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FY2025
12 months to Dec 31, 2025
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FY2024
12 months to Dec 31, 2024
|
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|---|---|---|
| OPERATING ACTIVITIES | ||
| Net loss | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | ||
| Depreciation expense | ||
| Loss on extinguishment of debt | ||
| Non-cash interest expense | ||
| Non-cash lease expense | ||
| (Gain) loss from changes in fair value of warrants | ||
| Reduction in the carrying amount of right-of-use assets | ||
| Changes in fair value of derivative liability and warrants | ||
| Loss on disposal of property and equipment | ||
| Accretion of net investment discounts | ||
| Changes in operating assets and liabilities: | ||
| Accounts receivable | ||
| Prepaid expenses and other current assets | ||
| Other Assets | ||
| Accounts payable | ||
| Accrued expenses and other current liabilities | ||
| Deferred grant income | ||
| Deferred revenue | ||
| Net cash used in operating activities | ||
| INVESTING ACTIVITIES | ||
| Purchase of property and equipment | ||
| Purchases of marketable securities | ||
| Maturities of marketable securities | ||
| Net cash used in investing activities | ||
| FINANCING ACTIVITIES | ||
| Proceeds from Series D issuance | ||
| Issuance costs paid on Series D issuance | ||
| Proceeds from initial public offering, net of underwriting discounts and commissions | ||
| Issuance costs paid on initial public offering and private placement | ||
| Proceeds from issuance of common shares through private placement, net of placement agent fees | ||
| Proceeds from issuance of common stock through at-the-market facility, net of commissions | ||
| Issuance costs paid on at-the market offering | ||
| Deferred offering costs paid | ||
| Term loan principal payments | ||
| Proceeds from issuance of common shares upon stock option exercises | ||
| Net cash provided by financing activities | ||
| Effect of changes in exchange rate on cash and cash equivalents | ||
| Net increase (decrease) in cash and cash equivalents | ||
| Cash, cash equivalents and restricted cash at beginning of period | ||
| Cash and cash equivalents at end of period | ||
| Supplemental non-cash disclosure: | ||
| Unpaid purchases of property and equipment | ||
| Conversion of convertible promissory notes into Series D-1 redeemable convertible preferred stock | ||
| Conversion of redeemable convertible preferred stock into common stock upon initial public offering | ||
| Cash paid for interest | ||
| Unpaid equity issuance costs included in accounts payable and accrued expenses | ||
| Right-of-use assets obtained in exchange for lease obligation |
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