v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 48,539 $ 50,497
Inventory, net 9,920 13,589
Accounts receivable 434 441
Prepaid expenses and other current assets 4,704 3,268
Total current assets 63,597 67,795
Restricted cash 209 209
Property and equipment, net 17,381 18,544
Finance lease right-of-use assets, net 28,698 29,146
Other long-term assets 672 672
Total assets 110,557 116,366
Current liabilities    
Accounts payable 5,082 5,404
Accrued expenses 8,677 10,540
Finance lease obligation, current portion 2,428 2,428
Total current liabilities 16,187 18,372
Long-term debt [1] 35,871 35,444
Contingent Earnout Liability 6,760 11,492
Common stock warrant liabilities 10,836 19,392
Finance lease obligation, net of current portion 27,602 26,974
Other long-term liabilities 1,677 1,583
Total liabilities 98,933 113,257
Commitments and contingencies (Note 10)
Stockholders' equity    
Preferred stock, $0.0001 par value; 20,000,000 shares designated as of March 31, 2026 and December 31, 2025; 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025 0 0
Common stock, $0.0001 par value; 350,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 222,019,108 and 193,000,611 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 23 20
Additional paid-in capital 756,068 729,937
Accumulated deficit (744,467) (726,848)
Total stockholders' equity 11,624 3,109
Total liabilities and stockholders' equity $ 110,557 $ 116,366
[1] (a) Principal payable in 24 consecutive monthly installments of $1.7 million beginning December 1, 2027, or December 1, 2028 if the second tranche is funded, with the final payment fee of $2.4 million due at maturity.