Item 2.02 Results of Operations and Financial Condition.
• The Company ended the year with approximately$120.2 million in cash and cash equivalents, and shares of common stock outstanding of 76,478,656 atDecember 31, 2022 . • The Company's net cash used in operating activities for the year endedDecember 31, 2022 , was approximately$98.1 million compared to$75.6 million for the year endedDecember 31, 2021 . • The Company's capital expenditures for the year endedDecember 31, 2022 , was approximately$48.1 million compared to$35.3 million for the year endedDecember 31, 2021 . • The Company's equity proceeds from the sale of common stock for the year endedDecember 31, 2022 , was approximately$94.5 million compared to$212.4 million for the year endedDecember 31, 2021 . • As ofJanuary 24, 2023 , the Company had 60,872,128 shares of common stock outstanding as a result of the repurchase of 15,700,269 shares of the common stock under to the Company's existing$12.5 million share repurchase program pursuant to which the Company may repurchase up to$12.5 million in value of its outstanding common stock, par value,$0.001 per share, from time to time on the open market and in privately negotiated transactions subject to market conditions, share price and other factors (the "Existing Share Repurchase Program").
The above information is preliminary financial information for the year ended
The Company currently expects to file its Annual Report on Form 10-K, including
its financial statements for the year ended
Item 8.01 Other Information.
The information included in Item 2.02 is incorporated herein by reference.
The Board of Directors approved a share repurchase program pursuant to which the
Company may repurchase up to
The timing and amount of any shares repurchased will be determined based on the
Company's evaluation of market conditions and other factors and the New Share
Repurchase Program may be discontinued or suspended at any
time. Repurchases will be made in accordance with the rules and regulations
promulgated by the
Since
Forward- Looking Statements
This Current Report on Form 8-K contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Share Repurchase Program, the Company's product development, clinical trials, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statement that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions,
including, but not limited to, "expect," "anticipate," "intend," "plan,"
"believe," "estimate," "potential," "predict," "project," "should," "would" and
similar expressions and the negatives of those terms. These statements relate to
future events or our financial performance and involve known and unknown risks,
uncertainties, and other factors which may cause actual results, performance or
achievements to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such
factors include those set forth in the Company's filings with the
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