v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net loss $ (17,170) $ (16,177)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 222 125
Interest expense and amortization of debt discount on Term Loans (related party) 1,586 432
Stock-based compensation for services 152
Amortization of prepaid insurance 738 809
Stock-based compensation 478 409
Change in fair value of private warrant liability 339
Change in fair value of publicly traded warrant liability (129) 802
Change in fair value of forward purchase agreement warrant liability (522) 329
Change in fair value of forward purchase agreement put option liability (103)
Change in operating lease right-of-use asset (related party) (39) 250
Change in inventory reserve 68
Changes in operating assets and liabilities:    
Accounts receivable, net 3 (127)
Other receivable 761 144
Inventories 1 (237)
Prepaid expenses and other current assets (74) 551
Accounts payable 973 203
Operating lease liability (related party) 1 (159)
Accrued expenses 216 (36)
Product warranty liability (120) (73)
Net cash used in operating activities (12,516) (12,858)
Cash flows from investing activities    
Purchases of property and equipment (7) (1,514)
Net cash used in investing activities (7) (1,514)
Cash flows from financing activities    
Payments on insurance financing loans (636) (703)
Proceeds from the issuance of Term Loans (related party) 10,000 15,000
Dividends paid to stockholders of Series A Preferred Stock (1,820) (1,833)
Payment made for extinguishment of Term Loans (related party) (100)
Proceeds from the issuance of Common Stock from ATM offering 414
Proceeds from issuance of Common Stock under employee stock purchase plan 77
Proceeds from exercise of forward purchase agreement warrants 158 434
Proceeds from the issuance of Common Stock and Investor Warrants from registered direct offering 2,500
Proceeds from the issuance of Common Stock associated with forward purchase agreement, net of transaction costs 1,683
Net cash provided by financing activities 10,593 14,581
Effect of exchange rate changes on cash 3 (3)
Net (decrease) increase in cash (1,927) 206
Cash, beginning of period 5,483 4,218
Cash, end of period 3,556 4,424
Supplemental disclosures of cash flow information:    
Cash paid for interest 22 25
Non-cash investing and financing activities:    
Accrued and unpaid dividends on Series A Preferred Stock 1,935 2,277
Financing of prepaid insurance 75 843
Issuance of Term Loan Warrants (related party) 1,570 1,075
Accrued interest capitalized into term loans payable (related party) 800
Modification of forward purchase agreement warrant 62 94
Lease liabilities arising from obtaining right-of-use assets 121 850
Extinguishment of excess warrant liability upon exercise of forward purchase agreement warrant 16
Property and equipment purchased on account 56
Modification of Term Loan Warrants (related party) 1,455
Deemed capital contribution associated with the extinguishment of Term Loans (related party) $ 27,883

Source

10-Q XBRL Zip