Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows from Operating Activities    
Net loss $ (11,716) $ (27,423)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on lease modification 0 (3,139)
Stock-based compensation 4,284 11,995
Depreciation and amortization 1,680 9,821
Changes in fair value of derivative liabilities (404) (9,888)
Non-cash interest expense 322 3,380
Asset impairment charges 915 1,260
Inventory write-downs (328) (3,061)
Loss on extinguishment of debt 0 5,004
Other non-cash expenses (income) 6 (140)
Changes in operating assets and liabilities:    
Inventory 3,303 12,486
Prepaids and other assets (1,228) 569
Accounts payable (376) (1,274)
Accrued expenses (2,162) (4,612)
Deferred revenue (1,307) (814)
Operating lease right-of-use assets and liabilities 502 (4,349)
Other liabilities (445) 436
Net cash used in operating activities (6,954) (9,749)
Cash Flows from Investing Activities    
Cash paid for acquisitions (2,848) 0
Proceeds from sale of property and equipment 15 136
Purchase of property and equipment (1,166) (1,757)
Net cash used in investing activities (3,999) (1,621)
Cash Flows from Financing Activities    
Payment of issuance costs related to SEPA (43) 0
Payment of debt issuance costs 0 (301)
Payment on finance agreement (353) 0
Repayment of debt and Structural Derivative Liability 0 (72,348)
Payment of costs to extinguish debt (77) (24)
Payment of transaction costs related to redeemable convertible preferred stock 0 15,000
Payment of transaction costs related to redeemable convertible preferred stock 0 (513)
Payments related to stock-based award activities, net (1,266) (1,366)
Proceeds from issuance under employee stock purchase plan 248 363
Payment of debt modification costs (68) 0
Net cash used in financing activities (1,559) (59,189)
Net decrease in cash, cash equivalents and restricted cash (12,512) (70,559)
Cash, cash equivalents and restricted cash at beginning of period 24,304 94,863
Cash, cash equivalents and restricted cash at end of period 11,792 24,304
Supplemental Disclosure    
Cash paid for taxes 34 49
Cash paid for interest 598 9,419
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Purchase of property and equipment in accounts payable and accrued liabilities 184 4
Debt issuance costs in accounts payable and accrued liabilities 0 45
Cost of debt extinguishment in accrued liabilities 0 78
Financing agreement entered into for prepaid insurance 588 0
Redeemable convertible preferred stock issuance costs in accounts payable and accrued liabilities 0 15
Cancellation of Volition Warrants $ 0 $ 300