Desktop Metal Announces Third Quarter 2021 Financial Results

  • Revenue growth of 34% from the second quarter of 2021 to $25.4 million
  • GAAP gross margin of 16%; non-GAAP gross margin of 27%
  • Closed ExOne acquisition, cementing leadership in additive manufacturing for mass production
  • Acquired Meta Additive, adding next-generation functional binder technology focused on reducing shrinkage during sintering
  • Acquired Aidro, adding AM design and high-volume production capabilities for manifolds, hydraulics, and fluid power systems

BOSTON — (BUSINESS WIRE) — November 15, 2021 — Desktop Metal, Inc. (NYSE: DM) today announced its financial results for the third quarter ended September 30, 2021.

“During the third quarter, we delivered solid financial performance underscored by sequential top-line growth of 34% and more than a 180 basis point sequential increase in our gross margins as we continue to gain scale,” said Ric Fulop, Founder and CEO of Desktop Metal. “Our core metals business was a key driver of this success, which demonstrates the market enthusiasm for our AM 2.0 technology. With the addition of ExOne, and the Production System P-50 progressing toward initial shipments, we are extremely well-positioned as we head into our second year as a public company to deliver on our long-term commitments to shareholders.”

Third Quarter 2021 and Recent Business Highlights:

  • Production System™ P-50 targeted for shipment in the fourth quarter of 2021, with final component procurement and assembly of initial builds underway
  • Tripled manufacturing capacity dedicated to the P-50 to accelerate production ramp and meet early demand
  • Closed ExOne acquisition, cementing leadership in additive manufacturing for mass production
  • Acquired Meta Additive, adding next-generation functional binder technology focused on reducing part shrinkage during sintering
  • Acquired Aidro, adding AM design expertise and volume production capabilities for manifolds, hydraulics, and fluid power systems
  • Launched a new initiative under Desktop Health to develop a dental and biofabrication parts platform with additive manufacturing at its core, including completing initial acquisitions towards this strategy

Third Quarter 2021 Financial Highlights:

  • Revenue of $25.4 million, up 34% sequentially from the second quarter of 2021, and up 907% year-over-year from the third quarter of 2020, including strength in core metals business and contributions from recent acquisitions
  • GAAP gross margin of 16%; non-GAAP gross margin of 27%, increasing more than 180 basis points sequentially from 25% in the second quarter of 2021
  • Net loss of $66.9 million, including $15.2 million of in-process research and development assets related to acquisitions
  • Adjusted EBITDA of $(26.0) million
  • Strong liquidity position with cash, cash equivalents, and short-term investments of $423.9 million as of September 30, 2021

Outlook for Full Year 2021:

  • Revising expectation to between $92 and $102 million of revenue for 2021, excluding the effects of acquiring ExOne, representing between 459% to 519% year-over-year growth from 2020
  • Revising expectation to between $(80) and $(90) million of adjusted EBITDA for 2021, excluding the effects of acquiring ExOne

Conference Call Information:

Desktop Metal will host a conference call on Monday, November 15, 2021 at 4:30 p.m. EST to discuss third quarter 2021 results. Participants may access the call at 1-844-826-3033, international callers may use 1-412-317-5185, and request to join the Desktop Metal financial results conference call. A simultaneous webcast of the conference call and the accompanying summary presentation may be accessed online at the Events & Presentations section of https://ir.desktopmetal.com. A replay will be available shortly after the conclusion of the conference call at the same website.

About Desktop Metal:

Desktop Metal, Inc., based in Burlington, Massachusetts, is accelerating the transformation of manufacturing with an expansive portfolio of 3D printing solutions, from rapid prototyping to mass production. Founded in 2015 by leaders in advanced manufacturing, metallurgy, and robotics, the company is addressing the unmet challenges of speed, cost, and quality to make additive manufacturing an essential tool for engineers and manufacturers around the world. Desktop Metal was selected as one of the world’s 30 most promising Technology Pioneers by the World Economic Forum, named to MIT Technology Review’s list of 50 Smartest Companies, and the 2021 winner of Fast Company’s Innovation by Design Award in materials.

For more information, visit www.desktopmetal.com.

Forward-looking Statements:

This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to risks associated with the acquisition and integration of the business and operations of ExOne and other acquired businesses, and risks associated with supply and logistics, including shortages and delays. For more information about risks and uncertainties that may impact Desktop Metal’s business, financial condition, results of operations and prospects generally, please refer to Desktop Metal’s reports filed with the SEC, including without limitation the “Risk Factors” and/or other information included in the Form 10-Q filed with the SEC on November 15, 2021, and such other reports as Desktop Metal has filed or may file with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and per share amounts)

 

 

 

September 30,

 

December 31,

 

 

2021

 

2020

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

131,676

 

 

$

483,525

 

Short‑term investments

 

 

292,272

 

 

 

111,867

 

Accounts receivable

 

 

22,878

 

 

 

6,516

 

Inventory

 

 

32,730

 

 

 

9,708

 

Prepaid expenses and other current assets

 

 

7,250

 

 

 

976

 

Total current assets

 

 

486,806

 

 

 

612,592

 

Restricted cash

 

 

676

 

 

 

612

 

Property and equipment, net

 

 

23,782

 

 

 

12,160

 

Capitalized software, net

 

 

179

 

 

 

312

 

Goodwill

 

 

262,343

 

 

 

2,252

 

Intangible assets, net

 

 

180,129

 

 

 

9,102

 

Other noncurrent assets

 

 

17,679

 

 

 

4,879

 

Total Assets

 

$

971,594

 

 

$

641,909

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

16,985

 

 

$

7,591

 

Customer deposits

 

 

2,876

 

 

 

1,480

 

Current portion of lease liability

 

 

2,677

 

 

 

868

 

Accrued expenses and other current liabilities

 

 

20,686

 

 

 

7,565

 

Deferred revenue

 

 

5,530

 

 

 

3,004

 

Current portion of long‑term debt, net of deferred financing costs

 

 

1,030

 

 

 

9,991

 

Total current liabilities

 

 

49,784

 

 

 

30,499

 

Long-term debt, net of current portion

 

 

680

 

 

 

 

Warrant liability

 

 

 

 

 

93,328

 

Contingent consideration, net of current portion

 

 

4,528

 

 

 

 

Lease liability, net of current portion

 

 

7,802

 

 

 

2,157

 

Deferred tax liability

 

 

7,881

 

 

 

 

Other noncurrent liabilities

 

 

1,417

 

 

 

 

Total liabilities

 

 

72,092

 

 

 

125,984

 

Commitments and Contingencies (Note 16)

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

Preferred Stock, $0.0001 par value—authorized, 50,000,000 shares; no shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

 

 

 

 

Common Stock, $0.0001 par value—500,000,000 shares authorized; 261,914,672 and 226,756,733 shares issued at September 30, 2021 and December 31, 2020, respectively, 261,567,100 and 224,626,597 shares outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

26

 

 

 

23

 

Additional paid‑in capital

 

 

1,398,039

 

 

 

844,188

 

Accumulated deficit

 

 

(497,444

)

 

 

(328,277

)

Accumulated other comprehensive income (loss)

 

 

(1,119

)

 

 

(9

)

Total Stockholders’ Equity

 

 

899,502

 

 

 

515,925

 

Total Liabilities and Stockholders’ Equity

 

$

971,594

 

 

$

641,909

 

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share amounts)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

 

2021

 

2020

 

2021

 

2020

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

23,949

 

 

$

1,888

 

 

$

51,820

 

 

$

6,113

 

Services

 

 

1,489

 

 

 

639

 

 

 

3,908

 

 

 

1,988

 

Total revenues

 

 

25,438

 

 

 

2,527

 

 

 

55,728

 

 

 

8,101

 

Cost of sales

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

 

20,450

 

 

 

3,732

 

 

 

46,427

 

 

 

18,145

 

Services

 

 

1,033

 

 

 

1,096

 

 

 

3,561

 

 

 

3,365

 

Total cost of sales

 

 

21,483

 

 

 

4,828

 

 

 

49,988

 

 

 

21,510

 

Gross profit/(loss)

 

 

3,955

 

 

 

(2,301

)

 

 

5,740

 

 

 

(13,409

)

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

19,311

 

 

 

9,195

 

 

 

45,820

 

 

 

31,362

 

Sales and marketing

 

 

13,224

 

 

 

2,542

 

 

 

29,567

 

 

 

9,994

 

General and administrative

 

 

19,833

 

 

 

5,415

 

 

 

46,821

 

 

 

11,004

 

In-process research and development assets acquired

 

 

15,181

 

 

 

 

 

 

25,581

 

 

 

 

Total operating expenses

 

 

67,549

 

 

 

17,152

 

 

 

147,789

 

 

 

52,360

 

Loss from operations

 

 

(63,594

)

 

 

(19,453

)

 

 

(142,049

)

 

 

(65,769

)

Change in fair value of warrant liability

 

 

 

 

 

 

 

 

(56,576

)

 

 

 

Interest expense

 

 

(12

)

 

 

(98

)

 

 

(137

)

 

 

(253

)

Interest and other (expense) income, net

 

 

(3,796

)

 

 

94

 

 

 

(3,166

)

 

 

995

 

Loss before income taxes

 

 

(67,402

)

 

 

(19,457

)

 

 

(201,928

)

 

 

(65,027

)

Income tax benefit

 

 

523

 

 

 

 

 

 

32,761

 

 

 

 

Net loss

 

$

(66,879

)

 

$

(19,457

)

 

$

(169,167

)

 

$

(65,027

)

Net loss per share—basic and diluted

 

$

(0.26

)

 

$

(0.12

)

 

$

(0.67

)

 

$

(0.41

)

Weighted average shares outstanding, basic and diluted

 

 

260,555,655

 

 

 

159,968,300

 

 

 

251,467,644

 

 

 

158,120,826

 

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(UNAUDITED)

(in thousands)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2021

 

2020

 

2021

 

2020

 

Net loss

 

 

(66,879

)

 

 

(19,457

)

 

$

(169,167

)

 

$

(65,027

)

 

Other comprehensive (loss) income, net of taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on available-for-sale marketable securities, net

 

 

(7

)

 

 

(43

)

 

 

(11

)

 

 

(70

)

 

Foreign currency translation adjustment

 

 

(1,216

)

 

 

 

 

 

(1,099

)

 

 

 

 

Total comprehensive loss, net of taxes of $0

 

 

(68,102

)

 

 

(19,500

)

 

$

(170,277

)

 

$

(65,097

)

 

 

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

(in thousands, except share amounts)

 

 

 

Three Months Ended September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Common Stock

 

Additional

 

 

 

 

Comprehensive

 

Total

 

 

Voting

 

Paid‑in

 

Accumulated

 

(Loss)

 

Stockholders’

 

 

Shares

 

Amount

 

Capital

 

Deficit

 

Income

 

Equity

BALANCE—July 1, 2021

 

259,545,731

 

 

$

26

 

$

1,387,779

 

 

$

(430,565

)

 

$

104

 

 

$

957,344

 

Exercise of Common Stock options

 

1,615,484

 

 

 

 

 

1,576

 

 

 

 

 

 

 

 

 

1,576

 

Vesting of restricted Common Stock

 

295,599

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

259,735

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net share settlement related to employee tax withholdings upon vesting of restricted stock units

 

(40,299

)

 

 

 

 

(309

)

 

 

 

 

 

 

 

 

(309

)

Issuance of Common Stock for acquisitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock for acquired in-process research and development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net share settlement related to employee tax withholdings upon vesting of restricted stock awards

 

(109,150

)

 

 

 

 

(958

)

 

 

 

 

 

 

 

 

(958

)

Stock‑based compensation expense

 

 

 

 

 

 

9,951

 

 

 

 

 

 

 

 

 

9,951

 

Net loss

 

 

 

 

 

 

 

 

 

(66,879

)

 

 

 

 

 

(66,879

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

(1,223

)

 

 

(1,223

)

BALANCE—September 30, 2021

 

261,567,100

 

 

$

26

 

$

1,398,039

 

 

$

(497,444

)

 

$

(1,119

)

 

$

899,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Common Stock

 

Additional

 

 

 

 

Comprehensive

 

Total

 

 

Voting

 

Paid‑in

 

Accumulated

 

(Loss)

 

Stockholders’

 

 

Shares

 

Amount

 

Capital

 

Deficit

 

Income

 

Equity

BALANCE—January 1, 2021

 

224,626,597

 

 

$

23

 

$

844,188

 

 

$

(328,277

)

 

$

(9

)

 

$

515,925

 

Exercise of Common Stock options

 

4,462,218

 

 

 

 

 

5,241

 

 

 

 

 

 

 

 

 

5,241

 

Vesting of restricted Common Stock

 

407,629

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

303,656

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net settlement of shares related to employee tax withholdings upon vesting of restricted stock units

 

(49,471

)

 

 

 

 

(454

)

 

 

 

 

 

 

 

 

(454

)

Issuance of Common Stock for acquisitions

 

9,049,338

 

 

 

1

 

 

208,988

 

 

 

 

 

 

 

 

 

208,989

 

Issuance of common stock for acquired in-process research and development

 

334,370

 

 

 

 

 

4,300

 

 

 

 

 

 

 

 

 

4,300

 

Net share settlement related to employee tax withholdings upon vesting of restricted stock awards

 

(109,150

)

 

 

 

 

(958

)

 

 

 

 

 

 

 

 

(958

)

Stock‑based compensation expense

 

 

 

 

 

 

16,167

 

 

 

 

 

 

 

 

 

16,167

 

Vesting of Trine Founder shares

 

1,850,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of warrants

 

20,690,975

 

 

 

2

 

 

320,567

 

 

 

 

 

 

 

 

 

320,569

 

Net loss

 

 

 

 

 

 

 

 

 

(169,167

)

 

 

 

 

 

(169,167

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

(1,110

)

 

 

(1,110

)

BALANCE—September 30, 2021

 

261,567,100

 

 

$

26

 

$

1,398,039

 

 

$

(497,444

)

 

$

(1,119

)

 

$

899,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Legacy Convertible

 

 

Common Stock

 

Additional

 

 

 

 

Comprehensive

 

Total

 

 

Preferred Stock

 

 

Voting

 

Paid‑in

 

Accumulated

 

(Loss)

 

Stockholders’

 

 

Shares

 

Amount

 

 

Shares

 

Amount

 

Capital

 

Deficit

 

Income

 

Equity

BALANCE—July 1, 2020

 

100,038,109

 

 

$

436,533

 

 

 

29,937,631

 

$

3

 

$

21,254

 

$

(339,832

)

 

$

48

 

 

$

(318,527

)

Retroactive application of recapitalization (Note 1)

 

(100,038,109

)

 

 

(436,533

)

 

 

128,792,027

 

 

13

 

 

434,672

 

 

 

 

 

 

 

 

434,685

 

Adjusted balance, beginning of period

 

 

 

 

 

 

 

158,729,658

 

 

16

 

 

455,926

 

 

(339,832

)

 

 

48

 

 

 

116,158

 

Exercise of Common Stock options

 

 

 

 

 

 

 

184,447

 

 

 

 

131

 

 

 

 

 

 

 

 

131

 

Vesting of restricted Common Stock

 

 

 

 

 

 

 

1,751,364

 

 

 

 

2

 

 

 

 

 

 

 

 

2

 

Stock‑based compensation expense

 

 

 

 

 

 

 

 

 

 

 

1,895

 

 

 

 

 

 

 

 

1,895

 

Common Stock warrants issued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,457

)

 

 

 

 

 

(19,457

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43

)

 

 

(43

)

BALANCE—September 30, 2020

 

 

 

$

 

 

 

160,665,469

 

$

16

 

$

457,954

 

$

(359,289

)

 

$

5

 

 

$

98,686

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Legacy Convertible

 

 

Common Stock

 

Additional

 

 

 

 

Comprehensive

 

Total

 

 

Preferred Stock

 

 

Voting

 

Paid‑in

 

Accumulated

 

(Loss)

 

Stockholders’

 

 

Shares

 

Amount

 

 

Shares

 

Amount

 

Capital

 

Deficit

 

Income

 

Equity

BALANCE—January 1, 2020

 

100,038,109

 

 

$

436,533

 

 

 

26,813,113

 

$

3

 

$

16,722

 

$

(294,262

)

 

$

75

 

 

$

(277,462

)

Retroactive application of recapitalization (Note 1)

 

(100,038,109

)

 

 

(436,533

)

 

 

128,100,821

 

 

13

 

 

436,520

 

 

 

 

 

 

 

 

436,533

 

Adjusted balance, beginning of period

 

 

 

 

 

 

 

154,913,934

 

 

16

 

 

453,242

 

 

(294,262

)

 

 

75

 

 

 

159,071

 

Exercise of Common Stock options

 

 

 

 

 

 

 

499,256

 

 

 

 

267

 

 

 

 

 

 

 

 

267

 

Vesting of restricted Common Stock

 

 

 

 

 

 

 

5,252,279

 

 

 

 

6

 

 

 

 

 

 

 

 

6

 

Stock‑based compensation expense

 

 

 

 

 

 

 

 

 

 

 

4,228

 

 

 

 

 

 

 

 

4,228

 

Common Stock warrants issued

 

 

 

 

 

 

 

 

 

 

 

211

 

 

 

 

 

 

 

 

211

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(65,027

)

 

 

 

 

 

(65,027

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(70

)

 

 

(70

)

BALANCE—September 30, 2020

 

 

 

$

 

 

 

160,665,469

 

$

16

 

$

457,954

 

$

(359,289

)

 

$

5

 

 

$

98,686

 

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

 

 

 

Nine Months Ended September 30,

 

 

2021

 

2020

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(169,167

)

 

$

(65,027

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

15,576

 

 

 

6,525

 

Stock‑based compensation

 

 

16,167

 

 

 

4,228

 

Change in fair value of warrant liability

 

 

56,576

 

 

 

 

Change in fair value of subscription agreement liability

 

 

2,920

 

 

 

 

Expense related to Common Stock warrants issued

 

 

 

 

 

43

 

Amortization (accretion) of discount on investments

 

 

2,189

 

 

 

34

 

Amortization of debt financing cost

 

 

9

 

 

 

14

 

Provision for bad debt

 

 

316

 

 

 

333

 

Acquired in-process research and development

 

 

25,581

 

 

 

 

(Gain) loss on disposal of property and equipment

 

 

19

 

 

 

10

 

Net increase in accrued interest related to marketable securities

 

 

(414

)

 

 

162

 

Net unrealized loss on equity investment

 

 

1,880

 

 

 

 

Net unrealized gain on other investments

 

 

(639

)

 

 

 

Deferred tax benefit

 

 

(32,761

)

 

 

 

Change in fair value of contingent consideration

 

 

(166

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(8,476

)

 

 

2,881

 

Inventory

 

 

(11,067

)

 

 

(1,958

)

Prepaid expenses and other current assets

 

 

(3,096

)

 

 

1,082

 

Other assets

 

 

(118

)

 

 

 

Accounts payable

 

 

4,243

 

 

 

(5,800

)

Accrued expenses and other current liabilities

 

 

(9,294

)

 

 

430

 

Customer deposits

 

 

(1,298

)

 

 

(547

)

Deferred revenue

 

 

1,295

 

 

 

(1,094

)

Change in right of use assets and lease liabilities, net

 

 

(340

)

 

 

(243

)

Other liabilities

 

 

6

 

 

 

 

Net cash used in operating activities

 

 

(110,059

)

 

 

(58,927

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(4,145

)

 

 

(1,039

)

Purchase of other investments

 

 

(3,620

)

 

 

 

Purchase of equity investment

 

 

(20,000

)

 

 

 

Purchase of marketable securities

 

 

(330,873

)

 

 

(62,810

)

Proceeds from sales and maturities of marketable securities

 

 

163,882

 

 

 

94,116

 

Cash paid to acquire in-process research and development

 

 

(21,220

)

 

 

 

Cash paid for acquisitions, net of cash acquired

 

 

(191,146

)

 

 

 

Net cash (used in) provided by investing activities

 

 

(407,122

)

 

 

30,267

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from the exercise of stock options

 

 

5,241

 

 

 

255

 

Proceeds from the exercise of stock warrants

 

 

170,665

 

 

 

 

Payment of taxes related to net share settlement upon vesting of restricted stock units

 

 

(454

)

 

 

 

Proceeds from PPP loan

 

 

 

 

 

5,379

 

Repayment of PPP loan

 

 

 

 

 

(5,379

)

Repayment of term loan

 

 

(10,000

)

 

 

 

Deferred financing costs paid

 

 

 

 

 

(400

)

Net cash provided by (used in) financing activities

 

 

165,452

 

 

 

(145

)

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

 

(351,729

)

 

 

(28,805

)

Effect of exchange rate changes

 

 

(56

)

 

 

 

Cash and cash equivalents at beginning of period

 

 

483,525

 

 

 

66,161

 

Restricted cash at beginning of period

 

 

612

 

 

 

612

 

Cash and cash equivalents at end of period

 

 

131,676

 

 

 

37,356

 

Restricted cash at end of period

 

 

676

 

 

 

612

 

Total cash, cash equivalents and restricted cash, end of period

 

$

132,352

 

 

$

37,968

 

 

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

 

Interest paid

 

$

137

 

 

$

253

 

Taxes paid

 

$

150

 

 

$

 

 

 

 

 

 

 

 

Non‑cash investing and financing activities:

 

 

 

 

 

 

Net unrealized loss on investments

 

$

11

 

 

$

 

Exercise of private placement warrants

 

$

149,904

 

 

$

 

Common Stock issued for acquisitions

 

$

208,989

 

 

$

 

Common Stock issued for acquisition of in-process research and development

 

$

4,300

 

 

$

 

Cash held back in acquisitions

 

$

50

 

 

$

 

Additions to right of use assets and lease liabilities

 

$

891

 

 

$

 

Purchase of property and equipment included in accounts payable

 

$

77

 

 

$

 

Purchase of property and equipment included in accrued expense

 

$

33

 

 

$

79

 

Contingent consideration in connection with acquisitions

 

$

6,083

 

 

$

 

Taxes related to net share settlement upon vesting of restricted stock awards in accrued expense

 

$

958

 

 

$

 

Forgiveness of PPP Loan

 

$

3,376

 

 

$

 


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