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REVENUE AND SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2025
REVENUE AND SEGMENT INFORMATION |
Schedule of disaggregation of revenue | The following table disaggregates the Company’s revenue by customer type and geographic area for the three months ended June 30, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Distributors/ | ​ | ​ | ​
​ | ​ | Direct | ​ | Strategic Partners | ​ | Total
​ | ​ | (amounts, in thousands)
Revenue: |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 61 | ​ | $ | — | ​ | $ | 61
Germany | ​ |  | 3,355 | ​ |  | — | ​ |  | 3,355
All other countries | ​ |  | 2,208 | ​ |  | 3,993 | ​ |  | 6,201
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | $ | 5,624 | ​ | $ | 3,993 | ​ | $ | 9,617
​ The following table disaggregates the Company’s revenue by customer type and geographic area for the three months ended June 30, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Distributors/ | ​ | ​ | ​
​ | ​ | Direct | ​ | Strategic Partners | ​ | Total
​ | ​ | (amounts, in thousands)
Revenue: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
United States | ​ | $ | 20 | ​ | $ | 18 | ​ | $ | 38
Germany | ​ |  | 2,779 | ​ |  | — | ​ |  | 2,779
All other countries | ​ |  | 1,674 | ​ |  | 4,351 | ​ |  | 6,025
Revenue | ​ | $ | 4,473 | ​ | $ | 4,369 | ​ | $ | 8,842
​ The following table disaggregates the Company’s revenue by customer type and geographic area for the six months ended June 30, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Distributors/ | ​ | ​ | ​
​ |  | Direct |  | Strategic Partners |  | Total
​ | ​ | (amounts, in thousands)
Revenue: |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 124 | ​ | $ | — | ​ | $ | 124
Germany | ​ |  | 6,151 | ​ | ​ | — | ​ | ​ | 6,151
All other countries | ​ |  | 4,098 | ​ | ​ | 7,971 | ​ | ​ | 12,069
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue | ​ | $ | 10,373 | ​ | $ | 7,971 | ​ | $ | 18,344
​ The following table disaggregates the Company’s revenue by customer type and geographic area for the six months ended June 30, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Distributors/ | ​ | ​ | ​
​ |  | Direct |  | Strategic Partners |  | Total
​ | ​ | (amounts, in thousands)
Revenue: |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 42 | ​ | $ | 36 | ​ | $ | 78
Germany | ​ |  | 6,316 | ​ | ​ | — | ​ | ​ | 6,316
All other countries | ​ |  | 3,424 | ​ | ​ | 8,013 | ​ | ​ | 11,437
Revenue | ​ | $ | 9,782 | ​ | $ | 8,049 | ​ | $ | 17,831
​
Schedule of receivables and contract liabilities from contracts with customers | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2025 |  | December 31, 2024
​ |  | (amounts in thousands)
Contract receivables | ​ | $ | 6,637 | ​ | $ | 4,427
Contract liabilities | ​ | $ | 521 | ​ | $ | 596
Schedule of segment information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Six Months Ended |
​ | ​ | June 30, | ​ | June 30, |
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
​ |  | (amounts, in thousands) | ​
Revenue | ​ | $ | 9,617 | ​ | $ | 8,842 | ​ | $ | 18,344 | ​ | $ | 17,831 | ​
Gross profit | ​ | $ | 6,814 | ​ | $ | 6,503 | ​ | $ | 13,021 | ​ | $ | 13,376 | ​
Gross margin | ​ |  | 71 | % |  | 74 | % |  | 71 | % |  | 75 | %
Total operating expenses | ​ | $ | 10,429 | ​ | $ | 10,073 | ​ | $ | 20,523 | ​ | $ | 21,603 | ​
Loss from operations | ​ | $ | (3,615) | ​ | $ | (3,570) | ​ | $ | (7,502) | ​ | $ | (8,227) | ​
EBITDA and Adjusted EBITDA (both non-GAAP measures): | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Net income (loss) attributable to common stockholders | ​ | $ | 1,947 | ​ | $ | (4,294) | ​ | $ | 469 | ​ | $ | (10,384) | ​
Interest expense, net | ​ |  | 616 | ​ |  | 180 | ​ |  | 1,221 | ​ |  | 187 | ​
Depreciation and amortization expense | ​ |  | 404 | ​ |  | 401 | ​ |  | 773 | ​ |  | 798 | ​
Income (loss) before interest expense, income taxes, depreciation and amortization (“EBITDA”), a non-GAAP measure | ​ |  | 2,967 | ​ |  | (3,713) | ​ |  | 2,463 | ​ |  | (9,399) | ​
Stock-based compensation | ​ |  | 571 | ​ |  | 989 | ​ |  | 1,391 | ​ |  | 1,949 | ​
Loss (gain) on foreign currency transactions | ​ | ​ | (6,178) | ​ |  | 544 | ​ | ​ | (9,192) | ​ |  | 1,970 | ​
Adjusted EBITDA, a non-GAAP measure | ​ | $ | (2,640) | ​ | $ | (2,180) | ​ | $ | (5,338) | ​ | $ | (5,480) | ​
Adjusted net loss, a non-GAAP measure: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Net income (loss) attributable to common stockholders | ​ | $ | 1,947 | ​ | $ | (4,294) | ​ | $ | 469 | ​ | $ | (10,384) | ​
Stock-based compensation | ​ |  | 571 | ​ |  | 989 | ​ |  | 1,391 | ​ |  | 1,949 | ​
Loss (gain) on foreign currency transactions | ​ | ​ | (6,178) | ​ | ​ | 544 | ​ | ​ | (9,192) | ​ | ​ | 1,970 | ​
Adjusted net loss, a non-GAAP measure | ​ | $ | (3,660) | ​ | $ | (2,761) | ​ | $ | (7,332) | ​ | $ | (6,465) | ​
Total cash used in operating and investing activities | ​ | $ | (1,642) | ​ | $ | (4,913) | ​ | $ | (5,154) | ​ | $ | (9,870) | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2025 |  | December 31, 2024
​ | ​ | (amounts, in thousands)
Total assets | ​ | $ | 47,990 | ​ | $ | 47,372
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (amounts, in thousands)
Research and development: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |  | ​ |
Clinical expenses | ​ | $ | 812 | ​ | $ | 936 | ​ | $ | 1,791 | ​ | $ | 2,563
Other research and development expenses | ​ |  | 450 | ​ |  | 583 | ​ |  | 1,133 | ​ |  | 1,203
Total research and development | ​ | $ | 1,262 | ​ | $ | 1,519 | ​ | $ | 2,924 | ​ | $ | 3,766
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Selling, general and administrative | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |
Royalty expense | ​ | $ | 286 | ​ | $ | 528 | ​ | $ | 544 | ​ | $ | 1,240
Stock-based compensation | ​ |  | 429 | ​ |  | 989 | ​ |  | 1,056 | ​ |  | 1,949
Legal, financial and consulting | ​ |  | 1,364 | ​ |  | 820 | ​ |  | 2,002 | ​ |  | 1,501
Other general and administrative | ​ |  | 7,088 | ​ |  | 6,217 | ​ |  | 13,997 | ​ |  | 13,147
Total selling, general and administrative | ​ | $ | 9,167 | ​ | $ | 8,554 | ​ | $ | 17,599 | ​ | $ | 17,837

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