Quarterly report [Sections 13 or 15(d)]

Balance Sheet Components (Tables)

v3.25.3
Balance Sheet Components (Tables)
9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounts Receivable, Net

Accounts receivable, net consisted of the following:

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

 

(In thousands)

 

Trade receivables

 

$

7,519

 

 

$

7,130

 

Less: Allowances for credit losses

 

 

(847

)

 

 

(3,407

)

Total

 

$

6,672

 

 

$

3,723

 

Schedule of Inventories

Inventories consisted of the following:

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

 

(In thousands)

 

Raw materials

 

$

26,649

 

 

$

29,386

 

Work-in-progress

 

 

5,796

 

 

 

9,660

 

Finished goods

 

 

2,941

 

 

 

10,907

 

Total

 

$

35,386

 

 

$

49,953

 

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

 

(In thousands)

 

Prepaid insurance and other

 

$

966

 

 

$

1,724

 

Vendor prepayments

 

 

863

 

 

 

612

 

Total

 

$

1,829

 

 

$

2,336

 

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

 

(In thousands)

 

Computers and software

 

$

2,210

 

 

$

2,525

 

Lab equipment and other equipment

 

 

11,080

 

 

 

11,011

 

Furniture and fixtures

 

 

157

 

 

 

206

 

Leasehold improvements

 

 

13,404

 

 

 

13,312

 

Construction in progress

 

 

94

 

 

 

 

Total property, plant and equipment

 

 

26,945

 

 

 

27,054

 

Less accumulated depreciation and amortization

 

 

(14,526

)

 

 

(12,784

)

Property, plant and equipment, net

 

$

12,419

 

 

$

14,270

 

Schedule of Other Assets

Other assets consisted of the following:

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

 

(In thousands)

 

Right of use assets

 

$

7,946

 

 

$

8,774

 

Net Investment in sales type lease

 

 

1,975

 

 

 

2,712

 

Customer deposit - noncash consideration

 

 

6,812

 

 

 

 

Non-current prepaid expenses and other assets

 

 

2,560

 

 

 

2,027

 

Total Other assets

 

$

19,293

 

 

$

13,513

 

Schedule Of Accrued And Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

 

(In thousands)

 

Accrued expenses

 

$

1,795

 

 

$

1,173

 

Accrued salaries and benefits

 

 

1,194

 

 

 

560

 

Customer liabilities — prepaid reserve

 

 

809

 

 

 

 

Customer liabilities — noncash consideration

 

 

6,812

 

 

 

 

Lease liability — current portion

 

 

2,074

 

 

 

1,778

 

Total Accrued expenses and other current liabilities

 

$

12,684

 

 

$

3,511

 

Schedule of Fair Value Assumptions Used For Valuation Liablity

The fair value assumptions used in the Black-Scholes model for the valuation of the liability was as follows:

 

 

 

As of September 30, 2025

 

 

As of August 14, 2025

 

Current stock price

 

$

1.32

 

 

$

1.56

 

Expected volatility

 

112% - 165%

 

 

119% - 171%

 

Risk-free interest rate

 

3.54% - 3.94%

 

 

3.67% - 4.12%

 

Dividend rate

 

 

 

 

 

 

Expected term (years)

 

0.25 - 2.00

 

 

0.38 - 2.13

 

Schedule of Other Noncurrent Liabilities

Other noncurrent liabilities consisted of the following:

 

 

September 30,

 

 

December 31,

 

 

2025

 

 

2024

 

 

(In thousands)

 

Lease liabilities — noncurrent portion

 

$

7,450

 

 

$

8,475

 

Other noncurrent liabilities

 

 

1,000

 

 

 

863

 

Total other noncurrent liabilities

 

$

8,450

 

 

$

9,338