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
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (18,508) $ (38,277)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 1,474 1,817
Amortization of debt discount and deferred financing costs 17 98
Stock-based compensation 4,383 5,431
Loss on fair value of warrants 41 1,044
Loss on warrant cancellation 0 11,357
Non-cash lease expense 111 70
Loss on sale/disposal of fixed assets 0 2,777
Changes in operating assets and liabilities    
Accounts receivable (2,093) (1,671)
Inventories 4,441 5,691
Contract assets (10,121) (948)
Prepaid expenses and other current assets (11,174) (292)
Other assets (120) 2,002
Accounts payable (8,233) (912)
Accrued expenses and other liabilities (4,279) 2,463
Contract liabilities 1,968 (3,573)
Other noncurrent liabilities 2,560 (642)
Net cash used in operating activities (39,533) (13,565)
Cash flows from investing activities    
Purchase of property and equipment (4,458) (1,799)
Net cash used in investing activities (4,458) (1,799)
Cash flows from financing activities    
Proceeds from convertible secured notes 0 15,000
Repayment of 2025 equipment loan (1,506) 0
Repayment of secured notes (3,039) 0
Net cash provided by financing activities 99,469 15,000
Effect of exchange rate changes on cash and cash equivalents 1 6
Net change in cash and cash equivalents and restricted cash 55,479 (358)
Cash and cash equivalents and restricted cash at beginning of period 39,636 1,840
Cash and cash equivalents and restricted cash at end of period 95,115 1,482
Supplemental disclosure of cash flow information    
Cash paid for interest 612 750
Supplemental schedule of non-cash investing and financing activities    
Conversion of convertible secured notes into common stock 18,494 0
Unpaid liabilities related to property and equipment, net 570 160
Unpaid purchase of inventories, net 2,596 0
Equipment subject to operating lease, net returned to inventories, net 543 653
Transfer of property and equipment, net (to) from inventories, net (559) 3,404
Transfer of other assets to inventories, net, upon return of leased asset (1,237) 0
Derecognition of right-of-use asset upon purchase of leased asset 307 0
Operating lease right-of-use assets recorded in exchange for lease obligations (14,521) 0
Cash and Cash Equivalents and Restricted Cash    
Cash and cash equivalents 91,144 854
Restricted cash (Other assets) 3,971 628
Total cash and cash equivalents and restricted cash 95,115 1,482
April 2026 Offering    
Cash flows from financing activities    
Gross proceeds from Offering 50,000 0
Payment for issuance costs related to Offering (3,408) 0
ATM Offering    
Cash flows from financing activities    
Gross proceeds from Offering 59,428 0
Payment for issuance costs related to Offering $ (2,006) $ 0