0000950170-25-024148 | 10-K | XBRL Viewer

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Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,805	$ 12,043
Cost of Revenue
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	30	107
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	115	1,127
Sales and Marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	604	808
General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 2,056	5,606
Asset write-down and restructuring
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense		$ 4,395

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expenses	$ 0.8	$ 2.8
Shutting Down of Facilities
Property, Plant and Equipment [Line Items]
Depreciation expenses		$ 1.2

Balance Sheet Components - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 71	$ 0
Finished goods, net	0	1,065
Total inventories	$ 71	$ 1,065

Balance Sheet Components

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

3. Balance Sheet Components

Inventories

Inventories, net consist of the following:


(In thousands)	December 31, 2024		December 31, 2023
Raw materials	$	71	$	—
Finished goods, net	$	—	$	1,065
Total inventories	$	71	$	1,065

Prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following:


(In thousands)	December 31, 2024		December 31, 2023
Prepaid insurance	$	367	$	873
Software		647		1,028
Other prepaid expenses and assets		261		422
Total prepaid expenses and other current assets	$	1,275	$	2,323

Property and equipment, net

Property and equipment, net consist of the following:


(In thousands)	December 31, 2024			December 31, 2023
Robotics and manufacturing equipment	$	1,128		$	1,841
Leasehold improvements		3,927			4,458
Computer equipment		1,251			1,729
Financed leased computer equipment		—			19
Software		1			44
Furniture and fixtures, and other fixed assets		951			1,018
Property and equipment, gross		7,258			9,109
Accumulated depreciation		(3,014	)		(4,267	)
Property and equipment, net	$	4,244		$	4,842

Depreciation expenses were $0.8 million for the year ended December 31, 2024. Depreciation expenses were $2.8 million for the year ended December 31, 2023, $1.2 million of which was accelerated depreciation related to shutting down our facilities in Pittsburgh, Pennsylvania, which is included in asset write-down and restructuring on the consolidated statements of operations.

Accrued liabilities

Accrued liabilities consist of the following:


(In thousands)	December 31, 2024		December 31, 2023
Payroll and related costs	$	1,811	$	3,913
Contract restructuring accrual		—		506
Legal services accrual		230		547
Deferred revenue		248		75
Other contract liabilities		496		—
Other accrued expenses and current liabilities		134		764
Total accrued liabilities	$	2,919	$	5,805

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Allowance for credit losses	$ 0.3	$ 0.0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	165,000,000	165,000,000
Common stock, shares issued	33,883,894	25,877,865
Common stock, shares outstanding	33,883,894	25,877,865

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Common Stock
Beginning balance at Dec. 31, 2022	$ 144,450	$ 447,085	$ (17)	$ (302,621)	$ 3
Beginning balance (in Shares) at Dec. 31, 2022					25,708,519
Stock-based compensation	12,043	12,043
Common stock issued under equity award plans (in Shares)					219,175
Shares repurchased for payment of tax withholdings and other	(15)	(15)
Shares repurchased for payment of tax withholdings and other (in Shares)					(49,829)
Other comprehensive loss	20		20
Net loss	(115,593)			(115,593)
Ending balance at Dec. 31, 2023	40,905	459,113	3	(418,214)	$ 3
Ending balance (in Shares) at Dec. 31, 2023					25,877,865
Stock-based compensation	2,805	2,805
Common stock issued under equity award plans (in Shares)					958,553
Shares repurchased for payment of tax withholdings	(105)	(105)
Shares repurchased for payment of tax withholdings (in Shares)					(57,352)
Exercise of stock options	$ 130	130
Exercise of stock options (in Shares)	203,480				203,480
Issuance of common stock, net of cost	$ 19,346	19,346
Issuance of common stock, net of cost (in Shares)					6,901,348
Other comprehensive loss	3		3
Net loss	(72,617)			(72,617)
Ending balance at Dec. 31, 2024	$ (9,533)	$ 481,289	$ 6	$ (490,831)	$ 3
Ending balance (in Shares) at Dec. 31, 2024					33,883,894

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Acquired Intangible Assets, Net

Acquired intangible assets, net consisted of the following:


	December 31, 2023
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (In years)
Trade name and trademarks	$	1,000	$	1,000	$	—		—
Developed technology		9,600		9,600		—		—
Customer relationships		10,700		10,700		—		—
Total	$	21,300	$	21,300	$	—

Income Taxes - Reconciliation of Beginning and Ending Amount of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Valuation And Qualifying Accounts Disclosure [Line Items]
Change in valuation allowance	$ 700	$ 34,100
Valuation Allowance, Deferred Tax Asset
Valuation And Qualifying Accounts Disclosure [Line Items]
Valuation allowance at beginning of year	78,615	44,540
Change in valuation allowance	708	34,075
Valuation allowance at end of year	$ 79,323	$ 78,615

Net Loss Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

10. Net Loss Per Share

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the twelve months ended December 31, 2024 and 2023, respectively:


	Year Ended December 31,
(In thousands, except share and per share data)	2024			2023
Numerator:
Net loss	$	(72,617	)	$	(115,593	)
Denominator:
Weighted average shares outstanding, basic and diluted		26,774,895			25,639,270
Basic and diluted net loss per share	$	(2.71	)	$	(4.51	)
Anti-dilutive securities, excluded		14,812,452			12,137,608

Basic and diluted net loss per share attributable to common stockholders is the same for the twelve months ended December 31, 2024 and 2023, as the inclusion of potential shares of Common Stock would have been anti‑dilutive for the periods presented.

Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 0	$ 2,821,000
Accelerated amortization of intangible assets		$ 16,300,000

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Components of Lease Costs for Operating Leases

Lease costs for operating leases are as follows:


	Year Ended December 31,
(In thousands)	2024		2023
Operating lease cost	$	1,859	$	1,859
Variable lease cost		695		773
Total lease cost	$	2,554	$	2,632

Summary of Lease Term and Discount Rate Assumptions

The following table summarizes the Company's lease term and discount rate assumptions:


	Year Ended December 31,
	2024			2023
Operating leases
Weighted-average remaining lease term (years)		8.3			9.0
Weighted-average discount rate:		5.4	%		5.4	%

Supplemental Cash Flow and Other Information Related to Leases

Supplemental cash flow and other information related to leases:


	Year Ended December 31,
(In thousands)	2024		2023
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	$	1,968	$	1,546

Schedule of Undiscounted Future Minimum Lease Payments Under Noncancelable Operating Leases

Undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one year, as of December 31, 2024 are as follows:


(In thousands)	Operating Leases
2025	$	1,619
2026		1,488
2027		1,529
2028		1,571
2029		1,614
2030 and thereafter		5,852
Total lease payments		13,673
Less interest		2,637
Present value of lease liabilities	$	11,036

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 20, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Gross proceeds		$ 20,028	$ 0
Subsequent Event \| At-the-market Equity Offering Program \| Common Stock
Subsequent Event [Line Items]
Issuance of shares (in Shares)	1,335,807
Gross proceeds	$ 14,400

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segment \| Segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM does not evaluate profitability below the level of the consolidated company. Net loss is used to monitor results on a budget versus actual basis.
Non-US [Member]
Segment Reporting Information [Line Items]
Revenue earned from customers \| $	$ 0	$ 1,900,000

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Balance Sheet Components [Line Items]
Prepaid insurance	$ 367	$ 873
Other prepaid expenses and assets	261	422
Total prepaid expenses and other current assets	1,275	2,323
Software
Schedule Of Balance Sheet Components [Line Items]
Other assets	$ 647	$ 1,028

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Loss before provision for income taxes	$ 72,612	$ 115,586
Valuation allowance	79,323	78,615
Change in valuation allowance	700	34,100
Net operating loss carryforwards	55,380	48,496
Research and development credit carryforward	8,427	8,527
Unrecognized tax benefits	2,738	2,446	$ 3,898
Federal [Member]
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss	230,700	201,500		$ 7,600
Research and development credit carryforward	9,100	8,400
Unrecognized tax benefits	2,300
State [Member]
Operating Loss Carryforwards [Line Items]
State net operating losses	183,700	145,500
Research and development credit carryforward	2,500
Utah [Member]
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss	150,300	116,200
Research and development credit carryforward	1,900	1,800
Unrecognized tax benefits	500	$ 300
Pennsylvania [Member]
Operating Loss Carryforwards [Line Items]
State net operating losses	23,900
Research and development credit carryforward	$ 600

2024 Warrants - Summary of Quantitative Information Regarding Assumptions (Details) - 2024 Warrants	Dec. 31, 2024	Nov. 01, 2024
Stock Price
Class of Warrant or Right [Line Items]
Warrants, measurement input	12.27	2.01
Term (in years)
Class of Warrant or Right [Line Items]
Warrants term (in Years)	5 years 4 months 2 days	5 years 6 months
Expected Volatility
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.849	0.809
Risk-free rate
Class of Warrant or Right [Line Items]
Warrants, measurement input	0.0435	0.042
Dividend yield
Class of Warrant or Right [Line Items]
Warrants, measurement input	0	0

Leases - Schedule of Undiscounted Future Minimum Lease Payments Under Noncancelable Operating Leases (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 1,619
2026	1,488
2027	1,529
2028	1,571
2029	1,614
2030 and thereafter	5,852
Total lease payments	13,673
Less interest	2,637
Present value of lease liabilities	$ 11,036

DeSPAC Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 20, 2021	Dec. 31, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Warrants outstanding		20,549,453
(Losses) gain on warrant liabilities		$ (46,935)	$ 162
Redemption of Warrants When Price Per Share Equals or Exceeds $18.00 Per Share
Class of Warrant or Right [Line Items]
Redemption of warrants price per share		$ 108
Warrants price per share		$ 0.01
Minimum period for written notice of redemption		30 days
Consecutive trading days		20 days
Consecutive trading days after commencement		30 days
Trading days, description		if, and only if, the last reported sale price of the shares of the Company's Common Stock for any 20 trading days within a 30-trading day period commencing after the deSPAC Warrants become exercisable and ending three business days before the Company sends the notice of redemption to the deSPAC Warrant holders (which is referred to as the "Reference Value") equals or exceeds $108.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like).
Redemption of warrants description		upon not less than 30 days' prior written notice of redemption (the "30-day redemption period") to each deSPAC Warrant holder; and
Redemption of Warrants When Price Per Share Equals or Exceeds $18.00 Per Share \| Minimum
Class of Warrant or Right [Line Items]
Warrants reference value per share		$ 108
Redemption of Warrants When Price Per Share Equals or Exceeds $60.00 Per Share
Class of Warrant or Right [Line Items]
Redemption of warrants price per share		60
Warrants price per share		$ 0.1
Minimum period for written notice of redemption		30 days
Redemption of warrants description		at $0.10 per deSPAC Warrant upon a minimum of 30 days' prior written notice of redemption; provided that holders will be able to exercise their deSPAC Warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the "fair market value" of the Company's Common Stock;
Redemption of Warrants When Price Per Share Equals or Exceeds $60.00 Per Share \| Minimum
Class of Warrant or Right [Line Items]
Warrants reference value per share		$ 0
Redemption of Warrants When Price Per Share Equals or Exceeds $60.00 Per Share \| Maximum
Class of Warrant or Right [Line Items]
Warrants reference value per share		$ 108
Common Stock
Class of Warrant or Right [Line Items]
Shares of common stock per warrant		1
Warrant exercise price		$ 11.5
Expiration date		Sep. 24, 2026
Warrant expiration term		5 years
IPO
Class of Warrant or Right [Line Items]
Issuance of shares (in Shares)	27,600,000
Sale of warrants (in Shares)	7,270,000
(Losses) gain on warrant liabilities		$ (15,700)	$ 200

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

1. Basis of Presentation and Summary of Significant Accounting Policies

Description of the Business

The Company's full-stack, closed-loop autonomy software ("AI/ML Foundational Technology") has been designed with artificial intelligence ("AI") and machine learning ("ML") technologies to enable robotic systems to perceive their environment and quickly adapt to changing circumstances by generalizing (i.e., learning) from their past experience using dynamic real-time operations "on the edge" (i.e., on the robotic system) without extensive programming and with minimal robot training. To reflect the Company's transition from a hardware-focused company, in March 2024 the Company changed its name from Sarcos Technology and Robotics Corporation to Palladyne AI Corp.

Basis of Presentation and Consolidation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company's fiscal year begins on January 1 and ends on December 31.

Reverse Stock Split

On July 5, 2023, the Company effected a 1-for-6 reverse stock split ("Reverse Stock Split") of the Company's outstanding shares of common stock, as approved by the Company's stockholders at the Company's Annual Meeting of Stockholders held on June 14, 2023. All share and per share amounts of common stock, options, warrants, restricted stock and restricted stock units in the accompanying condensed consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to reflect the reverse stock split.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the balance sheet date, as well as reported amounts of revenue and expenses during the reporting period. The Company's most significant estimates and judgments involve contract revenue recognized based on estimates of total contract costs and cost to complete uncompleted contracts, estimates of potential losses on uncompleted contracts, impairment evaluation of contract and long lived assets, assumptions used for leases, valuation allowance for net deferred income taxes and valuation of the Company's stock-based compensation and warrants. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates.

Liquidity and Capital Resources

Cash, cash equivalents and marketable securities were $40.1 million as of December 31, 2024, compared to $39.1 million as of December 31, 2023. The Company has incurred losses and negative cash flows from operations since inception and is likely to continue to incur losses and negative cash flows from operations in the near term. As of December 31, 2024, the Company also had an accumulated deficit of approximately $490.8 million and working capital of $38.3 million.

These financial statements have been prepared in accordance with GAAP and on the basis that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company's main source of liquidity has been cash generated by equity offerings. The Company's primary use of cash is for operations and administrative activities including employee-related expenses, and general, operating and overhead expenses. Future capital requirements will depend on many factors, including the Company's timing and extent of development efforts, the expansion and success of sales and marketing activities, customer growth rate, customer retention, the introduction of new and enhanced product offerings and market acceptance of the Company's products. The Company believes it has sufficient financial resources for at least the next 12 months from the date of this Report.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents, marketable securities, accounts receivable and unbilled receivables. The Company's cash is placed with high-credit-quality

financial institutions and issuers, and generally exceeds federally insured limits. The Company's cash equivalents and marketable securities are money market funds or U.S. Treasury bills with maturity dates within one year. The Company has not realized any losses relating to its cash, cash equivalents or marketable securities.

Accounts Receivable

As of December 31, 2024, three customers accounted for more than 10% of the Company's accounts receivable, which in total represented 100% of the accounts receivable as of December 31, 2024. As of December 31, 2023, three customers accounted for more than 10% of the Company's accounts receivable, which in total represented 90% of the accounts receivable as of December 31, 2023.

Revenue

Two and five customers accounted for more than 10% of the Company's revenue for each of the years ended December 31, 2024 and 2023, respectively. These concentrations accounted for 98% and 85% of revenue for the years ended December 31, 2024 and 2023, respectively. The total amount of revenue for each such customer was as follows:


(In thousands)	2024		2023
Customer A	$	5,100	$	1,618
Customer B		2,551		—
Customer C		—		1,116
Customer D		—		883
Customer E		—		815
Customer F		—		808

Cash and Cash Equivalents

The Company considers cash as deposits held in bank accounts and undeposited funds. All highly liquid investments with an original maturity of three months or less at the time of purchase are considered to be cash equivalents. The Company's cash equivalents may be comprised of money market funds, certificates of deposit of major financial institutions and U.S. Treasury bills.

Marketable Securities

The Company's marketable securities consist primarily of U.S. Treasury bills. The Company classifies securities that have effective maturities of greater than three months as marketable securities in its consolidated balance sheets. The Company determines the appropriate classification of its investments in marketable debt securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company's marketable debt securities are classified as available-for-sale. The Company carries the marketable debt securities at fair value, and reports the unrealized gains and losses in accumulated other comprehensive income within the consolidated balance sheets. If the fair value of a marketable debt security declines below its amortized cost basis, any portion of that decline attributable to credit losses, to the extent expected to be nonrecoverable before the sale of the security, is recognized in the consolidated statements of operations. There were no allowances for credit losses related to marketable debt securities recorded during the twelve months ended December 31, 2024 and 2023.

Accounts Receivable

Receivables are recorded at the amount the Company expects to collect. Management determines the need for an allowance for credit losses using a specific identification method after taking into account all of its remedies for collection. Management recorded $0.3 million allowance for credit losses during the twelve months ended December 31, 2024. Management determined no allowance for credit losses was necessary as of December 31, 2023. Receivables are comprised of amounts invoiced for completed contracts and contracts in progress.

Inventories

Inventories primarily consist of raw materials, work-in-process and finished goods. Inventories are stated at the lower of cost or estimated net realizable value. Costs are computed on the first-in, first-out basis and include material, labor and manufacturing overhead. Adjustments are also made to reduce the value of inventory for estimated excess or obsolete balance by evaluating inventory against forecasted revenue and production requirements.

Property and Equipment

Property and equipment is carried at acquisition cost less accumulated depreciation. Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. The estimated useful lives by asset classification are generally as follows:


		Useful life
Robotics and manufacturing equipment		3 – 10 years
Computer equipment		3 – 5 years
Software		3 years
Furniture and fixtures		3 – 5 years
Leasehold improvements		Lesser of the useful life or the remaining term of the lease

Expenditures for maintenance and repairs are expensed when incurred and betterments that extend the useful lives of property and equipment are capitalized. When assets are retired or disposed, the asset's original cost and related accumulated depreciation are eliminated, and any gain or loss is reflected in the statement of operations.

Leases

In accordance with ASC 842, the Company, at the inception of the contract, determines whether a contract is or contains a lease. For leases with terms greater than 12 months, the Company records the related operating or finance right of use asset and lease liability at the present value of unpaid lease payments over the lease term. The Company is generally not able to readily determine the implicit rate in the lease and therefore uses the determined incremental borrowing rate at lease commencement to determine the present value of lease payments. The incremental borrowing rate represents an estimate of the market interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. Renewal options are not included in the measurement of the right of use assets and lease liabilities unless the Company is reasonably certain to exercise the optional renewal periods.

Some of the Company's leases contain rent escalations over the lease term. The Company recognizes expense for operating leases on a straight-line basis over the lease term. The Company's lease agreements contain variable lease payments for common area maintenance, utility, insurance and tax. The Company has elected the practical expedient to combine lease and non-lease components for all asset categories. Therefore, the lease payments used to measure the lease liability for these leases include fixed minimum rentals along with fixed non-lease component charges. The Company does not have significant residual value guarantees or restrictive covenants in the lease portfolio.

Impairment of Long-Lived Assets

The Company evaluates its long-lived assets, which includes property and equipment, and operating lease assets, for indicators of possible impairment when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Impairment exists if the carrying amounts of such assets exceed the estimates of future net undiscounted cash flows expected to be generated by such assets.

Revenue Recognition

The Company recognizes revenue from the sale of its products and from the delivery of goods and services arising out of its contractual arrangements to provide product development contract services that are funded by the customer. The Company recognizes revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services by following a five-step process:

(1)

Identify the contract with a customer: A contract with a customer exists when (a) the Company enters into an enforceable contract with a customer that defines each party's rights and obligations regarding the products and services to be transferred and identifies the payment terms related to these products and services, (b) the contract

has commercial substance and (c) the Company determines that collection of substantially all consideration for products and services that are transferred is probable based on the customer's intent and ability to pay the promised consideration. Contract modifications may include changes in scope of work, and/or the period of completion of the project. The Company analyzes contract modifications to determine if they should be accounted for as a modification to an existing contract or a new stand-alone contract.

(2)

Identify the performance obligations in the contract: The Company enters into contracts that can include combinations of products and services, which are either capable of being distinct and accounted for as separate performance obligations or as one performance obligation if the majority of tasks and services form a single project or capability. Determining whether products or services are considered distinct performance obligations that should be accounted for separately may require significant judgment.

(3)

Determine the transaction price: The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods or services to the customer. Such amounts are typically stated in the customer contract. However, to the extent that the Company identifies variable consideration, the Company will estimate the variable consideration at the onset of the arrangement as long as it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company's current contracts do not include any significant financing components because the timing of the transfer of the underlying products and services under contract are at the customer's discretion. Additionally, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Taxes collected from customers and remitted to governmental authorities are not included in revenue.

(4)

Allocate the transaction price to performance obligations in the contract: Once the Company has determined the transaction price, the total transaction price is allocated to each performance obligation in a manner depicting the amount of consideration to which the Company expects to be entitled in exchange for transferring the good(s) or service(s) to the customer. If applicable, the Company allocates the transaction price to each performance obligation identified in the contract on a relative standalone selling price basis. The standalone selling price represents the amount the Company would sell the good(s) or service(s) to a customer on a standalone basis. For government contracts, the Company uses expected cost plus a margin as the standalone selling price. Because the Company's contract pricing with government customers is generally based on expected cost plus a margin, the standalone selling price of the good(s) or service(s) in the Company's contracts with government customers are typically equal to the selling price stated in the contract. When we sell standard good(s) or service(s) with observable standalone sale transactions, the observable standalone sales transactions are used to determine the standalone selling price.

(5)

Recognize revenue when or as the Company satisfies a performance obligation: For each performance obligation identified, the Company determines at contract inception whether it satisfies the performance obligation over time or at a point in time. For performance obligations satisfied over time, revenue is recognized as work progresses when the Company is entitled to the reimbursement of costs plus a reasonable profit for work performed for which the Company has no alternate use. For these performance obligations, the Company generally recognizes revenue using an input method with revenue amounts being recognized proportionately as costs are incurred relative to the total expected costs to satisfy the performance obligation. The Company believes that costs incurred as a portion of total estimated costs is an appropriate measure of progress towards satisfaction of the performance obligation since this measure reasonably depicts the progress of the work effort. Revenue for performance obligations that are not recognized over time are recognized at the point in time when control transfers to the customer (which is generally upon delivery). For performance obligations that are satisfied at a point in time, the Company evaluates the point in time when the customer can direct the use of, and obtain the benefits from, the products and services. Shipping and handling costs are recorded at the time of product shipment to the customer and are included within revenue.

Revenue from Contracts with Customers

The Company derives its revenue from two sources. First, the Company enters into research and development agreements primarily relating to the commercialization of the Company's products. Second, the Company sells its products and related parts and repair services. Product development contract revenue includes revenue arising from different types of contractual

arrangements, including cost-type contracts and fixed-price contracts. Historically, product revenue primarily consists of sales of the Company's hardware products.

Product Development Contract Revenue

Cost-type contracts – Research, development and/or testing service contracts, including cost-plus-fixed-fee and time and material contracts, relate primarily to the development of the Company's products and related technology. Cost-type contracts are generally entered into with the U.S. government. These contracts are billed at cost plus a margin as defined by the contract and the Federal Acquisition Regulation ("FAR"). The FAR establishes regulations around procurement by the government and provides guidance on the types of costs that are allowable in establishing prices for goods and services delivered under government contracts. Revenue on cost-type contracts is recognized over time as goods and services are provided.

Fixed-price contracts – Fixed-price development contracts relate primarily to the development of technology in the area of robotic platforms. Fixed-price development contracts generally require a significant service of integrating a complex set of tasks and components into a single deliverable. Revenue on fixed-price contracts is generally recognized over time as goods and services are provided. To the extent the Company's actual costs vary from the fixed fee, we will generate more or less profit or could incur a loss. The Company will recognize losses at the contract level in earnings in the period in which they are incurred.

Product Revenue

Product revenue relates to sales of the Company's commercially available products, and certain miscellaneous parts, accessories and repair services. The Company provides a limited one-year warranty on product sales. Product warranties are considered assurance-type warranties and are not considered to be separate performance obligations. Product revenue is recognized at the point in time when ownership of the goods is transferred, generally at the time of shipment to the customer. At the time product revenue is recognized, an accrual is established for estimated warranty expenses based on historical experience as well as anticipated product performance.

The revenue recognized for Product Development Contract Revenue and Product Revenue were as follows:


	For the Year Ended December 31,
(In thousands)	2024		2023
Product Development Contract Revenue	$	5,120	$	5,256
Product Revenue		2,666		890
Revenue, net	$	7,786	$	6,146

Contract Balances

The timing of revenue recognition, billing and cash collection results in the recognition of accounts receivable, unbilled receivables, contract assets and deferred revenue in the Company's consolidated balance sheets.

Cash funds received in excess of revenue recognized that is contingent upon the satisfaction of performance obligations is accounted for as deferred revenue.

Contract assets include unbilled receivables which are amounts resulting from timing differences between revenue recognition and billing in accordance with agreed-upon contractual terms, which typically occur subsequent to revenue being recognized.

The opening and closing balances of our accounts receivable, unbilled receivables, contract assets and deferred revenue are as follows:


(In thousands)	Accounts Receivable			Unbilled Receivable			Contract Assets (Current)			Contract Assets (Long-Term)			Deferred Revenue (Current)
Opening Balance as of December 31, 2022	$	1,866		$	4,160		$	62		$	11		$	—
(Decrease)/increase, net		(1,311	)		(2,126	)		(12	)		(10	)		75
Ending Balance as of December 31, 2023	$	555		$	2,034		$	50		$	1		$	75
(Decrease)/increase, net		(421	)		(855	)		(22	)		(1	)		173
Ending Balance as of December 31, 2024	$	134		$	1,179		$	28		$	—		$	248

The Company recorded its current contract assets, long-term contract assets and current deferred revenue within prepaid expenses and other current assets, other non-current assets and accrued liabilities, respectively. During the year ended December 31, 2024, the Company recognized all of the deferred revenue which existed at December 31, 2023. During the year ended December 31, 2023, the Company did not recognize any revenue related to deferred revenue which existed at December 31, 2022.

Remaining Performance Obligations

As of December 31, 2024, the Company had backlog, or revenue related to remaining performance obligations, of $3.0 million. The Company expects most of this backlog to be recognized over the next 12 months. The Company's backlog represents the expected value of exercised contracts, both funded and unfunded, less revenue recognized to date.

Research and Development Costs

Research and development expenses consist of costs incurred for experimentation, design and testing and are expensed as incurred.

Sales and Marketing Costs

Marketing costs include product demonstration, customer service, lead generation, public relations, market research and internal labor, and are expensed as incurred.

Stock-Based Compensation

The Company calculates the fair value of all stock-based awards, including stock options, restricted stock units and restricted stock awards on the date of grant. The Company values stock options using the Black-Scholes option-pricing model, which requires the use of a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. The stock-based compensation expense is recognized on a straight-line basis over the requisite service periods of the awards, which is generally four years. The Company records forfeitures as they occur.

Income Taxes

Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist of taxes currently due plus deferred income taxes related primarily to differences between the tax bases and financial reporting bases of assets and liabilities. Deferred income taxes represent future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. The Company determines its valuation allowance on deferred tax assets by considering both positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis, to ascertain whether it is more likely than not that deferred tax assets will be realized. If the Company determines that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance, which would reduce the provision for income taxes. Conversely, if all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period such determination is made.

Recently Adopted Accounting Pronouncements

As an emerging growth company ("EGC"), the Jumpstart Our Business Startups Act ("JOBS Act") allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are

applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act until such time as the Company is no longer considered to be an EGC. The adoption dates discussed below reflect this election.

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosure of significant segment expenses on an annual and interim basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. The Company adopted ASU 2023-07 during the year ended December 31, 2024. See Note 13, Segment Information, in the accompanying notes to the consolidated financial statements for further detail.

Recently Issued Accounting Standard Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires companies to disclose additional information about income taxes paid. ASU 2023-09 will be effective for annual periods beginning January 1, 2026 and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company does not expect a material impact on its consolidated financial statements related to ASU 2023-09.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

Stock-Based Compensation - Additional Information (Details)		12 Months Ended
	Apr. 17, 2024 USD ($) Employee $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 15, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield		0.00%
Stock-based compensation expense \| $		$ 2,805,000	$ 12,043,000
Common stock, shares issued		33,883,894	25,877,865
Senior Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Option to purchase number of employee applied \| Employee	7
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period		48 months
Weighted-average grant date fair value \| $ / shares		$ 1.26	$ 1.81
Options, expiration period		10 years
Unrecognized stock-based compensation cost \| $		$ 3,600,000
Period for recognition of unrecognized compensation cost related to non-vested stock awards		2 years 4 months 24 days
Minimum \| Service Vesting Rights \| Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period		1 year
Maximum \| Service Vesting Rights \| Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period		4 years
2015 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock - based compensation exercisable period		10 years
2015 Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period		3 years
2015 Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period		5 years
2021 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total number of shares		5,000,000
Due to failure to vest, additional shares added		2,100,000
Stock - based compensation exercisable period		10 years
Number of shares available for grant		2,300,000
2021 Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period		1 year
2021 Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period		4 years
2024 Inducement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total number of shares				500,000
Number of shares available for grant				500,000
Stock-based compensation expense \| $		$ 0
2021 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares issued		0
Offering period		6 months
2021 Employee Stock Purchase Plan \| Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Purchase price as a percentage of the lesser of the fair market value of the Common Stock		85.00%
Option Modification
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options to purchase aggregate shares	773,551
Stock-based compensation expense \| $		$ 100,000
Modification incremental compensation costs \| $	$ 200,000
Option Modification \| Senior Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options to purchase aggregate shares	225,670
New exercise price \| $ / shares	$ 1.59
Option Modification \| Other Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options to purchase aggregate shares	547,881

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

Loss before provision for income taxes was $72.6 million and $115.6 million for the years ended December 31, 2024 and 2023, respectively, all of which was generated in the United States. The Company's provision for income taxes consists of the following:


	Year Ended December 31,
(In thousands)	2024			2023
Current:
Federal	$	—		$	—
State		(5	)		(7	)
Total current		(5	)		(7	)
Deferred:
Federal		5,641			24,972
State		(4,933	)		9,109
Change in valuation allowance		(708	)		(34,081	)
Total deferred		—			—
Total income tax benefit (expense)	$	(5	)	$	(7	)

The Company's provision for income tax differs from the amount computed by applying the statutory federal income tax rate to income before taxes as follows:


	Year Ended December 31,
(In thousands)	2024			2023
Statutory federal income tax rate		21.0	%		21.0	%
State tax provision		(3.6	)		5.0
Change in valuation allowance		(1.0	)		(29.5	)
Research credits		0.3			2.0
Change in effective tax rate		(1.2	)		0.4
Warrant liability revaluation		(13.7	)		—
Disallowed executive compensation		—			(0.3	)
Stock compensation		(1.3	)		(1.8	)
Unrecognized tax benefits		(0.5	)		1.2
Other		—			2.0
Total provision for income taxes		0.0	%		0.0	%

As of December 31, 2024 and 2023, the net deferred tax assets consisted of the following:


	December 31,
(In thousands)	2024			2023
Deferred tax assets:
Accrued expenses	$	234		$	283
Stock compensation		1,994			3,293
Research credits		8,427			8,527
Research and experimental capitalization		13,430			18,238
Lease liability		2,588			3,592
Intangibles		230			308
Net operating loss carryforwards		55,380			48,496
Other		2			3
Total gross deferred tax assets		82,285			82,740
Less valuation allowance		(79,323	)		(78,615	)
Total deferred tax assets		2,962			4,125
Deferred tax liabilities:
Property and equipment		(889	)		(1,201	)
Intangibles		—			—
Right-of-use-asset		(2,073	)		(2,924	)
Total deferred tax liabilities		(2,962	)		(4,125	)
Net deferred tax assets	$	—		$	—

Valuation allowances are established when necessary to reduce deferred tax assets, including temporary differences and net operating loss carryforwards, to the amount expected to be realized in the future. FASB guidance indicates that forming a conclusion that a valuation allowance is not needed is difficult when there is negative evidence such as cumulative losses in recent years. The Company had cumulative losses from continuing operations for the three-year period ended December 31, 2024. The Company considered this negative evidence along with all other available positive and negative evidence and concluded that, at December 31, 2024, it is more likely than not that the Company's U.S. deferred tax assets will not be realized. As of December 31, 2024, a valuation allowance has been recorded on the Company's deferred tax assets to recognize only the portion of the deferred tax asset that is more likely than not to be recognized. The Company's total valuation allowance was $79.3 million at December 31, 2024 and $78.6 million at December 31, 2023. The Company's valuation allowance increased $0.7 million and $34.1 million during the fiscal years ended December 31, 2024 and 2023, respectively. A reconciliation of the beginning and ending amount of the valuation allowance is as follows:


	December 31,
(In thousands)	2024		2023
Valuation allowance at beginning of year	$	78,615	$	44,540
Change in valuation allowance		708		34,075
Valuation allowance at end of year	$	79,323	$	78,615

As of December 31, 2024, the Company had cumulative federal net operating losses of approximately $230.7 million. Of these losses, $7.6 million were generated in 2015 through 2017, prior to the Tax Cuts and Jobs Act enactment, and will expire between 2035 to 2037 if not utilized. The remaining net operating losses have an indefinite carryforward period. As of December 31, 2023, the Company had cumulative federal net operating losses of approximately $201.5 million.

As of December 31, 2024, the Company had a $9.1 million deferred tax asset related to a federal research and development credit carryforward. This credit has been offset by a liability for unrecognized tax benefits of $2.3 million. If not utilized, the credits will expire between 2034 through 2043. As of December 31, 2023, the Company had a $8.4 million deferred tax asset related to a federal research and development credit carryforward.

As of December 31, 2024, the Company had State net operating losses of approximately $183.7 million. Of the total State net operating losses, approximately $150.3 million is attributable to Utah. Utah law allows unused net operating losses arising in tax years beginning after December 31, 2008 to be carried forward indefinitely. All of the Utah net operating losses are for tax years beginning after December 31, 2008, and are carried forward indefinitely. Of the total State net operating losses, approximately $23.9 million is attributable to Pennsylvania. Pennsylvania net operating losses will expire between 2034 through 2043. The remaining State net operating loss carryforwards are attributable to various other states with varying expiration periods. As of December 31, 2023, the Company had cumulative State net operating losses of approximately $145.5 million. Of the total State net operation losses as of December 31, 2023, approximately $116.2 million is attributable to Utah.

As of December 31, 2024, the Company had a $2.5 million deferred tax asset related to State research and development credits carryforward. Of the total State research and development credits, approximately $1.9 million is attributable to Utah. This credit has been offset by a liability for unrecognized tax benefits of $0.5 million. If not utilized, the credits will expire between 2029 through 2037. Of the total State research and development credits, approximately $0.6 million is attributable to Pennsylvania. If not utilized, the credits will expire between 2033 through 2037. As of December 31, 2023, the Company had a $1.8 million deferred tax asset related to a Utah research and development credit carryforward. This credit has been offset by a liability for unrecognized tax benefits of $0.3 million.

Utilization of federal and state net operating losses and tax credit carryforwards may be subject to annual limitations due to the ownership change limitations provided by Section 382 of the Internal Revenue Code and similar state provisions. Such a limitation could result in the expiration of the net operating loss carryforwards and tax credits before utilization.

ASC Topic 740-10-05 requires that the impact of a tax position be recognized in the financial statements if that position is more likely than not of being sustained on audit, based on the technical merits of the position. As of December 31, 2024, the Company had a $2.7 million liability for unrecognized tax benefits, all of which is netted against deferred tax assets for related carryforward credits. As of December 31, 2023, the Company had a $2.4 million liability for unrecognized tax benefits, all of which is netted against deferred tax assets for related carryforward credits. The Company expects no material changes to the liability for unrecognized tax benefits in the next 12 months. Interest and penalties associated with uncertain tax positions are recorded as a component of income tax expense. There would be no impact to the Company's effective rate if the unrecognized tax benefits were recognized. A reconciliation of the beginning and ending amounts of unrecognized benefits is as follows:


	Year Ended December 31,
(In thousands)	2024		2023
Unrecognized tax benefits at the beginning of year	$	2,446	$	3,898
Gross increases – current year tax positions		106		1,170
Gross increases – prior year tax positions		186		—
Gross decreases – prior year tax positions		—		(2,622	)
Unrecognized tax benefits at end of year	$	2,738	$	2,446

The Company files U.S. and various State tax returns in jurisdictions with various statutes of limitation. As of December 31, 2024, the tax returns for fiscal year 2015 through fiscal year 2023 remain subject to examination. Annual tax provisions include amounts considered necessary to pay assessments that may result from examination of prior year tax returns; however, the amount ultimately paid upon resolution of issues may differ materially from the amount accrued. As of December 31, 2024, there are no income tax returns currently under audit.

- Definition

The entire disclosure for income tax.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (72,617,000)	$ (115,593,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,805,000	12,043,000
Depreciation of property and equipment	825,000	1,554,000
Amortization of intangible assets	0	2,821,000
Change in fair value of warrant liabilities	46,935,000	(162,000)
Allowance for credit losses	285,000	0
Amortization of investment discount	(75,000)	(2,055,000)
Asset write-down	0	30,101,000
Changes in operating assets and liabilities
Accounts receivable	136,000	1,311,000
Unbilled receivable	855,000	2,126,000
Inventories	994,000	(8,759,000)
Prepaid expenses and other current assets	1,048,000	2,167,000
Operating lease assets & other non-current assets	1,242,000	1,249,000
Accounts payable	(819,000)	(2,326,000)
Accrued liabilities and current operating lease liabilities	(3,164,000)	253,000
Operating lease liabilities	(1,077,000)	(1,350,000)
Net cash used in operating activities	(22,627,000)	(76,620,000)
Cash flows from investing activities:
Purchases of property and equipment	(265,000)	(782,000)
Purchases of marketable securities	(8,859,000)	(64,536,000)
Maturities of marketable securities	16,000,000	130,000,000
Net cash provided by investing activities	6,876,000	64,682,000
Cash flows from financing activities:
Proceeds from exercise of stock options	130,000	0
Shares repurchased for payment of tax withholdings	(105,000)	(78,000)
Payment of obligations under capital leases	(3,000)	(4,000)
Proceeds from issuance of warrants	4,432,000	0
Proceeds from issuance of common stock	20,028,000	0
Payment of transaction costs related to issuance of common stock	(682,000)	0
Net cash provided by (used in) financing activities	23,800,000	(82,000)
Net increase (decrease) in cash, cash equivalents	8,049,000	(12,020,000)
Cash and cash equivalents at beginning of period	23,139,000	35,159,000
Cash and cash equivalents at end of period	31,188,000	23,139,000
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$ 10,000	$ 7,000

Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

From January 1, 2025 through the date of this filing, the Company sold 1,335,807 shares of Common Stock under the at-the-market equity offering program for gross proceeds of $14.4 million, before deducting commission and other expenses.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Net loss	$ (72,617)	$ (115,593)
Other comprehensive income:
Change in unrealized gain on available-for-sale investments	3	20
Total other comprehensive income	3	20
Comprehensive loss	$ (72,614)	$ (115,573)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-2

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

+ Details

DeSPAC Warrants

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

DeSPAC Warrants

7. DeSPAC Warrants

On January 20, 2021, Rotor consummated the initial public offering ("IPO") of 27,600,000 units (the "Units"), including the full exercise by the underwriters of their over-allotment option. Each Unit included one sixth of a share of Class A Common Stock and one half of one warrant (the "deSPAC Public Warrants"). Simultaneously with the closing of the IPO, Rotor consummated the sale of 7,270,000 warrants (the "deSPAC Private Placement Warrants") in a private placement to Rotor Sponsor LLC (the "Sponsor"), an affiliate of Rotor's officers and directors, and certain funds and accounts managed by two qualified institutional buyers. At the Closing Date, Old Sarcos acquired the net liabilities from Rotor, including the deSPAC Public Warrants, and the deSPAC Private Placement Warrants (together the "deSPAC Warrants"). The deSPAC Public Warrants are listed and traded under the PDYNW ticker symbol on the Nasdaq Global Market.

Each whole deSPAC Warrant entitles the registered holder to purchase one sixth of a share of the Company's Common Stock at a price of $11.50 per warrant, subject to adjustment as discussed below, at any time commencing on January 20, 2022, provided that the Company has an effective registration statement under the Securities Act of 1933, as amended (the "Securities Act") covering the shares of the Common Stock issuable upon exercise of the deSPAC Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their deSPAC Warrants on a cashless basis under the circumstances specified in the warrant agreement (the "deSPAC Warrant Agreement") entered into between Continental Stock Transfer & Trust Company and Rotor and such shares are registered, qualified or exempt from registration under the securities laws of the state of residence of the holder. Pursuant to the deSPAC Warrant Agreement, a deSPAC Warrant holder may exercise its deSPAC Warrants only for a whole number of shares of the Company's Common Stock. The deSPAC Warrants will expire five years after the completion of the Business Combination, or September 24, 2026, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. As of December 31, 2024, there were 20,549,453 deSPAC Warrants outstanding.

The Company will not be obligated to deliver any Common Stock pursuant to the exercise of a deSPAC Warrant and will have no obligation to settle such deSPAC Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Common Stock underlying the deSPAC Warrants is then effective and a prospectus relating thereto is current,

subject to the Company satisfying its obligations described below with respect to registration, or a valid exemption from registration is available. No deSPAC Warrant will be exercisable, and the Company will not be obligated to issue a share of Common Stock upon exercise of a deSPAC Warrant unless the share of the Company's Common Stock issuable upon such deSPAC Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the deSPAC Warrants. If the conditions in the two immediately preceding sentences are not satisfied with respect to a deSPAC Warrant, the holder of such deSPAC Warrant will not be entitled to exercise such deSPAC Warrant and such deSPAC Warrant may have no value and expire worthless. In no event will the Company be required to net cash settle any deSPAC Warrant. In the event a registration statement is not effective for the exercised deSPAC Warrants, the purchaser in the Rotor IPO of a Unit containing such deSPAC Warrant will have paid the full purchase price for the Unit solely for the share of the Company's Common Stock underlying such Unit.

Except as described herein, the deSPAC Private Placement Warrants have terms and provisions that are identical to those of the deSPAC Public Warrants. If the deSPAC Private Placement Warrants are held by holders other than the initial purchasers or their permitted transferees, the deSPAC Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by the holders on the same basis as the deSPAC Public Warrants. The deSPAC Private Placement Warrants will not be redeemable by the Company so long as they are held by the initial purchasers or their permitted transferees, subject to certain exceptions. The initial purchasers or their permitted transferees, have the option to exercise the deSPAC Private Placement Warrants on a cashless basis.

Redemption of deSPAC Warrants When the Price per Share of the Company's Common Stock Equals or Exceeds $108.00. Once the deSPAC Warrants become exercisable, the Company may call the deSPAC Warrants for redemption:

•

in whole and not in part;

•

at a price of $0.01 per deSPAC Warrant;

•

upon not less than 30 days' prior written notice of redemption (the "30-day redemption period") to each deSPAC Warrant holder; and

•

if, and only if, the last reported sale price of the shares of the Company's Common Stock for any 20 trading days within a 30-trading day period commencing after the deSPAC Warrants become exercisable and ending three business days before the Company sends the notice of redemption to the deSPAC Warrant holders (which is referred to as the "Reference Value") equals or exceeds $108.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like).

If and when the deSPAC Warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. However, the Company will not redeem the deSPAC Warrants unless an effective registration statement under the Securities Act covering the shares of the Company's Common Stock issuable upon exercise of the deSPAC Warrants is effective and a current prospectus relating to those shares of the Company's Common Stock is available throughout the 30-day redemption period.

Redemption of deSPAC Warrants When the Price per Share of Our Common Stock Equals or Exceeds $60.00. Once the deSPAC Warrants become exercisable, the Company may redeem the outstanding deSPAC Warrants (except as described herein with respect to the deSPAC Private Placement Warrants if the Company does not utilize this redemption provision):

•

in whole and not in part;

•

at $0.10 per deSPAC Warrant upon a minimum of 30 days' prior written notice of redemption; provided that holders will be able to exercise their deSPAC Warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the "fair market value" of the Company's Common Stock;

•

if, and only if, the Reference Value (as defined above) equals or exceeds $60.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like); and

•

if the Reference Value is less than $108.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) the deSPAC Private Placement Warrants must also be concurrently called for redemption on the same terms (except as described above with respect to a holder's ability to cashless exercise its deSPAC Warrants) as the outstanding deSPAC Public Warrants, as described above.

Both the deSPAC Public Warrants and the deSPAC Private Placement Warrants are recorded as warrant liabilities on the Company's consolidated balance sheets. The Company values both the deSPAC Public and deSPAC Private Placement Warrants using the closing price of the deSPAC Public Warrants on the Nasdaq Global Market as of the reporting date. The fair value measurement for the deSPAC Public Warrants is considered a level 1 fair value measurement, and the fair value measurement for the deSPAC Private Placement Warrants is considered a level 2 fair value measurement, as the deSPAC Private Placement Warrants are substantially the same, but not identical to, the deSPAC Public Warrants.

The Company recognized losses of $15.7 million and gains of $0.2 million related to the change in fair value of the deSPAC Warrants during the years ended December 31, 2024 and 2023, respectively.

Earn-Out Shares - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Contingent merger consideration earn-out shares remaining issuable		4,687,500
Common Stock
Business Acquisition [Line Items]
Contingent merger consideration earn-out shares issuable	4,687,500
Common Stock Price Per Share Equals Or Exceeds 15.00 Per Share
Business Acquisition [Line Items]
Contingent merger consideration earn-out shares issuable	2,343,750
Earnout Price Per Share	$ 90
Earn-Out trading days	20 days
Earn-Out consecutive trading days	30 days
Common Stock Price Per Share Equals Or Exceeds 20.00 Per Share
Business Acquisition [Line Items]
Contingent merger consideration earn-out shares issuable	2,343,750
Earnout Price Per Share	$ 120
Earn-Out trading days	20 days
Earn-Out consecutive trading days	30 days

Stock-Based Compensation - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Options outstanding, beginning balance	2,845,084	2,377,503
Options granted	555,000	1,859,200
Options exercised	(203,480)
Options cancelled	(1,799,647)	(1,391,619)
Options outstanding, ending balance	1,396,957	2,845,084	2,377,503
Options exercisable	443,045	1,250,104
Options outstanding, weighted average exercise price, beginning balance	$ 9.82	$ 16.8
Options granted, weighted average exercise price	1.77	2.78
Options exercised, weighted average exercise price	0.64
Options cancelled, weighted average exercise price	10.93	12.35
Options outstanding, weighted average exercise price, ending balance	1.88	9.82	$ 16.8
Options exercisable, weighted average exercise price	$ 2.05	$ 11.62
Options outstanding, weighted average remaining contractual term	7 years 6 months	7 years 2 months 12 days	7 years 1 month 6 days
Options exercisable, weighted average remaining contractual term	5 years 2 months 12 days	5 years
Options outstanding, aggregate intrinsic value	$ 14,519	$ 91	$ 698
Options exercised, aggregate intrinsic value	703
Options exercisable, aggregate intrinsic value	$ 4,527	$ 91

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Total assets	$ 21,810	$ 20,920
Liabilities:
Total liabilities	51,396	29
U.S. Treasury Securities
Assets:
Cash equivalents	12,927	4,973
Marketable securities	8,883	15,947
Warrant Liabilities
Liabilities:
Total liabilities	51,396	29
Fair Value, Inputs, Level 1
Assets:
Total assets	21,810	20,920
Liabilities:
Total liabilities	11,630
Fair Value, Inputs, Level 1 \| U.S. Treasury Securities
Assets:
Cash equivalents	12,927	4,973
Marketable securities	8,883	15,947
Fair Value, Inputs, Level 1 \| Warrant Liabilities
Liabilities:
Total liabilities	11,630
Fair Value, Inputs, Level 2
Liabilities:
Total liabilities	4,128	29
Fair Value, Inputs, Level 2 \| Warrant Liabilities
Liabilities:
Total liabilities	4,128	$ 29
Fair Value, Inputs, Level 3
Liabilities:
Total liabilities	35,638
Fair Value, Inputs, Level 3 \| Warrant Liabilities
Liabilities:
Total liabilities	$ 35,638

Stock-Based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, beginning balance	1,180,115	602,561
Number of shares, granted	1,544,319	1,383,938
Number of shares, released	(333,553)	(219,175)
Number of shares, cancelled	(933,600)	(587,209)
Number of shares, ending balance	1,457,281	1,180,115
Weighted average fair value, beginning balance	$ 4.49	$ 22.01
Weighted average fair value, granted	1	2.56
Weighted average fair value, released	3.99	18.36
Weighted average fair value, cancelled	3.37	12.76
Weighted average fair value, ending balance	$ 1.62	$ 4.49

Fair Value Measurements - Additional Information (Details) $ in Millions	Dec. 31, 2024 USD ($)
Fair Value Disclosures [Abstract]
Available-for-sale debt securities with maturity dates within one year	$ 21.8

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Feb. 11, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001826681
Entity Registrant Name	Palladyne AI Corp.
Entity File Number	001-39897
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	650 South 500 West
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84101
City Area Code	888
Local Phone Number	927-7296
Entity Tax Identification Number	85-2838301
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Document Annual Report	true
Document Transition Report	false
Entity Public Float				$ 37.5
Entity Common Stock, Shares Outstanding			35,219,701
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's definitive Proxy Statement to be filed with the Securities and Exchange Commission in connection with the registrant's 2025 Annual Meeting of Stockholders, which will be filed subsequent to the date hereof, are incorporated by reference into Part III of this Form 10-K. Such Proxy Statement will be filed with the Securities and Exchange Commission not later than 120 days following the end of the registrant's fiscal year ended December 31, 2024. Except with respect to information specifically incorporated by reference, the Proxy Statement is not deemed to be filed as part of this Annual Report on Form 10-K.
Auditor Name	KPMG LLP	Ernst & Young LLP
Auditor Location	Salt Lake City, Utah	Salt Lake City, Utah
Auditor Firm ID	185	42
Auditor Opinion	Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheet of Palladyne AI Corp. and subsidiaries (the Company) as of December 31, 2024, the related consolidated statements of operations, comprehensive loss, stockholders' equity (deficit), and cash flows for the year ended December 31, 2024, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with U.S. generally accepted accounting principles. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of Palladyne AI Corp., formerly known as Sarcos Technology and Robotics Corporation (the Company) as of December 31, 2023, the related consolidated statement of operations, comprehensive loss, stockholders' equity and cash flows for the year ended December 31, 2023, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023, and the results of its operations and its cash flows for the year ended December 31, 2023 in conformity with U.S. generally accepted accounting principles.
Common Stock
Document Information [Line Items]
Trading Symbol	PDYN
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Redeemable Warrants, Exercisable for Shares of Common Stock
Document Information [Line Items]
Trading Symbol	PDYNW
Title of 12(b) Security	Redeemable warrants, exercisable for shares of Common Stock at an exercise price of $69.00 per share
Security Exchange Name	NASDAQ

Employee Benefits

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Employee Benefits

14. Employee Benefits

The Company has defined contribution 401(k) plans covering substantially all employees as of December 31, 2024. The plans allow employees to defer up to 100% of their employment income (subject to annual contribution limits imposed by the I.R.S.) after all taxes and applicable benefit deductions. The Company provides employees with 401(k) matching contributions. The Company recognized $0.6 million and $1.5 million of expense for 401(k) matching contributions during the twelve months ended December 31, 2024 and 2023, respectively.

Basis of Presentation and Summary of Significant Accounting Policies - Summary of the Total Amount of Revenue for Each Such Customer (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Summaryof Significant Accounting Policies Details [Line Items]
Revenue	$ 7,786	$ 6,146
Customer A
Summaryof Significant Accounting Policies Details [Line Items]
Revenue	5,100	1,618
Customer B
Summaryof Significant Accounting Policies Details [Line Items]
Revenue	2,551	0
Customer C
Summaryof Significant Accounting Policies Details [Line Items]
Revenue	0	1,116
Customer D
Summaryof Significant Accounting Policies Details [Line Items]
Revenue	0	883
Customer E
Summaryof Significant Accounting Policies Details [Line Items]
Revenue	0	815
Customer F
Summaryof Significant Accounting Policies Details [Line Items]
Revenue	$ 0	$ 808

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

Equity - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stockholders Equity Details [Line Items]
Common stock, shares authorized	165,000,000	165,000,000
Common stock, shares issued	33,883,894	25,877,865
Common stock, shares outstanding	33,883,894	25,877,865
Stock-based compensation expense	$ 2,805	$ 12,043

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Payroll and related costs	$ 1,811	$ 3,913
Contract restructuring accrual	0	506
Legal services accrual	230	547
Deferred revenue	248	75
Other contract liabilities	496	0
Other accrued expenses and current liabilities	134	764
Total accrued liabilities	$ 2,919	$ 5,805

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories, Net

Inventories

Inventories, net consist of the following:


(In thousands)	December 31, 2024		December 31, 2023
Raw materials	$	71	$	—
Finished goods, net	$	—	$	1,065
Total inventories	$	71	$	1,065

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following:


(In thousands)	December 31, 2024		December 31, 2023
Prepaid insurance	$	367	$	873
Software		647		1,028
Other prepaid expenses and assets		261		422
Total prepaid expenses and other current assets	$	1,275	$	2,323

Property and Equipment, Net

Property and equipment, net

Property and equipment, net consist of the following:


(In thousands)	December 31, 2024			December 31, 2023
Robotics and manufacturing equipment	$	1,128		$	1,841
Leasehold improvements		3,927			4,458
Computer equipment		1,251			1,729
Financed leased computer equipment		—			19
Software		1			44
Furniture and fixtures, and other fixed assets		951			1,018
Property and equipment, gross		7,258			9,109
Accumulated depreciation		(3,014	)		(4,267	)
Property and equipment, net	$	4,244		$	4,842

Schedule of Accrued Liabilities

Accrued liabilities

Accrued liabilities consist of the following:


(In thousands)	December 31, 2024		December 31, 2023
Payroll and related costs	$	1,811	$	3,913
Contract restructuring accrual		—		506
Legal services accrual		230		547
Deferred revenue		248		75
Other contract liabilities		496		—
Other accrued expenses and current liabilities		134		764
Total accrued liabilities	$	2,919	$	5,805

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The Company's provision for income taxes consists of the following:


	Year Ended December 31,
(In thousands)	2024			2023
Current:
Federal	$	—		$	—
State		(5	)		(7	)
Total current		(5	)		(7	)
Deferred:
Federal		5,641			24,972
State		(4,933	)		9,109
Change in valuation allowance		(708	)		(34,081	)
Total deferred		—			—
Total income tax benefit (expense)	$	(5	)	$	(7	)

Schedule of Statutory Federal Income Tax Rate to Income Before Taxes

The Company's provision for income tax differs from the amount computed by applying the statutory federal income tax rate to income before taxes as follows:


	Year Ended December 31,
(In thousands)	2024			2023
Statutory federal income tax rate		21.0	%		21.0	%
State tax provision		(3.6	)		5.0
Change in valuation allowance		(1.0	)		(29.5	)
Research credits		0.3			2.0
Change in effective tax rate		(1.2	)		0.4
Warrant liability revaluation		(13.7	)		—
Disallowed executive compensation		—			(0.3	)
Stock compensation		(1.3	)		(1.8	)
Unrecognized tax benefits		(0.5	)		1.2
Other		—			2.0
Total provision for income taxes		0.0	%		0.0	%

Schedule of Net Deferred Tax Assets

As of December 31, 2024 and 2023, the net deferred tax assets consisted of the following:


	December 31,
(In thousands)	2024			2023
Deferred tax assets:
Accrued expenses	$	234		$	283
Stock compensation		1,994			3,293
Research credits		8,427			8,527
Research and experimental capitalization		13,430			18,238
Lease liability		2,588			3,592
Intangibles		230			308
Net operating loss carryforwards		55,380			48,496
Other		2			3
Total gross deferred tax assets		82,285			82,740
Less valuation allowance		(79,323	)		(78,615	)
Total deferred tax assets		2,962			4,125
Deferred tax liabilities:
Property and equipment		(889	)		(1,201	)
Intangibles		—			—
Right-of-use-asset		(2,073	)		(2,924	)
Total deferred tax liabilities		(2,962	)		(4,125	)
Net deferred tax assets	$	—		$	—

Reconciliation of Beginning and Ending Amount of Valuation Allowance

A reconciliation of the beginning and ending amount of the valuation allowance is as follows:


	December 31,
(In thousands)	2024		2023
Valuation allowance at beginning of year	$	78,615	$	44,540
Change in valuation allowance		708		34,075
Valuation allowance at end of year	$	79,323	$	78,615

Reconciliation of Beginning and Ending Amounts of Unrecognized Benefits

A reconciliation of the beginning and ending amounts of unrecognized benefits is as follows:


	Year Ended December 31,
(In thousands)	2024		2023
Unrecognized tax benefits at the beginning of year	$	2,446	$	3,898
Gross increases – current year tax positions		106		1,170
Gross increases – prior year tax positions		186		—
Gross decreases – prior year tax positions		—		(2,622	)
Unrecognized tax benefits at end of year	$	2,738	$	2,446

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (72,617)	$ (115,593)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
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+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Activity

The following summarizes the Company's stock option activity for the years ended December 31, 2024 and 2023:


						Weighted-Average
	Options Outstanding					Remaining		Aggregate Intrinsic
				Weighted Average		Contractual Term		Value
	Number of Shares			Exercise Price		(In years)		(In thousands)
Outstanding – December 31, 2022		2,377,503		$	16.80		7.1	$	698
Granted		1,859,200		2.78
Cancelled		(1,391,619	)	12.35
Outstanding – December 31, 2023		2,845,084		$	9.82		7.2	$	91
Granted		555,000		1.77
Exercised		(203,480	)	0.64				703
Cancelled		(1,799,647	)	10.93
Outstanding – December 31, 2024		1,396,957		$	1.88		7.5	$	14,519
Exercisable – December 31, 2023		1,250,104		$	11.62		5.0	$	91
Exercisable – December 31, 2024		443,045		$	2.05		5.2	$	4,527

Schedule of Fair Value of Option Grants

The Company calculated the fair value of options granted under the 2021 Plan on the respective dates of grant using the following weighted average assumptions:


	Year Ended December 31,
	2024			2023
Options
Risk-free interest rate		4.31	%		3.61	%
Expected term (in years)	5.89			6.08
Expected dividend yield		—	%		—	%
Expected volatility		80.39	%		69.96	%

Summary of RSU and RSA Activity

The following summarizes the Company's employee RSU activity for the years ended December 31, 2024 and 2023:


	Restricted Stock Units Outstanding
	Number of Shares			Weighted-Average Grant-Date Fair Value
Outstanding – December 31, 2022		602,561		$	22.01
Granted		1,383,938		2.56
Released		(219,175	)		18.36
Cancelled		(587,209	)	12.76
Outstanding – December 31, 2023		1,180,115		$	4.49
Granted		1,544,319			1.00
Released		(333,553	)		3.99
Cancelled		(933,600	)	3.37
Outstanding – December 31, 2024		1,457,281		$	1.62

Restricted Stock Awards

The following summarizes the Company's employee RSA activity for the year ended December 31, 2024:


	Restricted Stock Awards Outstanding
	Number of Shares		Weighted-Average Grant-Date Fair Value
Outstanding – December 31, 2023		—	$	—
Granted		625,000		0.59
Released		—		—
Outstanding – December 31, 2024		625,000	$	0.59

Schedule of Stock Based Compensation Expense

The Company recognized stock-based compensation expense in the consolidated statement of operations and comprehensive loss as follows:


	Year Ended December 31,
(In thousands)	2024		2023
Cost of revenue	$	30	$	107
Research and development		115		1,127
Sales and marketing		604		808
General and administrative		2,056		5,606
Asset write-down and restructuring		—		4,395
Total stock-based compensation expense	$	2,805	$	12,043

2024 Warrants

12 Months Ended

Dec. 31, 2024

Warrants and Rights Note Disclosure [Abstract]

2024 Warrants

8. 2024 Warrants

On November 1, 2024, the Company closed a registered direct offering for an aggregate of 2,790,700 shares of its common stock at a purchase price of $2.15 per share. In a concurrent private placement, the Company agreed to issue to the same investor warrants to purchase up to 2,790,700 shares of common stock (the "2024 Private Placement Warrants"). The 2024 Private Placement Warrants have an exercise price of $2.30 per share, will be exercisable commencing six months from the date of issuance, and will expire five and one-half years following the date of issue.

In a separate concurrent private placement, the Company's Chief Executive Officer and certain other members of the Board of Directors purchased 430,105 shares of common stock at a price of $2.20 per share, which represented the consolidated closing bid price of the Company's common stock on the Nasdaq Global Market on October 30, 2024, and warrants to purchase up to 430,105 shares of common stock, at a price of $0.125 per warrant (the "2024 Concurrent Private Placement Warrants"). The 2024 Concurrent Private Placement Warrants have an exercise price of $2.30 per share, will be exercisable commencing six months from the date of issuance, and will expire five and one-half years following the date of issue. The Company received gross proceeds of approximately $7 million, before deducting placement agency fees and offering expenses, from the registered and private placement offerings. The 2024 Private Placement Warrants and the 2024 Concurrent Private Placement Warrants (together the "2024 Warrants") are recorded as warrant liabilities on the Company's consolidated balance sheet.

The Company estimated the fair value of the 2024 Warrants using the Monte Carlo valuation model, which is considered a level 3 fair value measurement. The Monte Carlo valuation model inputs are based on assumptions related to the probability of a fundamental transaction occurring, expected volatility, expected life, risk-free interest rate and expected dividends. These estimates, especially the expected volatility, are highly judgmental and could differ materially in the future. The Company recognized losses of $31.2 million related to the change in fair value of the 2024 Warrants during the year ended December 31, 2024, which are recorded as a loss on warrant liabilities within the consolidated statements of operations.

The following table provides quantitative information regarding assumptions used in the Monte Carlo model to determine the fair value of the 2024 Warrants:


	December 31, 2024			November 1, 2024
Stock price	$	12.27		$	2.01
Term (in years)		5.34			5.50
Expected volatility		84.9	%		80.9	%
Risk-free rate		4.35	%		4.20	%
Dividend yield		0.0	%		0.0	%

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

9. Stock-Based Compensation

2021 Stock Plan

The Company's 2021 Equity Incentive Plan (the "2021 Plan") provides stock options, restricted stock units ("RSUs"), restricted stock awards ("RSAs"), stock appreciation rights ("SARS") and performance awards for issuance to Company employees, officers, directors, non-employee agents and consultants. In general, outstanding awards granted under the 2021 Plan vest over one to four years and, in the case of options, are exercisable up to 10 years from the date of grant. The maximum number of shares of Common Stock that may be issued pursuant to the 2021 Plan is (a) 5.0 million shares of Common Stock of the Company plus (b) any shares of Common Stock subject to stock options and other awards that were assumed in the Business Combination and expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations, or are forfeited to or repurchased by the Company

due to failure to vest, with the maximum number of shares to be added to the 2021 Plan pursuant to clause (b) equal to 2.1 million shares of Common Stock. As of December 31, 2024, 2.3 million shares were available for grant under the 2021 Plan.

2015 Stock Plan

The Old Sarcos 2015 Equity Incentive Plan (the "2015 Plan") provided stock options, RSUs, RSAs, SARS and performance awards for issuance to Old Sarcos' employees, officers, directors, non-employee agents and consultants. Outstanding awards under the 2015 Plan generally vest over three to five years and are exercisable up to 10 years from the date of grant. Unvested options are forfeited upon termination. No further awards may be made under the 2015 Plan. Any forfeited awards will be added to the 2021 Plan as described above.

2024 Inducement Plan

The Company adopted the 2024 Inducement Equity Incentive Plan (the "Inducement Plan") with an effective date of December 15, 2024, to reserve 500,000 shares of Common Stock to be used exclusively for grants of nonstatutory stock options, RSUs, RSAs, SARS and performance awards to individuals who were not previously employees or directors of the Company (or who are returning to employment following a bona fide period of non-employment), as an inducement material to the individual's entry into employment with the Company, pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Plan was adopted and approved without stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4). As of December 15, 2024, 500,000 shares of Common Stock will be available to grant under the Inducement Plan. As of December 31, 2024, no stock-based compensation expense has been incurred with respect to the Inducement Plan.

2021 Employee Stock Purchase Plan

The 2021 Employee Stock Purchase Plan (the "ESPP") provides for the issuance of shares of Common Stock pursuant to purchase rights granted to employees over designated offering periods, by funds accumulated primarily through elective payroll deductions. Offerings under the ESPP commenced in December 2024. As of December 31, 2024, no shares have been issued under the ESPP.

Offering periods are generally six months long and begin on June 1 and December 1 of each year. The purchase price for shares of Common Stock purchased under the ESPP is calculated as 85% of the lesser of the fair market value of the Common Stock on (1) the first trading day of the applicable offering period or (2) the last trading day of the offering period.

Stock Option Activity

The following summarizes the Company's stock option activity for the years ended December 31, 2024 and 2023:


						Weighted-Average
	Options Outstanding					Remaining		Aggregate Intrinsic
				Weighted Average		Contractual Term		Value
	Number of Shares			Exercise Price		(In years)		(In thousands)
Outstanding – December 31, 2022		2,377,503		$	16.80		7.1	$	698
Granted		1,859,200		2.78
Cancelled		(1,391,619	)	12.35
Outstanding – December 31, 2023		2,845,084		$	9.82		7.2	$	91
Granted		555,000		1.77
Exercised		(203,480	)	0.64				703
Cancelled		(1,799,647	)	10.93
Outstanding – December 31, 2024		1,396,957		$	1.88		7.5	$	14,519
Exercisable – December 31, 2023		1,250,104		$	11.62		5.0	$	91
Exercisable – December 31, 2024		443,045		$	2.05		5.2	$	4,527

For options granted during the years ended December 31, 2024 and 2023, the weighted-average grant-date fair value was $1.26 and $1.81 per option, respectively.

The Company utilizes the Black-Scholes option pricing model for estimating the fair value of options granted, which requires the input of subjective assumptions. The Company calculates the fair value of each option grant on the grant date using the following assumptions:

Expected Term—Options granted generally vest over a period of 48 months and expire 10 years from date of grant. The Company uses the simplified method when calculating expected term due to insufficient historical information.

Expected Volatility—Due to insufficient historical information the Company uses a blended approach when calculating expected volatility. The Company uses its historic data for the periods it has been publicly-traded and a benchmark of other comparable public companies' volatility rates.

Expected Dividend Yield—The dividend yield used is zero as the Company does not have a history of paying dividends on its Common Stock and does not anticipate doing so in the foreseeable future.

Risk-Free Interest Rate—The interest rates used are based on the implied yield available on U.S. Treasury zero-coupon issues with an equivalent remaining term equal to the expected life of the award.

The Company calculated the fair value of options granted under the 2021 Plan on the respective dates of grant using the following weighted average assumptions:


	Year Ended December 31,
	2024			2023
Options
Risk-free interest rate		4.31	%		3.61	%
Expected term (in years)	5.89			6.08
Expected dividend yield		—	%		—	%
Expected volatility		80.39	%		69.96	%

Option Repricing

On April 17, 2024, the Company amended certain options to purchase 773,551 shares of the Company's Common Stock. All of the options subject to the amendments had exercise prices that exceeded the value of the Company's Common Stock on the amendment date.

One set of amendments, which were entered into with seven senior employees of the Company, applied to options to purchase an aggregate of 225,670 shares held by those seven senior employees. These amendments (1) re-started the vesting schedule of the amended options, including for options that had already vested and (2) reduced the per share exercise price of the options to $1.59 (the "New Exercise Price"), which is equal to the closing price of the Company's Common Stock on April 17, 2024, the effective date of the amendments. No other terms of these options were modified.

The other set of amendments applied to options to purchase an aggregate of 547,881 shares held by other eligible current employees and service providers of the Company with an exercise price per share greater than the New Exercise Price. These amendments reduced the per share exercise price of affected options to the New Exercise Price, which is equal to the closing price of the Company's Common Stock on April 17, 2024, the effective date of the amendments. No other terms of such options were modified.

The total incremental fair value to be recognized as a result of the amendments was $0.2 million. The incremental fair value attributable to the vested options of $0.1 million was recognized as stock-based compensation expense during the twelve months ended December 31, 2024. The remaining incremental fair value attributable to the unvested option shares will be amortized over the remaining requisite service periods.

Restricted Stock Units

The following summarizes the Company's employee RSU activity for the years ended December 31, 2024 and 2023:


	Restricted Stock Units Outstanding
	Number of Shares			Weighted-Average Grant-Date Fair Value
Outstanding – December 31, 2022		602,561		$	22.01
Granted		1,383,938		2.56
Released		(219,175	)		18.36
Cancelled		(587,209	)	12.76
Outstanding – December 31, 2023		1,180,115		$	4.49
Granted		1,544,319			1.00
Released		(333,553	)		3.99
Cancelled		(933,600	)	3.37
Outstanding – December 31, 2024		1,457,281		$	1.62

RSUs granted generally include service vesting periods of one to four years.

Restricted Stock Awards

The following summarizes the Company's employee RSA activity for the year ended December 31, 2024:


	Restricted Stock Awards Outstanding
	Number of Shares		Weighted-Average Grant-Date Fair Value
Outstanding – December 31, 2023		—	$	—
Granted		625,000		0.59
Released		—		—
Outstanding – December 31, 2024		625,000	$	0.59

The Company did not have any RSA activity for the year ended December 31, 2023.

The Company recognized stock-based compensation expense in the consolidated statement of operations and comprehensive loss as follows:


	Year Ended December 31,
(In thousands)	2024		2023
Cost of revenue	$	30	$	107
Research and development		115		1,127
Sales and marketing		604		808
General and administrative		2,056		5,606
Asset write-down and restructuring		—		4,395
Total stock-based compensation expense	$	2,805	$	12,043

As of December 31, 2024, there was approximately $3.6 million of unrecognized stock-based compensation cost, which is expected to be recognized over a weighted average period of 2.4 years.

Income Taxes - Schedule of Statutory Federal Income Tax Rate to Income Before Taxes (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21.00%	21.00%
State tax provision	(3.60%)	5.00%
Change in valuation allowance	(1.00%)	(29.50%)
Research credits	0.30%	2.00%
Change in effective tax rate	(1.20%)	0.40%
Warrant liability revaluation	(13.70%)
Disallowed executive compensation		(0.30%)
Stock compensation	(1.30%)	(1.80%)
Unrecognized tax benefits	(0.50%)	1.20%
Other		2.00%
Total provision for income taxes	0.00%	0.00%

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss	$ (72,617)	$ (115,593)
Denominator:
Weighted average shares outstanding, Basic	26,774,895	25,639,270
Weighted average shares outstanding, Diluted	26,774,895	25,639,270
Basic net loss per share	$ (2.71)	$ (4.51)
Diluted net loss per share	$ (2.71)	$ (4.51)
Anti-dilutive securities, excluded	14,812,452	12,137,608

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Current:
State	$ (5)	$ (7)
Total current	(5)	(7)
Deferred:
Federal	5,641	24,972
State	(4,933)	9,109
Change in valuation allowance	(708)	(34,081)
Total income tax benefit (expense)	$ (5)	$ (7)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Legal Proceedings

The Company has been and may in the future be involved in various claims, lawsuits, investigations and other proceedings in the normal course of business. The Company accrues a liability when management believes information available prior to the issuance of its financial statements indicates it is probable a loss has been incurred as of the date of the financial statements and the amount of loss can be reasonably estimated. The Company adjusts its accruals to reflect the impact of negotiation, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Legal costs are expensed as incurred. The Company has not recorded any material loss contingency related to legal proceedings in the balance sheets as of December 31, 2024 and 2023.

Indemnifications

In the ordinary course of business, the Company provides or may provide indemnifications of varying scope and terms to investors, directors, officers, employees, customers or vendors with respect to certain matters, including losses arising out of the Company's breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. These indemnifications may survive termination of the underlying agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions may not be subject to maximum loss clauses. The maximum potential amount of future payments the Company could be required to make under these indemnification provisions is indeterminable. As of December 31, 2024 and 2023, the Company has not accrued a liability for these indemnification obligations as the likelihood of incurring a material payment obligation in connection with these indemnification obligations is either not probable or not reasonably estimable due to the unique facts and circumstances involved.

Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5. Intangible Assets

Acquired Intangible Assets

Acquired intangible assets, net consisted of the following:


	December 31, 2023
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (In years)
Trade name and trademarks	$	1,000	$	1,000	$	—		—
Developed technology		9,600		9,600		—		—
Customer relationships		10,700		10,700		—		—
Total	$	21,300	$	21,300	$	—

The Company had no intangible amortization expense during the year ended December 31, 2024. The Company recorded $2.8 million of amortization expense during the year ended December 31, 2023, which was recorded as intangible amortization expense in the consolidated statement of operations. As a result of the Company's product development reprioritization announced in November 2023, the Company reassessed the remaining useful-lives of its intangible assets. The Company recorded $16.3 million of accelerated amortization expense during the year ended December 31, 2023, which is included in asset write-down and restructuring in the consolidated statements of operations.

Leases - Additional Information (Details)	12 Months Ended
Leases - Additional Information (Details)	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Lease expiration date	2033
Minimum
Lessee, Lease, Description [Line Items]
Operating lease renewal term	3 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease renewal term	5 years

Segment Information - Schedule of Adjusted Operating Income to Operating Income and Net Income (Parenthetical) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total reconciling items

^[1]

$ 4,451

$ 48,988

Cost of Revenue

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total reconciling items

1,100

Stock Compensation Expenses

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total reconciling items

2,800

7,600

Asset Write- off and Restructuring Charges and Employee Separation Related Expenses and Allowance for Credit Losses

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total reconciling items

38,500

Other Non-recurring Or Non-cash Transactions

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total reconciling items

$ 600

Intangible Amortization Expense

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Total reconciling items

$ 2,800

[1]

Other for the year ended December 31, 2024, includes $1.1 million of cost of revenue from legacy product sales, $2.8 million of stock compensation expenses, $0.6 million of other non-recurring or non-cash transactions. Other for the year ended December 31, 2023, includes $7.6 million of stock compensation expenses, $38.5 million of asset write-off and restructuring charges and employee separation related expenses, and $2.8 million of intangible amortization expense.

Leases - Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts includedin measurement of liabilities:
Operating cash flows from operating leases	$ 1,968	$ 1,546

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

4. Leases

The Company leases real estate for office and lab space under operating leases with varying expiration dates through 2033. Leases are categorized at their commencement date, which is the date the Company takes possession or control of the underlying asset. Certain of the operating leases include renewal options ranging from three to five years, which are not recognized as part of the right-of-use assets as the Company is not reasonably certain that the options will be exercised.

Lease costs for operating leases are as follows:


	Year Ended December 31,
(In thousands)	2024		2023
Operating lease cost	$	1,859	$	1,859
Variable lease cost		695		773
Total lease cost	$	2,554	$	2,632

The following table summarizes the Company's lease term and discount rate assumptions:


	Year Ended December 31,
	2024			2023
Operating leases
Weighted-average remaining lease term (years)		8.3			9.0
Weighted-average discount rate:		5.4	%		5.4	%

Supplemental cash flow and other information related to leases:


	Year Ended December 31,
(In thousands)	2024		2023
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases	$	1,968	$	1,546

Undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one year, as of December 31, 2024 are as follows:


(In thousands)	Operating Leases
2025	$	1,619
2026		1,488
2027		1,529
2028		1,571
2029		1,614
2030 and thereafter		5,852
Total lease payments		13,673
Less interest		2,637
Present value of lease liabilities	$	11,036

Stock-Based Compensation - Schedule of Fair Value of Option Grants (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.31%	3.61%
Expected term (in years)	5 years 10 months 20 days	6 years 29 days
Expected dividend yield	0.00%
Expected volatility	80.39%	69.96%

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Description of the Business

Basis of Presentation and Consolidation

Reverse Stock Split

Use of Estimates

Liquidity and Capital Resources

Concentration of Credit Risk

Accounts Receivable

Revenue


(In thousands)	2024		2023
Customer A	$	5,100	$	1,618
Customer B		2,551		—
Customer C		—		1,116
Customer D		—		883
Customer E		—		815
Customer F		—		808

Cash and Cash Equivalents

Marketable Securities

Accounts Receivable

Inventories

Property and Equipment


		Useful life
Robotics and manufacturing equipment		3 – 10 years
Computer equipment		3 – 5 years
Software		3 years
Furniture and fixtures		3 – 5 years
Leasehold improvements		Lesser of the useful life or the remaining term of the lease

Leases

Impairment of Long-Lived Assets

Revenue Recognition

(1)

(2)

(3)

(4)

(5)

Revenue from Contracts with Customers

arrangements, including cost-type contracts and fixed-price contracts. Historically, product revenue primarily consists of sales of the Company's hardware products.

Product Development Contract Revenue

Product Revenue

The revenue recognized for Product Development Contract Revenue and Product Revenue were as follows:


	For the Year Ended December 31,
(In thousands)	2024		2023
Product Development Contract Revenue	$	5,120	$	5,256
Product Revenue		2,666		890
Revenue, net	$	7,786	$	6,146

Contract Balances

Cash funds received in excess of revenue recognized that is contingent upon the satisfaction of performance obligations is accounted for as deferred revenue.

The opening and closing balances of our accounts receivable, unbilled receivables, contract assets and deferred revenue are as follows:


(In thousands)	Accounts Receivable			Unbilled Receivable			Contract Assets (Current)			Contract Assets (Long-Term)			Deferred Revenue (Current)
Opening Balance as of December 31, 2022	$	1,866		$	4,160		$	62		$	11		$	—
(Decrease)/increase, net		(1,311	)		(2,126	)		(12	)		(10	)		75
Ending Balance as of December 31, 2023	$	555		$	2,034		$	50		$	1		$	75
(Decrease)/increase, net		(421	)		(855	)		(22	)		(1	)		173
Ending Balance as of December 31, 2024	$	134		$	1,179		$	28		$	—		$	248

Remaining Performance Obligations

Research and Development Costs

Research and development expenses consist of costs incurred for experimentation, design and testing and are expensed as incurred.

Sales and Marketing Costs

Marketing costs include product demonstration, customer service, lead generation, public relations, market research and internal labor, and are expensed as incurred.

Stock-Based Compensation

Income Taxes

Recently Adopted and Issued Accounting Standard Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Standard Pronouncements

Employee Benefits - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Maximum defer net employment income percentage	100.00%	100.00%
Expense for 401(k) matching contributions	$ 0.6	$ 1.5

Stock-Based Compensation - Summary of RSA Activity (Details) - Restricted Stock Awards	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, granted \| shares	625,000
Number of shares, ending balance \| shares	625,000
Weighted average fair value, granted \| $ / shares	$ 0.59
Weighted average fair value, ending balance \| $ / shares	$ 0.59

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of the Total Amount of Revenue for Each Such Customer

The total amount of revenue for each such customer was as follows:


(In thousands)	2024		2023
Customer A	$	5,100	$	1,618
Customer B		2,551		—
Customer C		—		1,116
Customer D		—		883
Customer E		—		815
Customer F		—		808

Schedule of Estimated Useful Lives by Asset

The estimated useful lives by asset classification are generally as follows:


		Useful life
Robotics and manufacturing equipment		3 – 10 years
Computer equipment		3 – 5 years
Software		3 years
Furniture and fixtures		3 – 5 years
Leasehold improvements		Lesser of the useful life or the remaining term of the lease

Summary of Revenue Recognized for Product Development Contract Revenue and Product Revenue

The revenue recognized for Product Development Contract Revenue and Product Revenue were as follows:


	For the Year Ended December 31,
(In thousands)	2024		2023
Product Development Contract Revenue	$	5,120	$	5,256
Product Revenue		2,666		890
Revenue, net	$	7,786	$	6,146

Summary of Opening and Closing Balances of Our Accounts Receivable, Unbilled Receivables, Contract Assets and Deferred Revenue

The opening and closing balances of our accounts receivable, unbilled receivables, contract assets and deferred revenue are as follows:


(In thousands)	Accounts Receivable			Unbilled Receivable			Contract Assets (Current)			Contract Assets (Long-Term)			Deferred Revenue (Current)
Opening Balance as of December 31, 2022	$	1,866		$	4,160		$	62		$	11		$	—
(Decrease)/increase, net		(1,311	)		(2,126	)		(12	)		(10	)		75
Ending Balance as of December 31, 2023	$	555		$	2,034		$	50		$	1		$	75
(Decrease)/increase, net		(421	)		(855	)		(22	)		(1	)		173
Ending Balance as of December 31, 2024	$	134		$	1,179		$	28		$	—		$	248

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Opening and Closing Balances of Our Accounts Receivable, Unbilled Receivables, Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable
Opening Balance	$ 555	$ 1,866
(Decrease)/increase, net	(421)	(1,311)
Ending Balance	134	555
Unbilled Receivable
Opening Balance	2,034	4,160
(Decrease)/increase, net	(855)	(2,126)
Ending Balance	1,179	2,034
Contract Assets (Current)
Opening Balance	50	62
(Decrease)/increase, net	(22)	(12)
Ending Balance	28	50
Contract Assets (Long-Term)
Opening Balance	1	11
(Decrease)/increase, net	(1)	(10)
Ending Balance	0	1
Deferred Revenue (Current)
Opening Balance	75	0
(Decrease)/increase, net	173	75
Ending Balance	$ 248	$ 75

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Revenue Recognized for Product Development Contract Revenue and Product Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Summaryof Significant Accounting Policies Details [Line Items]
Revenue, net	$ 7,786	$ 6,146
Product Development Contract Revenue
Summaryof Significant Accounting Policies Details [Line Items]
Revenue, net	5,120	5,256
Product Revenue
Summaryof Significant Accounting Policies Details [Line Items]
Revenue, net	$ 2,666	$ 890

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 31,188	$ 23,139
Marketable securities	8,883	15,947
Accounts receivable, net of allowance for credit losses of $0.3 million and $0.0 million at December 31, 2024 and 2023, respectively	134	555
Unbilled receivables	1,179	2,034
Inventories	71	1,065
Prepaid expenses and other current assets	1,275	2,323
Total current assets	42,730	45,063
Property and equipment, net	4,244	4,842
Operating lease assets	8,841	10,092
Other non-current assets	438	429
Total assets	56,253	60,426
Current liabilities:
Accounts payable	435	1,291
Accrued liabilities	2,919	5,805
Current operating lease liabilities	1,079	1,360
Total current liabilities	4,433	8,456
Operating lease liabilities	9,957	11,036
Warrant liabilities	51,396	29
Total liabilities	65,786	19,521
Commitments and contingencies (Note 12)
Stockholders' equity:
Common stock, $0.0001 par value, 165,000,000 shares authorized as of December 31, 2024, and December 31, 2023; 33,883,894 and 25,877,865 shares issued and outstanding as of December 31, 2024, and December 31, 2023, respectively	3	3
Additional paid-in capital	481,289	459,113
Accumulated other comprehensive income	6	3
Accumulated deficit	(490,831)	(418,214)
Total stockholders' equity (deficit)	(9,533)	40,905
Total liabilities and stockholders' equity (deficit)	$ 56,253	$ 60,426

Intangible Assets - Summary of Acquired Intangible Assets, Net (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 21,300
Accumulated Amortization	21,300
Net Carrying Amount	0
Trade Name and Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,000
Accumulated Amortization	1,000
Net Carrying Amount	0
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,600
Accumulated Amortization	9,600
Net Carrying Amount	0
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,700
Accumulated Amortization	10,700
Net Carrying Amount	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Schedule of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Accrued expenses	$ 234	$ 283
Stock compensation	1,994	3,293
Research credits	8,427	8,527
Research and experimental capitalization	13,430	18,238
Lease liability	2,588	3,592
Intangibles	230	308
Net operating loss carryforwards	55,380	48,496
Other	2	3
Total gross deferred tax assets	82,285	82,740
Less valuation allowance	(79,323)	(78,615)
Total deferred tax assets	2,962	4,125
Deferred tax liabilities:
Property and equipment	(889)	(1,201)
Right-of-use-asset	(2,073)	(2,924)
Total deferred tax liabilities	$ (2,962)	$ (4,125)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis was determined using the following inputs:


	As of December 31, 2024
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
U.S. Treasury securities	$	12,927	$	—	$	—	$	12,927
Marketable securities:
U.S. treasury securities		8,883		—		—		8,883
Total assets	$	21,810	$	—	$	—	$	21,810

Liabilities:
Warrant liabilities	$	11,630	$	4,128	$	35,638	$	51,396
Total liabilities	$	11,630	$	4,128	$	35,638	$	51,396


	As of December 31, 2023
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
U.S. Treasury securities	$	4,973	$	—	$	—	$	4,973
Marketable securities:
U.S. treasury securities		15,947		—		—		15,947
Total assets	$	20,920	$	—	$	—	$	20,920

Liabilities:
Warrant liabilities	$	—	$	29	$	—	$	29
Total liabilities	$	—	$	29	$	—	$	29

Earn-Out Shares

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Earn-Out Shares

6. Earn-Out Shares

On September 24, 2021 (the "Closing Date"), Rotor Acquisition Corp. ("Rotor"), a Delaware corporation, consummated the business combination (the "Business Combination") pursuant to the terms of the Agreement and Plan of Merger, dated as of April 5, 2021 (the "Original Merger Agreement"), by and among Rotor, Rotor Merger Sub Corp., a Delaware corporation and a direct, wholly-owned subsidiary of Rotor ("Merger Sub"), and Sarcos Corp., a Utah corporation ("Old Sarcos"), and Amendment No. 1 to the Agreement and Plan of Merger, dated as of August 28, 2021 (the "Amendment" and the Original Merger Agreement, as amended, the "Merger Agreement"), by and among Rotor, Merger Sub and Old Sarcos. Pursuant to the terms of the Merger Agreement, the Business Combination between Rotor and Old Sarcos was effected through the merger of Merger Sub with and into Old Sarcos, with Old Sarcos continuing as the surviving corporation (the "Merger") and a wholly-owned subsidiary of Rotor. On the Closing Date, Rotor changed its name to Sarcos Technology and Robotics Corporation. To reflect the Company's transition from a hardware-focused company to an AI software-focused company, in March 2024 the Company changed its name from Sarcos Technology and Robotics Corporation to Palladyne AI Corp.

As a result of the Business Combination, each holder of Old Sarcos capital stock is entitled to Contingent Merger Consideration following the closing of the Business Combination in the form of earn-outs, up to an aggregate of 4,687,500 shares of Common Stock (the "Earn-Out Shares"). The Earn-Out Shares will become payable as follows:

•

2,343,750 shares of Common Stock of the Company in the aggregate if the closing share price of a share of Common Stock of the Company is equal to or exceeds $90.00 for 20 trading days in any 30 consecutive trading day period at any time during the period beginning on the first anniversary of the Closing Date and ending on the fourth anniversary of the Closing Date.

•

2,343,750 shares of Common Stock of the Company if the closing share price of a share of Common Stock of the Company is equal to or exceeds $120.00 for 20 trading days in any 30 consecutive trading day period at any time during the period beginning on the first anniversary of the Closing Date and ending on the fifth anniversary of the Closing Date.

The Earn-Out Shares are treated as equity-linked instruments as opposed to shares outstanding, and as such are not included in shares outstanding on the Company's condensed consolidated balance sheets. As of December 31, 2024, there remained 4,687,500 Earn-Out Shares potentially issuable.

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

2. Fair Value Measurements

ASC Topic 820, Fair Value Measurement, defines fair value as the exchange price that would be received for an asset, or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy defines a three-level valuation hierarchy for disclosure of fair value measurements as follows:

Level 1—Fair value is based on observable inputs such as quoted prices for identical assets or liabilities in active markets.

Level 2—Fair value is determined using quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active or are directly or indirectly observable.

Level 3—Fair value is determined using one or more significant inputs that are unobservable in active markets at the measurement date, such as an option pricing model, discounted cash flow or similar technique.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

On a recurring basis, the Company measures certain of its financial assets and liabilities at fair value. The fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis was determined using the following inputs:


	As of December 31, 2024
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
U.S. Treasury securities	$	12,927	$	—	$	—	$	12,927
Marketable securities:
U.S. treasury securities		8,883		—		—		8,883
Total assets	$	21,810	$	—	$	—	$	21,810

Liabilities:
Warrant liabilities	$	11,630	$	4,128	$	35,638	$	51,396
Total liabilities	$	11,630	$	4,128	$	35,638	$	51,396


	As of December 31, 2023
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
U.S. Treasury securities	$	4,973	$	—	$	—	$	4,973
Marketable securities:
U.S. treasury securities		15,947		—		—		15,947
Total assets	$	20,920	$	—	$	—	$	20,920

Liabilities:
Warrant liabilities	$	—	$	29	$	—	$	29
Total liabilities	$	—	$	29	$	—	$	29

As of December 31, 2024, the Company held $21.8 million of available-for-sale debt securities with maturity dates within one year. The fair value of the Company's available-for-sale debt securities approximates their amortized cost basis. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The carrying amounts of accounts receivable, unbilled receivables, accounts payable and accrued expenses approximate their fair values because of the relatively short periods until they are required to be settled.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
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-Section 55
-Paragraph 107
-Publisher FASB
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+ Details

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

13. Segment Information

The Company has determined that it has a single operating segment. The Company has historically derived revenues from product development contracts focused on the development of technologies included within the Company's AI/ML Foundational Technology, which the Company expects to commercialize and sell under software license arrangements. The accounting policies of the segment are the same as those described in Note 1, Basis of Presentation and Summary of Significant Accounting Policies.

The Company's Chief Executive Officer is the Chief Operating Decision Maker ("CODM"). The CODM allocates resources and makes operating decisions based on consolidated net income. The CODM does not evaluate profitability below the level of the consolidated company. Net loss is used to monitor results on a budget versus actual basis. Net loss is adjusted for various non-recurring and non-cash transactions such as stock compensation expenses and impairment expenses.

The following table presents selected financial information with respect to the Company's single operating segment:


	Year Ended December 31,
(In thousands)	2024			2023
Segment Revenue	$	5,120		$	5,256
Other Revenue (1)		2,666			890
Total Revenue		7,786			6,146
Less:
Cost of revenue		2,393			4,934
Research and development		10,322			37,885
General and administrative		14,013			25,275
Sales and marketing		3,530			10,020
Other (2)		4,451			48,988
Interest income, net		(1,244	)		(3,294	)
(Loss) gain on warrant liabilities		46,935			(162	)
Other income, net		(2	)		(1,914	)
Income tax expense		5			7
Net loss	$	(72,617	)	$	(115,593	)

(1)

Other revenue includes revenue from legacy product sales.

(2)

The Company's revenue is derived primarily from U.S. customers. During the year ended December 31, 2024, the Company had no revenue earned from customers located outside the United States. During the year ended December 31, 2023, the Company had $1.9 million of revenue earned from customers located outside the United States.

All long-lived assets are maintained in the United States. All losses are attributable to operations within the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders for the twelve months ended December 31, 2024 and 2023, respectively:


	Year Ended December 31,
(In thousands, except share and per share data)	2024			2023
Numerator:
Net loss	$	(72,617	)	$	(115,593	)
Denominator:
Weighted average shares outstanding, basic and diluted		26,774,895			25,639,270
Basic and diluted net loss per share	$	(2.71	)	$	(4.51	)
Anti-dilutive securities, excluded		14,812,452			12,137,608

2024 Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 01, 2024	Dec. 31, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Number of warrants		20,549,453
(Loss) gain on warrant liabilities		$ 46,935	$ (162)
Securities Purchase Agreement \| Registered Offering
Class of Warrant or Right [Line Items]
Number of common stock shares to be issued and sold under agreement	2,790,700
Purchase price per share of common stock	$ 2.15
Securities Purchase Agreement \| Registered Offering And Private Placements
Class of Warrant or Right [Line Items]
Expected gross proceeds from common stock purchase program	$ 7,000
2024 Warrants
Class of Warrant or Right [Line Items]
(Loss) gain on warrant liabilities		$ (31,200)
2024 Private Placement Warrants \| Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Warrant exercise price	$ 2.3
Warrants exercisable period	6 months
Warrant expiration term	5 years 6 months
2024 Private Placement Warrants \| Securities Purchase Agreement \| Maximum
Class of Warrant or Right [Line Items]
Number of common stock shares to be issued and sold under agreement	2,790,700
2024 Concurrent Private Placement Warrants \| Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Warrant exercise price	$ 2.3
Warrants exercisable period	6 months
Warrant expiration term	5 years 6 months
2024 Concurrent Private Placement Warrants \| Securities Purchase Agreement \| Private Placement
Class of Warrant or Right [Line Items]
Price per warrant	$ 0.125
2024 Concurrent Private Placement Warrants \| Securities Purchase Agreement \| Private Placement \| Maximum
Class of Warrant or Right [Line Items]
Number of common stock shares to be issued upon conversion of warrants	430,105
2024 Concurrent Private Placement Warrants \| Securities Purchase Agreement \| Chief Executive Officer And Board Of Directors
Class of Warrant or Right [Line Items]
Number of common stock shares to be issued and sold under agreement	430,105
Purchase price per share of common stock	$ 2.2

Leases - Components of Lease Costs for Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 1,859	$ 1,859
Variable lease cost	695	773
Total lease cost	$ 2,554	$ 2,632

2024 Warrants (Tables)

12 Months Ended

Dec. 31, 2024

Warrants and Rights Note Disclosure [Abstract]

Summary of Quantitative Information Regarding Assumptions

The following table provides quantitative information regarding assumptions used in the Monte Carlo model to determine the fair value of the 2024 Warrants:


	December 31, 2024			November 1, 2024
Stock price	$	12.27		$	2.01
Term (in years)		5.34			5.50
Expected volatility		84.9	%		80.9	%
Risk-free rate		4.35	%		4.20	%
Dividend yield		0.0	%		0.0	%

Segment Information - Schedule of Adjusted Operating Income to Operating Income and Net Income (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

$ 7,786

$ 6,146

Research and Development Expense

10,437

39,012

General and Administrative Expense

16,842

31,454

Selling and Marketing Expense

4,134

10,828

Other

^[1]

4,451

48,988

Interest income, net

(1,244)

(3,294)

(Loss) gain on warrant liabilities

46,935

(162)

Other income, net

(2)

(1,914)

Income tax expense

Net loss

(72,617)

(115,593)

Operating Segment

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

5,120

5,256

Cost of revenue

2,393

4,934

Research and Development Expense

10,322

37,885

General and Administrative Expense

14,013

25,275

Selling and Marketing Expense

3,530

10,020

Other

Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]

Revenue

^[2]

$ 2,666

$ 890

[1]

[2]

Other revenue includes revenue from legacy product sales.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Revenue, net	$ 7,786,000	$ 6,146,000
Operating expenses:
Cost of revenue (exclusive of items shown separately below)	3,488,000	5,041,000
Research and development	10,437,000	39,012,000
General and administrative	16,842,000	31,454,000
Sales and marketing	4,134,000	10,828,000
Intangible amortization expense	0	2,821,000
Asset write-down and restructuring	(192,000)	37,946,000
Total operating expenses	34,709,000	127,102,000
Loss from operations	(26,923,000)	(120,956,000)
Interest income, net	1,244,000	3,294,000
(Loss) gain on warrant liabilities	(46,935,000)	162,000
Other income, net	2,000	1,914,000
Loss before income tax expense	(72,612,000)	(115,586,000)
Income tax expense	(5,000)	(7,000)
Net loss	$ (72,617,000)	$ (115,593,000)
Net loss per share
Basic net loss per share	$ (2.71)	$ (4.51)
Diluted net loss per share	$ (2.71)	$ (4.51)
Weighted-average shares used in computing net loss per share
Weighted average shares outstanding, Basic	26,774,895	25,639,270
Weighted average shares outstanding, Diluted	26,774,895	25,639,270

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives by Asset (Details)	Dec. 31, 2024
Summaryof Significant Accounting Policies Details [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Leasehold Improvements
Robotics and Manufacturing Equipment \| Maximum
Summaryof Significant Accounting Policies Details [Line Items]
Property and equipment, useful lives	10 years
Robotics and Manufacturing Equipment \| Minimum
Summaryof Significant Accounting Policies Details [Line Items]
Property and equipment, useful lives	3 years
Computer Equipment \| Maximum
Summaryof Significant Accounting Policies Details [Line Items]
Property and equipment, useful lives	5 years
Computer Equipment \| Minimum
Summaryof Significant Accounting Policies Details [Line Items]
Property and equipment, useful lives	3 years
Software
Summaryof Significant Accounting Policies Details [Line Items]
Property and equipment, useful lives	3 years
Furniture and Fixtures \| Maximum
Summaryof Significant Accounting Policies Details [Line Items]
Property and equipment, useful lives	5 years
Furniture and Fixtures \| Minimum
Summaryof Significant Accounting Policies Details [Line Items]
Property and equipment, useful lives	3 years

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details 1)	Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Summaryof Significant Accounting Policies Details [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	$ 7,258	$ 9,109
Accumulated depreciation	(3,014)	(4,267)
Property and equipment, net	4,244	4,842
Robotics and Manufacturing Equipment
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	1,128	1,841
Leasehold Improvements
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	3,927	4,458
Computer Equipment
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	1,251	1,729
Financed Leased Computer Equipment
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	0	19
Software
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	1	44
Furniture and fixtures, and other fixed assets
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	$ 951	$ 1,018

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Adjusted Operating Income to Operating Income and Net Income

The following table presents selected financial information with respect to the Company's single operating segment:


	Year Ended December 31,
(In thousands)	2024			2023
Segment Revenue	$	5,120		$	5,256
Other Revenue (1)		2,666			890
Total Revenue		7,786			6,146
Less:
Cost of revenue		2,393			4,934
Research and development		10,322			37,885
General and administrative		14,013			25,275
Sales and marketing		3,530			10,020
Other (2)		4,451			48,988
Interest income, net		(1,244	)		(3,294	)
(Loss) gain on warrant liabilities		46,935			(162	)
Other income, net		(2	)		(1,914	)
Income tax expense		5			7
Net loss	$	(72,617	)	$	(115,593	)

(1)

Other revenue includes revenue from legacy product sales.

(2)

Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits at the beginning of year	$ 2,446	$ 3,898
Gross increases - current year tax positions	106	1,170
Gross increases - prior year tax positions	186
Gross decreases - prior year tax positions		(2,622)
Unrecognized tax benefits at end of year	$ 2,738	$ 2,446

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Jul. 05, 2023	Dec. 31, 2024 USD ($) Customer	Dec. 31, 2023 USD ($) Customer
Summaryof Significant Accounting Policies Details [Line Items]
Cash, cash equivalents and marketable securities		$ 40,100,000	$ 39,100,000
Accumulated deficit		(490,831,000)	(418,214,000)
Working capital		38,300,000
Revenue, remaining performance obligation, amount		3,000,000
Deferred revenue, revenue recognized			0
Allowance for doubtful receivables		300,000	0
Reverse stock split	1-for-6 reverse stock split
Reverse stock split, ratio	0.00167
Allowance for credit losses related to marketable debt securities		$ 0	0
Accelerated amortization of intangible assets			$ 16,300,000
ASU 2023-07
Summaryof Significant Accounting Policies Details [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]		true
Change in accounting principle, accounting standards update, adoption date		Dec. 31, 2024
Accounts Receivable \| Credit Concentration Risk
Summaryof Significant Accounting Policies Details [Line Items]
Number of customer \| Customer		3	3
Accounts Receivable \| Credit Concentration Risk \| Customer Three
Summaryof Significant Accounting Policies Details [Line Items]
Concentration risk, percentage		100.00%	90.00%
Revenue \| Customer Concentration Risk
Summaryof Significant Accounting Policies Details [Line Items]
Number of customer \| Customer		2	5
Revenue \| Customer Concentration Risk \| Customer Two
Summaryof Significant Accounting Policies Details [Line Items]
Concentration risk, percentage		98.00%
Revenue \| Customer Concentration Risk \| Customer Five
Summaryof Significant Accounting Policies Details [Line Items]
Concentration risk, percentage			85.00%

Leases - Summary of Lease Term and Discount Rate Assumptions (Details)	Dec. 31, 2024	Dec. 31, 2023
Operating leases
Weighted-average remaining lease term (years)	8 years 3 months 18 days	9 years
Weighted-average discount rate:	5.40%	5.40%