| Schedule of Consolidated Operating Result Including Segment Expenses |
The table below presents the Company's consolidated operating results including segment expenses (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Revenue |
|
$ |
5,511 |
|
|
$ |
2,012 |
|
|
$ |
8,879 |
|
|
$ |
4,119 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense (1) |
|
|
6,024 |
|
|
|
5,364 |
|
|
|
10,588 |
|
|
|
10,625 |
|
Loss on joint development agreement (2) |
|
|
3,785 |
|
|
|
— |
|
|
|
3,785 |
|
|
|
— |
|
Cost of revenue (excluding 1 and 2) |
|
|
4,414 |
|
|
|
2,796 |
|
|
|
7,441 |
|
|
|
6,193 |
|
Research and development expenses (excluding 1) |
|
|
19,407 |
|
|
|
22,007 |
|
|
|
37,999 |
|
|
|
43,030 |
|
General and administrative expenses (excluding 1) |
|
|
5,620 |
|
|
|
7,750 |
|
|
|
11,461 |
|
|
|
15,254 |
|
Selling and marketing expenses (excluding 1) |
|
|
1,184 |
|
|
|
1,508 |
|
|
|
2,946 |
|
|
|
3,774 |
|
Legal settlement, net |
|
|
— |
|
|
|
11,500 |
|
|
|
— |
|
|
|
11,500 |
|
Loss from Operations |
|
|
(34,923 |
) |
|
|
(48,913 |
) |
|
|
(65,341 |
) |
|
|
(86,257 |
) |
Change in fair value of warrant liability (3) |
|
|
(88,478 |
) |
|
|
3,517 |
|
|
|
(93,878 |
) |
|
|
3,080 |
|
Fair value loss on share subscription liability (4) |
|
|
(69,996 |
) |
|
|
— |
|
|
|
(69,996 |
) |
|
|
— |
|
Interest income |
|
|
619 |
|
|
|
2,099 |
|
|
|
1,626 |
|
|
|
4,557 |
|
Other income (expense), net (excluding 3 and 4) |
|
|
106 |
|
|
|
27 |
|
|
|
107 |
|
|
|
24 |
|
Income tax provision |
|
|
(70 |
) |
|
|
(123 |
) |
|
|
(127 |
) |
|
|
(123 |
) |
Net loss |
|
$ |
(192,742 |
) |
|
$ |
(43,393 |
) |
|
$ |
(227,609 |
) |
|
$ |
(78,719 |
) |
|
| Schedule of Property and Equipment by Geographic Region |
The following table sets forth the Company’s property, plant, and equipment, net by geographic region (in thousands):
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
North America |
|
$ |
9,665 |
|
|
$ |
6,645 |
|
Asia |
|
|
3,088 |
|
|
|
3,687 |
|
Total |
|
$ |
12,753 |
|
|
$ |
10,332 |
|
|