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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net sales $ 2,986,000 $ 2,921,000 $ 5,907,000 $ 5,733,000
Cost of sales 2,310,000 2,122,000 4,508,000 3,923,000
Gross profit 676,000 799,000 1,399,000 1,810,000
Costs and expenses:        
Research and development 3,903,000 5,820,000 9,076,000 12,788,000
Sales, general and administrative 5,379,000 7,564,000 11,084,000 17,669,000
Total costs and expenses 9,282,000 13,384,000 20,160,000 30,457,000
Loss from operations (8,606,000) (12,585,000) (18,761,000) (28,647,000)
Other income (expense):        
Gain on extinguishment of accounts payable 743,000 0 743,000 0
Loss on fair value adjustments (1,002,000) (5,030,000) (2,219,000) (5,030,000)
Foreign currency exchange gain (loss) (263,000) 25,000 (244,000) 258,000
Interest income 116,000 255,000 316,000 675,000
Other income (expense), net 13,000 40,000 (614,000) 85,000
Total other expense, net (2,982,000) (19,994,000) (7,057,000) (20,727,000)
Net loss before income taxes (11,588,000) (32,579,000) (25,818,000) (49,374,000)
Provision for income taxes 0 (156,000) 0 (156,000)
Net loss $ (11,588,000) $ (32,735,000) $ (25,818,000) $ (49,530,000)
Basic net loss per share (in usd per share) $ (0.50) $ (2.97) $ (1.16) $ (4.75)
Diluted net loss per share (in usd per share) $ (0.50) $ (2.97) $ (1.16) $ (4.75)
Basic weighted average shares outstanding (in shares) 23,058 11,009 22,250 10,420
Diluted weighted average shares outstanding (in shares) 23,058 11,009 22,250 10,420
Other comprehensive loss:        
Net loss $ (11,588,000) $ (32,735,000) $ (25,818,000) $ (49,530,000)
Net unrealized gain on debt securities available for sale 0 4,000 0 28,000
Foreign currency translation adjustment 169,000 (26,000) 163,000 (281,000)
Comprehensive loss (11,419,000) (32,757,000) (25,655,000) (49,783,000)
Nonrelated Party        
Other income (expense):        
Interest expense (2,589,000) (1,175,000) (5,039,000) (1,593,000)
Loss on extinguishment of debt 0 (6,550,000) 0 (6,550,000)
Related Party        
Other income (expense):        
Interest expense 0 (804,000) 0 (1,817,000)
Loss on extinguishment of debt $ 0 $ (6,755,000) $ 0 $ (6,755,000)