | | 252 | | |
Other noncurrent assets
|
| | | | (1,817) | | | | | | (207) | | |
Accounts payable
|
| | | | 1,109 | | | | | | (1,217) | | |
Accrued liabilities
|
| | | | 3,776 | | | | | | (467) | | |
Other noncurrent liabilities
|
| | | | (245) | | | | | | 157 | | |
Operating lease liabilities
|
| | | | (987) | | | | | | (763) | | |
Net cash used in operating activities
|
| | | | (30,228) | | | | | | (13,904) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (622) | | | | | | (2,307) | | |
Net cash used in investing activities
|
| | | | (622) | | | | | | (2,307) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from financing lease
|
| | | | — | | | | | | 4,000 | | |
Principal payments under finance lease obligations
|
| | | | (906) | | | | | | (397) | | |
Proceeds from issuance of debt
|
| | | | 33,000 | | | | | | 5,620 | | |
Payment of debt issuance costs
|
| | | | (765) | | | | | | (37) | | |
Proceeds from PPP Loan
|
| | | | — | | | | | | 2,500 | | |
Debt repayment
|
| | | | (14,998) | | | | | | (1,620) | | |
Proceeds from exercise of stock options
|
| | | | 126 | | | | | | 22 | | |
Payment of deferred transaction costs
|
| | | | (169) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 16,288 | | | | | | 10,088 | | |
Net decrease in cash, cash equivalents and restricted cash
|
| | | | (14,562) | | | | | | (6,123) | | |
Cash, cash equivalents and restricted cash at beginning of period
|
| | | | 17,746 | | | | | | 23,869 | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 3,184 | | | | | $ | 17,746 | | |
Supplemental disclosures of cash flow information | | | | | | | | | | | | | |
Cash paid for income taxes
|
| | | $ | 7 | | | | | $ | 72 | | |
Cash paid for interest
|
| | | $ | 2,446 | | | | | $ | 514 | | |
Noncash investing and financing activities | | | | | | | | | | | | | |
Issuance of common stock warrants
|
| | | $ | 9,168 | | | | | $ | 107 | | |
Unpaid deferred transaction costs
|
| | | $ | 1,757 | | | | | $ | — | | |
Extinguishment of debt
|
| | | $ | 6,000 | | | | | $ | — | | |
Borrowing of debt
|
| | | $ | 6,000 | | | | | $ | — | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Accounts receivable, net
|
| | | $ | 2,918 | | | | | $ | 2,713 | | |
Contract assets
|
| | | | 1,219 | | | | | | 608 | | |
Contract liabilities
|
| | | | 175 | | | | | | 80 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Cash and cash equivalents
|
| | | $ | 2,864 | | | | | $ | 17,340 | | |
Restricted cash
|
| | | | 320 | | | | | | 406 | | |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows
|
| | | $ | 3,184 | | | | | $ | 17,746 | | |
•
Level 1: |
Quoted prices for identical assets or liabilities in active markets at the measurement date. |
•
Level 2: |
Inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities, in active markets or other inputs that are observable or can be corroborated with market data at the measurement date. |
•
Level 3: |
Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. |
| | |
Useful Lives
|
|
Computer equipment
|
| |
3
|
|
Software | | |
5
|
|
Furniture and fixtures
|
| |
3
|
|
Leasehold improvements
|
| | Shorter of useful life or remaining lease term | |
Manufacturing equipment
|
| |
10
|
|
| | |
As of
September 30, 2021 As Originally Reported |
| |
Correction of
Immaterial Error |
| |
As of
September 30, 2021 As Corrected |
| |||||||||
Balance Sheet | | | | | | | | | | | | | | | | | | | |
Other noncurrent liabilities
|
| | | $ | 3,160 | | | | | $ | 765 | | | | | $ | 3,925 | | |
Total liabilities
|
| | |
|
45,039
|
| | | |
|
765
|
| | | |
|
45,804
|
| |
Accumulated deficit
|
| | | | (83,922) | | | | | | (765) | | | | | | (84,687) | | |
Total stockholders’ deficit
|
| | |
|
(77,713)
|
| | | |
|
(765)
|
| | | |
|
(78,478)
|
| |
Statement of Operations | | | | | | | | | | | | | | | | | | | |
Other income (expense), net | | | | | | | | | | | | | | | | | | | |
Change in fair value of warrants
|
| | | | (1,575) | | | | | | (765) | | | | | | (2,340) | | |
Total other income (expense), net
|
| | | | (1,141) | | | | | | (765) | | | | | | (1,906) | | |
Net loss
|
| | | $ | (23,623) | | | | | $ | (765) | | | | | $ | (24,388) | | |
Net loss per share
|
| | | $ | (2.41) | | | | | $ | (0.07) | | | | | $ | (2.48) | | |
Statement of Cash Flows | | | | | |||||||||||||||
Net loss
|
| | | $ | (23,623) | | | | | $ | (765) | | | | | $ | (24,388) | | |
(Gain)/loss on change in fair value of warrant
liabilities |
| | | | 1,575 | | | | | | 765 | | | | | | 2,340 | | |
Net cash used in operating activities
|
| | | $ | (20,833) | | | | | $ | — | | | | | $ | (20,833) | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Raw materials
|
| | | $ | 158 | | | | | $ | 111 | | |
Work in progress
|
| | | | 721 | | | | | | 57 | | |
Total inventory
|
| | | $ | 879 | | | | | $ | 168 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Prepaid expense
|
| | | $ | 650 | | | | | $ | 458 | | |
Other current assets
|
| | | | 242 | | | | | | 77 | | |
Total prepaid expenses and other current assets
|
| | | $ | 892 | | | | | $ | 535 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Manufacturing equipment
|
| | | $ | 9,732 | | | | | $ | 9,197 | | |
Leasehold improvements
|
| | | | 4,811 | | | | | | 4,811 | | |
Computer equipment
|
| | | | 489 | | | | | | 395 | | |
Office furniture and fixtures
|
| | | | 462 | | | | | | 462 | | |
Software
|
| | | | 248 | | | | | | 248 | | |
Total property and equipment
|
| | | | 15,742 | | | | | | 15,113 | | |
Less accumulated depreciation
|
| | | | (6,851) | | | | | | (4,511) | | |
Total property and equipment, net
|
| | | $ | 8,891 | | | | | $ | 10,602 | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Cost of goods sold
|
| | | $ | 530 | | | | | $ | 1,125 | | |
Research and development
|
| | | | 574 | | | | | | 901 | | |
Sales and marketing
|
| | | | 137 | | | | | | 124 | | |
General and administrative
|
| | | | 1,101 | | | | | | 42 | | |
Total depreciation expense
|
| | | $ | 2,342 | | | | | $ | 2,192 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Deferred transaction costs
|
| | | $ | 1,926 | | | | | $ | — | | |
Noncurrent prepaid expenses
|
| | | | 749 | | | | | | 7 | | |
Deposits
|
| | | | 250 | | | | | | 250 | | |
Total other noncurrent assets
|
| | | $ | 2,925 | | | | | $ | 257 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Accrued legal fees(1)
|
| | | $ | 1,517 | | | | | $ | — | | |
Accrued professional fees
|
| | | | 866 | | | | | | — | | |
Accrued liabilities
|
| | | | 774 | | | | | | 414 | | |
Accrued sales and business taxes
|
| | | | 241 | | | | | | 267 | | |
Accrued cost of revenue
|
| | | | 236 | | | | | | — | | |
Customer refund liability
|
| | | | 205 | | | | | | 80 | | |
Warranty liability
|
| | | | 54 | | | | | | 56 | | |
Other accrued liabilities
|
| | | | 78 | | | | | | 116 | | |
Total accrued expenses
|
| | | $ | 3,971 | | | | | $ | 933 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Accrued payroll taxes
|
| | | $ | 356 | | | | | $ | 254 | | |
Accrued commissions
|
| | | | 121 | | | | | | 109 | | |
Accrued payroll
|
| | | | 41 | | | | | | 79 | | |
Accrued bonus
|
| | | | 647 | | | | | | 49 | | |
Other accrued benefits
|
| | | | 84 | | | | | | 113 | | |
Total accrued compensation and related benefits
|
| | | $ | 1,249 | | | | | $ | 604 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Warrant liabilities
|
| | | $ | 5,573 | | | | | $ | 87 | | |
Other noncurrent liabilities
|
| | | | — | | | | | | 254 | | |
Total other noncurrent liabilities
|
| | | $ | 5,573 | | | | | $ | 341 | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
| | |
SQN Term Loan
Tranche 1 |
| |
SQN Term Loan
Tranche 2 |
| |
SQN Equipment
Loan |
| |
Total
|
| ||||||||||||
Total notes payable
|
| | | $ | 10,000 | | | | | $ | 10,000 | | | | | $ | 2,302 | | | | | $ | 22,302 | | |
Add: accretion of final interest payable
|
| | | | 108 | | | | | | 79 | | | | | | 56 | | | | | | 243 | | |
Less: loan payable, current
|
| | | | (9,702) | | | | | | — | | | | | | (784) | | | | | | (10,486) | | |
Less: unamortized debt discount
|
| | | | (406) | | | | | | (218) | | | | | | (84) | | | | | | (708) | | |
Total loan payable, noncurrent
|
| | | $ | — | | | | | $ | 9,861 | | | | | $ | 1,490 | | | | | $ | 11,351 | | |
| | |
As of December 31, 2020
|
| |||||||||||||||
| | |
PPP Loan
|
| |
SVB Term Loan
|
| |
Total
|
| |||||||||
Total notes payable
|
| | | $ | 2,500 | | | | | $ | 4,000 | | | | | $ | 6,500 | | |
Less: loan payable, current
|
| | | | (972) | | | | | | (1,006) | | | | | | (1,978) | | |
Less: unamortized debt discount
|
| | | | — | | | | | | (104) | | | | | | (104) | | |
Total loan payable, noncurrent
|
| | | $ | 1,528 | | | | | $ | 2,890 | | | | | $ | 4,418 | | |
| | |
As of
December 31, 2021 |
| |||
2022
|
| | | $ | 10,829 | | |
2023
|
| | | | 10,906 | | |
2024
|
| | | | 567 | | |
Total future principal payments
|
| | | $ | 22,302 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Conversion of convertible preferred stock
|
| | | | 29,520,187 | | | | | | 29,520,187 | | |
Shares reserved for exercise of warrants
|
| | | | 3,419,304 | | | | | | 305,891 | | |
Outstanding stock options
|
| | | | 16,508,725 | | | | | | 10,364,039 | | |
Shares available for future issuance under 2015 Plan
|
| | | | 1,050,574 | | | | | | 859,468 | | |
Total shares of common stock reserved
|
| | | | 50,498,790 | | | | | | 41,049,585 | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
| | |
Authorized shares
|
| |
Shares issued and
outstanding |
| |
Capital Raised
|
| |
Aggregate liquidation
preference |
| ||||||||||||
Shares designated as: | | | | | | | | | | | | | | | | | | | | | | | | | |
Series A Preferred Stock
|
| | | | 7,048,031 | | | | | | 6,963,183 | | | | | $ | 8,000 | | | | | $ | 8,000 | | |
Series A-1 Preferred Stock
|
| | | | 1,528,501 | | | | | | 1,528,501 | | | | | | 502 | | | | | | 502 | | |
Series A-2 Preferred Stock
|
| | | | 1,541,170 | | | | | | 1,541,170 | | | | | | 760 | | | | | | 760 | | |
Series B Preferred Stock
|
| | | | 7,358,928 | | | | | | 7,320,385 | | | | | | 20,000 | | | | | | 20,180 | | |
Series C Preferred Stock
|
| | | | 12,083,866 | | | | | | 10,669,200 | | | | | | 40,000 | | | | | | 40,000 | | |
Series C-1 Preferred Stock
|
| | | | 1,497,748 | | | | | | 1,497,748 | | | | | | 5,054 | | | | | | 5,054 | | |
| | | | | 31,058,244 | | | | | | 29,520,187 | | | | | $ | 74,316 | | | | | $ | 74,496 | | |
| | |
As of December 31, 2020
|
| |||||||||||||||||||||
| | |
Authorized shares
|
| |
Shares issued and
outstanding |
| |
Capital Raised
|
| |
Aggregate liquidation
preference |
| ||||||||||||
Shares designated as: | | | | | | | | | | | | | | | | | | | | | | | | | |
Series A Preferred Stock
|
| | | | 7,048,031 | | | | | | 6,963,183 | | | | | $ | 8,000 | | | | | $ | 8,000 | | |
Series A-1 Preferred Stock
|
| | | | 1,528,501 | | | | | | 1,528,501 | | | | | | 502 | | | | | | 502 | | |
Series A-2 Preferred Stock
|
| | | | 1,541,170 | | | | | | 1,541,170 | | | | | | 760 | | | | | | 760 | | |
Series B Preferred Stock
|
| | | | 7,397,470 | | | | | | 7,320,385 | | | | | | 20,000 | | | | | | 20,180 | | |
Series C Preferred Stock
|
| | | | 10,669,200 | | | | | | 10,669,200 | | | | | | 40,000 | | | | | | 40,000 | | |
Series C-1 Preferred Stock(1)
|
| | | | 1,497,748 | | | | | | 1,497,748 | | | | | | 5,054 | | | | | | 5,054 | | |
Series C-2 Preferred Stock
|
| | | | 10,300,550 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 39,982,670 | | | | | | 29,520,187 | | | | | $ | 74,316 | | | | | $ | 74,496 | | |
| | |
June, 2021
|
| |
June, 2020
|
| |
October, 2021
|
|
Expected term
|
| |
10 years
|
| |
10 years
|
| |
3 years
|
|
Expected volatility
|
| |
64.01%
|
| |
56.49%
|
| |
48.5%
|
|
Risk-free interest rate
|
| |
1.50%
|
| |
0.66%
|
| |
0.70%
|
|
Expected dividends
|
| |
0.00%
|
| |
0.00%
|
| |
0.00%
|
|
Weighted average fair value of common stock warrant
|
| |
$1.07
|
| |
$0.60
|
| |
$3.79
|
|
Equity-Type
|
| |
Shares
|
| |
Exercise Price
|
| |
Issuance Date
|
| |
Expiration Date
|
| ||||||||||||
Series A Preferred Stock
|
| | | | 58,736 | | | | | $ | 1.15 | | | | | | 11/24/2015 | | | | | | 11/24/2025 | | |
Series A Preferred Stock
|
| | | | 26,112 | | | | | | 1.15 | | | | | | 11/22/2016 | | | | | | 11/22/2026 | | |
Series B Preferred Stock
|
| | | | 38,543 | | | | | | 2.76 | | | | | | 10/13/2017 | | | | | | 10/13/2027 | | |
Series C Preferred Stock
|
| | | | 108,000 | | | | | | 0.94 | | | | | | 1/29/2021 | | | | | | 1/29/2031 | | |
Common Stock
|
| | | | 533,333 | | | | | | 1.51 | | | | | | 6/24/2021 | | | | | | 6/24/2031 | | |
| | | | | 764,724 | | | | | | | | | | | | | | | | | | | | |
| | |
(in ’000s)
Fair Value |
| |||
Warrants outstanding – January 1, 2020
|
| | | $ | 133 | | |
Change in fair value, net
|
| | | | (47) | | |
Warrants outstanding - December 31, 2020
|
| | | | 86 | | |
Warrants issued
|
| | | | 1,245 | | |
Change in fair value, net
|
| | | | 4,242 | | |
Warrants outstanding – December 31, 2021
|
| | | $ | 5,573 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
|
Expected term
|
| |
3.89 – 9.48 years
|
| |
4.89 – 6.78 years
|
|
Expected volatility
|
| |
64.29% – 64.44%
|
| |
58.17% – 59.84%
|
|
Risk-free interest rate
|
| |
1.12% – 1.52%
|
| |
0.36% – 0.51%
|
|
Expected dividends
|
| |
0%
|
| |
0%
|
|
Fair value of warrants
|
| |
$1.17 – $7.71
|
| |
$1.16 – $1.56
|
|
| | |
Options outstanding
|
| |||||||||||||||||||||
| | |
Number of
shares |
| |
Weighted
average exercise price per share |
| |
Weighted
average contractual term (in years) |
| |
Aggregate
intrinsic value (in thousands) |
| ||||||||||||
Outstanding – January 1, 2021
|
| | | | 10,364,039 | | | | | $ | 0.98 | | | | | | | | | | | | | | |
Options granted
|
| | | | 7,002,296 | | | | | | 1.89 | | | | | | | | | | | | | | |
Options exercised
|
| | | | (264,208) | | | | | | 0.48 | | | | | | | | | | | | | | |
Options forfeited
|
| | | | (492,049) | | | | | | 1.37 | | | | | | | | | | | | | | |
Options expired
|
| | | | (152,603) | | | | | | 1.23 | | | | | | | | | | | | | | |
Outstanding – December 31, 2021
|
| | | | 16,457,475 | | | | | $ | 1.36 | | | | | | 7.96 | | | | | $ | 104,554 | | |
Vested during the period
|
| | | | 2,265,763 | | | | | | 1.17 | | | | | | 8.19 | | | | | | 51,807 | | |
Vested at end of period
|
| | | | 7,689,805 | | | | | | 0.97 | | | | | | 6.43 | | | | | | 51,807 | | |
Exercisable at the end of the period
|
| | | | 7,747,264 | | | | | | 0.97 | | | | | | 6.43 | | | | | | 52,181 | | |
Shares expected to vest
|
| | | | 7,263,661 | | | | | | 1.85 | | | | | | 9.20 | | | | | | 42,565 | | |
Vested and expected to vest
|
| | | | 14,953,466 | | | | | | 1.40 | | | | | | 7.77 | | | | | | 94,372 | | |
| | |
During the years ended December 31,
|
| |||
| | |
2021
|
| |
2020
|
|
Expected term
|
| |
5.00 – 6.08 years
|
| |
5.15 – 6.53 years
|
|
Expected volatility
|
| |
61.44% – 67.12%
|
| |
51.15% – 59.84%
|
|
Risk-free interest rate
|
| |
0.41% – 1.35%
|
| |
0.27% – 1.63%
|
|
Expected dividends
|
| |
0.0%
|
| |
0.0%
|
|
Fair value of common stock
|
| |
$1.41 – $6.08
|
| |
$1.01 – $1.46
|
|
| | |
2021
|
| |
2020
|
| ||||||
Cost of goods sold
|
| | | $ | 276 | | | | | $ | 115 | | |
Research and development
|
| | | | 540 | | | | | | 87 | | |
Sales and marketing
|
| | | | 402 | | | | | | 169 | | |
General and administrative
|
| | | | 1,320 | | | | | | 885 | | |
Total stock-based compensation expense
|
| | |
$
|
2,538
|
| | | | $ | 1,256 | | |
| | |
Classifications on the financial statements
|
| |
December 31, 2021
|
| |||
Operating lease assets
|
| |
Operating leases – right-of-use asset
|
| | | $ | 1,323 | | |
Operating lease liability, current
|
| | Operating lease liability, current | | | | | 1,111 | | |
Operating lease liability, noncurrent
|
| |
Operating lease liability, noncurrent
|
| | | | 546 | | |
| | |
Classifications on the financial statements
|
| |
December 31, 2020
|
| |||
Operating lease assets
|
| |
Operating leases – right-of-use asset
|
| | | $ | 2,109 | | |
Operating lease liability, current
|
| | Operating lease liability, current | | | | | 987 | | |
Operating lease liability, noncurrent
|
| |
Operating lease liability, noncurrent
|
| | | | 1,657 | | |
| | |
As on December 31,
2021 |
| |||
2022
|
| | | $ | 1,215 | | |
2023
|
| | | | 531 | | |
2024
|
| | | | 29 | | |
Total future lease payments
|
| | | | 1,775 | | |
Less imputed interest
|
| | | | (118) | | |
Total operating lease liability
|
| | | $ | 1,657 | | |
| | |
Classification on the financial
statements |
| |
December 31, 2021
|
| |||
Finance lease assets
|
| |
Property and equipment, net
|
| | | $ | 3,943 | | |
Finance lease liability, current
|
| | Finance lease, current | | | | | 1,091 | | |
Finance lease liability, noncurrent
|
| | Finance lease, noncurrent | | | | | 1,606 | | |
Depreciation of the leased asset
|
| | Cost of revenue | | | | | 547 | | |
Lease interest expense
|
| |
Other income (expense), net
|
| | | | 598 | | |
| | |
Classification on the financial
statements |
| |
December 31, 2020
|
| |||
Finance lease assets
|
| |
Property and equipment, net
|
| | | $ | 4,490 | | |
Finance lease liability, current
|
| | Finance lease, current | | | | | 906 | | |
Finance lease liability, noncurrent
|
| | Finance lease, noncurrent | | | | | 2,697 | | |
Depreciation of the leased asset
|
| | Cost of revenue | | | | | 273 | | |
Lease interest expense
|
| |
Other income (expense), net
|
| | | | 376 | | |
| | |
As of December 31,
2021 |
| |||
2022
|
| | | $ | 1,504 | | |
2023
|
| | | | 1,731 | | |
Total future lease payments
|
| | | | 3,235 | | |
Less: imputed interest
|
| | | | (538) | | |
Total finance lease liability
|
| | | $ | 2,697 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Operating cash flows paid for operating leases
|
| | | $ | 1,184 | | | | | $ | 689 | | |
Financing cash flows paid for finance leases
|
| | | | 1,504 | | | | | | 773 | | |
Non-cash activity: Lease liabilities arising from obtaining right-of-use assets
|
| | | | — | | | | | | 107 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Current: | | | | | | | | | | | | | |
Federal
|
| | | $ | — | | | | | $ | — | | |
State
|
| | | | — | | | | | | 1 | | |
Total current tax expense
|
| | | $ | — | | | | | $ | 1 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Statutory rate
|
| | | | 21.0% | | | | | | 21.0% | | |
Federal net operating loss
|
| | | | — | | | | | | 5.3% | | |
Leases
|
| | | | — | | | | | | 4.2% | | |
Depreciation
|
| | | | — | | | | | | (3.4%) | | |
State income tax
|
| | | | 9.6% | | | | | | (1.1%) | | |
Permanent differences
|
| | | | (6.8%) | | | | | | (1.1%) | | |
Other
|
| | | | — | | | | | | 0.3% | | |
Valuation allowance
|
| | | | (23.8%) | | | | | | (25.1%) | | |
Effective income tax rate
|
| | | | 0.0% | | | | | | 0.1% | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Deferred tax assets | | | | | | | | | | | | | |
Net operating losses
|
| | | $ | 26,070 | | | | | $ | 14,703 | | |
Accruals and other
|
| | | | 982 | | | | | | 309 | | |
Total deferred tax assets
|
| | | | 27,052 | | | | | | 15,012 | | |
Less valuation allowance
|
| | | | (25,648) | | | | | | (14,223) | | |
Net deferred tax assets
|
| | | | 1,404 | | | | | | 789 | | |
Deferred tax liabilities | | | | | | | | | | | | | |
Property, plant, equipment, and intangibles
|
| | | | (1,404) | | | | | | (789) | | |
Total deferred tax liabilities
|
| | | | (1,404) | | | | | | (789) | | |
Net deferred tax assets (liabilities)
|
| | | $ | — | | | | | $ | — | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Unrecognized tax benefits, beginning of period
|
| | | $ | 411 | | | | | $ | 411 | | |
Additions based on tax positions related to current year
|
| | | | — | | | | | | — | | |
Reductions based on tax positions related to prior years
|
| | | | — | | | | | | — | | |
Unrecognized tax benefits, end of period
|
| | | $ | 411 | | | | | $ | 411 | | |
| | |
Years ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Basic and diluted: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (48,013) | | | | | $ | (19,104) | | |
Weighted-average number of shares of common stock outstanding
|
| | | | 9,819,576 | | | | | | 9,755,174 | | |
Basic and diluted net loss per share
|
| | | $ | (4.89) | | | | | $ | (1.96) | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Shares of common stock issuable upon conversion of redeemable convertible preferred stock
|
| | | | 29,520,187 | | | | | | 29,520,187 | | |
Shares of common stock issuable upon conversion of redeemable convertible preferred stock warrants
|
| | | | 231,391 | | | | | | 123,391 | | |
Shares of common stock issuable from stock options
|
| | | | 16,508,725 | | | | | | 10,364,039 | | |
Shares of common stock issuable from common stock warrants
|
| | | | 3,187,913 | | | | | | 182,500 | | |
Potential common shares excluded from diluted net loss per share
|
| | | | 49,448,216 | | | | | | 40,190,117 | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 533 | | | | | $ | 2,864 | | |
Accounts receivable, net
|
| | | | 1,945 | | | | | | 2,918 | | |
Inventory
|
| | | | 2,916 | | | | | | 879 | | |
Contract assets
|
| | | | 990 | | | | | | 1,219 | | |
Prepaid expenses and other current assets
|
| | | | 933 | | | | | | 892 | | |
Total current assets
|
| | | | 7,317 | | | | | | 8,772 | | |
Property and equipment, net
|
| | | | 7,031 | | | | | | 8,891 | | |
Operating leases – right of use asset
|
| | | | 565 | | | | | | 1,323 | | |
Restricted cash
|
| | | | 320 | | | | | | 320 | | |
Other noncurrent assets
|
| | | | 6,208 | | | | | | 2,925 | | |
Total assets
|
| | | $ | 21,441 | | | | | $ | 22,231 | | |
LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’
DEFICIT |
| | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 4,994 | | | | | $ | 1,583 | | |
Contract liabilities
|
| | | | 2,086 | | | | | | 175 | | |
Accrued liabilities
|
| | | | 5,195 | | | | | | 3,971 | | |
Accrued compensation and related benefits
|
| | | | 1,186 | | | | | | 1,249 | | |
Operating lease liability, current
|
| | | | 801 | | | | | | 1,111 | | |
Finance lease, current
|
| | | | 1,897 | | | | | | 1,091 | | |
Loan payable, current ($13,052 and $0 measured at fair value, respectively)
|
| | | | 42,545 | | | | | | 10,486 | | |
Loan payable – related party, current (measured at fair value)
|
| | | | 40,041 | | | | | | — | | |
Total current liabilities
|
| | | | 98,745 | | | | | | 19,666 | | |
Operating lease liability, noncurrent
|
| | | | 38 | | | | | | 546 | | |
Finance lease, noncurrent
|
| | | | — | | | | | | 1,606 | | |
Loan payable, noncurrent
|
| | | | 880 | | | | | | 11,351 | | |
Warrant liabilities
|
| | | | 32,435 | | | | | | 5,573 | | |
Total liabilities
|
| | | | 132,098 | | | | | | 38,742 | | |
Commitment and contingencies (Note 12) | | | | | | | | | | | | | |
Convertible preferred stock | | | | | | | | | | | | | |
Convertible preferred stock, $0.00001 par value. 52,500,412 and 31,058,244 shares
authorized at September 30, 2022 and December 31, 2021, respectively; 29,520,187 shares issued and outstanding at September 30, 2022 and December 31, 2021 (liquidation preference of $74,496 at September 30, 2022 and December 31, 2021) |
| | | | 75,684 | | | | | | 75,684 | | |
Stockholders’ deficit | | | | | | | | | | | | | |
Common stock, $0.00001 par value. 125,000,000 and 63,299,666 shares authorized
at September 30, 2022 and December 31, 2021, respectively; 10,085,354 and 10,037,305 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively |
| | | | — | | | | | | — | | |
Additional paid in capital
|
| | | | 18,489 | | | | | | 16,117 | | |
Accumulated deficit
|
| | | | (204,830) | | | | | | (108,312) | | |
Total stockholders’ deficit
|
| | | | (186,341) | | | | | | (92,195) | | |
Total liabilities, convertible preferred stock and stockholders’ deficit
|
| | | $ | 21,441 | | | | | $ | 22,231 | | |
| | |
Nine Months Ended September 30,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Revenue
|
| | | $ | 9,146 | | | | | $ | 13,354 | | |
Cost of revenue
|
| | | | 8,141 | | | | | | 10,696 | | |
Gross profit
|
| | | | 1,005 | | | | | | 2,658 | | |
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | | 8,317 | | | | | | 6,538 | | |
Sales and marketing
|
| | | | 7,363 | | | | | | 6,504 | | |
General and administrative
|
| | | | 9,992 | | | | | | 12,098 | | |
Impairment loss
|
| | | | 297 | | | | | | — | | |
Total operating expenses
|
| | | | 25,969 | | | | | | 25,140 | | |
Loss from operations
|
| | | | (24,964) | | | | | | (22,482) | | |
Other income (expense), net | | | | | | | | | | | | | |
Interest expense
|
| | | | (6,902) | | | | | | (2,069) | | |
Other financing cost
|
| | | | (30,793) | | | | | | — | | |
Interest income
|
| | | | 7 | | | | | | 3 | | |
Loss on debt extinguishment
|
| | | | (38,939) | | | | | | — | | |
Other income (expense)
|
| | | | (4) | | | | | | 2,500 | | |
Change in fair value of warrants and derivatives
|
| | | | 5,674 | | | | | | (2,340) | | |
Change in fair value of debt
|
| | | | (597) | | | | | | — | | |
Total other income (expense), net
|
| | | | (71,554) | | | | | | (1,906) | | |
Loss before income taxes
|
| | | | (96,518) | | | | | | (24,388) | | |
Income tax provision
|
| | | | — | | | | | | — | | |
Net loss
|
| | | $ | (96,518) | | | | | $ | (24,388) | | |
Net loss attributable per share to common stockholders, basic and diluted
|
| | | | (9.58) | | | | | | (2.48) | | |
Weighted-average shares used to compute net loss attributable per share to common stockholders, basic and diluted
|
| | | | 10,072,318 | | | | | | 9,815,806 | | |
| | |
Convertible Preferred Stock
|
| |
Common Stock
|
| |
Additional
Paid-in- Capital |
| |
Accumulated
Deficit |
| |
Total
Stockholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance at January 1, 2021
|
| | | | 29,520,187 | | | | | $ | 75,684 | | | | | | 9,773,097 | | | | | $ | — | | | | | $ | 4,285 | | | | | $ | (60,299) | | | | | $ | (56,014) | | |
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (24,388) | | | | | | (24,388) | | |
Issuance of common stock upon exercise of stock options
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 116,379 | | | | |
|
—
|
| | | | | 27 | | | | |
|
—
|
| | | | | 27 | | |
Issuance of common stock warrants
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 213 | | | | |
|
—
|
| | | | | 213 | | |
Stock-based compensation
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | 1,684 | | | | |
|
—
|
| | | | | 1,684 | | |
Balance at September 30, 2021
|
| | | | 29,520,187 | | | | | $ | 75,684 | | | | | | 9,889,476 | | | | | $ | — | | | | | $ | 6,209 | | | | | $ | (84,687) | | | | | $ | (78,478) | | |
| | |
Nine Months Ended September 30,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Net loss
|
| | | $ | (96,518) | | | | | $ | (24,388) | | |
Adjustments to reconcile net loss to cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 5,945 | | | | | | 2,437 | | |
Stock-based compensation
|
| | | | 2,323 | | | | | | 1,684 | | |
Noncash other financing cost
|
| | | | 30,793 | | | | | | — | | |
Impairment loss
|
| | | | 297 | | | | | | — | | |
Loss on debt extinguishment
|
| | | | 38,939 | | | | | | — | | |
Loss on disposal of property and equipment
|
| | | | 3 | | | | | | — | | |
Noncash operating lease expense
|
| | | | 630 | | | | | | 581 | | |
Bad debt expense
|
| | | | 5 | | | | | | 4 | | |
Change in fair value of warrants and derivatives
|
| | | | (5,674) | | | | | | 2,340 | | |
Change in fair value of debt
|
| | | | 597 | | | | | | | | |
Gain on PPP loan forgiveness
|
| | | | — | | | | | | (2,500) | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable
|
| | | | 968 | | | | | | (2,030) | | |
Contract assets
|
| | | | 229 | | | | | | (307) | | |
Inventory
|
| | | | (2,037) | | | | | | (586) | | |
Prepaid expenses and other current assets
|
| | | | (340) | | | | | | (291) | | |
Other noncurrent assets
|
| | | | (2,006) | | | | | | (632) | | |
Accounts payable
|
| | | | 3,408 | | | | | | 1,010 | | |
Contract liabilities
|
| | | | 1,911 | | | | | | 277 | | |
Accrued liabilities
|
| | | | 1,163 | | | | | | 2,239 | | |
Other noncurrent liabilities
|
| | | | — | | | | | | 7 | | |
Operating lease liabilities
|
| | | | (818) | | | | | | (728) | | |
Net cash used in operating activities
|
| | | | (20,182) | | | | | | (20,883) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (24) | | | | | | (453) | | |
Net cash used in investing activities
|
| | | | (24) | | | | | | (453) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Principal payments under finance lease obligations
|
| | | | (800) | | | | | | (665) | | |
Proceeds from issuance of debt
|
| | | | 10,000 | | | | | | 33,000 | | |
Proceeds from issuance of debt – related party
|
| | | | 10,637 | | | | | | — | | |
Payment of debt issuance costs
|
| | | | (111) | | | | | | (426) | | |
Debt repayment
|
| | | | (623) | | | | | | (4,502) | | |
Proceeds from exercise of stock options
|
| | | | 49 | | | | | | 27 | | |
Payment of deferred transaction costs
|
| | | | (1,277) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 17,875 | | | | | | 27,434 | | |
Net increase (decrease) in cash, cash equivalents and restricted cash
|
| | | | (2,331) | | | | | | 6,098 | | |
Cash, cash equivalents and restricted cash at beginning of period
|
| | | | 3,184 | | | | | | 17,746 | | |
Cash, cash equivalents and restricted cash at end of period
|
| | | $ | 853 | | | | | $ | 23,844 | | |
Noncash investing and financing activities | | | | | | | | | | | | | |
Unpaid deferred transaction costs
|
| | | $ | 4,679 | | | | | $ | — | | |
Issuance of common stock warrants
|
| | | $ | — | | | | | $ | 213 | | |
Extinguishment of debt
|
| | | $ | 39,397 | | | | | $ | — | | |
Borrowing of debt
|
| | | $ | 39,397 | | | | | $ | — | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
Accounts receivable, net
|
| | | $ | 1,945 | | | | | $ | 2,918 | | |
Contract assets
|
| | | | 990 | | | | | | 1,219 | | |
Contract liabilities
|
| | | | 2,086 | | | | | | 175 | | |
| | |
September 30,
2022 |
| |
September 30,
2021 |
| ||||||
Cash and cash equivalents
|
| | | $ | 533 | | | | | $ | 23,524 | | |
Restricted cash
|
| | | | 320 | | | | | | 320 | | |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows
|
| | | $ | 853 | | | | | $ | 23,844 | | |
•
Level 1: |
Quoted prices for identical assets or liabilities in active markets at the measurement date. |
•
Level 2: |
Inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities, in active markets or other inputs that are observable or can be corroborated with market data at the measurement date. |
•
Level 3: |
Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
Raw materials
|
| | | $ | 2,060 | | | | | $ | 158 | | |
Work in progress
|
| | | | 856 | | | | | | 721 | | |
Total inventory
|
| | | $ | 2,916 | | | | | $ | 879 | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
Prepaid expense
|
| | | $ | 421 | | | | | $ | 650 | | |
Other current assets
|
| | | | 512 | | | | | | 242 | | |
Total prepaid expenses and other current assets
|
| | | $ | 933 | | | | | $ | 892 | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
Deferred transaction costs
|
| | | $ | 6,125 | | | | | $ | 1,926 | | |
Advance rent and prepaids
|
| | | | 83 | | | | | | 749 | | |
Deposits
|
| | | | — | | | | | | 250 | | |
Total other noncurrent assets
|
| | | $ | 6,208 | | | | | $ | 2,925 | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
Accrued legal fees(1)
|
| | | $ | 4,272 | | | | | $ | 1,517 | | |
Accrued professional fees(1)
|
| | | | 100 | | | | | | 866 | | |
Accrued liabilities
|
| | | | 410 | | | | | | 774 | | |
Accrued sales and business taxes
|
| | | | 176 | | | | | | 241 | | |
Accrued cost of revenue
|
| | | | 152 | | | | | | 236 | | |
Customer refund liability
|
| | | | — | | | | | | 205 | | |
Warranty liability
|
| | | | 55 | | | | | | 54 | | |
Other accrued liabilities
|
| | | | 30 | | | | | | 78 | | |
Total accrued expenses
|
| | | $ | 5,195 | | | | | $ | 3,971 | | |
| | |
Loan
Payable, Current |
| |
Loan
Payable, Noncurrent |
| |
Total
|
| |||||||||
SQN Equipment Loan
|
| | | $ | 852 | | | | | $ | 880 | | | | | | 940 | | |
LSA Term Loan
|
| | | | 28,641 | | | | | | — | | | | | | 28,641 | | |
LSA Convertible Note (fair value)
|
| | | | 13,052 | | | | | | — | | | | | | 13,052 | | |
Total loan payable
|
| | | $ | 42,545 | | | | | $ | 880 | | | | | | 43,425 | | |
| | |
As of
September 30, 2022 |
| |||
Total notes payable
|
| | | $ | 1,688 | | |
Add: accretion of final interest payable
|
| | | | 93 | | |
Less: loan payable, current
|
| | | | (852) | | |
Less: unamortized debt discount
|
| | | | (49) | | |
Total loan payable, noncurrent
|
| | | $ | 880 | | |
| | |
As of
September 30, 2022 |
| |||
Total notes payable
|
| | | $ | 30,000 | | |
Less: unamortized debt discount
|
| | | | (1,359) | | |
Total loan payable, current
|
| | | $ | 28,641 | | |
| | |
Fair Value – Level 3
|
| |||
Balance, January 1, 2022
|
| | | $ | — | | |
Additions
|
| | | | 12,903 | | |
Change in fair value
|
| | | | 149 | | |
Balance, September 30, 2022
|
| | | $ | 13,052 | | |
| | |
September 30, 2022
|
|
Expected term
|
| |
0.15 years
|
|
Discount rate
|
| |
20.00%
|
|
Probability of Qualified Financing
|
| |
90.00%
|
|
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
|
LSA
Tranche 1.1 |
| |
LSA
Tranche 1.2 |
| |
SQN
Equipment Loan |
| |
Total
|
| ||||||||||||||
Total notes payable
|
| | | $ | 10,000 | | | | | $ | 10,000 | | | | | $ | 2,302 | | | | | $ | 22,302 | | |
Add: accretion of final interest payable
|
| | | | 108 | | | | | | 79 | | | | | | 56 | | | | | | 243 | | |
Less: loan payable, current
|
| | | | (9,702) | | | | | | — | | | | | | (784) | | | | | | (10,486) | | |
Less: unamortized debt discount
|
| | | | (406) | | | | | | (218) | | | | | | (84) | | | | | | (708) | | |
Total loan payable, noncurrent
|
| | | $ | — | | | | | $ | 9,861 | | | | | $ | 1,490 | | | | | $ | 11,351 | | |
| | |
As of
September 30, 2022 |
| | |||||
2022 (remaining)
|
| | | $ | 20,214 | | | | ||
2023
|
| | | | 14,496 | | | | ||
2024
|
| | | | 567 | | | | ||
Total future principal payments
|
| | | $ | 35,277 | | | | ||
| | | | | | | | | | |
| | |
Fair Value – Level 3
|
| |||
Balance, January 1, 2022
|
| | | $ | — | | |
Additions
|
| | | | 39,593 | | |
Change in fair value
|
| | | | 448 | | |
Balance, September 30, 2022
|
| | | $ | 40,041 | | |
| | |
September 30, 2022
|
|
Expected term
|
| |
0.15 years
|
|
Discount rate
|
| |
20.00%
|
|
Probability of Qualified Financing
|
| |
90.00%
|
|
| | |
As of
September 30, 2022 |
| |||
2022 (remaining)
|
| | | $ | 9,397 | | |
2023
|
| | | | 1,240 | | |
Total future principal payments
|
| | | $ | 10,637 | | |
| | |
As of
|
| |||||||||
|
September 30, 2022
|
| |
December 31, 2021
|
| ||||||||
Conversion of convertible preferred stock
|
| | | | 29,520,187 | | | | | | 29,520,187 | | |
Shares reserved for exercise of warrants
|
| | | | 21,868,138 | | | | | | 3,419,304 | | |
Outstanding stock options
|
| | | | 23,896,897 | | | | | | 16,508,725 | | |
Shares available for future issuance under 2015 Plan
|
| | | | 3,114,353 | | | | | | 1,050,574 | | |
Total shares of common stock reserved
|
| | | | 78,399,575 | | | | | | 50,498,790 | | |
Warrants to purchase
|
| |
# of Shares
|
| |
Exercise Price
|
| |
Issuance Date
|
| |
Expiration Date
|
| ||||||||||||
Common Stock
|
| | | | 182,500 | | | | | $ | 0.94 | | | | | | 6/3/2020 | | | | | | 6/3/2030 | | |
Common Stock
|
| | | | 109,080 | | | | | | 1.51 | | | | | | 6/23/2021 | | | | | | 6/22/2031 | | |
| | | | | 291,580 | | | | | | | | | | | | | | | | | | | | |
Warrants to purchase
|
| |
# of Shares
|
| |
Exercise Price
|
| |
Issuance Date
|
| |
Expiration Date
|
| ||||||||||||
Series A Preferred Stock
|
| | | | 58,736 | | | | | $ | 1.15 | | | | | | 11/24/2015 | | | | | | 11/24/2025 | | |
Series A Preferred Stock
|
| | | | 26,112 | | | | | | 1.15 | | | | | | 11/22/2016 | | | | | | 11/22/2026 | | |
Series B Preferred Stock
|
| | | | 38,543 | | | | | | 2.76 | | | | | | 10/13/2017 | | | | | | 10/13/2027 | | |
Series C Preferred Stock
|
| | | | 108,000 | | | | | | 0.94* | | | | | | 1/29/2021 | | | | | | 1/29/2031 | | |
Series C Preferred Stock
|
| | | | 186,667 | | | | | | 2.82* | | | | | | 1/20/2022 | | | | | | 1/20/2032 | | |
Series C Preferred Stock
|
| | | | 10,000,000 | | | | | | 2.82* | | | | | | 8/25/2022 | | | | | | 8/25/2032 | | |
Series C Preferred Stock
|
| | | | 8,262,167 | | | | | | 2.82* | | | | | | 9/30/2022 | | | | | | 9/30/2032 | | |
Common Stock
|
| | | | 533,333 | | | | | | 1.51 | | | | | | 6/24/2021 | | | | | | 6/24/2031 | | |
Common Stock**
|
| | | | 2,363,000 | | | | | | 2.82* | | | | | | 10/11/2021 | | | | | | 10/11/2024 | | |
| | | | | 21,576,558 | | | | | | | | | | | | | | | | | | | | |
| | |
Fair Value
|
| |||
Warrants outstanding – January 1, 2022
|
| | | $ | 5,573 | | |
Warrants issued and modified
|
| | | | 32,514 | | |
Change in fair value, net
|
| | | | (5,652) | | |
Warrants outstanding – September 30, 2022
|
| | | $ | 32,435 | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
|
Expected term
|
| |
3.00 years
|
| |
3.89 – 9.48 years
|
|
Expected volatility
|
| |
61.00%
|
| |
64.29% – 64.44%
|
|
Risk-free interest rate
|
| |
3.46%
|
| |
1.12% – 1.52%
|
|
Expected dividends
|
| |
0%
|
| |
0%
|
|
| | |
Options outstanding
|
| |||||||||||||||||||||
| | |
Number of
shares |
| |
Weighted
average exercise price per share |
| |
Weighted
average contractual term (in years) |
| |
Aggregate
intrinsic value (in thousands) |
| ||||||||||||
Outstanding – January 1, 2022
|
| | | | 16,457,475 | | | | | $ | 1.36 | | | | | | 7.96 | | | | | $ | 104,554 | | |
Options granted
|
| | | | 996,055 | | | | | | 3.33 | | | | | | | | | | | | | | |
Options exercised
|
| | | | (48,049) | | | | | | 1.03 | | | | | | | | | | | | | | |
Options forfeited
|
| | | | (2,872,385) | | | | | | 2.24 | | | | | | | | | | | | | | |
Options expired
|
| | | | (136,197) | | | | | | 1.06 | | | | | | | | | | | | | | |
Outstanding – September 30, 2022
|
| | | | 14,396,899 | | | | | | 1.32 | | | | | | 6.89 | | | | | $ | 7,582 | | |
Vested during the period
|
| | | | 2,137,947 | | | | | | 1.62 | | | | | | 7.13 | | | | | | 817 | | |
Vested at end of period
|
| | | | 9,643,506 | | | | | | 1.11 | | | | | | 5.90 | | | | | | 5,500 | | |
Exercisable at the end of the period
|
| | | | 9,648,520 | | | | | | 1.12 | | | | | | 5.90 | | | | | | 5,501 | | |
Shares expected to vest
|
| | | | 3,503,497 | | | | | | 2.02 | | | | | | 8.52 | | | | | | 1,270 | | |
Vested and expected to vest
|
| | | | 13,147,003 | | | | | | 1.36 | | | | | | 6.60 | | | | | | 6,770 | | |
| | |
Nine Months Ended
September 30, 2022 |
|
Expected term
|
| |
0.50 – 5.86 years
|
|
Expected volatility
|
| |
55.92% – 66.32%
|
|
Risk-free interest rate
|
| |
1.54% – 3.00%
|
|
Expected dividends
|
| |
0%
|
|
| | |
2022
|
| |
2021
|
| ||||||
Cost of goods sold
|
| | | $ | 441 | | | | | $ | 119 | | |
Research and development
|
| | | | 556 | | | | | | 303 | | |
Sales and marketing
|
| | | | 381 | | | | | | 205 | | |
General and administrative
|
| | | | 945 | | | | | | 1057 | | |
Total stock-based compensation expense
|
| | | $ | 2,323 | | | | | $ | 1,684 | | |
| | |
Classifications on the condensed financial statements
|
| |
As of September 30, 2022
|
| |||
Operating lease assets
|
| | Operating leases – right-of-use asset | | | | $ | 565 | | |
Operating lease liability, current
|
| | Operating lease liability, current | | | | | 801 | | |
Operating lease liability, noncurrent
|
| | Operating lease liability, noncurrent | | | | | 38 | | |
| | |
Classifications on the condensed financial statements
|
| |
As of December 31, 2021
|
| |||
Operating lease assets
|
| | Operating leases – right-of-use asset | | | | $ | 1,323 | | |
Operating lease liability, current
|
| | Operating lease liability, current | | | | | 1,111 | | |
Operating lease liability, noncurrent
|
| | Operating lease liability, noncurrent | | | | | 546 | | |
| | |
As of September 30,
2022 |
| |||
2022 (remaining)
|
| | | $ | 307 | | |
2023
|
| | | | 531 | | |
2024
|
| | | | 29 | | |
Total future lease payments
|
| | | | 867 | | |
Less imputed interest
|
| | | | (28) | | |
Total operating lease liability
|
| | | $ | 839 | | |
| | |
Classification on the condensed financial statements
|
| |
As of September 30, 2022
|
| |||
Finance lease assets
|
| | Property and equipment, net | | | | $ | 3,519 | | |
Finance lease liability, current
|
| | Finance lease, current | | | | | 1,897 | | |
Finance lease liability, noncurrent
|
| | Finance lease, noncurrent | | | | | — | | |
| | | | | |
Nine Months Ended
September 30, 2022 |
| |||
Depreciation of the leased asset
|
| | Cost of revenue | | | | $ | 1,935 | | |
Lease interest expense
|
| | Other income (expense), net | | | | | 329 | | |
| | |
Classification on the condensed financial statements
|
| |
As of December 31, 2021
|
| |||
Finance lease assets
|
| | Property and equipment, net | | | | $ | 3,943 | | |
Finance lease liability, current
|
| | Finance lease, current | | | | | 1,091 | | |
Finance lease liability, noncurrent
|
| | Finance lease, noncurrent | | | | | 1,606 | | |
| | | | | |
Nine Months Ended
September 30, 2021 |
| |||
Depreciation of the leased asset
|
| | Cost of revenue | | | | $ | 409 | | |
Lease interest expense
|
| | Other income (expense), net | | | | | 464 | | |
| | |
As of September 30,
2022 |
| |||
2022 (remaining)
|
| | | $ | 376 | | |
2023
|
| | | | 1,731 | | |
Total future lease payments
|
| | | | 2,107 | | |
Less: imputed interest
|
| | | | (210) | | |
Total finance lease liability
|
| | | $ | 1,897 | | |
| | |
Nine Months Ended September 30,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Operating cash flows paid for operating leases
|
| | | $ | 908 | | | | | $ | 885 | | |
Financing cash flows paid for finance leases
|
| | | | 1,128 | | | | | | 1,128 | | |
| | |
Nine Months Ended September 30,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Basic and diluted: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (96,518) | | | | | $ | (24,388) | | |
Weighted-average number of shares of common stock outstanding
|
| | | | 10,072,318 | | | | | | 9,815,806 | | |
Basic and diluted net loss per share
|
| | | $ | (9.58) | | | | | $ | (2.48) | | |
| | |
As of September 30,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Shares of common stock issuable upon conversion of redeemable convertible preferred stock
|
| | | | 29,520,187 | | | | | | 29,520,187 | | |
Shares of common stock issuable upon conversion of redeemable convertible preferred stock warrants
|
| | | | 18,680,225 | | | | | | 231,391 | | |
Shares of common stock issuable from stock options
|
| | | | 23,896,897 | | | | | | 16,113,756 | | |
Shares of common stock issuable from common stock warrants
|
| | | | 3,187,913 | | | | | | 824,913 | | |
Potential common shares excluded from diluted net loss per share
|
| | | | 75,285,222 | | | | | | 46,690,247 | | |