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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (44,671,000) $ (36,776,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 7,343,000 3,880,000
Depreciation and amortization 3,808,000 1,806,000
Amortization of deferred costs 1,246,000 3,057,000
Non-cash operating lease expense 5,143,000 1,148,000
Loss on retirement of property, plant and equipment 1,862,000 0
Loss on write-off of deferred stock issuance costs 0 581,000
Changes in operating assets and liabilities:    
Accounts receivable (4,315,000) (579,000)
Inventories (5,844,000) (230,000)
Deferred costs (467,000) (1,572,000)
Prepaid expenses and other current assets 533,000 407,000
Other assets (17,000) (9,000)
Accounts payable 5,884,000 616,000
Accrued and other current liabilities (747,000) 3,065,000
Deferred revenue (1,796,000) 54,000
Operating lease liabilities (1,314,000) (1,001,000)
Net cash used in operating activities (33,352,000) (25,553,000)
Cash flows from investing activities:    
Purchase of property, plant and equipment (3,207,000) (17,550,000)
Net cash used in investing activities (3,207,000) (17,550,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock upon exercise of stock warrants 14,384,000 1,000
Payment of equity financing costs (756,000) (601,000)
Proceeds from exercise of stock options 109,000 310,000
Net cash provided by financing activities 47,153,000 19,168,000
Net increase (decrease) in cash, cash equivalents and restricted cash equivalents 10,594,000 (23,935,000)
Cash, cash equivalents and restricted cash equivalents, beginning of year 45,817,000 69,752,000
Cash, cash equivalents and restricted cash equivalents, end of year 56,411,000 45,817,000
Reconciliation of cash, cash equivalents and restricted cash equivalents shown on the consolidated balance sheets:    
Cash and cash equivalents 55,155,000 45,761,000
Restricted cash equivalents included in other assets 1,256,000 56,000
Total cash, cash equivalents and restricted cash equivalents 56,411,000 45,817,000
Supplemental non-cash investing and financing activities:    
Unpaid purchases of property, plant and equipment 48,000 1,864,000
Increase in fair value of modified stock warrants 727,000 0
Cancellation and retirement of common stock 1,000 0
At Market Issuance Sales Agreement    
Cash flows from financing activities:    
Proceeds from issuance of common stock 33,416,000 371,000
Stock Purchase Agreement    
Cash flows from financing activities:    
Proceeds from issuance of common stock $ 0 $ 19,087,000

Source

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