Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net loss $ (71,362) $ (69,744)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 3,379 4,778
Amortization of debt discount and deferred financing costs 192 13,637
Stock-based compensation 9,509 11,810
Gain on exchange of debt for common stock 0 (2,619)
Change in fair value of warrants 1,140 (32,094)
Change in fair value of contingent earnout liabilities (10) (1,445)
Impairment of equipment subject to operating lease 1,066 0
Loss on warrant cancellation 11,357 0
Reserve for excess and obsolete inventory 6,979 7,179
Non-cash cost of issuance of common stock warrants on BEPO Offering 0 1,311
Loss on debt extinguishment 0 7,525
Non-cash warrant issuance in connection with August warrant inducement 0 2,439
Provision for credit loss related to contract assets 1,392 0
Provision for credit loss related to trade accounts receivable 1,863 2,786
Non-cash lease expense 139 134
Loss on sale/disposal of fixed assets 24 11
Realized loss on available-for-sale securities 0 23
Changes in assets and liabilities    
Accounts receivable (4,403) 3,074
Inventories 24,415 6,121
Contract assets (2,931) 7,010
Prepaid expenses and other current assets (3,386) 1,824
Other assets 2,000 3,952
Accounts payable (15,300) (743)
Accrued expenses and other liabilities 7,960 (2,578)
Contract liabilities (1,004) 5,150
Other noncurrent liabilities (346) (2,218)
Net cash used in operating activities (27,327) (32,677)
Cash flows from investing activities    
Purchase of property and equipment (2,715) (9)
Reimbursement of previously incurred leasehold expenditures 0 1,084
Sales of property and equipment 0 20
Sales of available-for-sale securities 0 3,172
Proceeds from maturity of available for sale investments 0 3,500
Net cash (used in) provided by investing activities (2,715) 7,767
Cash flows from financing activities    
Proceeds from secured convertible notes 15,000 500
Repayment of secured notes (2,627) (11,750)
Proceeds from equipment loan 10,000 0
Repayment of equipment loan (311) 0
Issuance cost for equipment loan (19) 0
Gross proceeds from December 2025 PIPE Offering 30,000 0
Payment for issuance cost related to December 2025 PIPE Offering (2,033) 0
Gross proceeds from August 2025 Offering 20,126 0
Payment for issuance cost related to August 2025 Offering (2,303) 0
Proceeds from capital raise - August Warrant Inducement 0 1,695
Gross proceeds from BEPO Offering 0 12,000
Payments for issuance cost related to the BEPO Offering 0 (1,300)
Issuance of common stock upon exercise of stock options 0 315
Net cash provided by financing activities 67,833 1,460
Effect of exchange rate on cash and cash equivalents 5 (4)
Net change in cash and cash equivalents 37,796 (23,454)
Cash and cash equivalents and restricted cash at beginning of period 1,840 25,294
Cash and cash equivalents and restricted cash at end of period 39,636 1,840
Supplemental disclosure of cash flow information    
Cash paid for interest 1,125 1,183
Cash paid for income taxes for foreign subsidiary 117 0
Supplemental disclosure of non-cash information    
Unpaid liabilities related to property and equipment, net 742 3,123
Equipment subject to operating lease, net returned to inventories, net 653 2,235
Warrant cancellation upon issuance of common stock 3,198 0
Operating lease right-of-use assets recorded in exchange for lease obligation 864 0
Transfer of property and equipment, net to inventories, net 1,555 0
Unpaid purchase of inventories, net 6,316 3,485
Cash and Cash Equivalents and Restricted Cash    
Cash and cash equivalents 39,013 1,212
Restricted cash (Other assets) 623 628
Total cash and cash equivalents, and restricted cash $ 39,636 $ 1,840