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FY2025
12 months to Dec 31, 2025
|
FY2024
12 months to Dec 31, 2024
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FY2023
12 months to Dec 31, 2023
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|
|---|---|---|---|
| Cash flows from operating activities | |||
| Net Income Loss | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Change in fair value of liability instrument | |||
| Change in fair value of warrant liability | |||
| Change in fair value of forward contract liability | |||
| Change in fair value of SEPA put option liability | |||
| Change in fair value of convertible debt | |||
| Commitment fee expense | |||
| Gain on termination of warrant and commitment fee liabilities | |||
| Non-cash discount on convertible debt | |||
| Stock-based compensation expense | |||
| Loss on derivative liability | |||
| Amortization of operating lease right-of-use asset | |||
| Depreciation expense | |||
| Changes in operating assets and liabilities: | |||
| Prepaid expenses | |||
| Accounts payable and accrued expenses | |||
| Other current assets | |||
| Change in payable to Parent | |||
| Other assets | |||
| Payable to Parent | |||
| Operating lease liability | |||
| Net cash used in operating activities | |||
| Cash flows from investing activities | |||
| Purchases of property and equipment | |||
| Net cash used in investing activities | |||
| Cash flows from financing activities | |||
| ROFN Agreement payments to Parent | |||
| Repayment and proceeds of note receivable from Parent | |||
| Proceeds from short-term convertible debt | |||
| Proceeds from short-term borrowing | |||
| Repayments of short-term borrowing | |||
| Proceeds from issuance of Series B Preferred Stock, net of direct costs | |||
| Proceeds from issuance of Series B-1 Preferred Stock, net of direct costs | |||
| Repayments of short-term convertible debt | |||
| Net cash provided by financing activities | |||
| Net decrease in cash and cash equivalents | |||
| Cash and cash equivalents, beginning of year | |||
| Cash and cash equivalents, end of year | |||
| Supplemental disclosure of cash flow information: | |||
| Cash paid for income taxes | |||
| Cash paid for interest | |||
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Issuance of Series B Preferred Stock for conversion of Notes and accrued interest | |||
| Reclassification of derivative liability for conversion of Notes to Series B Preferred Stock | |||
| Settlement of forward contract liability for sale of shares to GEM pursuant to Draw Down and Closing Notices | |||
| Issuance of Voting Common Stock to terminate Share Subscription Agreement | |||
| Additions to accounts payable and accrued expenses for purchases of property and equipment | |||
| Right of use asset obtained in exchange for operating lease liability | |||
| Issuance of Voting Common Stock for commitment fee payable | |||
| Conversion of Short-term convertible note payable into shares of common stock |
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