Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (6,998) $ (25,014)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 762 995
Amortization of debt discount and deferred financing costs 17 48
Stock-based compensation 1,889 3,596
Loss on fair value of warrants 0 1,044
Loss on warrant cancellation 0 11,357
Non-cash lease expense 59 28
Changes in operating assets and liabilities    
Accounts receivable (469) (846)
Inventories 672 1,989
Contract assets (2,081) (795)
Prepaid expenses and other current assets (3,928) (3,407)
Other assets 648 1,224
Accounts payable (5,504) (860)
Accrued expenses and other liabilities (1,032) 1,195
Contract liabilities (1,542) (2,671)
Other noncurrent liabilities (471) (232)
Net cash used in operating activities (17,978) (12,349)
Cash flows from investing activities    
Purchase of property and equipment (940) 0
Net cash used in investing activities (940) 0
Cash flows from financing activities    
Proceeds from convertible secured notes 0 15,000
Repayment of 2025 equipment loan (496) 0
Repayment of secured notes (3,039) 0
Net cash (used in) provided by financing activities (3,535) 15,000
Effect of exchange rate changes on cash and cash equivalents (1) 7
Net change in cash and cash equivalents (22,454) 2,658
Cash and cash equivalents and restricted cash at beginning of period 39,641 1,840
Cash and cash equivalents and restricted cash at end of period 17,187 4,498
Supplemental disclosure of cash flow information    
Cash paid for interest 378 202
Supplemental schedule of non-cash investing and financing activities    
Conversion of convertible secured notes into common stock 18,493 0
Unpaid liabilities related to property and equipment, net 2,468 151
Unpaid purchase of inventories, net 1,765 1,476
Equipment subject to operating lease, net returned to inventories, net 543 0
Transfer of property and equipment, net to inventories, net 615 191
Cash and Cash Equivalents and Restricted Cash    
Cash and cash equivalents 16,564 3,870
Restricted cash (Other assets) 623 628
Total cash and cash equivalents and restricted cash $ 17,187 $ 4,498