v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 33,219,000 $ 45,781,000
Inventories, net 9,012,000 10,130,000
Prepaid expenses and other current assets 6,423,000 4,003,000
Total current assets 65,381,000 96,607,000
Property and equipment, net 1,378,000 1,226,000
Deferred income tax assets 1,955,000 2,123,000
Operating lease right-of-use assets 1,307,000 1,516,000
Other assets 731,000 739,000
Assets 70,752,000 102,211,000
Current liabilities    
Accrued trade payables 1,571,000 22,838,000
Accrued expenses and other current liabilities 7,252,000 6,700,000
Accrued expenses - related party 0 331,000
Operating lease liabilities - current 596,000 644,000
Total current liabilities 26,539,000 43,389,000
Operating lease liabilities 640,000 804,000
Other earnout shares 8,401,000 8,929,000
Polar warrants 8,344,000 8,813,000
Other liabilities 1,383,000 1,276,000
Total liabilities 45,307,000 63,211,000
Commitments and contingencies
Stockholders’ equity:    
Common stock - $0.0001 par value; 600,000,000 and 600,000,000 shares authorized as of March 31, 2026 and December 31, 2025, respectively, and 122,746,757 and 122,043,966 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 12,000 12,000
Additional paid-in capital 684,116,000 675,143,000
Accumulated other comprehensive income 125,000 0
Accumulated deficit (658,808,000) (636,155,000)
Total stockholders’ equity 25,445,000 39,000,000
Total liabilities and stockholders’ equity 70,752,000 102,211,000
Nonrelated party    
Current assets:    
Accounts receivable, net of allowance for credit losses of $2,430 and $523, respectively 16,727,000 33,363,000
Current liabilities    
Accounts payable 12,583,000 8,339,000
Other earnout shares 6,353,000 6,745,000
Related party    
Current assets:    
Accounts receivable, net of allowance for credit losses of $2,430 and $523, respectively 0 3,330,000
Current liabilities    
Accounts payable 180,000 180,000
Other earnout shares 2,048,000 2,184,000
Working Capital Loan    
Current liabilities    
Working capital loan and advances from related party 1,500,000 1,500,000
Advances from related party    
Current liabilities    
Working capital loan and advances from related party $ 2,857,000 $ 2,857,000