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

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 207,637 $ 98,776
Accounts receivable, net 6,271 3,683
Inventory 6,013 8,408
Prepaid expenses and other current assets 8,955 8,135
Total current assets 228,876 119,002
Property and equipment, net 44,456 42,252
Intangible assets, net 120 120
Operating lease right-to-use assets 1,544 565
Other non-current assets 2,175 951
Total assets 277,171 162,890
Current liabilities:    
Accounts payable 8,114 4,546
Accrued expenses and other current liabilities 22,598 10,667
Term loan payable, short term 2,820
Lease liability, short term 125 274
Total current liabilities 30,837 18,307
Term loan payable, long term 4,667
Lease liability, long term 1,184 358
Total liabilities 32,021 23,332
Commitments (See Note 17)  
Stockholders’ equity:    
Preferred stock, $0.001 par value; 5,000,000 shares authorized, 0 shares designated as of both December 31, 2025 and 2024; 0 shares issued and outstanding - as of both December 31, 2025 and 2024
Common stock, $0.001 par value; 1,000,000,000 shares authorized; 12,788,069 and 4,385,929 shares issued and outstanding as of December 31, 2025 and 2024, respectively and 5,883 shares to be issued as of December 31, 2025 13 4
Additional paid in capital 1,100,141 870,503
Accumulated deficit (854,715) (730,694)
Accumulated other comprehensive loss (289) (255)
Total stockholders’ equity 245,150 139,558
Total liabilities and stockholders’ equity $ 277,171 $ 162,890