UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 001-39204

AEVA TECHNOLOGIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	84-3080757
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
555 Ellis Street Mountain View, CA	94043
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (650) 481-7070

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.0001 par value per share	AEVA	New York Stock Exchange
Warrants to purchase one share of common stock	AEVA.WS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 1, 2024, the registrant had 53,648,432 shares of common stock, $0.0001 par value per share, outstanding.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	4
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Statements of Operations	5
	Condensed Consolidated Statements of Stockholders' Equity	6
	Condensed Consolidated Statements of Cash Flows	8
	Notes to the Condensed Financial Statements (Unaudited)	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26
Item 4.	Controls and Procedures	26
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	27
Item 6.	Exhibits	28
Signatures		29

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) regarding future events and our future results that are subject to the safe harbors created under the Securities Act and the Exchange Act. All statements contained in this report other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “goal,” “plan,” “intend,” “expect,” “seek”, and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 under the heading “Risk Factors.” Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of these forward-looking statements after the date of this report or to conform these statements to actual results or revised expectations.

As used in this report, the terms “Aeva,” “we,” “us,” “our,” and “the Company” mean Aeva Technologies, Inc. and its subsidiaries unless the context indicates otherwise.

3

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

AEVA TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT PAR VALUE)

(UNAUDITED)

	June 30, 2024			December 31, 2023
Assets
Cash and cash equivalents	$	23,622		$	38,547
Marketable securities		136,560			182,481
Accounts receivable		844			628
Inventories		2,999			2,374
Other current assets		8,351			5,195
Total current assets		172,376			229,225
Operating lease right-of-use assets		5,586			7,289
Property, plant and equipment, net		12,155			12,114
Intangible assets, net		2,175			2,625
Other noncurrent assets		5,815			6,132
Total assets	$	198,107		$	257,385
Liabilities and stockholders' equity
Accounts payable	$	3,824		$	3,602
Accrued liabilities		2,936			2,648
Accrued employee costs		3,044			6,043
Lease liability, current portion		3,783			3,587
Other current liabilities		19,046			2,524
Total current liabilities		32,633			18,404
Lease liability, noncurrent portion		1,822			3,767
Warrant liability		3,692			6,772
Total liabilities		38,147			28,943
Commitments and contingencies (Note 15)
Convertible preferred stock $0.0001 par value; 10,000 shares authorized; no shares issued and outstanding		—			—
Common stock $0.0001 par value; 422,000 shares authorized; 53,176 and 52,389 shares issued    and outstanding at June 30, 2024 and December 31, 2023, respectively		5			5
Additional paid-in capital		698,510			688,124
Accumulated other comprehensive loss		(236	)		(87	)
Accumulated deficit		(538,319	)		(459,600	)
Total stockholders' equity		159,960			228,442
Total liabilities and stockholders' equity	$	198,107		$	257,385

See accompanying notes to the unaudited condensed consolidated financial statements.

4

AEVA TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

(UNAUDITED)

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Revenue	$	2,012		$	743		$	4,119		$	1,891
Cost of revenue		2,860			2,661			6,359			5,190
Gross loss		(848	)		(1,918	)		(2,240	)		(3,299	)
Operating expenses:
Research and development expenses		26,196			27,065			51,208			52,519
General and administrative expenses		8,663			7,713			17,074			15,546
Selling and marketing expenses		1,706			1,485			4,235			4,083
Litigation settlement, net		11,500			—			11,500			—
Total operating expenses		48,065			36,263			84,017			72,148
Operating loss		(48,913	)		(38,181	)		(86,257	)		(75,447	)
Interest income		2,099			2,225			4,557			4,289
Other income, net		3,544			1			3,104			29
Loss before income taxes		(43,270	)		(35,955	)		(78,596	)		(71,129	)
Income tax provision		123			—			123			—
Net loss	$	(43,393	)	$	(35,955	)	$	(78,719	)	$	(71,129	)
Unrealized gain (loss) on available-for-sale securities		12			477			(149	)		1,689
Total comprehensive loss	$	(43,381	)	$	(35,478	)	$	(78,868	)	$	(69,440	)
Net loss per share, basic and diluted	$	(0.82	)	$	(0.82	)	$	(1.49	)	$	(1.62	)
Weighted-average shares used in computing net loss per share, basic and diluted		52,995,093			44,104,251			52,868,909			44,015,402

See accompanying notes to the unaudited condensed consolidated financial statements.

5

AEVA TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(IN THOUSANDS, EXCEPT SHARE DATA)

(UNAUDITED)

									Accumulated
	Common stock					Additional paid-in			other comprehensive				Accumulated			Total stockholders'
	Shares			Amount		capital			loss				deficit			equity
Balance at December 31, 2023		52,388,961		$	5	$	688,124		$	(87	)		$	(459,600	)	$	228,442
Share-based compensation		—			—		5,261			—				—			5,261
Issuance of common stock upon exercise of stock    options		28,227			—		39			—				—			39
Issuance of common stock upon release of restricted    stock units		423,869			—		—			—				—			—
Shares withheld for the withholding tax on vesting of restricted    stock units		(25,286	)		—		(55	)		—				—			(55	)
Unrealized gain (loss) on available-for-sale securities		—			—		—			(161	)			—			(161	)
Net loss					—		—			—				(35,326	)		(35,326	)
Balance as of March 31, 2024		52,815,771		$	5	$	693,369		$	(248	)	`	$	(494,926	)	$	198,200
Share-based compensation		—			—		5,364			—				—			5,364
Issuance of common stock upon exercise of stock    options		5,682			—		15			—				—			15
Issuance of common stock upon release of restricted    stock units		411,670			—		—			—				—			—
Shares withheld for the withholding tax on vesting of    restricted stock units		(56,463	)		—		(238	)		—				—			(238	)
Unrealized gain (loss) on available-for-sale securities		—			—		—			12				—			12
Net loss		—			—		—			—				(43,393	)		(43,393	)
Balance as of June 30, 2024		53,176,660		$	5	$	698,510		$	(236	)		$	(538,319	)	$	159,960

See accompanying notes to the unaudited condensed consolidated financial statements.

6

AEVA TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(IN THOUSANDS, EXCEPT SHARE DATA)

(UNAUDITED)

									Accumulated
	Common stock					Additional paid-in			other comprehensive				Accumulated			Total stockholders'
	Shares			Amount		capital			loss				deficit			equity
Balance at December 31, 2022		43,749,685		$	4	$	643,774		$	(3,585	)		$	(310,267	)	$	329,926
Share-based compensation		—			—		5,963			—				—			5,963
Issuance of common stock upon exercise of stock    options		47,328			—		57			—				—			57
Issuance of common stock upon release of restricted    stock units		215,505			—		—			—				—			—
Shares withheld for the withholding tax on vesting of restricted    stock units		(2,499	)		—		(20	)		—				—			(20	)
Unrealized gain (loss) on available-for-sale securities		—			—		—			1,212				—			1,212
Net loss		—			—		—			—				(35,174	)		(35,174	)
Balance as of March 31, 2023		44,010,019		$	4	$	649,774		$	(2,373	)	`	$	(345,441	)	$	301,964
Share-based compensation		—			—		7,041			—				—			7,041
Issuance of common stock upon exercise of stock    options		23,663			—		59			—				—			59
Issuance of common stock upon release of restricted    stock units		144,694			—		—			—				—			—
Unrealized gain (loss) on available-for-sale securities		—			—		—			477				—			477
Net loss		—			—		—			—				(35,955	)		(35,955	)
Balance as of June 30, 2023		44,178,376		$	4	$	656,874		$	(1,896	)		$	(381,396	)	$	273,586

See accompanying notes to the unaudited condensed consolidated financial statements.

7

AEVA TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN THOUSANDS)

(UNAUDITED)

	Six Months Ended June 30,
	2024			2023
Cash flows from operating activities:
Net loss	$	(78,719	)	$	(71,129	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		2,741			2,103
Impairment of inventories		559			102
Change in fair value of warrant liability		(3,080	)		(28	)
Stock-based compensation		10,625			13,004
Amortization of right-of-use assets		1,703			1,498
Amortization of premium and accretion of discount on available-for-sale securities, net		(2,096	)		(1,420	)
Other		118			—
Changes in operating assets and liabilities:
Accounts receivable		(216	)		2,019
Inventories		(1,184	)		61
Other current assets		(3,156	)		(352	)
Other noncurrent assets		317			(5	)
Accounts payable		199			85
Accrued liabilities		288			(6,738	)
Accrued employee costs		(2,999	)		(1,205	)
Lease liability		(1,749	)		(1,459	)
Other current liabilities		16,522			45
Net cash used in operating activities		(60,127	)		(63,419	)
Cash flows from investing activities:
Purchase of property, plant and equipment		(2,427	)		(2,388	)
Purchase of available-for-sale securities		(52,072	)		(74,126	)
Proceeds from maturities of available-for-sale securities		99,940			107,094
Net cash provided by investing activities		45,441			30,580
Cash flows from financing activities:
Payments of taxes withheld on net settled vesting of restricted stock units		(293	)		(20	)
Proceeds from exercise of stock options		54			116
Net cash (used in) provided by financing activities		(239	)		96
Net decrease in cash and cash equivalents		(14,925	)		(32,743	)
Beginning cash and cash equivalents		38,547			67,420
Ending cash and cash equivalents	$	23,622		$	34,677
Supplemental disclosures of cash flow information:
Cash paid for interest	$	—		$	—
Cash paid for income taxes	$	66		$	—
Supplemental disclosures of non-cash investing and financing activities:
Unpaid property, plant and equipment purchases	$	113		$	812

See accompanying notes to the unaudited condensed consolidated financial statements.

8

AEVA TECHNOLOGIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Description of Business and Summary of Significant Accounting Policies

Description of Business

Aeva Technologies, Inc. (the “Company”), through its Frequency Modulated Continuous Wave (“FMCW”) sensing technology, designs a 4D LiDAR-on-chip that, along with its proprietary software applications, has the potential to enable the adoption of LiDAR across broad applications from automated driving to consumer electronics, consumer health, industrial automation and security application.

The Company’s common stock and warrants are listed on the New York Stock Exchange stock market under the symbols “AEVA” and "AEVA.WS".

Basis of Presentation and Unaudited Interim Financial Statements

The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.

The accompanying condensed consolidated financial statements are unaudited and have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations, comprehensive loss and cash flows for the periods presented, but are not necessarily indicative of the results of operations to be anticipated for any future annual or interim period.

These condensed consolidated financial statements and other information presented in this Form 10-Q should be read in conjunction with the consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the SEC.

On March 18, 2024, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Delaware to effect a 1-for-5 reverse stock split (the “Reverse Stock Split”) of the Company’s shares of common stock, $0.0001 par value (the “Common Stock”). Pursuant to the Reverse Stock Split, every five (5) shares of issued and outstanding shares of common stock were combined into one (1) share of common stock. Accordingly, unless we indicate otherwise, all the current period and historical per share data, number of shares issued and outstanding, stock awards, and other common stock equivalents for the periods presented in this Interim Report on Form 10-Q have been adjusted retroactively, where applicable, to reflect the Reverse Stock Split. There was no change to the shares authorized or in the par value per share of common stock of $0.0001.

The Reverse Stock Split affected all stockholders uniformly and did not alter any stockholder’s percentage interest in the Company’s equity. The Company did not issue fractional shares in connection with the Reverse Stock Split. Stockholders who were otherwise entitled to fractional shares of common stock were instead entitled to receive a proportional cash payment. The number of shares of common stock issuable under our equity incentive plans and exercisable under the outstanding warrants were also proportionately adjusted.

Principles of Consolidation and Liquidity

The condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The Company has funded its operations primarily through the Business Combination (the “Business Combination”) with InterPrivate Acquisition Corp. (the Company’s predecessor, which was originally incorporated in Delaware as a special purpose acquisition company (“IPV”)) on March 12, 2021, and issuances of stock. As of June 30, 2024, the Company’s existing sources of liquidity included cash and cash equivalents and marketable securities of $160.2 million. The Company has a limited history of operations and has incurred negative cash flows from operating activities and losses from operations in the past as reflected in the accumulated deficit of $538.3 million as of June 30, 2024. The Company expects to continue to incur operating losses due to the investments it intends to make in its business, including product development. Management believes that existing cash and cash equivalents, marketable securities, and Standby Equity Purchase Agreement (the "Facility Agreement," Note 10) will be sufficient to fund operating and capital expenditure requirements through at least 12 months from the date of issuance of these financial statements.

Significant Risks and Uncertainties

The Company is subject to those risks common in the technology industry and also those risks common to early stage companies, including, but not limited to, the possibility of not being able to successfully develop or market its products, technological obsolescence, competition, dependence on key personnel and key external alliances, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and trade receivables. The Company maintains the majority of its cash and cash equivalents in accounts with large financial institutions. At times, balances in these accounts may exceed federally insured limits; however, to date, the Company has not incurred any losses on its deposits of cash and cash equivalents and believes the exposure to risk of loss is not material. Risks associated with the Company’s marketable securities is mitigated by investing in investment-grade rated securities when purchased.

The Company’s accounts receivable are derived from customers located in North America, Asia, and Europe. The Company mitigates its credit risks by performing ongoing credit evaluations of its customers’ financial conditions and requires customer advance payments in certain circumstances. The Company generally does not require collateral.

As of June 30, 2024, one customer accounted for 80% of the accounts receivable. As of December 31, 2023, one customer accounted for 42% of accounts receivable. As of June 30, 2024, one vendor accounted for 10% of the accounts payable. As of December 31, 2023, three vendors accounted for 12%, 11%, and 11% each of the accounts payable, respectively.

Recent Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our consolidated financial statements and related disclosures.

Note 2. Revenue

Disaggregation of Revenues

The Company disaggregates its revenue from contracts with customers by geographic region based on the primary billing address of the customer and timing of transfer of goods or services to customers (point-in-time or over time), as it believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Total revenue for the three months ended June 30, 2024 and 2023, based on the disaggregation criteria described above were as follows (in thousands):

	Three Months Ended June 30,
	2024					2023
	Revenue		% of Revenue			Revenue		% of Revenue
Revenue by primary geographical market:
North America	$	1,951		97	%	$	288		39	%
Europe		40		2	%		157		21	%
Asia		21		1	%		298		40	%
Total	$	2,012		100	%	$	743		100	%
Revenue by timing of recognition:
Recognized at a point in time	$	1,394		69	%	$	510		69	%
Recognized over time		618		31	%		233		31	%
Total	$	2,012		100	%	$	743		100	%

10

Total revenue for the six months ended June 30, 2024 and 2023, based on the disaggregation criteria described above are as follows (in thousands):

	Six Months Ended June 30,
	2024					2023
	Revenue		% of Revenue			Revenue		% of Revenue
Revenue by primary geographical market:
North America	$	3,625		88	%	$	1,019		54	%
Europe		269		7	%		401		21	%
Asia		225		5	%		471		25	%
Total	$	4,119		100	%	$	1,891		100	%
Revenue by timing of recognition:
Recognized at a point in time	$	3,108		75	%	$	1,457		77	%
Recognized over time		1,011		25	%		434		23	%
Total	$	4,119		100	%	$	1,891		100	%

The point in time revenue was primarily related to the product revenue and over time revenue was from non-recurring engineering services.

For the three months ended June 30, 2024, two customers accounted for 46% and 43% of the Company’s revenue, respectively. For the three months ended June 30, 2023, two customers accounted for 23% each of the Company’s revenue.

For the six months ended June 30, 2024, two customers accounted for 41% 40% of the Company’s revenue, respectively. For the six months ended June 30, 2023, three customers accounted for 21%, 14%, and 13% of the Company’s revenue, respectively.

Contract Assets and Contract Liabilities

As of June 30, 2024, and December 31, 2023, the Company had contract assets of $0 and $0.1 million, respectively, recognized in other current assets. As of June 30, 2024, and December 31, 2023, the Company had contract liabilities of $3.9 million and $2.1 million, respectively, included in other current liabilities.

Note 3. Financial Instruments

The following tables summarize the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy:

	June 30, 2024
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash and Cash Equivalent		Marketable Securities
	(in thousands)
Assets
Cash	$	16,352	$	—	$	—		$	16,352	$	16,352	$	—
Level 1
Money market funds		4,284		—		—			4,284		4,284		—
Level 2
U.S. agency securities		23,664		—		(41	)		23,623		—		23,623
U.S. Treasury securities		20,239		—		(39	)		20,200		1,492		18,708
Commercial paper		35,923		—		(35	)		35,888		1,494		34,394
Corporate bonds		59,956		2		(123	)		59,835		—		59,835
Subtotal		139,782		2		(238	)		139,546		2,986		136,560
Total assets	$	160,417	$	2	$	(238	)	$	160,182	$	23,622	$	136,560
Liabilities
Level 3
Warrant liabilities	$	3,692	$	—	$	—		$	3,692	$	—	$	—
Total liabilities	$	3,692	$	—	$	—		$	3,692	$	—	$	—

11

	December 31, 2023
	Adjusted Cost		Unrealized Gain		Unrealized Losses	Fair Value	Cash and Cash Equivalent	Marketable Securities
	(in thousands)
Assets
Cash	$	21,799	$	—	$