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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: | ||
| Depreciation | ||
| Non-cash interest expense | ||
| Non-cash operating lease expense | ||
| Stock-based compensation expense | ||
| Change in fair value of warrant liabilities | ||
| Change in fair value of notes payable, non-cash | ||
| Changes in operating assets and liabilities: | ||
| Accounts receivable | ||
| Inventory | ||
| Prepaid expenses and other current assets | ||
| Accounts payable | ||
| Accrued expenses and other current liabilities | ||
| Operating lease liabilities | ||
| Other long-term assets and liabilities | ||
| Net cash used in operating activities | ||
| Investing activities: | ||
| Purchases of property and equipment | ||
| Net cash used in investing activities | ||
| Financing activities: | ||
| Proceeds from initial public offering, net of underwriting discounts and commissions | ||
| Payments related to initial public offering costs | ||
| Issuance of common stock in connection with at-the-market offering, net of underwriting commissions and offering costs | ||
| Issuance of common stock and warrants in August 2025 public offering, net of underwriting commissions and offering costs | ||
| Issuance of common stock in September 2025 public offering, net of underwriting commissions and offering costs | ||
| Proceeds from issuance of common stock under share purchase agreement | ||
| Exercises of common stock warrants | ||
| Exercises of common stock options | ||
| Principal payments on finance lease obligations | ||
| Net cash provided by financing activities | ||
| Net increase in cash, cash equivalents and restricted cash | ||
| Cash, cash equivalents and restricted cash at beginning of period | ||
| Cash, cash equivalents and restricted cash at end of period | ||
| Supplemental disclosure of cash flow information: | ||
| Interest paid | ||
| Payment for operating leases within operating activities | ||
| Non-cash investing and financing activities: | ||
| Fair value of warrant liabilities recognized in connection with August 2025 public offering | ||
| Reclassification of warrant liabilities into equity upon exercises | ||
| Conversion of convertible preferred stock into common stock upon initial public offering | ||
| Conversion of 2022 Convertible Notes into common stock upon initial public offering | ||
| Reclassification of warrant liability to equity upon initial public offering | ||
| Finance lease right-of-use asset obtained in exchange for lease liability | ||
| Reclassification of deferred offering costs to additional paid-in capital |
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