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

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (124,021) $ (130,036)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,925 3,421
Bad debt expense 31
Asset impairment charges 58,957
Stock-based compensation 6,017 4,778
Change in fair value of warrant liabilities (6,150)
Loss on extinguishment of debt 2,092 0
Loss on note 1,159 0
Inventory write-off 669 1,490
Amortization of debt discounts 65 840
Issuance costs of derivative instrument 1,837
Changes in operating assets and liabilities:    
Accounts receivable (2,619) (3,683)
Inventory 1,726 3,741
Prepaid expenses and other (3,161) 3,613
Accounts payable 2,994 927
Operating lease liabilities and ROU asset, net (303) (13)
Accrued expenses and other current liabilities 11,745 1,190
Net cash used in operating activities (99,844) (60,925)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Issuance of note (2,012)
Proceeds from note 853
Purchase of property and equipment (3,369) (120)
Net cash used in investing activities (4,528) (120)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Deferred payment related to purchase of business (3,000)
Proceeds from ESPP 27
Repayments of term loan (9,650) (2,350)
Proceeds, net of $8,750 and $7,238 expenses, from sale of common stock and warrants, respectively 237,940 140,195
Repurchase of common stock, net of $30 expenses (13,760)
Net cash provided by financing activities 214,530 134,872
Effect of currency rate change on cash (31) 4
Net increase in cash, cash equivalents and restricted cash 110,127 73,831
Cash, cash equivalents and restricted cash beginning of the period 99,680 25,849
Cash, cash equivalents and restricted cash end of period 209,807 99,680
Supplemental disclosures of cash flow information:    
Interest paid 89 1,234
Non cash investing and financing activity:    
Purchases of property and equipment included in accounts payable and accrued liabilities 865
Net ATM proceeds received after year-end 2,387
Issuance costs from derivative instruments 1,837
New operating leases and lease amendments $ 1,275