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BALANCE SHEET COMPONENTS | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
BALANCE SHEET COMPONENTS | BALANCE SHEET COMPONENTS Cash and Cash Equivalents Highly liquid investments with maturities of 90 days or less as of the date of acquisition are classified as cash equivalents, of which we had $7.3 million and $1.3 million as of September 30, 2025 and December 31, 2024, respectively, included within cash and cash equivalents in the condensed balance sheets. Cash equivalents as of September 30, 2025 include $5.0 million in United States Treasury securities (“U.S. Treasuries”) with maturities under 90 days. Short-term Investments As of September 30, 2025, we held investments totaling $3.0 million in U.S. Treasuries, which are classified as held-to-maturity and measured at amortized cost, which approximates fair value. We have both the intent and the ability to hold these securities to maturity. U.S. Treasuries with original maturities greater than 90 days and less than one year are presented as short-term investments on the balance sheet. Accounts Receivable, Net Accounts receivable, net consisted of the following (in thousands):
| September 30, 2025 |  | December 31, 2024
Accounts receivable | $ | 464 |  |  | $ | 339 |
Allowance for uncollectible accounts | (10) |  |  | (4) |
Accounts receivable, net | $ | 454 |  |  | $ | 335 |
The following was the activity in the allowance for uncollectible accounts (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Balance as of beginning of period | $ | 10 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 4 |
Increase in provision | — |  |  | (2) |  |  | 6 |  |  | 2 |
Amounts written off, less recoveries | — |  |  | 2 |  |  | — |  |  | (2) |
Balance as of end of period | $ | 10 |  |  | $ | 4 |  |  | $ | 10 |  |  | $ | 4 |
Inventory, net Inventory, net consisted of the following (in thousands):
| September 30, 2025 |  | December 31, 2024
Raw materials | $ | 643 |  |  | $ | 719 |
Work in progress | 5 |  |  | 1 |
Finished goods | 119 |  |  | 74 |
Total inventory | 767 |  |  | 794 |
Less: reserve for obsolescence | — |  |  | — |
Inventory, net | $ | 767 |  |  | $ | 794 |
The following was the activity in the reserve for obsolescence (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Balance as of beginning of period | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |
Increase in reserve | — |  |  | — |  |  | — |  |  | — |
Amounts relieved | — |  |  | — |  |  | — |  |  | (5) |
Balance as of end of period | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands):
| September 30, 2025 |  | December 31, 2024
Software licenses | $ | 78 |  |  | $ | 112 |
Professional services | 58 |  |  | 18 |
Inventory | 58 |  |  | — |
Insurance | 47 |  |  | 27 |
Equity offering costs | 34 |  |  | 146 |
Rent | 12 |  |  | 38 |
Marketing programs and conferences | 8 |  |  | 21 |
Other | 18 |  |  | 15 |
Total prepaid expenses and other current assets | $ | 313 |  |  | $ | 377 |
Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
| September 30, 2025 |  | December 31, 2024
Research and development equipment | $ | 1,908 |  |  | $ | 1,826 |
Office and computer equipment | 494 |  |  | 494 |
Autos | 54 |  |  | 54 |
Furniture and fixtures | 46 |  |  | 46 |
Leasehold improvements | 272 |  |  | 157 |
Total in service | 2,774 |  |  | 2,577 |
Accumulated depreciation and amortization | (2,345) |  |  | (2,242) |
Total in service, net | 429 |  |  | 335 |
Construction in progress | — |  |  | 72 |
Property and equipment, net | $ | 429 |  |  | $ | 407 |
Accrued Expenses Accrued expenses consisted of the following (in thousands):
| September 30, 2025 |  | December 31, 2024
Compensation and related benefits | $ | 238 |  |  | $ | 244 |
Legal and consulting professional services | 81 |  |  | 30 |
Product warranty and other | 14 |  |  | 4 |
Total accrued expenses | $ | 333 |  |  | $ | 278 |
Notes Payable We have financing arrangements related to the purchase of certain equipment. The notes payable for that certain equipment have a weighted average annual interest rate of 10.4% with original terms of five years and are secured by the underlying equipment. As of September 30, 2025, future principal payments were as follows (in thousands):
2025 |  | $ | 14 |
2026 |  | 61 |
2027 |  | 68 |
2028 |  | 65 |
2029 |  | 12 |
Thereafter |  | — |
Total principal payments |  | 220 |
Less: current portion of notes payable |  | (60) |
Notes payable, less current portion |  | $ | 160 |

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