| Schedule of Fair Value Assumptions |
These two types of inputs have created the following fair-value hierarchy:
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Level 1: |
Quoted prices for identical instruments in active markets; |
Level 2: |
Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and |
Level 3: |
Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
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December 31, 2023 |
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December 31, 2022 |
| Fair value per share |
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$ |
0.43 |
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$ |
0.17 |
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| Warrants outstanding |
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7,732,168 |
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7,732,168 |
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| Exercise price |
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$ |
11.50 |
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$ |
11.50 |
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| Common stock price |
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$ |
2.85 |
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$ |
1.98 |
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| Expected option term |
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2.67 years |
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3.67 years |
| Expected volatility |
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74.20 |
% |
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60.70 |
% |
| Risk-free rate of return |
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4.00 |
% |
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4.10 |
% |
| Expected annual dividend yield |
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— |
% |
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— |
% |
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| Schedule of Supplemental Cash Flow Information |
The table below presents supplemental cash flow information during the following periods:
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Year Ended |
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December 31, 2023 |
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December 31, 2022 |
| Supplemental cash flow information: |
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Cash paid (received) during the period for: |
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Interest |
$ |
9,082 |
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$ |
6,868 |
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| Income taxes |
— |
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— |
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Non-cash investing and financing activities: |
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Convertible Preferred Stock dividends paid-in-kind |
$ |
19,741 |
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$ |
— |
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Capital expenditures not yet paid |
1,321 |
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1,209 |
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| Equity financing transaction costs not yet paid |
— |
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622 |
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| Schedule of Property, Plant and Equipment, net |
Expected useful lives for property, plant and equipment are reviewed at least annually. Estimated useful lives are as follows:
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Estimated useful
life in years |
Computer equipment |
3 |
Furniture and fixtures |
7 |
Laboratory equipment |
3-10 |
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Leasehold improvements |
shorter of 5 or lease term |
| Assets subject to finance lease |
lease term |
Property, plant and equipment, net were as follows:
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December 31, 2023 |
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December 31, 2022 |
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United States |
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Europe |
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Total |
|
United States |
|
Europe |
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Total |
Computer equipment |
$ |
1,755 |
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$ |
559 |
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$ |
2,314 |
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$ |
1,256 |
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$ |
252 |
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$ |
1,508 |
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Furniture and fixtures |
1,181 |
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39 |
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1,220 |
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1,062 |
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38 |
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1,100 |
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Laboratory equipment |
5,086 |
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594 |
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5,680 |
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3,646 |
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483 |
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4,129 |
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Leasehold improvements |
2,764 |
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4,683 |
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7,447 |
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2,229 |
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4,475 |
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6,704 |
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| Finance lease ROU assets |
— |
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2,004 |
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2,004 |
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— |
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|
944 |
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|
944 |
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| Construction in process |
3,782 |
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— |
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3,782 |
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1,408 |
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— |
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1,408 |
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| Property, plant and equipment, gross |
14,568 |
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7,879 |
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22,447 |
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9,601 |
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|
6,192 |
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|
15,793 |
|
Less: accumulated depreciation |
(4,631) |
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(1,907) |
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(6,538) |
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(2,785) |
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(247) |
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(3,032) |
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| Total property, plant and equipment, net |
$ |
9,937 |
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$ |
5,972 |
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$ |
15,909 |
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$ |
6,816 |
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$ |
5,945 |
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$ |
12,761 |
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The table below presents the depreciation expense related to property, plant and equipment for the following periods:
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Year Ended |
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December 31, 2023 |
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December 31, 2022 |
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Depreciation expense |
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$ |
3,512 |
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$ |
3,325 |
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