XML 113 R8.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (143,879,000) $ (82,715,000)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 1,109,000 1,054,000
Stock-based compensation 15,661,000 21,919,000
Amortization of operating right-of-use assets 823,000 791,000
Provision for excess and obsolete inventory 134,000 32,000
Non-cash interest expense, net of cash paid for PIK interest (1,441,000) (78,000)
Change in fair value of Warrant liabilities 68,245,000 (262,000)
Change in fair value of Term Loan 645,000 (640,000)
Debt issuance costs netted from Term Loan proceeds 0 993,000
Gain on marketable securities (1,495,000) 0
Unrealized foreign exchange loss (gain) (3,307,000) 955,000
Change in operating assets and liabilities:    
Trade accounts receivable 137,000 (818,000)
Research incentives receivable 0 264,000
Inventories (215,000) (237,000)
Prepaid expenses and other current assets (1,580,000) 1,636,000
Trade accounts payable (570,000) (2,614,000)
Accrued expenses and other current liabilities 5,520,000 (1,374,000)
Deferred revenue 16,608,000 958,000
Operating lease liability 293,000 (510,000)
Other non-current assets, net 669,000 (3,000)
Net cash used in operating activities (42,643,000) (60,649,000)
Cash flows from investing activities:    
Purchase of property and equipment (2,106,000) (583,000)
Purchase of convertible note (Note 4) (1,000,000) 0
Sales of marketable equity securities (Note 4) 254,000 0
Expenditures for internal-use software (289,000) (47,000)
Net cash used in investing activities (3,141,000) (630,000)
Cash flows from financing activities:    
Proceeds from the issuance of common stock pursuant to the Lincoln Park Purchase Agreement 44,285,000 63,676,000
Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs of $278 169,906,000 0
Proceeds from the issuance of common stock upon exercise of stock options 1,347,000 1,897,000
Proceeds from common stock issued under the Employee Stock Purchase Plan 424,000 491,000
Proceeds from Term Loan 0 29,007,000
Proceeds from government assistance 0 2,996,000
Payment of tax withheld pursuant to stock-based compensation settlements (3,142,000) (416,000)
Short swing profit settlement 0 244,000
Repayments on Term Loan (30,000,000) 0
Repayments on TPC Loan (370,000) (374,000)
Repayment of promissory notes - related party 0 (420,000)
Other debt payments 0 (1,465,000)
Net cash provided by financing activities 182,450,000 95,636,000
Effect of exchange rate changes on cash and cash equivalents 7,000 (115,000)
Net increase in cash and cash equivalents 136,673,000 34,242,000
Cash and cash equivalents at beginning of period 41,307,000 7,065,000
Cash and cash equivalents at end of period 177,980,000 41,307,000
Supplemental disclosures of cash flow information:    
Cash Paid for Interest 5,183,000 0
Supplemental disclosure of non-cash investing and financing activities:    
Inventory applied to capital projects 473,000 323,000
Capitalized stock-based compensation 134,000 0
Operating lease right-of-use assets exchanged for new operating lease obligations 796,000 88,000
Purchases of property and equipment included in accounts payable 0 310,000
Bonus settled in vested share based compensation awards 2,006,000 0
Stock option exercise proceeds in transit $ 377,000 $ 0