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locl:extensionOption locl:year locl:vote locl:Segment Local Bounti Corporation/DE false 2025 FY 0001840780 1 1 http://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpense http://fasb.org/us-gaap/2025#OtherNonoperatingIncomeExpense P0Y 1 1 10-K true 2025-12-31 --12-31 false 001-40125 DE 83-3686055 490 Foley Lane Hamilton MT 59840 (800) 640-4016 Common Stock, par value of $0.0001 per share LOCL NYSE No No Yes Yes Non-accelerated Filer true true false false false false 42800000 22401295 <div style="margin-top:1.8pt;padding-right:12.5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:100%">Portions of the registrant's definitive Proxy Statement for the registrant's Annual Meeting of Stockholders to be held on June 10, 2026, are incorporated by reference into Part III of this Annual Report on Form 10-K.</span></div> <div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats. These risks include, among other things, operational risks, intellectual property theft, fraud, extortion, harm to employees or customers, violation of privacy or security laws, other litigation and legal risks, and reputational risks. To aid in our efforts to assess, identify, and manage any material risks, we have implemented several cybersecurity processes, technologies, and controls.</span></div> <div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats. These risks include, among other things, operational risks, intellectual property theft, fraud, extortion, harm to employees or customers, violation of privacy or security laws, other litigation and legal risks, and reputational risks. To aid in our efforts to assess, identify, and manage any material risks, we have implemented several cybersecurity processes, technologies, and controls.</span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Our process for identifying and assessing material risks from cybersecurity threats operates</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">within our broader overall risk management program. As part of this program, our Chief Information Officer ("CIO") and Vice President of Internal Audit collaborate with subject matter specialists throughout the Company, as necessary, to gather insights for identifying and assessing material risks throughout the Company, including cybersecurity threat risks.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">In addition, we also have business processes to provide for critical data and systems availability, maintain regulatory compliance, identify and manage our risks from cybersecurity threats, and protect against, detect, and respond to cybersecurity incidents.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Our Cybersecurity Incident Response Plan ("IRP") coordinates the activities we take to prepare for, detect, respond to, and recover from cybersecurity incidents, which include processes to detect, analyze, validate, investigate, contain, and remediate the incident, as well as to comply with potentially applicable legal obligations and mitigate brand and reputational damage. Our processes also address cybersecurity threat risks associated with third-party service providers that may have access to our data or systems. Third-party risks are included within our broader overall risk assessment process, as well as our cybersecurity-specific risk identification program, both of which are discussed above. In addition, cybersecurity considerations may affect the selection and oversight of our third-party service providers.</span></div> <div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats. These risks include, among other things, operational risks, intellectual property theft, fraud, extortion, harm to employees or customers, violation of privacy or security laws, other litigation and legal risks, and reputational risks. To aid in our efforts to assess, identify, and manage any material risks, we have implemented several cybersecurity processes, technologies, and controls.</span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Our process for identifying and assessing material risks from cybersecurity threats operates</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">within our broader overall risk management program. As part of this program, our Chief Information Officer ("CIO") and Vice President of Internal Audit collaborate with subject matter specialists throughout the Company, as necessary, to gather insights for identifying and assessing material risks throughout the Company, including cybersecurity threat risks.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">In addition, we also have business processes to provide for critical data and systems availability, maintain regulatory compliance, identify and manage our risks from cybersecurity threats, and protect against, detect, and respond to cybersecurity incidents.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Our Cybersecurity Incident Response Plan ("IRP") coordinates the activities we take to prepare for, detect, respond to, and recover from cybersecurity incidents, which include processes to detect, analyze, validate, investigate, contain, and remediate the incident, as well as to comply with potentially applicable legal obligations and mitigate brand and reputational damage. Our processes also address cybersecurity threat risks associated with third-party service providers that may have access to our data or systems. Third-party risks are included within our broader overall risk assessment process, as well as our cybersecurity-specific risk identification program, both of which are discussed above. In addition, cybersecurity considerations may affect the selection and oversight of our third-party service providers.</span></div> true true true false <div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Cybersecurity is an important part of our risk management processes and an area of increasing focus for our Board and management. The Audit Committee of our Board is responsible for the oversight of risks from cybersecurity threats. The Audit Committee periodically receives an overview of our cybersecurity activities from management. Material cybersecurity threat risks may also be considered during separate Board discussions of important matters such as enterprise risk management, budgeting, and other relevant matters.</span></div>Our cybersecurity risk management and strategy processes are led by our CIO, who reports directly to our President and Chief Executive Officer. Our CIO meets with the Audit Committee of our Board as part of the governance process described above. This individual has prior work experience in various roles involving managing information security and risk management, developing cybersecurity strategies, and implementing cybersecurity programs. The IT subject matter experts meet quarterly to review the cybersecurity framework provided by the National Institute of Standards and Technology and evaluate current cybersecurity processes and procedures. <div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Cybersecurity is an important part of our risk management processes and an area of increasing focus for our Board and management. The Audit Committee of our Board is responsible for the oversight of risks from cybersecurity threats. The Audit Committee periodically receives an overview of our cybersecurity activities from management. Material cybersecurity threat risks may also be considered during separate Board discussions of important matters such as enterprise risk management, budgeting, and other relevant matters.</span></div> <div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Cybersecurity is an important part of our risk management processes and an area of increasing focus for our Board and management. The Audit Committee of our Board is responsible for the oversight of risks from cybersecurity threats. The Audit Committee periodically receives an overview of our cybersecurity activities from management. Material cybersecurity threat risks may also be considered during separate Board discussions of important matters such as enterprise risk management, budgeting, and other relevant matters.</span></div> <div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Cybersecurity is an important part of our risk management processes and an area of increasing focus for our Board and management. The Audit Committee of our Board is responsible for the oversight of risks from cybersecurity threats. The Audit Committee periodically receives an overview of our cybersecurity activities from management. Material cybersecurity threat risks may also be considered during separate Board discussions of important matters such as enterprise risk management, budgeting, and other relevant matters.</span></div> true Our cybersecurity risk management and strategy processes are led by our CIO, who reports directly to our President and Chief Executive Officer. Our CIO meets with the Audit Committee of our Board as part of the governance process described above. This individual has prior work experience in various roles involving managing information security and risk management, developing cybersecurity strategies, and implementing cybersecurity programs. The IT subject matter experts meet quarterly to review the cybersecurity framework provided by the National Institute of Standards and Technology and evaluate current cybersecurity processes and procedures. true This individual has prior work experience in various roles involving managing information security and risk management, developing cybersecurity strategies, and implementing cybersecurity programs. 100 WithumSmith+Brown, PC Whippany, New Jersey 4233000 937000 6486000 6529000 2203000 2282000 7419000 6814000 1686000 2261000 22027000 18823000 357427000 370978000 214000 277000 47000 73000 30778000 37783000 0 101000 410493000 428035000 11782000 16987000 3653000 18082000 0 20205000 762000 51000 32000 30000 81000 81000 16310000 55436000 312250000 447718000 172368000 0 1498000 0 0 31141000 483120000 416577000 14515000 0 51342000 49856000 25000 57000 155000 206000 11262000 6403000 576729000 528535000 0.0001 0.0001 400000000 400000000 22223800 22223800 8656122 8656122 2000 1000 351371000 322729000 -517609000 -423230000 -166236000 -100500000 410493000 428035000 48365000 38138000 42505000 34048000 5860000 4090000 25575000 22287000 9143000 7893000 33769000 32878000 68487000 63058000 -62627000 -58968000 3358000 -811000 -32167000 -58923000 3773000 -2822000 -94379000 -119902000 403000 0 -94782000 -119902000 -5.61 -5.61 -14.14 -14.14 16895925 16895925 8480247 8480247 124000 73000 232000 274000 441000 -13000 4394000 3014000 5191000 3348000 8142000 6137000 9933000 7631000 5122000 5103000 23197000 18871000 8311237 1000 318600000 -303328000 15273000 344885 4129000 4129000 -119902000 -119902000 8656122 1000 322729000 -423230000 -100500000 1771586 3477000 3477000 403000 403000 10728414 1000 21407000 21408000 1067678 -1382000 -1382000 5543000 5543000 -94379000 -94379000 22223800 2000 351371000 -517609000 -166236000 -94379000 -119902000 19892000 15301000 3305000 3570000 5191000 3348000 17000 -103000 -12000 498000 -264000 -1651000 3358000 -811000 30947000 50283000 -5679000 0 2204000 8401000 0 1228000 601000 682000 3700000 0 -62000 -899000 593000 3102000 -412000 -544000 -101000 28000 1538000 6643000 -3000 -25000 63000 37000 -1325000 3825000 -30336000 -27061000 11589000 82454000 -11589000 -82454000 1596000 0 20938000 0 3543000 0 10468000 100113000 9900000 0 1216000 0 51000 27000 45178000 100086000 3253000 -9429000 7466000 16895000 10719000 7466000 4233000 937000 6486000 6529000 10719000 7466000 4044000 5545000 21408000 0 30697000 50283000 5337000 7243000 0 1228000 352000 781000 163000 0 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Business Description</span><div style="margin-top:6pt;padding-right:12.25pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Description of the Business</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Local Bounti Corporation ("Local Bounti" or the "Company") was founded in August 2018 and is headquartered in Hamilton, Montana. The Company produces sustainably grown produce, focused primarily on grown living lettuce, salad kits, and loose leaf lettuce. The Company is a controlled environment agriculture ("CEA") company that utilizes patented Stack &amp; Flow Technology</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.47pt;font-weight:400;line-height:120%;position:relative;top:-3.48pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, which is a hybrid of vertical and hydroponic greenhouse farming, to grow healthy food sustainably and affordably. Through the Company's CEA process, its goal is to produce environmentally sustainable products in a manner that will increase harvest efficiency, limit water usage, and reduce the carbon footprint of the production and distribution process.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Summary of Significant Accounting Policies</span><div style="margin-top:6pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Basis of Presentation and Principles of Consolidation</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accepted</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> in the United States of America ("U.S. GAAP"). The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the Consolidated Financial Statements herein.</span></div><div style="padding-right:0.55pt;text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Liquidity and Going Concern</span></div><div><span><br/></span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying Consolidated Financial Statements are prepared in accordance with U.S. GAAP applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. In accordance with </span><span style="color:#212121;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Accounting Standards Codification ("ASC") 205-40, </span><span style="color:#212121;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Going Concern</span><span style="color:#212121;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, the Company’s management has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the Consolidated Financial Statements are issued. When substantial doubt exists under this methodology, the Company's management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company's ability to continue as a going concern. The mitigating effect of its plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the Consolidated Financial Statements are issued. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company's expectation of generating operating losses and negative operating cash flows in the future, and the need for additional funding to support the Company's planned operations initially raised substantial doubt regarding its ability to continue as a going concern. However, based on management's current operating plan, the Company believes its cash on hand, projected cash generated from product sales, as well as the financing completed on March 13, 2026, which provided $15.0 million of gross proceeds through the issuance of a convertible note and warrant as disclosed in Note 18, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Subsequent Events</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, will be sufficient to fund the Company's operations for at least 12 months from the issuance date of the accompanying Consolidated Financial Statements and alleviate the conditions that initially raised substantial doubt about the Company's ability to continue as a going concern.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Change in Presentation</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In the Consolidated Statements of Operations for the twelve months ended </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025 and 2024</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, the Company has revised the presentation of operating expenses to separately present "Sales and marketing" and "General and administrative." In prior periods, these expenses were presented on a combined basis as "Selling, general and administrative."</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company believes this updated presentation provides a more meaningful view of its cost structure and better aligns with how management evaluates financial performance and allocates resources. To facilitate comparison, amounts for the year ended December 31, 2024 have been recast to conform to the current period presentation. This change in presentation had no impact on total operating expenses, loss from operations, net loss, or loss per share for any period presented.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. On an ongoing basis, the Company evaluates its estimates, including those </span></div><div style="margin-top:6pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">related to the valuation of instruments issued for stock-based compensation, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the Cargill Amended Warrants (as defined below), the U.S. Bounti Warrant (as defined below),</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> inventory valuation reserve, impairment analysis for intangible assets, and income taxes, among others. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Significant Risks and Uncertainties</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to risks common in the consumer products and agriculture industries and those common to early-stage development companies. These include, but are not limited to, the possibility of not being able to successfully develop or market its products, competition, dependence on key personnel and key external alliances, the ability to maintain and establish relationships with current and future vendors and suppliers, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Cash and Cash Equivalents</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%"> </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company considers all highly liquid, short-term investments with an original maturity date of three months or less when purchased to be cash equivalents.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company maintains its cash with major financial institutions that may, at times, exceed federally insured limits. The Company has not experienced any losses in such accounts.</span></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Restricted Cash</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Restricted cash is restricted from general use through legal contracts. As described in more detail below, and using terms defined in Note 8, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financing Obligations</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, as part of the April 2023 </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">California Facilities Lease</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> transaction, Hollandia delivered to the lessor a letter of credit in an amount of approximately $6.5 million as security for the full and faithful performance by Hollandia of the terms, provisions, covenants and conditions of the </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">California Facilities Lease</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. In the event of default under the </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">California Facilities Lease</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, the lessor would have the right to draw on the letter of credit to satisfy any monetary obligations under the </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">California Facilities Lease</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The letter of credit will be released after five years, contingent on achieving certain financial metrics as specified in the </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">California Facilities Lease</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The $6.5 million for the letter of credit is included in "Restricted cash" on the Consolidated Balance Sheets.</span></div><div style="margin-top:12pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Accounts Receivable and Allowance for Credit Losses</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Accounts receivable include billed receivables and are presented net of an allowance for credit losses. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. In establishing the required allowance, management considers historical losses, current market conditions, customers' financial condition, the age of the receivables, and current payment patterns. Account balances are written off against the allowance after all means of collection have been exhausted, and the potential for recovery is considered remote. The allowance for credit losses represents the Company's best estimate of the amount of expected credit losses in existing accounts receivable. The allowance for credit losses was nominal at December 31, 2025 and 2024. </span></div><div style="padding-right:12.25pt;text-align:justify"><span><br/></span></div><div style="padding-right:12.25pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Fair Value Measurements</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company measures fair value based on the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis, whereby inputs used in valuation techniques are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value:</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">•</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%;padding-left:13.8pt">Level 1—</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">This level consists of quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">•</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%;padding-left:13.8pt">Level 2—</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">This level consists of observable prices that are based on inputs not quoted on active markets but corroborated by market data.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">•</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%;padding-left:13.8pt">Level 3—</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">This level consists of unobservable inputs that are used when little or no market data is available.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used must maximize the use of observable inputs and minimize the use of unobservable inputs.</span></div><div><span><br/></span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Debt Issuance Costs</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Debt issuance costs are amortized into interest expense over the terms of the related loan agreements using the effective interest method or other methods which approximate the effective interest method. Debt issuance costs related to debt instruments are presented on the Consolidated Balance Sheets as a direct deduction from the carrying amount of that debt liability. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">The Company expensed $3.0 million in financing fees related to unsuccessful efforts in raising additional construction debt financing during the year ended December 31, 2024, which is included in "Other income (expense), net” on the Consolidated Statements of Operations.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Inventory </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Inventory is carried at the lower of cost or net realizable value. Cost is determined using the weighted average cost method. Inventory write-downs are recorded for shrinkage, damaged, stale, and slow-moving items.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The assessment of inventories' recoverability and the amounts of any write-downs are based on currently available information and assumptions about future demand and market conditions. Produce demand may fluctuate significantly over time, and actual demand and market conditions may be more or less favorable than the Company's projections. Additional inventory write-downs may be required if actual demand is lower than initially projected. Periodic reviews are performed on the inventory balance. The impact of changes in inventory reserves is reflected in cost of goods sold.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Property and Equipment</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%"> </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Property and equipment are stated at cost less accumulated depreciation. Expenditures for additions and improvements are capitalized; expenditures for maintenance and repairs that neither materially add to the value of the property nor appreciably prolong its economic life are charged to expense as incurred.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Assets to be disposed of are reported as assets held for sale at the lower of the carrying amount or the asset's fair value less cost to sell, and depreciation is ceased. Upon sale or other disposition of an asset, the Company recognizes a gain or loss on disposal measured as the difference between the net carrying amount of the asset and the net proceeds received. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company recognized $0.3 million and $1.7 million of asset disposal losses during the years ended December 31, 2025 and 2024, respectively. These asset disposals were related to certain growing technology systems and equipment that will not be utilized in the Company's current facilities under construction or in future construction projects and were the result of the Company’s assessment of current growing process advancements and the alignment of its technology platform across Company facilities. Loss on disposal is included in "General and administrative” on the Consolidated Statements of Operations.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:35.948%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:61.852%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%;text-decoration:underline">Asset Class</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%;text-decoration:underline">Estimated Useful Life</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Greenhouse Facility</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">30 years</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Production Equipment</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">5 to 15 years</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Office Equipment</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3 years</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Leasehold Improvements</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Shorter of lease term or useful life of asset</span></div></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Capitalization of Interest</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company capitalizes interest on capital projects in accordance with ASC 835-20, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Capitalization of Interest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, which requires the capitalization of interest costs to get certain assets ready for their intended use. The Company capitalizes interest costs on borrowings during the construction period of major construction projects as part of the cost of the constructed assets. Interest is capitalized based on the interest rate applicable to specific borrowings or the weighted average of the rates applicable to other borrowings during the period. Capitalization of interest ceases </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">when the project is substantially complete and ready for its intended use. The Company amortizes capitalized interest to depreciation expense using the straight-line method over the same lives as the related assets.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">No interest expense was capitalized during the year ended December 31, 2025. During the year ended December 31, 2024, the Company capitalized interest expense of $10.7 million. </span></div><div style="text-indent:36pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Intangible Assets, Net</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Definite-lived intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives or over the pattern in which the economic benefit is expected to be consumed.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Impairment of Long-Lived Assets</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company evaluates intangible assets and other long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. This includes but is not limited to significant adverse changes in business climate, market conditions, or other events that indicate an asset's carrying amount may not be recoverable. Recoverability of these assets is measured by comparing the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate. If the undiscounted cash flows used in the test for recoverability are less than the carrying amount of these assets, the carrying amount of such assets is reduced to fair value. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On April 4, 2022, the Company acquired California-based complementary greenhouse farming company Hollandia Produce Group, Inc. and its subsidiaries (the "Pete's Acquisition"), which operated under the name Pete's. As part of the acquisition, the Company recognized identifiable intangible assets, including the Pete’s trade name.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2025, the Company is no longer using the Pete's trade name in its line of products. Because the Pete's trade name is no longer in use, management concluded that the related trade name intangible asset's carrying value was no longer recoverable. Accordingly, the related trade name intangible asset was written off in full during the third quarter of 2025, resulting in an impairment charge of $3.7 million. The impairment charge is included in "General and administrative" expenses in the Consolidated Statements of Operations for the twelve months ended December 31, 2025.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The Company did not recognize any other impairment of long-lived assets for the years ended December 31, 2025 and 2024.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Leases</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%"> </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company determines if an arrangement contains a lease at inception of a contract, and leases are classified at commencement as either operating or finance leases. A lease is classified as a finance lease if any one of the following criteria are met: (i) the lease transfers ownership of the asset by the end of the lease term, (ii) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (iii) the lease term is for a major part of the remaining useful life of the asset or (iv) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any of these criteria.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For operating leases, the Company recognizes a right-of-use ("ROU") asset and a lease liability on the balance sheet. ROU assets represent the Company's right to use an underlying asset for the lease term, and the lease liabilities represent the Company's obligation to make lease payments arising from the lease. The lease liability is determined as the present value of future lease payments over the lease term. The ROU asset is based on the lease liability adjusted for any prepaid lease payments or lease incentives. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Lease expense for lease payments under operating leases are recognized on a straight-line basis over the lease term. For finance leases, amortization expense related to finance lease ROU assets is recognized on a straight-line basis over the earlier of the useful life of the ROU asset or the lease term and interest expense is recognized based on the effective interest method using the Company’s incremental borrowing rate. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Lease terms may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that the option will be exercised. The Company uses its incremental borrowing rate at the recognition date in determining the present value of future payments for leases that do not have a readily determinable implicit rate.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company utilizes certain practical expedients and policy elections available under ASC 842. The Company does not recognize right-of-use assets or lease liabilities for short-term leases (leases with an initial term of 12 months or less), and the Company has elected to separate lease and non-lease components for all existing classes of assets. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. Variable lease payments to the lessor, such as maintenance, utilities, insurance, and real estate taxes, are expensed as incurred. For further discussion, see Note 9, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Leases</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:123%">Revenue Recognition</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s principal business is producing and selling sustainably grown fresh greens through CEA facilities. Revenue is recognized at a point in time when control of the product is transferred or passed to the customer in amounts that reflect the consideration the Company expects to be entitled to receive in exchange for those goods. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Control over the product generally passes to the customer based upon applicable shipping terms, which typically occurs when products leave the Company’s facilities with the first transportation carrier</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Customer contracts do not include more than one performance obligation. Product prices are based on agreed-upon rates with customers and do not include a financing component or noncash consideration. Also, the Company’s customer contracts do not include variable consideration, and product sales are recorded net of discounts, returns, and promotional allowances. Consideration given to customers for cooperative advertising is recognized as a reduction of revenue except to the extent there is a distinct good or service, in which case the expense is classified as selling or marketing expense. Provisions for discounts, returns, and promotional allowances were not material at December 31, 2025 and 2024.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s product sales do not typically include return rights, but the Company may offer, in certain cases, an assurance-type warranty to refund or replace the product if it does not meet quality specifications and such nonconformity is communicated to the Company within a set number of days of shipment. Refunds are recognized as a reduction of revenue based on a historical rate of experience when the product sale is consummated. Also, an estimate of the cost to replace a returned product is based on a historical rate of experience and recognized as a liability and related expense when the product sale is consummated. Product returns have not been material to date.</span></div><div style="margin-bottom:14.4pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">does not have unbilled receivable balances arising from customer transactions. Payment terms are generally between 10 and 30 days. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company does not capitalize contract inception costs, as contracts (in the form of purchase orders from customers) are one year or less, and the Company does not incur significant fulfillment costs requiring capitalization. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has made the accounting policy election to exclude sales and similar taxes from the transaction price. </span></div><div style="margin-top:18pt;padding-right:12.25pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Research and Development</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Research and development expenses primarily consist of costs associated with the ongoing development, improvement, testing, alteration, and refinement of the Company's product offerings, production lines, manufacturing processes, growing techniques, and post-harvest packaging methods. The Company's research and development efforts focus on enhancing each facility’s indoor environmental controls, growing recipes, and refining Stack &amp; Flow Technology processes, all aimed at meeting facility design and production yield specifications. Additionally, the Company also focuses on the development of new leafy green product offerings, value-added products such as Grab &amp; Go Salads, and new crops, including arugula and berries. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Derivatives</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Equity instruments issued in connection with debt and other equity instruments are required to be evaluated for derivative liability accounting treatment in accordance with ASC 815, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Derivatives and Hedging</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Unless certain exception criteria are met, the freestanding financial instrument or embedded feature must be recognized as a separate liability and subsequently measured on the balance sheet at fair value in accordance with ASC 820, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fair Value Measurement</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has evaluated the terms and features of its equity-linked instruments and identified certain freestanding warrants that do not meet the criteria necessary to qualify for the derivative scope exception under ASC 815. Due to provisions that could result in the issuance of a variable number of shares upon settlement, these instruments do not meet the fixed-for-fixed criteria required for equity classification. Accordingly, such warrants are accounted for as derivative liabilities and recorded at fair value, with subsequent changes in fair value recognized in earnings each reporting period. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In March 2023, the Company issued warrants to Cargill Financial in connection with amendments to its credit facilities. The initial fair value of the warrants of $25.7 million was recorded as a debt discount to the related credit facilities, with a corresponding warrant liability recorded on the Consolidated Balance Sheets.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On March 31, 2025, in connection with the Eleventh Amendment to the Company’s credit facilities, the Company amended the terms of certain existing warrants held by Cargill Financial, including a reduction in the exercise price and an extension of the contractual term. The amendments did not affect the classification of the warrants.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In August 2025, the Company issued a common stock purchase warrant to U.S. Bounti, LLC (the “U.S. Bounti Warrant”) in connection with the issuance of a convertible note. The U.S. Bounti Warrant provides the holder with the right to purchase 550,000 shares of the Company’s common stock at a fixed exercise price. The Company determined that the U.S. Bounti Warrant does not qualify for equity classification and is required to be accounted for as a derivative liability under ASC 815. The initial fair value of the U.S. Bounti Warrant of $1.5 million was recorded as a debt discount to the related convertible note and is amortized to interest expense over the term of the note using the effective interest method.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The warrant liabilities are presented within the “Warrant liabilities” line item of the Consolidated Balance Sheets. The warrant liabilities are remeasured at fair value each reporting period until the instruments are settled or expire, with changes in fair value recognized in “Change in fair value of warrant liabilities” in the Consolidated Statements of Operations. The fair value of the warrant liabilities is determined using valuation techniques consistent with the Black-Scholes option pricing model, which incorporates assumptions related to the Company’s stock price, expected volatility, expected term, risk-free interest rate, and dividend yield. See Note 7, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Debt</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, and Note 10, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fair Value Measurements</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, for additional information.</span></div><div style="margin-top:18pt;padding-right:12.25pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Stock-Based Compensation </span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company measures and recognizes compensation expense for all equity-based awards made to employees, directors, and non-employees based on estimated fair values recognized over the requisite service period in accordance with ASC 718, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Stock-Based Compensation</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The Company recognizes compensation expense for all equity-based awards with service vesting requirements on a tranche-by-tranche basis using the accelerated attribution method over the requisite service period of the award, which is generally the award’s vesting period. Forfeitures of awards are accounted for in the period in which they occur. </span></div><div style="margin-top:18pt;padding-right:12.25pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Advertising</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Advertising expenses are expensed as incurred. The Company incurred advertising expenses of $0.2 million and $0.4 million for the years ended December 31, 2025 and 2024, respectively. Advertising expenses are included in "Sales and marketing" expense in the Consolidated Statements of Operations.</span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Income Taxes</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%"> </span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Consolidated Financial Statements. Under this method, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the carrying amounts of assets and liabilities for income tax purposes and operating losses carried forward, measured by applying tax rates based on currently enacted tax laws. </span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Valuation allowances are calculated, when necessary, to reduce the net deferred tax assets to an amount that is more likely than not to be realized. Changes in the valuation allowances occurring in subsequent periods are included in the Consolidated Statements of Operations. </span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company recognizes uncertain tax positions based upon its estimate of whether and the extent to which additional taxes will be due when such estimates are more likely than not to be sustained. Uncertain income tax positions are not recognized if there is less than a 50% likelihood of being sustained. The Company reviews the tax reserves as circumstances warrant and adjusts the reserves as events occur that affect its potential liability for additional taxes. The Company follows the applicable guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition with respect to tax positions. The Company reflects interest and penalties related to income tax liabilities as a component of income tax expense.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Concentrations of Risk and Significant Customers</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%"> </span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents accounts with financial institutions that management believes to be of high credit quality. The Company is exposed to risk in the event of default by these financial institutions or the issuers of these securities to the extent that the balances are in excess of amounts that are insured by the Federal Deposit Insurance Corporation.</span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company's receivables are derived from revenue earned from customers in the United States. The Company provides credit to its customers in the normal course of business and requires no collateral to secure accounts receivable. The Company maintains an allowance for doubtful accounts related to estimated credit losses.</span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Significant customers are those customers who represent 10% or more of total revenue during the year or 10% or more of net accounts receivable at the balance sheet date. </span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2025, there was one significant customer that accounted for approximately 14% of the Company's accounts receivable. For the year ended December 31, 2025, one customer represented approximately 40% of the Company's revenue. </span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, there was one significant customer that accounted for approximately 27% of the Company's accounts receivable. For the year ended December 31, 2024, one customer represented approximately 34% of the Company's revenue. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Contingencies</span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Loss contingencies (other than income tax-related contingencies) arise from actual or possible claims and assessments and pending or threatened litigation that may be brought against the Company by individuals, governments, or other entities. Based on the Company's assessment of loss contingencies at each balance sheet date, a loss is recorded in the Consolidated Financial Statements if it is probable that an asset has been impaired or a liability has been incurred, and the amount of the loss can be reasonably estimated.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Segment Reporting</span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. </span></div><div><span><br/></span></div><div style="padding-right:12.25pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Emerging Growth Company</span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The Company qualifies as an emerging growth company, as defined in the JOBS Act, and therefore intends to take advantage of certain exemptions from various public company reporting requirements, including delaying the adoption of new or revised accounting standards until those standards apply to private companies. The effective dates shown in the </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accounting Pronouncements</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> sections shown below reflect the election to use the extended transition period.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Accounting Pronouncement Recently Adopted</span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income Taxes (Topic</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> 740</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">), </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which requires disclosure of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The Company adopted ASU 2023-09 for the fiscal year ending December 31, 2025 on a prospective basis. The adoption of this ASU and its impact on related disclosures is reflected in Note 13</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income Taxes</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Accounting Pronouncements Not Yet Adopted </span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In November 2024, the FASB issued ASU 2024-03, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which requires additional disclosures and disaggregation of certain costs and expenses presented on the face of the income statement. The standard is effective for the Company in fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The requirements in ASU 2024-03 can be applied on a retrospective or prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its Consolidated Financial Statements.</span></div> <div style="margin-top:6pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Basis of Presentation and Principles of Consolidation</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accepted</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> in the United States of America ("U.S. GAAP"). The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the Consolidated Financial Statements herein.</span></div> <div style="margin-top:6pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Basis of Presentation and Principles of Consolidation</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">accepted</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> in the United States of America ("U.S. GAAP"). The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the Consolidated Financial Statements herein.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Change in Presentation</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In the Consolidated Statements of Operations for the twelve months ended </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025 and 2024</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, the Company has revised the presentation of operating expenses to separately present "Sales and marketing" and "General and administrative." In prior periods, these expenses were presented on a combined basis as "Selling, general and administrative."</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company believes this updated presentation provides a more meaningful view of its cost structure and better aligns with how management evaluates financial performance and allocates resources. To facilitate comparison, amounts for the year ended December 31, 2024 have been recast to conform to the current period presentation. This change in presentation had no impact on total operating expenses, loss from operations, net loss, or loss per share for any period presented.</span></div> 15000000.0 <div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. On an ongoing basis, the Company evaluates its estimates, including those </span></div><div style="margin-top:6pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">related to the valuation of instruments issued for stock-based compensation, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the Cargill Amended Warrants (as defined below), the U.S. Bounti Warrant (as defined below),</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> inventory valuation reserve, impairment analysis for intangible assets, and income taxes, among others. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates.</span></div> <div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Significant Risks and Uncertainties</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to risks common in the consumer products and agriculture industries and those common to early-stage development companies. These include, but are not limited to, the possibility of not being able to successfully develop or market its products, competition, dependence on key personnel and key external alliances, the ability to maintain and establish relationships with current and future vendors and suppliers, the successful protection of its proprietary technologies, compliance with government regulations, and the possibility of not being able to obtain additional financing when needed.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Cash and Cash Equivalents</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%"> </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company considers all highly liquid, short-term investments with an original maturity date of three months or less when purchased to be cash equivalents.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company maintains its cash with major financial institutions that may, at times, exceed federally insured limits. The Company has not experienced any losses in such accounts.</span></div> <div style="margin-bottom:6pt;margin-top:12pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Restricted Cash</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Restricted cash is restricted from general use through legal contracts. As described in more detail below, and using terms defined in Note 8, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financing Obligations</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, as part of the April 2023 </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">California Facilities Lease</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> transaction, Hollandia delivered to the lessor a letter of credit in an amount of approximately $6.5 million as security for the full and faithful performance by Hollandia of the terms, provisions, covenants and conditions of the </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">California Facilities Lease</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. In the event of default under the </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">California Facilities Lease</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, the lessor would have the right to draw on the letter of credit to satisfy any monetary obligations under the </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">California Facilities Lease</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The letter of credit will be released after five years, contingent on achieving certain financial metrics as specified in the </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">California Facilities Lease</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The $6.5 million for the letter of credit is included in "Restricted cash" on the Consolidated Balance Sheets.</span></div> 6500000 P5Y 6500000 <div style="margin-top:12pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Accounts Receivable and Allowance for Credit Losses</span></div>Accounts receivable include billed receivables and are presented net of an allowance for credit losses. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. In establishing the required allowance, management considers historical losses, current market conditions, customers' financial condition, the age of the receivables, and current payment patterns. Account balances are written off against the allowance after all means of collection have been exhausted, and the potential for recovery is considered remote. The allowance for credit losses represents the Company's best estimate of the amount of expected credit losses in existing accounts receivable. 0 0 <div style="padding-right:12.25pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Fair Value Measurements</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company measures fair value based on the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis, whereby inputs used in valuation techniques are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value:</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">•</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%;padding-left:13.8pt">Level 1—</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">This level consists of quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">•</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%;padding-left:13.8pt">Level 2—</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">This level consists of observable prices that are based on inputs not quoted on active markets but corroborated by market data.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:100%">•</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%;padding-left:13.8pt">Level 3—</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">This level consists of unobservable inputs that are used when little or no market data is available.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used must maximize the use of observable inputs and minimize the use of unobservable inputs.</span></div> <div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Debt Issuance Costs</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Debt issuance costs are amortized into interest expense over the terms of the related loan agreements using the effective interest method or other methods which approximate the effective interest method. Debt issuance costs related to debt instruments are presented on the Consolidated Balance Sheets as a direct deduction from the carrying amount of that debt liability. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">The Company expensed $3.0 million in financing fees related to unsuccessful efforts in raising additional construction debt financing during the year ended December 31, 2024, which is included in "Other income (expense), net” on the Consolidated Statements of Operations.</span></div> 3000000.0 <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Inventory </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Inventory is carried at the lower of cost or net realizable value. Cost is determined using the weighted average cost method. Inventory write-downs are recorded for shrinkage, damaged, stale, and slow-moving items.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The assessment of inventories' recoverability and the amounts of any write-downs are based on currently available information and assumptions about future demand and market conditions. Produce demand may fluctuate significantly over time, and actual demand and market conditions may be more or less favorable than the Company's projections. Additional inventory write-downs may be required if actual demand is lower than initially projected. Periodic reviews are performed on the inventory balance. The impact of changes in inventory reserves is reflected in cost of goods sold.</span></div> <div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Property and Equipment</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%"> </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Property and equipment are stated at cost less accumulated depreciation. Expenditures for additions and improvements are capitalized; expenditures for maintenance and repairs that neither materially add to the value of the property nor appreciably prolong its economic life are charged to expense as incurred.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Assets to be disposed of are reported as assets held for sale at the lower of the carrying amount or the asset's fair value less cost to sell, and depreciation is ceased. Upon sale or other disposition of an asset, the Company recognizes a gain or loss on disposal measured as the difference between the net carrying amount of the asset and the net proceeds received. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company recognized $0.3 million and $1.7 million of asset disposal losses during the years ended December 31, 2025 and 2024, respectively. These asset disposals were related to certain growing technology systems and equipment that will not be utilized in the Company's current facilities under construction or in future construction projects and were the result of the Company’s assessment of current growing process advancements and the alignment of its technology platform across Company facilities. Loss on disposal is included in "General and administrative” on the Consolidated Statements of Operations.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:35.948%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:61.852%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%;text-decoration:underline">Asset Class</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%;text-decoration:underline">Estimated Useful Life</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Greenhouse Facility</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">30 years</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Production Equipment</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">5 to 15 years</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Office Equipment</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3 years</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Leasehold Improvements</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Shorter of lease term or useful life of asset</span></div></td></tr></table></div> -300000 -1700000 <div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:35.948%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:61.852%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%;text-decoration:underline">Asset Class</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%;text-decoration:underline">Estimated Useful Life</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Greenhouse Facility</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">30 years</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Production Equipment</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">5 to 15 years</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Office Equipment</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3 years</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Leasehold Improvements</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Shorter of lease term or useful life of asset</span></div></td></tr></table></div><div style="padding-right:12.25pt;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Property and equipment, net consisted of the following:</span></div><div style="padding-left:12.25pt;padding-right:12.25pt;text-indent:23.75pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Machinery, equipment, and vehicles</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">119,440</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">115,373</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Land</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">19,253</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">19,253</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Buildings and leasehold improvements</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">262,058</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">258,864</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Construction in progress</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4,660</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">6,039</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Less: Accumulated depreciation</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(47,984)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(28,551)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Property and equipment, net</span></div></td><td style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">357,427</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">370,978</span></div></td></tr></table></div> P30Y P5Y P15Y P3Y <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Capitalization of Interest</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company capitalizes interest on capital projects in accordance with ASC 835-20, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Capitalization of Interest</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, which requires the capitalization of interest costs to get certain assets ready for their intended use. The Company capitalizes interest costs on borrowings during the construction period of major construction projects as part of the cost of the constructed assets. Interest is capitalized based on the interest rate applicable to specific borrowings or the weighted average of the rates applicable to other borrowings during the period. Capitalization of interest ceases </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">when the project is substantially complete and ready for its intended use. The Company amortizes capitalized interest to depreciation expense using the straight-line method over the same lives as the related assets.</span></div> 0 10700000 <div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Intangible Assets, Net</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Definite-lived intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives or over the pattern in which the economic benefit is expected to be consumed.</span></div> <div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Impairment of Long-Lived Assets</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company evaluates intangible assets and other long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. This includes but is not limited to significant adverse changes in business climate, market conditions, or other events that indicate an asset's carrying amount may not be recoverable. Recoverability of these assets is measured by comparing the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate. If the undiscounted cash flows used in the test for recoverability are less than the carrying amount of these assets, the carrying amount of such assets is reduced to fair value. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On April 4, 2022, the Company acquired California-based complementary greenhouse farming company Hollandia Produce Group, Inc. and its subsidiaries (the "Pete's Acquisition"), which operated under the name Pete's. As part of the acquisition, the Company recognized identifiable intangible assets, including the Pete’s trade name.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2025, the Company is no longer using the Pete's trade name in its line of products. Because the Pete's trade name is no longer in use, management concluded that the related trade name intangible asset's carrying value was no longer recoverable. Accordingly, the related trade name intangible asset was written off in full during the third quarter of 2025, resulting in an impairment charge of $3.7 million. The impairment charge is included in "General and administrative" expenses in the Consolidated Statements of Operations for the twelve months ended December 31, 2025.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The Company did not recognize any other impairment of long-lived assets for the years ended December 31, 2025 and 2024.</span></div> 3700000 <div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Leases</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%"> </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company determines if an arrangement contains a lease at inception of a contract, and leases are classified at commencement as either operating or finance leases. A lease is classified as a finance lease if any one of the following criteria are met: (i) the lease transfers ownership of the asset by the end of the lease term, (ii) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (iii) the lease term is for a major part of the remaining useful life of the asset or (iv) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any of these criteria.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For operating leases, the Company recognizes a right-of-use ("ROU") asset and a lease liability on the balance sheet. ROU assets represent the Company's right to use an underlying asset for the lease term, and the lease liabilities represent the Company's obligation to make lease payments arising from the lease. The lease liability is determined as the present value of future lease payments over the lease term. The ROU asset is based on the lease liability adjusted for any prepaid lease payments or lease incentives. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Lease expense for lease payments under operating leases are recognized on a straight-line basis over the lease term. For finance leases, amortization expense related to finance lease ROU assets is recognized on a straight-line basis over the earlier of the useful life of the ROU asset or the lease term and interest expense is recognized based on the effective interest method using the Company’s incremental borrowing rate. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Lease terms may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that the option will be exercised. The Company uses its incremental borrowing rate at the recognition date in determining the present value of future payments for leases that do not have a readily determinable implicit rate.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company utilizes certain practical expedients and policy elections available under ASC 842. The Company does not recognize right-of-use assets or lease liabilities for short-term leases (leases with an initial term of 12 months or less), and the Company has elected to separate lease and non-lease components for all existing classes of assets. </span></div>Operating lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. Variable lease payments to the lessor, such as maintenance, utilities, insurance, and real estate taxes, are expensed as incurred. <div style="margin-bottom:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:123%">Revenue Recognition</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s principal business is producing and selling sustainably grown fresh greens through CEA facilities. Revenue is recognized at a point in time when control of the product is transferred or passed to the customer in amounts that reflect the consideration the Company expects to be entitled to receive in exchange for those goods. </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Control over the product generally passes to the customer based upon applicable shipping terms, which typically occurs when products leave the Company’s facilities with the first transportation carrier</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Customer contracts do not include more than one performance obligation. Product prices are based on agreed-upon rates with customers and do not include a financing component or noncash consideration. Also, the Company’s customer contracts do not include variable consideration, and product sales are recorded net of discounts, returns, and promotional allowances. Consideration given to customers for cooperative advertising is recognized as a reduction of revenue except to the extent there is a distinct good or service, in which case the expense is classified as selling or marketing expense. Provisions for discounts, returns, and promotional allowances were not material at December 31, 2025 and 2024.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s product sales do not typically include return rights, but the Company may offer, in certain cases, an assurance-type warranty to refund or replace the product if it does not meet quality specifications and such nonconformity is communicated to the Company within a set number of days of shipment. Refunds are recognized as a reduction of revenue based on a historical rate of experience when the product sale is consummated. Also, an estimate of the cost to replace a returned product is based on a historical rate of experience and recognized as a liability and related expense when the product sale is consummated. Product returns have not been material to date.</span></div><div style="margin-bottom:14.4pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">does not have unbilled receivable balances arising from customer transactions. Payment terms are generally between 10 and 30 days. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company does not capitalize contract inception costs, as contracts (in the form of purchase orders from customers) are one year or less, and the Company does not incur significant fulfillment costs requiring capitalization. </span></div>The Company has made the accounting policy election to exclude sales and similar taxes from the transaction price. P10D P30D <div style="margin-top:18pt;padding-right:12.25pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Research and Development</span></div>Research and development expenses primarily consist of costs associated with the ongoing development, improvement, testing, alteration, and refinement of the Company's product offerings, production lines, manufacturing processes, growing techniques, and post-harvest packaging methods. The Company's research and development efforts focus on enhancing each facility’s indoor environmental controls, growing recipes, and refining Stack &amp; Flow Technology processes, all aimed at meeting facility design and production yield specifications. Additionally, the Company also focuses on the development of new leafy green product offerings, value-added products such as Grab &amp; Go Salads, and new crops, including arugula and berries. <div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Derivatives</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Equity instruments issued in connection with debt and other equity instruments are required to be evaluated for derivative liability accounting treatment in accordance with ASC 815, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Derivatives and Hedging</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Unless certain exception criteria are met, the freestanding financial instrument or embedded feature must be recognized as a separate liability and subsequently measured on the balance sheet at fair value in accordance with ASC 820, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fair Value Measurement</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has evaluated the terms and features of its equity-linked instruments and identified certain freestanding warrants that do not meet the criteria necessary to qualify for the derivative scope exception under ASC 815. Due to provisions that could result in the issuance of a variable number of shares upon settlement, these instruments do not meet the fixed-for-fixed criteria required for equity classification. Accordingly, such warrants are accounted for as derivative liabilities and recorded at fair value, with subsequent changes in fair value recognized in earnings each reporting period. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In March 2023, the Company issued warrants to Cargill Financial in connection with amendments to its credit facilities. The initial fair value of the warrants of $25.7 million was recorded as a debt discount to the related credit facilities, with a corresponding warrant liability recorded on the Consolidated Balance Sheets.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On March 31, 2025, in connection with the Eleventh Amendment to the Company’s credit facilities, the Company amended the terms of certain existing warrants held by Cargill Financial, including a reduction in the exercise price and an extension of the contractual term. The amendments did not affect the classification of the warrants.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In August 2025, the Company issued a common stock purchase warrant to U.S. Bounti, LLC (the “U.S. Bounti Warrant”) in connection with the issuance of a convertible note. The U.S. Bounti Warrant provides the holder with the right to purchase 550,000 shares of the Company’s common stock at a fixed exercise price. The Company determined that the U.S. Bounti Warrant does not qualify for equity classification and is required to be accounted for as a derivative liability under ASC 815. The initial fair value of the U.S. Bounti Warrant of $1.5 million was recorded as a debt discount to the related convertible note and is amortized to interest expense over the term of the note using the effective interest method.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The warrant liabilities are presented within the “Warrant liabilities” line item of the Consolidated Balance Sheets. The warrant liabilities are remeasured at fair value each reporting period until the instruments are settled or expire, with changes in fair value recognized in “Change in fair value of warrant liabilities” in the Consolidated Statements of Operations. The fair value of the warrant liabilities is determined using valuation techniques consistent with the Black-Scholes option pricing model, which incorporates assumptions related to the Company’s stock price, expected volatility, expected term, risk-free interest rate, and dividend yield. See Note 7, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Debt</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, and Note 10, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fair Value Measurements</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, for additional information.</span></div> 25700000 25700000 550000 1500000 <div style="margin-top:18pt;padding-right:12.25pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Stock-Based Compensation </span></div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company measures and recognizes compensation expense for all equity-based awards made to employees, directors, and non-employees based on estimated fair values recognized over the requisite service period in accordance with ASC 718, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Stock-Based Compensation</span>. The Company recognizes compensation expense for all equity-based awards with service vesting requirements on a tranche-by-tranche basis using the accelerated attribution method over the requisite service period of the award, which is generally the award’s vesting period. Forfeitures of awards are accounted for in the period in which they occur. <div style="margin-top:18pt;padding-right:12.25pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Advertising</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Advertising expenses are expensed as incurred. The Company incurred advertising expenses of $0.2 million and $0.4 million for the years ended December 31, 2025 and 2024, respectively. Advertising expenses are included in "Sales and marketing" expense in the Consolidated Statements of Operations.</span></div> 200000 400000 <div style="margin-bottom:5pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Income Taxes</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%"> </span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Consolidated Financial Statements. Under this method, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the carrying amounts of assets and liabilities for income tax purposes and operating losses carried forward, measured by applying tax rates based on currently enacted tax laws. </span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Valuation allowances are calculated, when necessary, to reduce the net deferred tax assets to an amount that is more likely than not to be realized. Changes in the valuation allowances occurring in subsequent periods are included in the Consolidated Statements of Operations. </span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company recognizes uncertain tax positions based upon its estimate of whether and the extent to which additional taxes will be due when such estimates are more likely than not to be sustained. Uncertain income tax positions are not recognized if there is less than a 50% likelihood of being sustained. The Company reviews the tax reserves as circumstances warrant and adjusts the reserves as events occur that affect its potential liability for additional taxes. The Company follows the applicable guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition with respect to tax positions. The Company reflects interest and penalties related to income tax liabilities as a component of income tax expense.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Concentrations of Risk and Significant Customers</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%"> </span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents accounts with financial institutions that management believes to be of high credit quality. The Company is exposed to risk in the event of default by these financial institutions or the issuers of these securities to the extent that the balances are in excess of amounts that are insured by the Federal Deposit Insurance Corporation.</span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company's receivables are derived from revenue earned from customers in the United States. The Company provides credit to its customers in the normal course of business and requires no collateral to secure accounts receivable. The Company maintains an allowance for doubtful accounts related to estimated credit losses.</span></div>Significant customers are those customers who represent 10% or more of total revenue during the year or 10% or more of net accounts receivable at the balance sheet date. 0.14 0.40 0.27 0.34 <div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Contingencies</span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Loss contingencies (other than income tax-related contingencies) arise from actual or possible claims and assessments and pending or threatened litigation that may be brought against the Company by individuals, governments, or other entities. Based on the Company's assessment of loss contingencies at each balance sheet date, a loss is recorded in the Consolidated Financial Statements if it is probable that an asset has been impaired or a liability has been incurred, and the amount of the loss can be reasonably estimated.</span></div> <div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Segment Reporting</span></div>The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. <div style="padding-right:12.25pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Emerging Growth Company</span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The Company qualifies as an emerging growth company, as defined in the JOBS Act, and therefore intends to take advantage of certain exemptions from various public company reporting requirements, including delaying the adoption of new or revised accounting standards until those standards apply to private companies. The effective dates shown in the </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accounting Pronouncements</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> sections shown below reflect the election to use the extended transition period.</span></div> <div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Accounting Pronouncement Recently Adopted</span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income Taxes (Topic</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> 740</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">), </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which requires disclosure of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The Company adopted ASU 2023-09 for the fiscal year ending December 31, 2025 on a prospective basis. The adoption of this ASU and its impact on related disclosures is reflected in Note 13</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income Taxes</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Accounting Pronouncements Not Yet Adopted </span></div><div style="margin-bottom:5pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In November 2024, the FASB issued ASU 2024-03, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">which requires additional disclosures and disaggregation of certain costs and expenses presented on the face of the income statement. The standard is effective for the Company in fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The requirements in ASU 2024-03 can be applied on a retrospective or prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its Consolidated Financial Statements.</span></div> <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Inventory</span><div style="margin-top:6pt;padding-right:12.25pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Inventory, net consisted of the following:</span></div><div style="margin-top:6pt;padding-left:12.25pt;padding-right:12.25pt;text-indent:23.75pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Raw materials</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,686</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,349</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Production</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">5,655</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">5,515</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Finished goods</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">317</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">202</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Inventory valuation allowance</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(1,239)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(1,252)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total inventory, net</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">7,419</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">6,814</span></div></td></tr></table></div> <div style="margin-top:6pt;padding-right:12.25pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Inventory, net consisted of the following:</span></div><div style="margin-top:6pt;padding-left:12.25pt;padding-right:12.25pt;text-indent:23.75pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Raw materials</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,686</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,349</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Production</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">5,655</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">5,515</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Finished goods</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">317</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">202</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Inventory valuation allowance</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(1,239)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(1,252)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total inventory, net</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">7,419</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">6,814</span></div></td></tr></table></div> 2686000 2349000 5655000 5515000 317000 202000 1239000 1252000 7419000 6814000 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Property and Equipment</span><div style="padding-right:12.25pt;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Property and equipment, net consisted of the following:</span></div><div style="padding-left:12.25pt;padding-right:12.25pt;text-indent:23.75pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Machinery, equipment, and vehicles</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">119,440</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">115,373</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Land</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">19,253</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">19,253</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Buildings and leasehold improvements</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">262,058</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">258,864</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Construction in progress</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4,660</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">6,039</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Less: Accumulated depreciation</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(47,984)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(28,551)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Property and equipment, net</span></div></td><td style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">357,427</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">370,978</span></div></td></tr></table></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Depreciation expense related to property and equip</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">ment was $19.9 million an</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">d $15.3 million for the years ended December 31, 2025 and 2024, respectively.</span></div> 119440000 115373000 19253000 19253000 262058000 258864000 4660000 6039000 47984000 28551000 357427000 370978000 19900000 15300000 Intangible Assets<div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Intangible assets, net consisted of the following as of December 31, 2025 (in thousands):</span></div><div style="margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:38.460%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.427%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.427%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.505%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Gross Carrying Amount</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Accumulated Amortization</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Net Value</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Remaining Useful Life (Years)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Customer relationships</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">40,200</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(9,422)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">30,778</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">12.25</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Total:</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">40,200</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(9,422)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">30,778</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Intangible assets, net consisted of the following as of December 31, 2024 (in thousands):</span></div><div style="margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:38.460%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.427%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.427%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.505%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Gross Carrying Amount</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Accumulated Amortization</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Net Value</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Remaining Useful Life (Years)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Customer relationships</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">40,200</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(6,909)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">33,291</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">13.25</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Trade name</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">7,400</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(2,908)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4,492</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4.25</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Total:</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">47,600</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(9,817)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">37,783</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr></table></div><div style="margin-top:12pt;text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">As of </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">December 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">, future amortization expense is expected to be as follows (in thousands):</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:81.003%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.797%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2026</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,513</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2027</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,513</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2028</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,513</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2029</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,513</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2030</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,513</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Thereafter</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">18,213</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Total </span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">30,778</span></div></td></tr></table></div> <div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Intangible assets, net consisted of the following as of December 31, 2025 (in thousands):</span></div><div style="margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:38.460%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.427%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.427%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.505%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Gross Carrying Amount</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Accumulated Amortization</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Net Value</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Remaining Useful Life (Years)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Customer relationships</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">40,200</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(9,422)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">30,778</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">12.25</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Total:</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">40,200</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(9,422)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">30,778</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr></table></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Intangible assets, net consisted of the following as of December 31, 2024 (in thousands):</span></div><div style="margin-top:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:38.460%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.427%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.427%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.505%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Gross Carrying Amount</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Accumulated Amortization</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Net Value</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Remaining Useful Life (Years)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Customer relationships</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">40,200</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(6,909)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">33,291</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">13.25</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Trade name</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">7,400</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(2,908)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4,492</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4.25</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Total:</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">47,600</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(9,817)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">37,783</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr></table></div> 40200000 9422000 30778000 P12Y3M 40200000 9422000 30778000 40200000 6909000 33291000 P13Y3M 7400000 2908000 4492000 P4Y3M 47600000 9817000 37783000 <div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">As of </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">December 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">, future amortization expense is expected to be as follows (in thousands):</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:81.003%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.797%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2026</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,513</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2027</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,513</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2028</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,513</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2029</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,513</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2030</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,513</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Thereafter</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">18,213</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Total </span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">30,778</span></div></td></tr></table></div> 2513000 2513000 2513000 2513000 2513000 18213000 30778000 Accrued Liabilities<div style="margin-top:6pt;padding-right:12.25pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Accrued liabilities consisted of the following:</span></div><div style="margin-top:6pt;padding-left:12.25pt;padding-right:12.25pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Payroll</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">642 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">631 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Production</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">272 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">704 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Professional services</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">239 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">295 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Construction</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">109 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">46 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Interest</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,613 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">15,293 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Other</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">778 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,113 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total accrued liabilities</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,653 </span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">18,082 </span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr></table></div> <div style="margin-top:6pt;padding-right:12.25pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Accrued liabilities consisted of the following:</span></div><div style="margin-top:6pt;padding-left:12.25pt;padding-right:12.25pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Payroll</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">642 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">631 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Production</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">272 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">704 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Professional services</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">239 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">295 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Construction</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">109 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">46 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Interest</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,613 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">15,293 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Other</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">778 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,113 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total accrued liabilities</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,653 </span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">18,082 </span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr></table></div> 642000 631000 272000 704000 239000 295000 109000 46000 1613000 15293000 778000 1113000 3653000 18082000 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Debt</span><div style="margin-top:6pt;padding-right:12.25pt;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Debt consisted of the following:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"> </span></div></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31,</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%"> </span></div></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Senior Facility</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">302,000</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">413,359</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Debt premium, net of amortization</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">172,368</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:0.08pt"></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Convertible note</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">8,752</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:0.08pt"></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Subordinated Facility</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">54,564</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unamortized deferred financing costs</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(31,141)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total debt</span></div></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">483,120</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">436,782</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Less: Short-term portion</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(20,205)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total long-term debt</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">483,120</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:125%">416,577</span></div></td></tr></table></div><div style="padding-right:12.25pt;text-align:justify"><span><br/></span></div><div style="padding-right:12.25pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Agreements with Cargill Financial</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On September 3, 2021, Local Bounti Operating Company LLC and certain subsidiaries entered into a multiple-advance term loan credit agreement (the "Senior Credit Agreement" and "Senior Facility") and a subordinated credit agreement (the "Subordinated Credit Agreement" and "Subordinated Facility" and, together with the Senior Credit Agreement, the "Original Credit Agreements") with Cargill Financial.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As further described below, Local Bounti Operating Company LLC and certain subsidiaries entered into subsequent amendments to the Original Credit Agreements (as so amended, collectively referred to as the "Amended Credit Agreements"). Significant amendments to the Original Credit Agreement are further described below. Also, on March 31, 2025, the Company entered into a restructuring agreement and an Eleventh Amendment to the Senior Credit Agreement (the "Eleventh Amendment" and the "Amended Senior Credit Agreement") with Cargill Financial, as further described below.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Sixth Amendment to the Original Credit Agreements</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On March 28, 2023, Local Bounti Operating Company LLC and the Company and certain of its subsidiaries entered into a Sixth Amendment to the Original Credit Agreements (the "Sixth Amendment") with Cargill Financial. The Sixth Amendment, among other things, (i) expanded the Facilities from $170.0 million to up to $280.0 million (plus, in each case, interest and fees paid in kind), including capital to fund construction at the Company’s facilities in Georgia, Texas, and Washington, subject to certain conditions and at Cargill Financial's discretion; (ii) allowed for the payment in kind of the quarterly interest payment due and payable for the quarter ending June 30, 2023; and (iii) added a minimum production covenant based on a projected production forecast.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In consideration for the improved flexibility and the expanded size of the Facilities, Local Bounti issued Cargill Financial a warrant to purchase 5.4 million shares of the Company's common stock at a per share exercise price of $13.00, with a 5-year term that expires on March 28, 2028 (the "March 2023 Cargill Warrant"). </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company evaluated the before and after cash flow changes resulting from the Fourth, Fifth, and Sixth Amendments and concluded the change in cash flows underlying these cumulative amendments were not significantly </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">different from the cash flows underlying the terms in the Original Credit Agreements; therefore, the Company accounted for these amendments as a modification rather than as an extinguishment. Consequently, the $25.7 million fair value of the March 2023 Cargill Warrant was recorded as an additional debt discount that will be amortized to interest expense over the remaining term of the Amended Credit Agreements. Fees paid to non-lender third parties as a result of the modification have been expensed as incurred.</span></div><div style="margin-top:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Eleventh Amendment to the Senior Credit Agreement</span></div><div style="margin-top:18pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On March 31, 2025, the Company, along with certain of its subsidiaries, entered into an Eleventh Amendment to the Original Credit Agreements (the "Tenth Amendment") with Cargill Financial to further amend the Original Credit Agreements. Pursuant to the Eleventh Amendment, (i) $139.0 million of loans outstanding under the Senior Facility, together with all accrued and unpaid interest was cancelled, and (ii) $58.0 million of loans outstanding under the Subordinated Credit Agreement, together with all accrued and unpaid interest, was cancelled, constituting all of the loans and interest outstanding under the Subordinated Credit Agreement. In accordance with the Eleventh Amendment, the aggregate principal amount of loans outstanding under the Senior Facility subsequent to the Eleventh Amendment was $312.0 million. Additionally, in connection with the Eleventh Amendment, the per share exercise price of the Original Warrants (as defined below in Note 10, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fair Value Measurements</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">), was amended from $6.50 to $4.00 per share with an amended expiration date of March 31, 2033. </span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company concluded the Eleventh Amendment met the definition of a troubled debt restructuring as the Company was experiencing financial difficulties and the creditor granted a concession as a result of the reduction of principal, cancellation of accrued interest, modification of interest rates, and the extension of the maturity date under the Original Credit Agreements. Therefore, no gain was recognized on the cancellation of debt. Instead, $181.7 million of cancelled principal and $15.4 million of accrued interest, net of $29.0 million of unamortized debt discount remaining under the original Senior Facility, was recorded as a debt premium (representing the excess of the $480.0 million carrying amount of the Senior Facility and the Subordinated Facility prior to the restructuring over the new $312.0 million principal amount of the Senior Facility subsequent to the Eleventh Amendment) that is amortized as a reduction to interest expense over the 10-year term of the Amended Senior Credit Agreement using the effective interest method.</span></div><div style="margin-top:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Twelfth Amendment to the Senior Credit Agreement</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the issuance of the Note and the U.S. Bounti Warrant (each as defined below), on August 1, 2025, the Company also entered into a Twelfth Amendment to its Senior Credit Agreement with Cargill Financial, pursuant to which $10.0 million of outstanding loans under the Senior Facility were cancelled and discharged. Following the amendment, the aggregate principal amount of loans outstanding under the Senior Facility is $302.0 million.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company concluded the Twelfth Amendment met the definition of a troubled debt restructuring as the Company was experiencing financial difficulties and the creditor granted a concession as a result of the reduction of principal. Therefore, no gain was recognized on the cancellation of debt. Instead, $10.0 million of cancelled principal was recorded as a debt premium that will be amortized as a reduction to interest expense over the 10-year term of the Amended Senior Credit Agreement using the effective interest method.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">General Provisions of the Senior Facility</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the Eleventh Amendment, interest on the Senior Facility will accrue at three-month SOFR plus 2.0%. On April 1, 2031, the interest rate will increase to three-month SOFR plus 6.0%. From January 1, 2027 to December 31, 2029, interest will accrue on $100 million of the Senior Facility and will be due and payable in cash starting the first business day after the close of each calendar quarter, beginning with the quarter commencing April 1, 2027, and continuing through December 31, 2029. Interest accruing on the outstanding principal balance of the Senior Facility in excess of $100 million will, at the Company’s option, either be paid in cash or paid in kind, beginning with the quarter commencing April 1, 2027, and continuing through December 31, 2029. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">From January 1, 2030 to March 31, 2031, interest will accrue on up to $200 million of the Senior Facility and will be due and payable in cash starting the first business day after the close of each calendar quarter, beginning with the quarter commencing April 1, 2030, and continuing through March 31, 2031. Interest accruing on the outstanding principal balance of the Senior Facility in excess of $200 million will, at the Company's option, either be paid in cash or paid-in-kind, beginning with the quarter commencing April 1, 2027, and continuing through March 31, 2031. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">At all times after April 1, 2031, interest shall be payable only in cash on the first business day after each calendar quarter ends. Additionally, beginning in the third quarter of 2027, 50% of the free cash flow generated in the preceding quarter must be used for principal repayment on a quarterly basis. The maturity date of the Senior Facility subsequent to the Eleventh Amendment is December 31, 2035.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Amended Senior Credit Agreement includes affirmative and negative covenants and events of default, and other requirements and restrictions. The financial covenants under the Amended Senior Credit Agreement consist of the following:</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.5pt">Minimum Consolidated Interest Coverage Ratio: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Beginning June 30, 2027, the Company must maintain a Consolidated Interest Coverage Ratio of at least 1.00 to 1.00, increasing to 1.25 to 1.00 on June 30, 2028, and thereafter.</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%;padding-left:14.5pt">Minimum Liquidity: </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The Company is required to maintain minimum liquidity of $3.0 million as of December 31, 2025, December 31, 2026, and thereafter.</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%;padding-left:14.5pt">Minimum EBITDA:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%"> The Company must achieve minimum Consolidated Adjusted EBITDA of $0 for the quarter ending March 31, 2026; $3.0 million for each of the quarters ending December 31, 2026 and March 31, 2027; and $7.0 million for the twelve-month period ending March 31, 2027. Adjusted EBITDA is a non-GAAP financial measure defined as net loss before the impact of interest expense, depreciation, and amortization, and adjusted to exclude stock-based compensation expense, change in fair value of warrant liability, and certain other non-core items.</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">•</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%;padding-left:14.5pt">Current Ratio:</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%"> Starting June 30, 2027, the Company must maintain a minimum current ratio covenant of at least 1.00 to 1.00, increasing to 1.20 to 1.00 beginning June 30, 2028, and thereafter.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:112%;text-decoration:underline">U.S. Bounti, LLC Convertible Note and U.S. Bounti Warrant</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On August 1, 2025, the Company entered into a Convertible Note and Warrant Purchase Agreement with U.S. Bounti, LLC, providing for the issuance of (i) a convertible note with an initial principal balance of $10.0 million (the "Note") and (ii) a common stock purchase warrant (the "U.S. Bounti Warrant") pursuant to which U.S. Bounti, LLC has the right to purchase and acquire 550,000 shares of the Company's common stock at an exercise price of $0.125 per share. The Note bears interest at a rate of 6.0% per year, commencing on August 1, 2025 with a maturity date of August 1, 2030. Interest will accrue semi-annually on each June 30 and December 31, commencing December 31, 2025 (each, a "PIK Interest Payment Due Date"), and will be payable semi-annually in arrears on each PIK Interest Payment Due Date by automatically increasing the principal amount of the Note by the amount of such interest (with such increased amount thereafter accruing interest as well) on each PIK Interest Payment Due Date ("PIK Interest"). From time to time after August 1, 2028, interest may be payable quarterly in arrears in cash on each March 31, June 30, September 30 and December 31, commencing December 31, 2028 (each, a "Cash Interest Payment Due Date"), in each case, in an amount equal to interest accrued during the quarter ending on such Cash Interest Payment Due Date, so long as certain conditions are met, including receipt of the prior written approval of Cargill Financial, as sole lender under the Senior Facility, if the senior obligations thereunder have not been paid in full, as further set forth in the Note. </span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">During the term of the Note, the Note will be convertible into shares of the Company's common stock from time to time at the option of U.S. Bounti, LLC, upon delivery on one or more occasions of a written notice to the Company electing to convert all or any portion of the Note Obligations Amount (as defined in the Note). The initial conversion price of the Note is $2.50 per share of the Company's common stock (the "Conversion Price"). The Conversion Price is subject to adjustment for stock splits, dividends or distributions, recapitalizations or similar transactions. On August 1, 2029, 50% of the Note Obligations Amount will automatically convert into shares of the Company's common stock at the Conversion Price. The remaining 50% of the Note Obligations Amount will automatically convert into shares of the Company's common stock at the Conversion Price on the maturity date of the Note. Notwithstanding the foregoing, however, 50% of the Note Obligations Amount may be payable in cash on August 1, 2029, with the remaining 50% of the Note Obligations Amount repaid in cash on the maturity date of the Note, so long as certain conditions are met as set forth in the Note, including receipt of the prior written approval of Cargill Financial, as sole lender under the Senior Facility, if the senior obligations thereunder have not been paid in full. Conversion of the full initial principal amount of the Note would result in the issuance of 4,000,000 shares of common stock if converted at $2.50 per share, which amount is subject to increase by any PIK Interest that is added to the outstanding principal under the terms of the Note. The Note is subordinated to obligations under the Company’s Senior Facility.</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">On October 14, 2025, the Company’s stockholders approved, for purposes of complying with the rules of the NYSE, (i) the issuance of up to 5,131,871 shares of the Company's common stock upon the conversion of the Note, and (ii) the issuance of up to 550,000 shares of the Company's common stock underlying the U.S. Bounti Warrant. </span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The Company determined that the U.S. Bounti Warrant requires liability classification under ASC 815 and will be remeasured at fair value each reporting period, with changes recognized in earnings. The U.S. Bounti Warrant's initial fair value of $1.5 million was recorded as a debt discount to the $10.0 million Note, and will be amortized to interest expense over the 5-year term of the Note using the effective interest method. See Note 10, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Fair Value Measurements</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">, for a discussion of the method used to determine the fair value of the U.S. Bounti Warrant.</span></div> <div style="margin-top:6pt;padding-right:12.25pt;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Debt consisted of the following:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"> </span></div></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31,</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%"> </span></div></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Senior Facility</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">302,000</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">413,359</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Debt premium, net of amortization</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">172,368</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"><div style="margin-bottom:0.08pt"></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Convertible note</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">8,752</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:0.08pt"></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Subordinated Facility</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">54,564</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unamortized deferred financing costs</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(31,141)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total debt</span></div></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">483,120</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">436,782</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Less: Short-term portion</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(20,205)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total long-term debt</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">483,120</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:9pt;font-weight:400;line-height:125%">416,577</span></div></td></tr></table></div> 302000000 413359000 172368000 0 8752000 0 0 54564000 0 31141000 483120000 436782000 0 20205000 483120000 416577000 170000000.0 280000000.0 5400000 13.00 P5Y 25700000 139000000.0 58000000.0 312000000.0 6.50 4.00 0 181700000 15400000 29000000.0 480000000.0 312000000.0 P10Y 10000000.0 302000000.0 0 10000000.0 P10Y 0.020 0.060 100000000 100000000 200000000 200000000 0.50 1.00 1.25 3000000.0 3000000.0 0 3000000.0 3000000.0 7000000.0 1.00 1.20 10000000.0 550000 0.125 0.060 2.50 0.50 0.50 0.50 0.50 4000000 2.50 5131871 550000 1500000 10000000.0 P5Y <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Financing Obligations</span><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Montana Facility Financing Obligation </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">June 2020, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the Company completed the construction of</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> the Montana Facility. Subsequent to the completion, the Company entered into a sale and finance leaseback transaction for the <span id="ie9b6fa6defea4408bdbd8823841c2822_5666"></span>Montana Facility with </span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Grow Bitterroot, LLC ("Grow Bitterroot"),</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> a related party, for total consideration of $6.9 million with an initial term of 10 years. The Company also has an option to extend the term of the facility lease for three consecutive terms of five years each. In April 2021, the Company elected to extend two five-year periods, resulting in a 20-year lease term. In addition, the Company and Grow Bitterroot entered into a property maintenance and management services agreement under which the Company will provide all property maintenance and management services, including business, operational, strategic, and advisory services in exchange for an annual fee of $0.1 million. The property maintenance and management services agreement includes an initial term of three years with one year autorenewals unless terminated by either party with 30 days’ notice.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The transaction did not qualify for sales treatment and subsequent lease accounting due to the leaseback agreement meeting the classification criteria of a finance lease . </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As such, the transaction is accounted for as a debt financing transaction (a failed sale). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Therefore, the assets remain on the Consolidated Balance Sheets, with the proceeds from the transaction and purchases of equipment on behalf of the related party recorded as a financing obligation. In addition, the Company manages the facility and performs maintenance in exchange for a management fee under the property maintenance and management services agreement. The contractual payments for both the lease agreement and property maintenance and management agreement are applied as payments of deemed principal and imputed interest. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The lease agreement does not contain residual value guarantees. The agreement does not contain restrictions or covenants that may result in additional financial obligations. The landlord has the option to construct future improvements on the property; when the improvements are completed, the base rent will increase.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company utilized a rate of 11.6% to calculate imputed interest and recognized $1.6 million of interest expense related to the Montana Facility lease for the years ended December 31, 2025</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> and 2024.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">California Facilities Financing Obligation</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On April 27, 2023, Hollandia Real Estate, LLC ("Hollandia"), a wholly owned subsidiary of the Company, and STORE Master Funding XXXI, LLC ("STORE") consummated a $35 million multi-site sale and leaseback transaction relating to the Carpinteria Facility and the Oxnard Facility (collectively, the "California Facilities").</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the sale and leaseback transaction, Hollandia and STORE entered into a Master Lease Agreement (the "California Facilities Lease") dated April 27, 2023 (the "Effective Date"). Pursuant to the California Facilities Lease, Hollandia will lease the California Facilities from STORE, subject to the terms and conditions of the California Facilities Lease.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The California Facilities Lease provides for an initial term of 25 years, commencing on the Effective Date and expiring on April 30, 2048 ("Initial Term"). Hollandia has four options to extend the Initial Term for separate renewal terms of five years each (together with the Initial Term, the "Lease Term"). Subject to adjustment as set forth in the California Facilities Lease, the combined annual minimum rent payable to STORE during the first year of the Lease Term was an amount equal to $3.2 million (the "Base Annual Rent") with payments made monthly, subject to annual rent increases of three percent (3%) of the Base Annual Rent.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The California Facilities Lease contains certain representations, warranties, covenants, obligations, conditions, indemnification provisions, and termination provisions customary for sale and leaseback transactions.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As part of the California Facilities Lease, Hollandia delivered to STORE a letter of credit for approximately $6.5 million as security for the full and faithful performance by Hollandia of the terms, provisions, covenants, and conditions of the California Facilities Lease. In the event of default under the California Facilities Lease, STORE shall have the right to draw on the letter of credit to satisfy any monetary obligations under the California Facilities Lease. The letter of credit will be released after five years, contingent on achieving certain financial metrics as specified in the California Facilities Lease. The $6.5 million for the letter of credit is included in "Restricted cash" on the Consolidated Balance Sheets.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The transaction did not qualify for sale treatment and subsequent lease accounting due to the leaseback agreement meeting the classification criteria of a finance lease </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As such, the transaction is accounted for as a debt financing transaction (a failed sale). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Therefore, the leased assets remain on the Consolidated Balance Sheets and continue to be depreciated over their original estimated useful lives, and the contractual lease payments are allocated between interest expense (as imputed interest) and a repayment of the $35 million financing obligation through April 30, 2048, which is the expiration of the 25-year lease term and the time at which the Company expects control of the leased assets to transfer to STORE. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company utilized a rate of 11.1% to calculate imputed interest and recognized $4.0 million of interest expense for the years ended December 31, 2025 and 2024, respectively, related to the California Facilities Lease.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">SkyRock Financing Obligation</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On December 29, 2025, the Company completed a sale and leaseback transaction with SkyRock Capital relating to certain greenhouse and conveyor equipment located in the Company's Texas facility (the "Texas Equipment"). The total cost of the equipment was approximately $1.6 million, and the Company received total proceeds of approximately $1.6 million in connection with the transaction.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company will lease the Texas Equipment for an initial base term of 27 months and the lease includes a purchase option at the end of the lease term capped at 25% of the original equipment cost, which the Company is reasonably certain to exercise.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The agreement with SkyRock Capital contains certain representations, warranties, covenants, obligations, conditions, indemnification provisions, and termination provisions customary for sale and leaseback transactions.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The transaction did not qualify for sale leaseback accounting due to the finance leaseback classification prohibiting sale treatment. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As such, the transaction is accounted for as a debt financing transaction (a failed sale). </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Therefore, the leased assets remain on the Consolidated Balance Sheets and will continue to be depreciated over their original estimated useful lives, and the contractual lease payments are allocated between interest expense (as imputed interest) and a repayment of the $1.6 million financing obligation through March 2027.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize the financing obligations and the presentation in the Consolidated Statements of Operations for the periods presented:</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:1.37pt;padding-right:1.37pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Amortization of financing obligation assets</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,873</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,036</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Interest on financing liabilities</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">5,616</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">5,545</span></div></td></tr></table></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%">The following table summarizes future financing obligation payments by fiscal year:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:36.890%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.151%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.427%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.151%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.427%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.154%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Texas Equipment Financing Obligation</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Montana Facility Financing Obligation</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">California Facilities Financing Obligation</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2026</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,030</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,655</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,503</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2027</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,160</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,688</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,608</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2028</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,722</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,717</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2029</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,756</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,828</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2030</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,791</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,943</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Thereafter</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">19,639</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">90,575</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total financing obligation payments</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,190</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">28,251</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">109,174</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unamortized deferred financing costs</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(202)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Amount representing interest</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(594)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(18,451)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(87,649)</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Net financing obligation and asset at end of term</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4,145</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">15,240</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total financing obligation</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,596</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">13,945</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">36,563</span></div></td></tr></table></div> 6900000 P10Y 3 P5Y 2 P5Y P20Y 100000 P3Y P1Y P30D 0.116 1600000 1600000 35000000 P25Y 4 P5Y 3200000 0.03 6500000 P5Y 6500000 35000000 P25Y 0.111 0.111 4000000.0 4000000.0 1600000 1600000 P27M 0.25 1600000 <div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following tables summarize the financing obligations and the presentation in the Consolidated Statements of Operations for the periods presented:</span></div><div style="text-align:justify"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:1.37pt;padding-right:1.37pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Amortization of financing obligation assets</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,873</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,036</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Interest on financing liabilities</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">5,616</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">5,545</span></div></td></tr></table></div> 1873000 2036000 5616000 5545000 <div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%">The following table summarizes future financing obligation payments by fiscal year:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:36.890%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.151%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.427%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.151%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.427%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.154%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Texas Equipment Financing Obligation</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Montana Facility Financing Obligation</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">California Facilities Financing Obligation</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2026</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,030</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,655</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,503</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2027</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,160</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,688</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,608</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2028</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,722</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,717</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2029</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,756</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,828</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2030</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,791</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,943</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Thereafter</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">19,639</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">90,575</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total financing obligation payments</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,190</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">28,251</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">109,174</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unamortized deferred financing costs</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(202)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Amount representing interest</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(594)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(18,451)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(87,649)</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Net financing obligation and asset at end of term</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4,145</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">15,240</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total financing obligation</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,596</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">13,945</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">36,563</span></div></td></tr></table></div> 1030000 1655000 3503000 1160000 1688000 3608000 0 1722000 3717000 0 1756000 3828000 0 1791000 3943000 0 19639000 90575000 2190000 28251000 109174000 0 0 202000 594000 18451000 87649000 0 4145000 15240000 1596000 13945000 36563000 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Leases</span><div style="margin-bottom:8pt;margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has operating leases primarily for facility equipment. The Company also has a financing lease for intra-facility transport vehicles. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and, therefore, are not factored into the determination of lease payments.</span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">The components of lease expense were as follows: </span></div><div><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Operating lease cost</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">35</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">83</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Finance lease cost:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Amortization of right-of-use assets</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">63</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">37</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Interest on lease obligations</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">36</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">24</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Short-term lease cost</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">630</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">723</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total lease expense</span></div></td><td style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">764</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">867</span></div></td></tr></table></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2025, the weighted average remaining lease term and weighted average discount rate for all operating leases was 1.8 years and 7.3%, respectively. As of December 31, 2025, the weighted average remaining lease term and weighted average discount rate for all finance leases was 3.4 years and 13.8%, respectively.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2025, the maturities of lease liabilities under non-cancelable operating and finance leases were as follows:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:57.612%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.151%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.153%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Operating Leases</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Finance Leases</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2026</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">35</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">86</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2027</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">26</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">86</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2028</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">86</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2029</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">29</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total minimum lease payments</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">61</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">287</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Less: imputed interest</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(4)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(51)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">57</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">236</span></div></td></tr></table></div> <div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">The components of lease expense were as follows: </span></div><div><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Year Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Operating lease cost</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">35</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">83</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Finance lease cost:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Amortization of right-of-use assets</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">63</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">37</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Interest on lease obligations</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">36</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">24</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Short-term lease cost</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">630</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">723</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total lease expense</span></div></td><td style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">764</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">867</span></div></td></tr></table></div> 35000 83000 63000 37000 36000 24000 630000 723000 764000 867000 P1Y9M18D 0.073 P3Y4M24D 0.138 <div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2025, the maturities of lease liabilities under non-cancelable operating and finance leases were as follows:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:57.612%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.151%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.153%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Operating Leases</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Finance Leases</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2026</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">35</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">86</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2027</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">26</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">86</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2028</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">86</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2029</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">29</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total minimum lease payments</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">61</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">287</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Less: imputed interest</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(4)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(51)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Total</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">57</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">236</span></div></td></tr></table></div> 35000 86000 26000 86000 0 86000 0 29000 61000 287000 4000 51000 57000 236000 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Fair Value Measurements</span><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table sets forth, by level within the fair value hierarchy, the accounting of the Company’s financial assets and liabilities at fair value on a recurring basis according to the valuation techniques the Company uses to determine their fair value:</span></div><div style="margin-top:6pt;padding-left:13.5pt;padding-right:12.25pt;text-align:justify;text-indent:18pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:52.746%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.504%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"> </span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="15" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31, 2025</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"> </span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Level 1</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Level 2</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Level 3</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Recurring fair value measurements</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%"> </span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%"> </span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%"> </span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Assets:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%"> </span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%"> </span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%"> </span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:10pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Money market funds</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10,531</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Liabilities:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">U.S. Bounti Warrant </span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,166</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Cargill Amended Warrants </span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10,096</span></div></td></tr></table></div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:52.746%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.504%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31, 2024</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Level 1</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Level 2</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Level 3</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Recurring fair value measurements</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Assets:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:10pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Money market funds</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">7,448</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Liabilities:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Cargill Amended Warrants</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">6,403</span></div></td></tr></table></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of the Company's money market funds is determined using quoted market prices in active markets for identical assets.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Cargill Financial Common Stock Purchase Warrant Amendment</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the Eleventh Amendment, the Company entered into amendments for existing warrants held by Cargill Financial (the "Cargill Warrant Amendments") to amend (i) the Common Stock Purchase Warrant, dated March 28, 2023 (the "Cargill Base Warrant") and (ii) the Warrants to Purchase Common Stock, each issued November 21, 2021 (the "Cargill 2021 Warrants" and, together with the Base Warrant, the "Cargill Original Warrants"; the Cargill Original Warrants as amended, the "Cargill Amended Warrants") to (a) amend the exercise price for the Cargill Original Warrants from $6.50 to $4.00 per share of common stock, (b) extend the expiration date to eight years from the closing of the Eleventh Amendment, and (c) amend and restate the Cargill 2021 Warrants to be on the same form as the Cargill Base Warrant. The Cargill Original Warrants were issued by the Company to Cargill Financial to purchase up to an aggregate of 5,408,145 shares of common stock and the aggregate number of shares is the same for the Cargill Amended Warrants. The change in the per share exercise price did not affect the classification of the Cargill Original Warrants. Therefore, the change in fair value of the Cargill Original Warrants will continue to be remeasured each quarter until the instrument is settled or expires with changes in fair value recorded in "Change in fair value of warrant liabilities" in the Consolidated Statements of Operations. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%">The fair value of the liability of the Cargill Amended Warrants is determined using a Black-Scholes model. The following table presents changes in the Level 3 fair value measurement for the warrant liability on a recurring basis (in thousands):</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.730%"><tr><td style="width:1.0%"></td><td style="width:84.277%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.523%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Balance as of December 31, 2023</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">7,214</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"><span style="-sec-ix-hidden:f-649">Fair value measurement adjustments recognized through change in fair value of warrant liability</span></span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(811)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Balance as of December 31, 2024</span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">6,403</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Fair value measurement adjustments recognized through change in fair value of warrant liability</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,693</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Balance as of December 31, 2025</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10,096</span></div></td></tr></table></div><div style="margin-top:12pt;padding-right:12.25pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%">The key inputs into the Black-Scholes model used to determine the fair value of the liability of the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%"> Cargill Amended Warrants</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%"> were as follows at their measurement dates:</span></div><div style="padding-right:12.25pt;text-align:justify;text-indent:36pt"><span><br/></span></div><div style="padding-right:12.25pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.730%"><tr><td style="width:1.0%"></td><td style="width:68.868%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.522%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.586%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.524%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br/>2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31, 2024</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Input</span></div></td><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Share price</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2.14</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2.07</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Risk-free interest rate</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3.9%</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4.4%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Volatility</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">119%</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">122%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Exercise price</span></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4.00</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">6.50</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Warrant life (years)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">7.3</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3.2</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Dividend yield</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—%</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—%</span></div></td></tr></table></div><div style="padding-right:12.25pt;text-align:justify"><span><br/></span></div><div style="padding-right:12.25pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">U.S. Bounti Warrant</span></div><div style="padding-right:12.25pt;text-align:justify"><span><br/></span></div><div style="padding-right:12.25pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The U.S. Bounti Warrant entitles the holder to purchase up to 550,000 shares of the Company’s common stock at an exercise price of $0.125 per share, subject to adjustment upon the occurrence of certain events such as stock dividends, stock splits, or other corporate actions. The U.S. Bounti Warrant is exercisable beginning on the date of issuance and expires on August 1, 2035. The Company concluded that the U.S. Bounti Warrant should be classified as a derivative liability pursuant to ASC 815, as the instrument fails the indexation and equity classification guidance. As such, the U.S. Bounti Warrant will be initially measured at fair value. The change in fair value will be remeasured each quarter until the instrument is settled or expires with changes in fair value recorded in "Change in fair value of warrant liability" in the Consolidated Statements of Operations.</span></div><div style="padding-right:12.25pt;text-align:justify"><span><br/></span></div><div style="padding-right:12.25pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%">The fair value of the liability of the U.S. Bounti Warrant is determined using a Black-Scholes model. The following table presents changes in the Level 3 fair value measurement for the warrant liability on a recurring basis (in thousands):</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.730%"><tr><td style="width:1.0%"></td><td style="width:84.277%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.523%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Balance as of August 1, 2025 (initial measurement)</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,502</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 15.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:14.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"><span style="-sec-ix-hidden:f-670">Fair value measurement adjustments recognized through change in fair value of warrant liability</span></span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(336)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Balance as of December 31, 2025</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,166</span></div></td></tr></table></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The key inputs into the Black-Scholes model used to determine the fair value of the liability of the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> U.S. Bounti Warrant</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> were as follows at their measurement dates:</span></div><div style="padding-right:12.25pt;text-align:justify;text-indent:36pt"><span><br/></span></div><div style="padding-right:12.25pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:69.212%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.431%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.425%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.432%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br/>2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">August 1, 2025 (initial measurement)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Input</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Share price</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2.14</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2.73</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Risk-free interest rate</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4.2%</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4.2%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Volatility</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">119%</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">123%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Exercise price</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">0.125</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">0.125</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Warrant life (years)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">9.6</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10.0</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Dividend yield</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—%</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—%</span></div></td></tr></table></div><div style="padding-right:12.25pt;text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%">As of December 31, 2025 and 2024, the carrying value of the Company's cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximated their respective fair values due to their short-term maturities. Therefore, no unrealized gains or losses were recorded during the periods presented. There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented.</span></div> <div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table sets forth, by level within the fair value hierarchy, the accounting of the Company’s financial assets and liabilities at fair value on a recurring basis according to the valuation techniques the Company uses to determine their fair value:</span></div><div style="margin-top:6pt;padding-left:13.5pt;padding-right:12.25pt;text-align:justify;text-indent:18pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:52.746%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.504%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"> </span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="15" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31, 2025</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"> </span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Level 1</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Level 2</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Level 3</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Recurring fair value measurements</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%"> </span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%"> </span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%"> </span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Assets:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%"> </span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%"> </span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%"> </span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:10pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Money market funds</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10,531</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Liabilities:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">U.S. Bounti Warrant </span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,166</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Cargill Amended Warrants </span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10,096</span></div></td></tr></table></div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:52.746%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.504%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31, 2024</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Level 1</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Level 2</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Level 3</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Recurring fair value measurements</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Assets:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:10pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Money market funds</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">7,448</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Liabilities:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Cargill Amended Warrants</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">6,403</span></div></td></tr></table></div> 10531000 0 0 0 0 1166000 0 0 10096000 7448000 0 0 0 0 6403000 6.50 4.00 P8Y 5408145 The following table presents changes in the Level 3 fair value measurement for the warrant liability on a recurring basis (in thousands):<div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.730%"><tr><td style="width:1.0%"></td><td style="width:84.277%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.523%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Balance as of December 31, 2023</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">7,214</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"><span style="-sec-ix-hidden:f-649">Fair value measurement adjustments recognized through change in fair value of warrant liability</span></span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(811)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Balance as of December 31, 2024</span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">6,403</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Fair value measurement adjustments recognized through change in fair value of warrant liability</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,693</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Balance as of December 31, 2025</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10,096</span></div></td></tr></table></div><div style="padding-right:12.25pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%">The fair value of the liability of the U.S. Bounti Warrant is determined using a Black-Scholes model. The following table presents changes in the Level 3 fair value measurement for the warrant liability on a recurring basis (in thousands):</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.730%"><tr><td style="width:1.0%"></td><td style="width:84.277%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.523%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Balance as of August 1, 2025 (initial measurement)</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,502</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 15.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:14.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"><span style="-sec-ix-hidden:f-670">Fair value measurement adjustments recognized through change in fair value of warrant liability</span></span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(336)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Balance as of December 31, 2025</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,166</span></div></td></tr></table></div> 7214000 -811000 6403000 3693000 10096000 <div style="margin-top:12pt;padding-right:12.25pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%">The key inputs into the Black-Scholes model used to determine the fair value of the liability of the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%"> Cargill Amended Warrants</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%"> were as follows at their measurement dates:</span></div><div style="padding-right:12.25pt;text-align:justify;text-indent:36pt"><span><br/></span></div><div style="padding-right:12.25pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.730%"><tr><td style="width:1.0%"></td><td style="width:68.868%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.522%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.586%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.524%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br/>2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31, 2024</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Input</span></div></td><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Share price</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2.14</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2.07</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Risk-free interest rate</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3.9%</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4.4%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Volatility</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">119%</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">122%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Exercise price</span></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4.00</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">6.50</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Warrant life (years)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">7.3</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3.2</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Dividend yield</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—%</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—%</span></div></td></tr></table></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The key inputs into the Black-Scholes model used to determine the fair value of the liability of the</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> U.S. Bounti Warrant</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> were as follows at their measurement dates:</span></div><div style="padding-right:12.25pt;text-align:justify;text-indent:36pt"><span><br/></span></div><div style="padding-right:12.25pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:69.212%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.431%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.425%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.432%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">December 31,<br/>2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">August 1, 2025 (initial measurement)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Input</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Share price</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2.14</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2.73</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Risk-free interest rate</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4.2%</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4.2%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Volatility</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">119%</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">123%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Exercise price</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">0.125</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">0.125</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Warrant life (years)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">9.6</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10.0</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Dividend yield</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—%</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—%</span></div></td></tr></table></div> 2.14 2.07 0.039 0.044 1.19 1.22 4.00 6.50 7.3 3.2 0 0 550000 0.125 1502000 -336000 1166000 2.14 2.73 0.042 0.042 1.19 1.23 0.125 0.125 9.6 10.0 0 0 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Stockholders' Deficit</span><div style="margin-top:6pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Common Stock</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%">Pursuant to the terms of the Company's Certificate of Incorporation, as amended, the Company is authorized to issue up to 400,000,000 common stock, $0.0001 par value per share, and 100,000,000 shares of Preferred Stock, $0.0001 par value per share. </span></div><div style="padding-left:14.2pt;text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%">The rights of the holders of the voting common stock and nonvoting common stock are as follows:</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:124%">Voting Common Stock - </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%">Each holder of common stock is entitled to one vote for each share of common stock held.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:124%">Nonvoting Common Stock</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:124%"> - Each holder of nonvoting common stock is entitled to zero votes for each share of nonvoting common stock held. Holders of nonvoting common stock are not entitled to information rights or rights to dividends or other distributions until immediately prior to a liquidation event.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:124%">Securities Purchase Agreement</span></div><div style="margin-top:18pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On March 31, 2025, simultaneous with the Eleventh Amendment (see Note 7, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Debt,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> for further information), the Company entered into a securities purchase agreement (the "Purchase Agreement") with certain investors (the "Investors") for a $25 million investment (the "PIPE Investment"). In connection with the PIPE Investment, the Company issued 1,771,586 shares of common stock (the "PIPE Common Stock"), $0.0001 par value per share, and 10,728,414 shares Series A Preferred Stock (the "Series A Preferred Stock"), $0.0001 par value per share (and together with the PIPE Common Stock (the "Securities")) at a purchase price of $2.00 per share (the "Purchase Price") to comply with NYSE stockholder approval rules. As required by the NYSE shareholder approval rules, the Series A Certificate of Designations limited the number of shares of common stock issuable upon conversion of the Series A Preferred Stock such that, when aggregated with the shares of PIPE Common Stock issued at closing, such issuances would not exceed 19.99% of the Company’s issued and outstanding common stock until the date stockholder approval was obtained. All shares of Series A Preferred Stock were automatically converted into one share of common stock without any action by the holders on the first trading day after the Company obtained stockholder approval, which the Company obtained at its June 11, 2025, Annual Meeting of Stockholders. The Investors are subject to a 180-day lock-up period with respect to the Securities purchased in the PIPE Investment.</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Purchase Agreement included customary representations, warranties and covenants of the parties. The securities issued pursuant to the Purchase Agreement were sold in private placements in reliance upon the exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended ("Securities Act") and/or Rule 506(b) of Regulation D promulgated under the Securities Act, without general solicitation, made only to and with accredited investors as defined in Regulation D. The transaction closed on March 31, 2025, following the satisfaction of customary closing conditions. Upon closing, the Company received aggregate net proceeds of approximately $24.5 million, net of offering expenses, which was allocated between the common stock and Series A Preferred Stock </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">on a relative fair value basis resulting in $3.4 million of net proceeds from the sales of common stock and $21.1 million from the sale of Series A Preferred Stock. The Company intends to use the proceeds from the Securities sale for general corporate purposes. </span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Series A Preferred Stock was initially classified in temporary equity on the Consolidated Balance Sheets as prior to its conversion to common stock it was contingently redeemable in cash at the original purchase price at the holder’s option upon the occurrence of events which were deemed outside of the Company’s control. In accordance with the accounting guidance for contingently redeemable equity instruments, the Company elected to record changes in redemption value immediately as the changes occur, and to adjust the carrying amount of the Series A Preferred Stock to its redemption value at the end of each reporting period. At issuance, the Series A Preferred Stock had a relative fair value of $21.1 million. At the end of the reporting period on March 31, 2025, the redemption value of the Series A Preferred Stock was equal to the original purchase price of $2.00 per share, or $21.5 million. Consequently, the Company recognized a $0.4 million increase to the initial carrying value of the Series A Preferred Stock and a decrease to additional paid in capital to reflect the Series A Preferred Stock at its maximum redemption value. This increase to the carrying value is treated as a deemed dividend to the preferred stockholders and increases the net loss attributable to common stockholders and basic net loss per share for the year ended December 31, 2025. See Note 14, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Net Loss Per Share,</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> for further information.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Equity Incentive Plan</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company's Board of Directors adopted an amendment to the Company's 2021 Equity Incentive Plan to increase the number of shares issuable under the plan by an additional 2,473,042 shares of common stock, par value $0.0001 per share, that was approved by the Company's stockholders on, and which became effective as of, June 11, 2025.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Common Stock Listing</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">On February 5, 2026, the Company received a written notice (the "Notice") from the NYSE that the Copmany was not in compliance with the continued listing standards set forth in Rule 802.01B of the NYSE Listed Company Manual (the “Minimum Market Capitalization Standard”) because the Company's average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, the Company's last reported stockholders' deficit was less than $50 million. Subsequently, the Company submitted a plan setting forth the actions the Company is taking that are designed to regain compliance with the Minimum Market Capitalization Standard within nine months of receipt of the Notice (the "Market Capitalization Cure Period"). The Company's common stock continues to be listed and traded on the NYSE during the Market Capitalization Cure Period, subject to compliance with other NYSE continued listing standards and continued quarterly review by the NYSE of the Company's progress with respect to the plan. The Company can provide no assurances that it will be able to satisfy any of the steps outlined above and maintain the listing of the Company's common stock on the NYSE.</span></div> 400000000 0.0001 100000000 0.0001 1 0 25000000 1771586 0.0001 10728414 0.0001 2.00 0.1999 1 P180D 24500000 3400000 21100000 21100000 2.00 21500000 400000 2473042 0.0001 30 50000000 50000000 P9M <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Stock-Based Compensation</span><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In 2020, the Company adopted an Equity Incentive Plan (the "2020 Plan"), pursuant to which the Company’s Board of Directors could grant stock awards to employees and service providers. According to the 2020 Plan, incentive stock options could only be granted to eligible employees. Non-statutory stock options, stock appreciation rights, restricted stock, RSUs, and employee stock purchase plan were also included in the 2020 Plan and could be granted to service providers. In October 2021, the Company adopted a new Equity Incentive Plan (the "2021 Plan"), which replaced the 2020 Plan. The 2020 Plan terminated upon the effectiveness of the 2021 Plan, at which time the outstanding awards previously granted thereunder were assumed by the Company. Following termination of the 2020 Plan, no new awards will be granted under such plan, but previously granted awards will continue to be subject to the terms and conditions of the 2020 Plan and the stock award agreements pursuant to which such awards were granted. Under the 2021 Plan, the Company can grant stock options, stock appreciation rights, restricted stock, restricted stock units, and certain other awards which are settled in the form of common shares under the 2021 Plan.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Restricted Common Stock Awards</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has granted change in control restricted common stock awards ("RSAs") under the 2020 Plan. Upon a "change in control" (as defined in the 2020 Plan) of Local Bounti, the change in control restricted common stock awards would vest in full. If a "qualified public offering" of the common stock of Local Bounti occurred (as defined in the 2020 Plan, which includes the consummation of the Business Combination) prior to a change in control, then the change in control restricted common stock would vest upon the vesting schedule set forth in the 2020 Plan or individual award agreements. The fair value of the restricted common stock-based compensation awards was determined using the fair market value of the Company’s common stock on the date of the grant as determined by the Board. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In November 2021, Legacy Local Bounti and certain restricted stockholders amended their change in control restricted stock awards to remove the vesting trigger and converted the vesting to four-year time-based vesting, with 10% vesting on the first anniversary of the original vesting commencement date and 30% vesting on each anniversary thereafter, subject to the grantee’s continued service on each applicable vesting date. As the vesting trigger was removed, the Company was required to recognize the compensation expenses through the Consolidated Statements of Operations. </span></div><div style="padding-left:13.5pt;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">A summary of the RSA activity for 2025 and 2024 is as follows:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Number of Shares of Restricted Common Stock Awards</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:125%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span><br/></span></div><div style="margin-bottom:0.08pt;text-align:center"><span><br/></span></div><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Average Grant-Date Fair Value</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:125%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unvested at December 31, 2023</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">135,701</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">23.60</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Vested, unsettled</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(111,344)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">20.83</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unvested at December 31, 2024</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">24,357</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">36.27</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Vested</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(24,357)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">36.27</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unvested and outstanding at December 31, 2025</span></div></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr></table></div><div style="padding-right:12.25pt;text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Total expense of RSAs for the years ended December 31, 2025 and 2024 was $0.1 million and $0.6 million, respectively. As of December 31, 2025, there is no remaining compensation cost related to unvested RSAs as they have all been vested.</span></div><div style="margin-top:6pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Restricted Stock Units</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The Company has granted restricted stock units ("RSUs") under the 2020 Plan and the 2021 Plan. The Company has entered into various RSU agreements with both employees and nonemployees.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The vesting for these RSUs range from <span style="-sec-ix-hidden:f-734">zero</span> to four years on a graded vesting schedule.</span></div><div style="padding-left:13.5pt;text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">A summary of the RSU activity for 2025 and 2024 is as follows:</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Number of RSUs</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:125%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Average Grant-Date Fair Value</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:125%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unvested at December 31, 2023</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">689,837</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">47.43</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Granted</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,108,882</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2.96</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Forfeited</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(139,621)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">33.26</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Vested</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(432,790)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">36.53</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unvested and outstanding at December 31, 2024</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,226,308</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">12.60</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Granted</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,619,075</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2.44</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Forfeited</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(348,131)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3.98</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Vested</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(1,632,177)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">9.25</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unvested and outstanding at December 31, 2025</span></div></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,865,075</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2.70</span></div></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The total expense value of RSUs for the years ended December 31, 2025 and 2024 was $5.1 million and $2.7 million, respectively. As of December 31, 2025, the total compensation cost related to unvested RSUs not yet recognized is $5.1 million. Unvested RSUs not yet recognized are expected to be recognized over a weighted average period of 1.4 years.</span></div> P4Y 0.10 0.30 0.30 0.30 <div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">A summary of the RSA activity for 2025 and 2024 is as follows:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Number of Shares of Restricted Common Stock Awards</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:125%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><span><br/></span></div><div style="margin-bottom:0.08pt;text-align:center"><span><br/></span></div><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Average Grant-Date Fair Value</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:125%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unvested at December 31, 2023</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">135,701</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">23.60</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Vested, unsettled</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(111,344)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">20.83</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unvested at December 31, 2024</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">24,357</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">36.27</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Vested</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(24,357)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">36.27</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unvested and outstanding at December 31, 2025</span></div></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr></table></div> 135701 23.60 -111344 20.83 24357 36.27 24357 36.27 0 0 100000 600000 0 P4Y <div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">A summary of the RSU activity for 2025 and 2024 is as follows:</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Number of RSUs</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:125%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Average Grant-Date Fair Value</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:700;line-height:125%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unvested at December 31, 2023</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">689,837</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">47.43</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Granted</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,108,882</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2.96</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Forfeited</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(139,621)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">33.26</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Vested</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(432,790)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">36.53</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unvested and outstanding at December 31, 2024</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,226,308</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">12.60</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Granted</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,619,075</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2.44</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Forfeited</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(348,131)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3.98</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Vested</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(1,632,177)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">9.25</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Unvested and outstanding at December 31, 2025</span></div></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,865,075</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:top"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2.70</span></div></td></tr></table></div> 689837 47.43 1108882 2.96 139621 33.26 432790 36.53 1226308 12.60 3619075 2.44 348131 3.98 1632177 9.25 2865075 2.70 5100000 2700000 5100000 P1Y4M24D <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Income Taxes</span><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">For th</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">e years ended December 31, 2025 and 2024, the Company incurred net losses and, accordingly, no federal provision for income taxes has been recorded. In addition, no deferred benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. On December 31, 2025, the Company had approximately $373.8 million of U.S. federal and state net operating losses. On December 31, 2024, the Company had approximately $595.6 million of federal and state net operating losses. The federal net operating losses can be carried forward indefinitely while the state carryforwards will begin to expire in 2030. Federal net operating losses carryforwards generated in tax years ending after December 31, 2017 may be carried forward indefinitely, but the deductibility of such federal net operating losses carryforwards is limited to 80% of current year taxable income. Similar rules may apply under state tax laws.</span></div><div style="padding-left:13.5pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%"> </span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">The provision for income taxes consists of the following:</span></div><div style="padding-left:13.5pt;text-align:justify;text-indent:22.5pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Year Ended December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="9" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Currently reportable expense</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:20pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Federal</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:20pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">State</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt 0 3.77pt"><div style="margin-bottom:0.08pt;padding-left:2.77pt"></div></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Deferred benefit:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:20pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Federal</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(22,039)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">22,737</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:20pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">State</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(9,911)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">8,356</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:0.08pt"></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(31,950)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">31,093</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Less: Valuation allowance</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">31,950</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(31,093)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Total provision for income tax expense</span></div></td><td style="background-color:#cceeff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr></table></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate (in thousands):</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Year Ended December 31, 2025</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Amount</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Tax at federal statutory rate </span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(19,820)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">21.0%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">State and local income taxes, net of federal benefit</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Tax credits:</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Research tax credit</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(41)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Changes in valuation allowances</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(24,120)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">25.6%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Non-taxable or non-deductible items:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Stock compensation</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,034</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(1.1)%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Executive compensation limitation</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">583</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(0.6)%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Other</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">975</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(1.0)%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Cancellation of debt income</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">41,389</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(43.9)%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Effective tax rate</span></div></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">— </span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">%</span></div></td></tr></table></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For the year ended December 31, 2024, prior to the adoption of ASU 2023-09, the following table presents the reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate:</span></div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:84.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.500%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Federal statutory income tax rate</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">21.0%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">State tax</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">5.5%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Stock-based compensation</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">0.1%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Non-deductible expenses</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(0.8)%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Research and development credit </span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Change in valuation allowance</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(25.8)%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Effective tax rate</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">— </span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">%</span></div></td></tr></table></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The components of the Company's deferred tax assets and liabilities are as follows:</span></div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Gross deferred tax assets arising from:</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Net operating loss carryforwards</span></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">49,281</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">81,865</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">ASC 842 lease liability</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4,539</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,838</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Acquired intangibles</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10,566</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10,672</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Accruals and reserves</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10,667</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">11,688</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Capitalized research expenditures</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10,533</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">7,592</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Research and development credit carryforward</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">310</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">269</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Gross deferred tax assets</span></div></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">85,896</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">115,924</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 15.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:14.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Less: Valuation allowance</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(65,196)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(97,220)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Deferred tax assets, net of valuation allowance</span></div></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">20,700 </span></div></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">18,704 </span></div></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Deferred tax liabilities arising from:</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">ASC 842 right-of-use asset</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(2,700)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(2,924)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Fixed assets and land</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(18,000)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(15,780)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Gross deferred tax liabilities</span></div></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(20,700)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(18,704)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Net deferred tax liabilities</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For financial reporting purposes, the Company has incurred a loss in each period since its inception. Based on the available objective evidence, including the Company’s history of losses, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">allowance against its net deferred tax assets at December 31, 2025 and 2024. During the years ended December 31, 2025 and 2024, the change in the valuation allow</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ance of $(32.0) million and $31.1 million, respectively, was primarily due to a decrease in deferred tax assets resulting from the troubled debt restructuring in 2025, partially offset by the generation of additional net operating losses.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">As of December 31, 2025 and 2024, the Company had $0.6 million and $0.5 million of federal research and development credits, respectively, which will begin to expire in 2042.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">As of December 31, 2025 and 2024, the total amount of unrecognized tax benefits was </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">$0.3 million</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%"> and $0.3 million, respectively, none of which impact income tax expense. The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months.</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The Company's income tax returns and the amount of income or loss reported are subject to examination by the respective taxing authorities. If such examinations result in changes to the profits or losses, the Company's tax liabilities could be changed accordingly.</span></div> 0 0 373800000 595600000 <div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">The provision for income taxes consists of the following:</span></div><div style="padding-left:13.5pt;text-align:justify;text-indent:22.5pt"><span><br/></span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Year Ended December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="9" style="background-color:#cceeff;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Currently reportable expense</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:20pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Federal</span></div></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:20pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">State</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt 0 3.77pt"><div style="margin-bottom:0.08pt;padding-left:2.77pt"></div></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Deferred benefit:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:20pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Federal</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(22,039)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">22,737</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-indent:20pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">State</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(9,911)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">8,356</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:0.08pt"></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(31,950)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">31,093</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Less: Valuation allowance</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">31,950</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(31,093)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Total provision for income tax expense</span></div></td><td style="background-color:#cceeff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:2.5pt double #000000;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr></table></div> 0 0 0 0 0 0 -22039000 22737000 -9911000 8356000 -31950000 31093000 -31950000 31093000 0 0 <div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate (in thousands):</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Year Ended December 31, 2025</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Amount</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Tax at federal statutory rate </span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(19,820)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">21.0%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">State and local income taxes, net of federal benefit</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Tax credits:</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Research tax credit</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(41)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Changes in valuation allowances</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(24,120)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">25.6%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Non-taxable or non-deductible items:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 3.77pt 0 1pt"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Stock compensation</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">1,034</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(1.1)%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Executive compensation limitation</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">583</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(0.6)%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Other</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">975</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(1.0)%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Cancellation of debt income</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">41,389</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(43.9)%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Effective tax rate</span></div></td><td colspan="3" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">— </span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">%</span></div></td></tr></table></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For the year ended December 31, 2024, prior to the adoption of ASU 2023-09, the following table presents the reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate:</span></div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:84.300%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.500%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Federal statutory income tax rate</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">21.0%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">State tax</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">5.5%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Stock-based compensation</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">0.1%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Non-deductible expenses</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(0.8)%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Research and development credit </span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—%</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Change in valuation allowance</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(25.8)%</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Effective tax rate</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">— </span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">%</span></div></td></tr></table></div> -19820000 0.210 0 0 41000 0 -24120000 0.256 1034000 -0.011 583000 -0.006 975000 -0.010 41389000 -0.439 0 0 0.210 0.055 0.001 -0.008 0 -0.258 0 <div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The components of the Company's deferred tax assets and liabilities are as follows:</span></div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(in thousands)</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Gross deferred tax assets arising from:</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Net operating loss carryforwards</span></div></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">49,281</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">81,865</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">ASC 842 lease liability</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4,539</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,838</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Acquired intangibles</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10,566</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10,672</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Accruals and reserves</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10,667</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">11,688</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Capitalized research expenditures</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">10,533</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">7,592</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Research and development credit carryforward</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">310</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">269</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Gross deferred tax assets</span></div></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">85,896</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">115,924</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 15.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:14.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Less: Valuation allowance</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(65,196)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(97,220)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Deferred tax assets, net of valuation allowance</span></div></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">20,700 </span></div></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">18,704 </span></div></td><td style="background-color:#ffffff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Deferred tax liabilities arising from:</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">ASC 842 right-of-use asset</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(2,700)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(2,924)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 27.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:26.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Fixed assets and land</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(18,000)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(15,780)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Gross deferred tax liabilities</span></div></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(20,700)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(18,704)</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Net deferred tax liabilities</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr></table></div> 49281000 81865000 4539000 3838000 10566000 10672000 10667000 11688000 10533000 7592000 310000 269000 85896000 115924000 65196000 97220000 20700000 18704000 2700000 2924000 18000000 15780000 20700000 18704000 0 0 -32000000.0 31100000 600000 500000 300000 300000 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Net Loss Per Share</span><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The Company computes net loss per share in accordance with ASC 260, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Earnings Per Share</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">. Basic net loss per share of common stock is computed by dividing the Company’s net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock is computed by giving effect to all potentially dilutive securities, including restricted stock awards and units, convertible preferred stock, and common stock warrants using the treasury stock method or the if-converted method, as applicable. For the years ended December 31, 2025 and 2024, basic net loss per share was the same as diluted net loss per share because the inclusion of all potentially dilutive securities outstanding was anti-dilutive. As such, the numerator and denominator used in computing both basic and diluted net loss attributable to common stockholders is the same for all periods presented.</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The Company follows the two-class method to compute net loss per share when shares are issued that meet the definition of participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to share in the earnings of the Company as if all income for the period had been distributed. The two-class method also requires losses for the period to be allocated between common and participating securities only if the participating securities are contractually obligated to fund the losses of the issuing entity or the contractual redemption amount related to the participating securities is reduced as a result of losses incurred by the issuing entity.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">In computing net loss per share, the Company's unvested restricted common stock and warrants are not considered participating securities.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Net loss per share includes 550,000 shares underlying the U.S. Bounti Warrant, which is exercisable at $0.125 per share. Because the exercise price is nominal relative to the current market price of the Company's common shares, these shares are not considered contingently issuable and are therefore included in net loss per share.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table sets forth the computation of the Company's net loss per share attributable to common stockholders:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:69.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.427%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"> </span></div></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Year Ended December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(in thousands, except share and per share data)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"> </span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Net loss attributable to common stockholders</span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(94,782)</span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:0.08pt"></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(119,902)</span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Weighted average common stock outstanding, basic and diluted</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">16,895,925 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">8,480,247 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Net loss per common share, basic and diluted</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(5.61)</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(14.14)</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr></table></div><div><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table discloses the securities that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share as the impact would be anti-dilutive:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"> </span></div></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Year Ended December 31,</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"> </span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Restricted Stock</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">— </span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">76,254 </span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Warrants</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">6,241,475 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">6,241,475 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Convertible Note</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4,100,000 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:0.08pt"></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">— </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr></table></div> 550000 0.125 <div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table sets forth the computation of the Company's net loss per share attributable to common stockholders:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:69.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.427%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"> </span></div></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Year Ended December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(in thousands, except share and per share data)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"> </span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Net loss attributable to common stockholders</span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(94,782)</span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:0.08pt"></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(119,902)</span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:12pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Weighted average common stock outstanding, basic and diluted</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">16,895,925 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">8,480,247 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:36pt;text-indent:-12pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">Net loss per common share, basic and diluted</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(5.61)</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(14.14)</span></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr></table></div> -94782000 -119902000 16895925 16895925 8480247 8480247 -5.61 -5.61 -14.14 -14.14 <div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table discloses the securities that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share as the impact would be anti-dilutive:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"> </span></div></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Year Ended December 31,</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%"> </span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Restricted Stock</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">— </span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">76,254 </span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Warrants</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">6,241,475 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">6,241,475 </span></div></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Convertible Note</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">4,100,000 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"><div style="margin-bottom:0.08pt"></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">— </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr></table></div> 0 76254 6241475 6241475 4100000 0 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Segment Reporting</span><div style="text-align:justify;text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The Company has a single operating and reportable segment that </span><span style="color:#010813;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">derives its revenue from customers through the production and sale of agricultural produce, consisting primarily of grown living and loose leaf lettuce, arugula, cress, and salad kits</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">. All of the Company's revenue is generated in the U.S., and the Company manages its business activities on a consolidated basis. The Company’s chief operating decision maker ("CODM") is the </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The CODM assesses segment performance and decides how to allocate resources based on net loss, which is also reported on the Consolidated Statements of Operations, and net cash generated by or used in operating activities, which is also reported on the Consolidated Statements of Cash Flows. The measure of segment assets is reported on the Consolidated Balance Sheets as total assets. Significant expenses reviewed by the CODM include those that are presented in the Consolidated Statements of Operations. The accounting policies of the Company's single reportable segment are the same as those described in Note 2, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Summary of Significant Accounting Policies</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Segment operating results, including significant expenses regularly provided to the CODM, along with a reconciliation of segment operating loss to consolidated net loss, are as follows:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Year Ended December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Revenue</span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">48,365</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">38,138</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Less:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Salaries and wages</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">30,995</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">34,907</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Transportation and delivery</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,238</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,662</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Depreciation and amortization</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">23,197 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">18,871 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Interest expense, net</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">32,167</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">58,923</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Stock-based compensation expense, net of amounts capitalized</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">5,191</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,348</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Other segment items</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:125%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">47,956</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">39,329</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Segment net loss</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(94,379)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(119,902)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:125%">Reconciliation of profit or loss</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Adjustments and reconciling items</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Net loss</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(94,379)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(119,902)</span></div></td></tr></table></div><div style="padding-right:12.25pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:112%">_____________________</span></div><div style="padding-right:12.25pt;text-align:justify"><span><br/></span></div><div style="padding-right:12.25pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Other segment items included in Segment net loss include impairment of intangibles, change in fair value of warrant liability, research and development expense, facilities expense, legal expense, accounting expense, insurance expense, loss on disposal of fixed assets, software expense, and other overhead expense.</span></div> <div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Segment operating results, including significant expenses regularly provided to the CODM, along with a reconciliation of segment operating loss to consolidated net loss, are as follows:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.887%"><tr><td style="width:1.0%"></td><td style="width:68.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.499%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.584%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.502%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">Year Ended December 31,</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:100%">(in thousands)</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2025</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:125%">2024</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Revenue</span></div></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">48,365</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">38,138</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Less:</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Salaries and wages</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">30,995</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">34,907</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Transportation and delivery</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,238</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">2,662</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Depreciation and amortization</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">23,197 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">18,871 </span></div></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;text-align:right"></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Interest expense, net</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">32,167</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">58,923</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Stock-based compensation expense, net of amounts capitalized</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">5,191</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">3,348</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Other segment items</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:125%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">47,956</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">39,329</span></div></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Segment net loss</span></div></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(94,379)</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(119,902)</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:125%">Reconciliation of profit or loss</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt 2px 9.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:8.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Adjustments and reconciling items</span></div></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">—</span></div></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-left:2.77pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">Net loss</span></div></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(94,379)</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">$</span></div></td><td colspan="2" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:0.5pt solid #000;padding:2px 3.77pt 2px 0;text-align:right;vertical-align:bottom"><div style="margin-bottom:0.08pt;padding-right:2.77pt;text-align:right"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:125%">(119,902)</span></div></td></tr></table></div><div style="padding-right:12.25pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:8pt;font-weight:400;line-height:112%">_____________________</span></div><div style="padding-right:12.25pt;text-align:justify"><span><br/></span></div><div style="padding-right:12.25pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Other segment items included in Segment net loss include impairment of intangibles, change in fair value of warrant liability, research and development expense, facilities expense, legal expense, accounting expense, insurance expense, loss on disposal of fixed assets, software expense, and other overhead expense.</span></div> 48365000 38138000 30995000 34907000 3238000 2662000 23197000 18871000 32167000 58923000 5191000 3348000 47956000 39329000 -94379000 -119902000 0 0 -94379000 -119902000 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Commitments and Contingencies</span><div style="margin-bottom:12pt;margin-top:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Legal Matters</span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company has and may become party to various legal proceedings and other claims that arise in the ordinary </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">course</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> of business. The Company records a liability when it believes that it is probable that a loss will be incurred, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> the amount of loss or range of loss can be reasonably estimated. Management is currently not aware of any matters that it expects will have a material adverse effect on the financial position, results of operations, or cash flows of the Company.</span></div><div style="margin-top:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Non-Cancelable Purchase Commitments</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As of </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2025</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, the Company had non-cancelable purchase commitments of $1.1 million, primarily related to software products and services used to facilitate the Company's operations at the enterprise level.</span></div><div style="margin-top:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Defined Contribution Plan</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company sponsors 401(k) defined contribution plans covering all eligible U.S. employees. Contributions to the 401(k) plan are discretionary. The Company's contributions to the 401(k) plans for the years ended December 31, 2025 and 2024, totaled $0.6 million and $0.9 million, respectively.</span></div> 1100000 600000 900000 <span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:100%">Related Party Transactions</span><div><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:700;line-height:112%">Grow Bitterroot Sale Leaseback Transaction and Services Agreement</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">June 2020</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">, the Company sold for total consideration of </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$6.9 million</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> a greenhouse facility to Grow Bitterroot, a qualified opportunity zone fund owned in part by an affiliated entity of Charles R. Schwab, who owns more than 10% of the Company's common stock; Orange Strategies LLC, of which the Company's director, Pamela Brewster, is principal; and the spouse of the Company's director, Michael Molnar. Concurrently, the Company and Grow Bitterroot entered into an agreement whereby the Company leases land and the greenhouse facility from Grow Bitterroot. See Note 8, </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financing Obligations,</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> for more information regarding the Montana Facility lease and accounting treatment.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:36pt"><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company paid Grow Bitterroot </span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">$0.4 million and $1.2 million</span><span style="color:#231f20;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> under the lease agreement for the years ended December 31, 2025 and 2024, respectively.</span></div> 6900000 0.10 400000 1200000 Subsequent Events<div style="margin-top:18pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">On March 13, 2026, the Company entered into a Convertible Note and Warrant Purchase Agreement with U.S. Bounti, LLC providing for the issuance of (i) a convertible note with an initial principal balance of $15.0 million and (ii) a warrant to purchase 5,500,000 shares of the Company’s common stock. The proceeds are expected to be used for working capital, general corporate purposes, and certain capital expenditures.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The convertible note bears interest at 7.0% per annum. Interest will accrue and be capitalized semi-annually on June 30 and December 31, commencing December 31, 2026, through payment-in-kind (“PIK”) interest, which increases the principal balance and thereafter accrues interest. From time to time after the third anniversary of issuance, interest may be payable quarterly in arrears in cash, commencing December 31, 2029, if certain conditions are satisfied.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The note is convertible, in whole or in part, at the option of the holder from time to time upon notice, at an initial conversion price of $2.50 per share, subject to customary anti-dilution adjustments. Based on the initial principal amount, conversion would result in the issuance of approximately 6.0 million shares of common stock, excluding the impact of any capitalized PIK interest.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Fifty percent of the outstanding note balance will automatically convert into common stock on the fourth anniversary of issuance, with the remaining balance converting on the maturity date, in each case unless certain conditions are satisfied that permit repayment in cash. The note is subordinated to the Company’s obligations under its Senior Facility and includes customary representations, warranties, covenants, and events of default.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The warrant issued in connection with the financing is exercisable immediately at an exercise price of $0.125 per share and has a ten-year term.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The purchaser is subject to a 1% beneficial ownership limitation on conversion of the note and exercise of the warrant, which will not apply following receipt of required stockholder approval, which the Company has agreed to seek by June 30, 2026.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Company also entered into a letter agreement with Cargill Financial, amending certain terms of its Senior Facility, including amending the minimum cash liquidity requirement to $3.5 million through September 30, 2026 and $2.0 million thereafter, delaying the commencement of EBITDA covenant testing to March 31, 2027, and consenting to the issuance of the note and warrant.</span></div> 15000000.0 5500000 0.070 2.50 6000000.0 0.125 P10Y 0.01 3500000 2000000.0 false false false false true Amounts include stock-based compensation as follows: Year Ended December 31, 20252024Cost of goods sold$124 $73 Research and development232 274 Sales and marketing441 (13)General and administrative4,394 3,014 Total stock-based compensation expense, net of amounts capitalized$5,191 $3,348  Amounts include depreciation and amortization as follows: Year Ended December 31, 20252024Cost of goods sold$8,142 $6,137 Research and development9,933 7,631 Selling, general and administrative5,122 5,103 Total depreciation and amortization$23,197 $18,871