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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Fair Value Assumptions | These two types of inputs have created the following fair-value hierarchy:
Level 1: | Quoted prices for identical instruments in active markets;
Level 2: | Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and
Level 3: | Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The table below presents the fair value per warrant and the valuation assumptions under the Black-Scholes OPM:
|  |  | December 31, 2024 |  | December 31, 2023
Fair value per share |  |  | $ | 7.15 |  |  | $ | 0.43 |
Warrants outstanding |  |  | 7,732,168 |  |  | 7,732,168 |
Exercise price |  |  | $ | 11.50 |  |  | $ | 11.50 |
Common stock price |  |  | $ | 16.46 |  |  | $ | 2.85 |
Expected option term |  |  | 1.67 years |  | 2.67 years
Expected volatility |  |  | 52.70 | % |  | 74.20 | %
Risk-free rate of return |  |  | 4.18 | % |  | 4.00 | %
Expected annual dividend yield |  |  | — | % |  | — | %
Schedule of Cash Equivalents and Restricted Stock | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the consolidated balance sheets to the consolidated statements of cash flows for the following periods:
| December 31, 2024 |  | December 31, 2023
Cash and cash equivalents | $ | 33,712 |  |  | $ | 30,278 |
Restricted cash(1) | 15,359 |  |  | — |
Total cash, cash equivalents and restricted cash | $ | 49,071 |  |  | $ | 30,278 |
(1) Amount includes $7.8 million of proceeds received from third-parties that is refundable except in certain limited circumstances and is also included as other current liabilities on the consolidated balance sheets.
Schedule of Supplemental Cash Flow Information | The table below presents supplemental cash flow information during the following periods:
| Year Ended
| December 31, 2024 |  | December 31, 2023
Supplemental cash flow information: |  |  |
Cash paid (received) during the period for: |  |  |
Interest | $ | 12,159 |  |  | $ | 9,082 |
Income taxes | 240 |  |  | — |
Non-cash investing and financing activities: |  |  |
Convertible Preferred Stock dividends paid-in-kind | $ | 40,699 |  |  | $ | 19,741 |
Capital expenditures not yet paid | 2,069 |  |  | 1,321 |
Schedule of Property, Plant and Equipment, net | Expected useful lives for property, plant and equipment are reviewed at least annually. Estimated useful lives are as follows:
| Estimated useful life in years
Computer equipment | 3
Furniture and fixtures | 7
Laboratory equipment | 3-10
Vehicles | 5-7
Leasehold improvements | shorter of 5 or lease term
Assets subject to finance lease | lease term
Property, plant and equipment, net were as follows:
| December 31, 2024 |  | December 31, 2023
| United States |  | Europe |  | Total |  | United States |  | Europe |  | Total
Computer equipment | $ | 2,690 |  |  | $ | 695 |  |  | $ | 3,385 |  |  | $ | 1,755 |  |  | $ | 559 |  |  | $ | 2,314 |
Furniture and fixtures | 1,409 |  |  | 36 |  |  | 1,445 |  |  | 1,181 |  |  | 39 |  |  | 1,220 |
Laboratory equipment | 6,879 |  |  | 728 |  |  | 7,607 |  |  | 5,086 |  |  | 594 |  |  | 5,680 |
Leasehold improvements | 2,576 |  |  | 4,410 |  |  | 6,986 |  |  | 2,764 |  |  | 4,683 |  |  | 7,447 |
Vehicles | 81 |  |  | — |  |  | 81 |  |  | — |  |  | — |  |  | — |
Finance lease ROU assets | — |  |  | 2,313 |  |  | 2,313 |  |  | — |  |  | 2,004 |  |  | 2,004 |
Construction in process | 5,648 |  |  | — |  |  | 5,648 |  |  | 3,782 |  |  | — |  |  | 3,782 |
Property, plant and equipment, gross | 19,283 |  |  | 8,182 |  |  | 27,465 |  |  | 14,568 |  |  | 7,879 |  |  | 22,447 |
Less: accumulated depreciation | (6,147) |  |  | (3,481) |  |  | (9,628) |  |  | (4,631) |  |  | (1,907) |  |  | (6,538) |
Total property, plant and equipment, net | $ | 13,136 |  |  | $ | 4,701 |  |  | $ | 17,837 |  |  | $ | 9,937 |  |  | $ | 5,972 |  |  | $ | 15,909 |
The table below presents the depreciation expense related to property, plant and equipment for the following periods:
|  |  |  |  | Year Ended |  |  |
|  |  |  |  | December 31, 2024 |  | December 31, 2023 |  |  |
Depreciation expense |  |  |  |  | $ | 4,067 |  |  | $ | 3,512 |  |  |  |
Schedule of Advertising Cost | The table below presents the advertising cost for the following periods:
| Year Ended
| December 31, 2024 |  | December 31, 2023
Advertising costs | $ | 1,976 |  |  | $ | 1,199 |

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