Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Jan. 01, 2023
Jan. 02, 2022
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (51,622,000) $ (125,874,000) $ (39,650,000)
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation 7,425,000 995,000 579,000
Amortization of right-of-use assets 547,000 520,000 0
Stock-based compensation 30,367,000 10,711,000 666,000
Changes in fair value of convertible preferred stock warrants and common stock warrants (75,180,000) 56,141,000 13,789,000
Impairment of equipment [1] 4,921,000 0 0
Issuance of convertible preferred stock warrants (non-cash) 0 0 1,476,000
Change in fair value of convertible promissory notes 0 0 2,422,000
Loss (gain) on early debt extinguishment 0 60,000 (1,628,000)
Interest expense (non-cash) 0 0 107,000
Changes in operating assets and liabilities:      
Accounts receivable (170,000) 0 0
Inventory (634,000) 0 0
Prepaid expenses and other assets (2,828,000) (2,497,000) (577,000)
Deferred contract costs 3,754,000 (967,000) (2,482,000)
Accounts payable 2,272,000 1,523,000 1,826,000
Accrued expenses and compensation 2,547,000 5,193,000 2,617,000
Deferred revenue (4,091,000) 2,370,000 185,000
Other liabilities (48,000) 519,000 620,000
Net cash used in operating activities (82,740,000) (51,306,000) (20,050,000)
Cash flows from investing activities:      
Purchase of property and equipment (36,212,000) (43,584,000) (26,953,000)
Net cash used in investing activities (36,212,000) (43,584,000) (26,953,000)
Cash flows from financing activities:      
Proceeds from Business Combination and PIPE financing 0 405,155,000 0
Payments of transaction costs related to Business Combination and PIPE financing 0 (31,410,000) 0
Proceeds from exercise of common stock warrants, net 52,828,000 77,170,000 0
Proceeds from issuance of convertible preferred stock, net 0 0 63,932,000
Proceeds from secured promissory notes, converted promissory notes and paycheck protection program loan 0 15,000,000 1,628,000
Proceeds from issuance of common stock under employee stock purchase plan 1,900,000 0 0
Payroll tax payments for shares withheld upon vesting of RSUs (587,000) 0 0
Repayment of secured promissory note 0 (15,000,000) 0
Payments of debt issuance costs 0 (90,000) 0
Proceeds from exercise of convertible preferred stock warrants 0 102,000 0
Proceeds from the exercise of stock options 2,379,000 190,000 360,000
Repurchase of unvested restricted common stock (10,000) (27,000) 0
Net cash provided by financing activities 56,510,000 451,090,000 65,920,000
Change in cash, cash equivalents, and restricted cash (62,442,000) 356,200,000 18,917,000
Cash and cash equivalents and restricted cash, beginning of period 385,418,000 29,218,000 10,301,000
Cash and cash equivalents, and restricted cash, end of period 322,976,000 385,418,000 29,218,000
Supplemental cash flow data (Non-cash):      
Net liabilities assumed from Business Combination 0 73,400,000 0
Purchase of property and equipment included in liabilities 7,037,000 5,488,000 3,181,000
Conversion of promissory notes to convertible preferred stock 0 0 8,073,000
Settlement of accrued interest expense through conversion of promissory notes to convertible preferred stock 0 0 130,000
Issuance of convertible preferred stock warrants 0 0 1,476,000
Gain on extinguishment of paycheck protection program loan $ 0 $ 0 $ 1,628,000
[1] As of January 1, 2023, $1.7 million of the $4.9 million impairment of equipment was recorded as accrued expenses on the Consolidated Balance Shee