Note 12 - Restructuring

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

12. RESTRUCTURING

On May 14, 2025, the Company announced a fixed cost reduction plan, which included a workforce reduction affecting approximately 20 employees. The Company has substantially completed this reduction as of the quarter ended September 30, 2025. In connection with this plan, the Company recognized restructuring charges of approximately $1.8 million, of which $1.0 million is recorded in Sales and Distribution expenses and $0.8 million is recorded in General and Administrative expenses, primarily related to severance, during the nine months ended September 30, 2025. Severance payments are expected to be made through the second quarter of 2026. Combined with other vendor-related cost reductions, the plan is expected to generate annualized savings of approximately $5 to $6 million.

On February 8, 2024, the Company committed to a fixed cost-cutting plan, including a reduction in workforce which resulted in the termination of approximately 17 employees and 26 contractors globally. The Company incurred $0.6 million of restructuring charges during the year ended December 31, 2024.

The accounting for the restructuring costs follows the provisions of ASC 420, "Accounting for Costs Associated with Exit or Disposal Activities," which requires the recognition of a liability once the restructuring plan is communicated to affected employees and meets the criteria of being probable and reasonably estimable. The Company recognizes a liability for employee severance, other benefits, and involuntary terminations on the communication date.

The following tables provide a summary of the restructuring costs incurred:

	Three Months Ended		Three Months Ended
	September 30, 2025		September 30, 2024
	(in thousands)		(in thousands)
Employee severance	$	49	$	(9	)
Other restructuring costs(1)		—		(1	)
Total restructuring costs	$	49	$	(10	)

	Nine Months Ended		Nine Months Ended
	September 30, 2025		September 30, 2024
	(in thousands)		(in thousands)
Employee severance	$	1,844	$	674
Other restructuring costs(1)		—		(109	)
Total restructuring costs	$	1,844	$	565

(1) Includes reversal of costs associated with a contract settlement during the three and nine months ended September 30, 2024.

The following table provides a summary of the Company's total restructuring reserve:

	Employee Severance
		(in thousands)
Balance – December 31, 2024	$	—
Charges		1,844
Usage-cash		(1,061	)
Usage-non-cash		(1	)
Balance – September 30, 2025	$	782

As of September 30, 2025, the Company had a liability of $0.8 million for restructuring costs, which was included in accrued and other current liabilities on the Condensed Consolidated Balance Sheet.

As of December 31, 2024, the Company did not have a liability for restructuring costs.

The Company will continue to assess the restructuring plan's progress and provide updates as required in future financial statements if there are material changes to the initial estimates or additional significant restructuring activities.