XML 34 R7.htm IDEA: XBRL DOCUMENT v3.25.1
STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net Income (Loss) $ (54,756) $ (44,099)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,151 1,226
Provision for expected credit losses 70 46
Stock-based compensation expense 6,384 5,658
Provision for excess and obsolete inventory (636) (58)
Change in fair value of warrant liabilities 13,412 9,958
Accretion of discount on short-term investments (2,905) (747)
Amortization of operating lease right-of-use asset 1,132 865
Loss on disposal of property and equipment 23 11
Changes in operating assets and liabilities:    
Accounts receivable (7,618) (4,494)
Inventories (11,439) (1,187)
Prepaid expenses and other current assets (2,849) (391)
Other long-term assets (29) (28)
Accounts payable 1,515 716
Accrued expenses and other current liabilities 6,838 1,825
Funded R&D liability-related party   (1,140)
Operating lease liability (1,023) (948)
Deferred revenue 2,457 342
Net cash used in operating activities (48,273) (32,445)
Cash flows from investing activities:    
Purchases of short-term investments (72,131) (69,295)
Proceeds from maturities and redemptions of short-term investments 72,000  
Proceeds on disposal of property and equipment 50 4
Purchases of property and equipment (3,395) (402)
Net cash used in investing activities (3,476) (69,693)
Cash flows from financing activities:    
Proceeds from the issuance of convertible preferred stock, net of issuance costs 59,660 101,000
Payments for deferred offering costs (4,147)  
Proceeds from stock option exercises 89 10
Proceeds from common stock warrants exercise 13 19
Net cash provided by financing activities 55,615 101,029
Net increase (decrease) in cash, cash equivalents and restricted cash 3,866 (1,109)
Cash, cash equivalents and restricted cash at beginning of year 26,666 27,775
Cash, cash equivalents and restricted cash at end of year 30,532 26,666
Supplemental disclosure of non-cash investing and financing information:    
Purchases of property and equipment included in accounts payable 129 20
Deferred offering costs included in accrued expenses and other current liabilities 862  
Deferred offering costs included in accounts payable 42  
Unrealized gain (loss) on short-term investments (72) 137
Common B warrants issued in connection with Series D convertible preferred stock   22,321
Supplemental disclosure of cash flow information:    
Operating lease right-of-use asset obtained in exchange for operating lease obligations 4,055 1,038
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 30,432 26,566
Restricted cash 100 100
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 30,532 $ 26,666