v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (44,024) $ (44,671)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 7,410 7,343
Depreciation and amortization 4,366 3,808
Amortization of deferred costs 0 1,246
Non-cash operating lease expense 5,143 5,143
Impairment and other 22,524 1,862
Other non-cash items 454 0
Changes in operating assets and liabilities:    
Accounts receivable, net (18,609) (4,315)
Inventories (161) (5,844)
Deferred costs 0 (467)
Prepaid expenses and other current assets (3,846) 533
Other assets 28 (17)
Accounts payable (998) 5,884
Accrued and other current liabilities (1,170) (747)
Deferred revenue (1,538) (1,796)
Deferred grant 2,738 0
Operating lease liabilities (3,451) (1,314)
Net cash used in operating activities (31,134) (33,352)
Cash flows from investing activities:    
Purchase of property, plant and equipment (4,400) (3,207)
Net cash used in investing activities (4,400) (3,207)
Cash flows from financing activities:    
Proceeds from issuance of common stock upon exercise of stock warrants 2,301 14,384
Payment of equity financing costs 0 (756)
Proceeds from exercise of stock options 5,071 109
Net cash provided by financing activities 71,040 47,153
Net increase in cash, cash equivalents and restricted cash equivalents 35,506 10,594
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents 4 0
Cash, cash equivalents and restricted cash equivalents, beginning of year 56,411 45,817
Cash, cash equivalents and restricted cash equivalents, end of year 91,921 56,411
Reconciliation of cash, cash equivalents and restricted cash equivalents shown on the consolidated balance sheets:    
Cash and cash equivalents 90,465 55,155
Restricted cash equivalents included in prepaid expenses and other current assets 200 0
Restricted cash equivalents included in other assets 1,256 1,256
Total cash, cash equivalents and restricted cash equivalents 91,921 56,411
Supplemental non-cash investing and financing activities:    
Unpaid purchases of property, plant and equipment 322 48
Increase in fair value of modified stock warrants 0 727
Cancellation and retirement of common stock 0 1
At Market Issuance Sales Agreement    
Cash flows from financing activities:    
Proceeds from issuance of common stock in connection with the At Market Issuance Sales Agreement, net $ 63,668 $ 33,416

Source

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