v3.25.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Property, Machinery and Equipment, Net The estimated useful lives of fixed assets by asset category are described below:
Fixed Assets
Estimated Useful Life
Computer equipment
Three years
Furniture and fixtures
Five years
Leasehold improvements
Lesser of estimated useful life or remaining lease term (one year to seven years)
Machinery and equipment
Seven years
Property, machinery and equipment, net consisted of the following:
(in thousands)June 30,
2025
December 31,
2024
Computer equipment$10 $10 
Leasehold improvements2,391 2,391 
Machinery and equipment2,839 2,839 
Property, machinery and equipment, gross5,240 5,240 
Less: accumulated depreciation(3,679)(3,058)
Property, machinery and equipment, net$1,561 $2,182 
Schedule of Disaggregation of Revenue
The disaggregation of revenue by type is as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2025202420252024
Forfeited customer deposits— 90 35 
Engineering project services188 1,209 423 1,687 
Total revenue$191 $1,209 $513 $1,722 
Schedule of Changes in Fair Value of Liabilities
The change in fair values of liabilities subject to recurring remeasurement were as follows:
(in thousands)Warrant Liability (Level 3)May 2025 Loan (Level 3)May 2025 Convertible Note (Level 3)
Balance, December 31, 2024$$— $— 
Convertible note issuance— 178 1,406 
Principal payment— (75)— 
Change in fair value— 835 (1,022)
Balance, June 30, 2025$$938 $384