XML 17 R6.htm IDEA: XBRL DOCUMENT v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (312,736,000) $ (57,802,000)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 1,083,000 793,000
Stock-based compensation 17,119,000 11,784,000
Amortization of operating right-of-use assets 545,000 565,000
Provision for excess and obsolete inventory 22,000 89,000
Non-cash interest expense 587,000 (1,350,000)
Change in fair value of Warrant liabilities 259,964,000 (19,000)
Change in fair value of Term Loan 0 635,000
Gain on marketable securities (850,000) (1,495,000)
Unrealized foreign exchange loss (gain) 1,275,000 (810,000)
Other noncash items 267,000 0
Change in operating assets and liabilities:    
Trade accounts receivable (539,000) 122,000
Inventories (1,430,000) (298,000)
Prepaid expenses and other current assets (2,683,000) (437,000)
Trade accounts payable 203,000 (822,000)
Accrued expenses and other current liabilities 607,000 3,268,000
Deferred revenue (15,338,000) 219,000
Operating lease liability (546,000) 292,000
Other non-current assets, net (1,160,000) 606,000
Net cash used in operating activities (53,610,000) (44,660,000)
Cash flows from investing activities:    
Purchase of property and equipment (2,203,000) (1,156,000)
Purchase of convertible note 0 (1,000,000)
Proceeds from recovery of previously written-off convertible note 959,000 0
Sales of marketable securities 0 254,000
Expenditures for internal-use software (323,000) (276,000)
Net cash used in investing activities (1,567,000) (2,178,000)
Cash flows from financing activities:    
Proceeds from the issuance of common stock pursuant to the Lincoln Park Purchase Agreement 37,787,000 32,187,000
Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs 536,741,000 20,688,000
Proceeds from issuance of common stock upon exercise of warrants 139,185,000 0
Proceeds from the issuance of common stock upon exercise of stock options 8,227,000 84,000
Proceeds from common stock issued under the Employee Stock Purchase Plan 291,000 171,000
Payment of tax withheld pursuant to stock-based compensation settlements (9,986,000) (1,470,000)
Debt payment for Term Loan 0 (16,403,000)
Repayments on TPC loan (365,000) (370,000)
Proceeds from equipment financing 412,000 0
Payments for debt issuance costs (248,000) 0
Net cash provided by financing activities 712,044,000 34,887,000
Effect of exchange rate changes on cash and cash equivalents 1,384,000 (82,000)
Net increase (decrease) in cash and cash equivalents 658,251,000 (12,033,000)
Cash and cash equivalents at beginning of period 177,980,000 41,307,000
Cash and cash equivalents at end of period 836,231,000 29,274,000
Supplemental disclosures of cash flow information:    
Cash Paid for Interest 13,000 4,304,000
Supplemental disclosure of non-cash investing and financing activities:    
Capitalized stock-based compensation 275,000 0
Inventory applied to capital projects 263,000 385,000
Reclassification of warrant liability to equity upon exercise 188,869,000 0
Debt issuance costs related to freestanding warrants 338,000 0
Operating lease right-of-use assets exchanged for new operating lease obligations 0 796,000
Purchases of property and equipment included in accounts payable 74,000 96,000
Bonus settled in vested share based compensation awards 0 2,006,000
Warrant exercise proceeds in transit $ 414,000 $ 0