Evofem Biosciences Inc
For the period ended Dec 31, 2023. Filed Mar 27, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 27, 2024
EVFM$0.48-23.4%Stored close · as of Aug 10, 2022
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Years Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $52,979 | $(76,698) |
| Adjustments to reconcile net income (loss) to net cash and restricted cash used in operating activities: | ||
| Loss on issuance of financial instruments | 6,776 | 72,993 |
| Gain on debt extinguishment | (75,337) | 24,487 |
| Change in fair value of financial instruments | (4,879) | (106,952) |
| Financial instrument modification expense | - | 1,067 |
| Stock-based compensation | 1,189 | 3,313 |
| Depreciation | 477 | 1,015 |
| Noncash interest expenses | 2,270 | 2,176 |
| Noncash right-of-use amortization | 1,304 | 1,031 |
| Noncash inventory reserve for excess & obsolescence | 1,576 | (300) |
| Net gain on lease termination | (466) | - |
| Noncash instrument exchange expense | - | 514 |
| Loss on disposal and write-down of property and equipment | 2,511 | 926 |
| Gain on accounts payable settlements | (2,096) | - |
| Changes in operating assets and liabilities: | ||
| Trade accounts receivable | (4,612) | 5,323 |
| Inventories | 2,106 | 1,566 |
| Prepaid and other assets | 3,661 | 2,593 |
| Accounts payable | 4,090 | 4,474 |
| Accrued expenses and other liabilities | 527 | (4,106) |
| Accrued compensation | 434 | (2,478) |
| Lease liabilities | (1,478) | (1,354) |
| Net cash and restricted cash used in operating activities | (8,968) | (70,410) |
| Purchases of property and equipment | (4) | (341) |
| Net cash and restricted cash used in investing activities | (4) | (341) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock - exercise of warrants | 290 | 25,211 |
| Proceeds from issuance of common stock and warrants, net of offering costs | - | 24,882 |
| Proceeds from issuance of common stock – Public Offering, net of commissions – ATM transactions | - | 7,438 |
| Proceeds from issuance of common stock- ESPP and exercise of stock options | - | 20 |
| Borrowings under term notes | 5,640 | 11,500 |
| Payments under term notes | (1,154) | (5,892) |
| Cash repurchase of fractional common stock after reverse stock split | - | (18) |
| Cash paid for offering costs | - | (1,202) |
| Net cash and restricted cash provided by financing activities | 4,776 | 61,939 |
| Net change in cash, cash equivalents and restricted cash | (4,196) | (8,812) |
| Cash, cash equivalents and restricted cash, beginning of period | 4,776 | 13,588 |
| Cash, cash equivalents and restricted cash, end of period | $580 | $4,776 |
| Supplemental cash flow information: | ||
| Cash paid for interest | 338 | 698 |
| Cash paid for taxes | 4 | 26 |
| Supplemental disclosure of noncash investing and financing activities: | ||
| Exchange of convertible notes to Series E-1 Shares | 1,800 | - |
| Exchange of warrants and partial purchase rights value to Series F-1 Shares | 2,761 | - |
| Issuance of common stock upon exercise of purchase rights | 426 | 1,007 |
| Series E-1 shares dividends | 74 | - |
| Right-of-use assets obtained in exchange for operating lease liabilities | - | 219 |
| Purchases of property and equipment included in accounts payable and accrued expenses | - | 105 |
| Conversion of series B-2 and B-1 convertible preferred stock to common stock | - | 1,187 |
| Exchange of series B-2 convertible preferred stock to series C convertible preferred stock | - | 1,616 |
| Issuance of common stock for prepaid advertising | - | 3,412 |
| Exchange of Adjuvant Notes for Purchase Rights | - | 634 |
| Exchange of term notes for Purchase Rights | - | 4,806 |
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