v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net loss $ (25,294) $ (28,779)
Adjustments to reconcile net loss to net cash used in operations:    
Depreciation and amortization 2,368 1,408
Unrealized gain on derivative liability (3,380) (842)
Unrealized gain on warrant liability (604) (1,761)
Loss on debt extinguishment 3,083 4,654
Bargain purchase gain (147)
Gain on disposal of fixed assets (108)
Impairment of operating lease right-of-use assets 9
Inventory write-downs 27
Non-cash interest expense 7,325
Amortization of debt discount and issuance costs on notes payable 2,743 5,559
Share-based compensation expense 983 1,921
Net accretion of premium on short-term investments (81) (118)
Change in:    
Accounts receivable (685) 674
Inventory 490 (228)
Other current and non-current assets 308 (2,713)
Accounts payable 2,800 95
Accrued liabilities 2,116 (348)
Contract liabilities and other current liabilities 122 (342)
Operating lease liabilities (1,086) (556)
Other long-term liabilities (107) (47)
Net cash used in operating activities (16,443) (14,098)
Cash flows from investing activities    
Sales of investment securities 42,528 13,522
Purchases of investment securities (10,333)
Purchases of property and equipment (143) (99)
Cash paid for business combination (33,178)
Net cash provided by investing activities 9,207 3,090
Cash flows from financing activities    
Principal payments under finance leases (3) (2)
Principal proceeds from notes payable, net of debt discount and issuance costs 20,732
Net proceeds from issuance of common stock and warrants 311 8,207
Net cash provided by financing activities 21,040 8,205
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (74) 81
Change in cash, cash equivalents, and restricted cash 13,730 (2,722)
Cash, cash equivalents, and restricted cash at beginning of period 34,064 56,247
Cash, cash equivalents, and restricted cash at end of period 47,794 53,525
Supplemental schedule of non-cash investing and financing activities    
Common stock issued in conversions of notes payable 8,105 21,980
Issuance of warrants 6,297
Acquisition of right-of-use asset 4,733 (107)
Accrued financing fees 41
Foreign currency translation adjustment (86) 138
Unrealized loss on investment securities, available-for-sale $ (24) $ (19)

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