0000950170-25-065781 | 10-Q | XBRL Viewer

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Stock-based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 17, 2024 USD ($) Employee shares	Mar. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 $ / shares shares	Mar. 31, 2024 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense \| $		$ 1,149		$ 571
Common stock, shares issued		35,712,516	33,883,894
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]
Unrecognized stock-based compensation cost \| $		$ 9,700
Period for recognition of unrecognized compensation cost related to non-vested stock awards		3 years
Phantom Equity Award
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based payment award, Description		During the fourth quarter of 2024 the Company and Benjamin Wolff agreed to extend Mr. Wolff’s term of employment as the Company’s President and Chief Executive Officer, effective January 1, 2025 through December 31, 2027. The agreement includes a phantom equity award that is subject to cliff vesting based on continued employment through October 31, 2027 or upon earlier change of control or earlier qualifying termination of his employment. The Company has the option, in its sole discretion, to settle the award in full with cash or replace the award in whole or in part with restricted stock awards with respect to the Company's common stock vesting on the same condition. If settled in cash, the value of the award shall be equal to 1.8 million (as proportionately adjusted for any stock splits, dividends, combinations and the like) times the Stock FMV. The "Stock FMV" is the volume weighted average closing price per share of the Company’s stock for the 10 consecutive trading days ending on the trading day immediately prior to vesting.
Consecutive trading days			10 days
Number of shares unvested		1,500,000		1,500,000
Weighted average grant date fair value \| $ / shares		$ 2.23	$ 2.23
Phantom Equity Award \| Mr. Wolff
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total number of shares			1,800,000
Restricted Stock Awards \| Mr. Wolff
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting award description		If, at any time during the term of the award and no later than the day immediately prior to the payment date, the Company grants Mr. Wolff one or more restricted stock awards with the same vesting conditions as the phantom equity award, the cash settlement value will be reduced by 1.2 times for every share subject to the restricted stock award(s) up to 1.5 million shares (as proportionately adjusted for any stock splits, dividends, combinations and the like).
Maximum \| Restricted Stock Awards \| Mr. Wolff
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available to grant under plan			1,500,000
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]
Stock - based compensation exercisable period		10 years
Total number of shares		5,000,000
Due to failure to vest, additional shares added		2,100,000
Number of shares available to grant under plan		1,900,000
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]
Number of shares available to grant under plan		500,000
2021 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Offering period		6 months
Common stock, shares issued		0
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]
Stock-based compensation expense \| $	$ 100
Options to purchase aggregate shares	773,551
Incremental fair value \| $	$ 200
Option Modification \| Senior Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options to purchase aggregate shares	225,670
Option Modification \| Other Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options to purchase aggregate shares	547,881

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

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Summary of the Total Amount of Revenue for Each Such Customer

Revenue recognized for Product Development Contract Revenue and Product Revenue for the three months ended March 31, 2025 and 2024, were as follows:


	For the three months ended March 31,
(In thousands)	2025		2024
Product Development Contract Revenue	$	1,710	$	882
Product Revenue		—		2,559
Revenue, net	$	1,710	$	3,441

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 as of March 31, 2025 and December 31, 2024, are as follows:


(In thousands)	Accounts Receivable		Unbilled Receivable		Contract Assets (Current)			Deferred Revenue (Current)
Ending Balance as of December 31, 2024	$	134	$	1,179	$	28		$	248
(Decrease)/increase, net		26		591		(2	)		(248	)
Ending Balance as of March 31, 2025	$	160	$	1,770	$	26		$	—

Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

. Income Taxes

To determine the Company’s quarterly provision for income taxes, the Company used an estimated annual effective tax rate that is based on expected annual income and statutory tax rates in the various jurisdictions in which the Company operates. Certain significant unusual or infrequently occurring items that are separately reported are separately recognized in the quarter during which they occur and can be a source of variability in the effective tax rate from quarter to quarter.

The Company had no income tax expense for the three months ended March 31, 2025 and 2024. The provision for income taxes for the three months ended March 31, 2025 and 2024 is based on the Company’s estimated annualized effective tax rate for the fiscal years ending December 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, the Company’s recognized effective tax rate differs from the U.S. federal statutory rate as the Company recorded net losses during the period with a corresponding full valuation allowance on the net deferred tax assets created from the losses.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024:


	As of March 31, 2025
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities:
U.S. treasury securities	$	36,582	$	—	$	—	$	36,582
Total assets	$	36,582	$	—	$	—	$	36,582

Liabilities:
Warrant liabilities	$	4,247	$	1,507	$	16,394	$	22,148
Total liabilities	$	4,247	$	1,507	$	16,394	$	22,148


	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

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 223	$ 201

Stock-based Compensation - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Options outstanding, beginning balance	1,396,957
Options granted	41,667
Options cancelled	(162,570)
Options outstanding, ending balance	1,276,054	1,396,957
Options exercisable	543,777	443,045
Options outstanding, weighted average exercise price, beginning balance	$ 1.88
Options granted, weighted average exercise price	6.43
Options cancelled, weighted average exercise price	1.51
Options outstanding, weighted average exercise price, ending balance	2.07	$ 1.88
Options exercisable, weighted average exercise price	$ 2	$ 2.05
Options outstanding, weighted average remaining contractual term	7 years 1 month 6 days	7 years 6 months
Options exercisable, weighted average remaining contractual term	5 years 4 months 24 days	5 years 2 months 12 days
Options outstanding, aggregate intrinsic value	$ 4,900	$ 14,519
Options exercisable, aggregate intrinsic value	$ 2,130	$ 4,527

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2025	Dec. 31, 2024
Summaryof Significant Accounting Policies Details [Line Items]
Cash, cash equivalents and marketable securities		$ 46,600	$ 40,100
Accumulated deficit		(468,072)	$ (490,831)
Working capital		47,100
Revenue, Remaining Performance Obligation, Amount		$ 1,900
Deferred revenue, revenue recognized	$ 0

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024:


	As of March 31, 2025
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities:
U.S. treasury securities	$	36,582	$	—	$	—	$	36,582
Total assets	$	36,582	$	—	$	—	$	36,582

Liabilities:
Warrant liabilities	$	4,247	$	1,507	$	16,394	$	22,148
Total liabilities	$	4,247	$	1,507	$	16,394	$	22,148


	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 March 31, 2025, the Company held $36.6 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.

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+ Details

Stock-based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, beginning balance \| shares	1,457,281
Number of shares, granted \| shares	576,587
Number of shares, vested \| shares	(492,815)
Number of shares, cancelled \| shares	(1,113)
Number of shares, ending balance \| shares	1,539,940
Weighted average fair value, beginning balance \| $ / shares	$ 1.62
Weighted average fair value, granted \| $ / shares	6.39
Weighted average fair value, vested \| $ / shares	1.14
Weighted average fair value, cancelled \| $ / shares	5.5
Weighted average fair value, ending balance \| $ / shares	$ 3.56

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Schedule Of Balance Sheet Components [Line Items]
Prepaid insurance	$ 352	$ 367
Other prepaid expenses and assets	834	261
Total prepaid expenses and other current assets	1,617	1,275
Software
Schedule Of Balance Sheet Components [Line Items]
Other assets	$ 431	$ 647

Fair Value Measurements - Additional Information (Details) $ in Millions	Mar. 31, 2025 USD ($)
Fair Value Disclosures [Abstract]
Available-for-sale debt securities with maturity dates within one year	$ 36.6

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2025	Apr. 29, 2025
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2025
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
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 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
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		35,713,527
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

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Payroll and related costs	$ 1,114	$ 1,811
Legal services accrual	112	230
Deferred revenue	0	248
Other contract liabilities	496	496
Other accrued expenses and current liabilities	152	134
Total accrued liabilities	$ 1,874	$ 2,919

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
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

Stock-based Compensation - Summary of RSA Activity (Details) - Restricted Stock Awards	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, beginning balance \| shares	625,000
Number of shares, vested \| shares	(625,000)
Weighted average fair value, beginning balance \| $ / shares	$ 0.59
Weighted average fair value, vested \| $ / 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.

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Information about Contract Balances (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Accounts receivable
Opening Balance	$ 134
Increase/(decrease), net	26
Ending Balance	160
Unbilled receivable
Opening Balance	1,179
Increase/(decrease), net	591
Ending Balance	1,770
Contract assets (current)
Opening Balance	28
Increase/(decrease), net	(2)
Ending Balance	26
Deferred revenue (current)
Opening Balance	248
Increase/(decrease), net	(248)
Ending Balance	$ 0

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	$ 7,352	$ 7,258
Accumulated depreciation	(3,237)	(3,014)
Property and equipment, net	4,115	4,244
Robotics and Manufacturing Equipment
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	1,170	1,128
Leasehold Improvements
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	3,927	3,927
Computer Equipment
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	1,304	1,251
Software
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	0	1
Furniture and fixtures, and other fixed assets
Schedule Of Balance Sheet Components [Line Items]
Property and equipment, gross	$ 951	$ 951

DeSPAC Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jan. 20, 2021	Mar. 31, 2025	Mar. 31, 2024
Class of Warrant or Right [Line Items]
Warrants outstanding		20,549,453
(Losses) gain on warrant liability		$ 29,248	$ (248)
Redemption of Warrants When Price Per Share Equals or Exceeds $108.00 Per Share
Class of Warrant or Right [Line Items]
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 $60.00 Per Share
Class of Warrant or Right [Line Items]
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;
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 liability		$ 10,000	$ (200)

Fair Value Measurements - Schedule of Assets and Liabilities Measured At Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets:
Total assets	$ 36,582	$ 21,810
Liabilities:
Total liabilities	22,148	51,396
U.S. Treasury Securities
Assets:
Cash equivalents		12,927
Marketable securities	36,582	8,883
Warrant Liabilities
Liabilities:
Total liabilities	22,148	51,396
Fair Value, Inputs, Level 1
Assets:
Total assets	36,582	21,810
Liabilities:
Total liabilities	4,247	11,630
Fair Value, Inputs, Level 1 \| U.S. Treasury Securities
Assets:
Cash equivalents		12,927
Marketable securities	36,582	8,883
Fair Value, Inputs, Level 1 \| Warrant Liabilities
Liabilities:
Total liabilities	4,247	11,630
Fair Value, Inputs, Level 2
Liabilities:
Total liabilities	1,507	4,128
Fair Value, Inputs, Level 2 \| Warrant Liabilities
Liabilities:
Total liabilities	1,507	4,128
Fair Value, Inputs, Level 3
Liabilities:
Total liabilities	16,394	35,638
Fair Value, Inputs, Level 3 \| Warrant Liabilities
Liabilities:
Total liabilities	$ 16,394	$ 35,638

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Allowance for credit losses	$ 0.3	$ 0.3
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	165,000,000	165,000,000
Common stock, shares issued	35,712,516	33,883,894
Common stock, shares outstanding	35,712,516	33,883,894

Balance Sheet Components

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

3. Balance Sheet Components

Inventories, Net

As of March 31, 2025 and December 31, 2024, inventories, net consisted of the following:


(In thousands)	March 31, 2025		December 31, 2024
Raw materials	$	30	$	71
Work-in-process		43		—
Total inventories	$	73	$	71

Prepaid Expenses and Other Current Assets

As of March 31, 2025 and December 31, 2024, prepaid expenses and other current assets consist of the following:


(In thousands)	March 31, 2025		December 31, 2024
Prepaid insurance	$	352	$	367
Software		431		647
Other prepaid expenses and assets		834		261
Total prepaid expenses and other current assets	$	1,617	$	1,275

Property and Equipment, Net

As of March 31, 2025 and December 31, 2024, property and equipment, net consist of the following:


(In thousands)	March 31, 2025			December 31, 2024
Robotics and manufacturing equipment	$	1,170		$	1,128
Leasehold improvements		3,927			3,927
Computer equipment		1,304			1,251
Software		—			1
Furniture and fixtures, and other fixed assets		951			951
Property and equipment, gross		7,352			7,258
Accumulated depreciation		(3,237	)		(3,014	)
Property and equipment, net	$	4,115		$	4,244

Depreciation expenses were $0.2 million for the three months ended March 31, 2025 and 2024, respectively.

Accrued Liabilities

As of March 31, 2025 and December 31, 2024, accrued liabilities consist of the following:


(In thousands)	March 31, 2025		December 31, 2024
Payroll and related costs	$	1,114	$	1,811
Legal services accrual		112		230
Deferred revenue		—		248
Other contract liabilities		496		496
Other accrued expenses and current liabilities		152		134
Total accrued liabilities	$	1,874	$	2,919

Stock-based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,149	$ 571
Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	10	(18)
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	79	(42)
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	179	40
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 881	$ 591

- 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

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

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

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

Total reconciling items

^[1]

$ 1,149

$ 2,100

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

$ 1,100

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

$ 400

[1]

Other for the three months ended March 31, 2025, includes $1.1 million of stock compensation expenses. Other for the three months ended March 31, 2024, includes $1.1 million of cost of revenue from legacy product sales, $0.6 million of stock compensation expenses, and $0.4 million of asset write-off and restructuring charges.

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Activity

The following summarizes the Company’s stock option activity for the three months ended March 31, 2025:


	Options Outstanding					Weighted-Average
				Weighted Average		Remaining		Aggregate Intrinsic
				Exercise Price		Contractual Term		Value
	Number of Shares			(Per share)		(In years)		(In thousands)
Outstanding – December 31, 2024		1,396,957		$	1.88		7.5	$	14,519
Granted		41,667			6.43
Cancelled		(162,570	)		1.51
Outstanding – March 31, 2025		1,276,054		$	2.07		7.1	$	4,900
Exercisable – December 31, 2024		443,045		$	2.05		5.2	$	4,527
Exercisable – March 31, 2025		543,777		$	2.00		5.4	$	2,130

Summary of RSU and RSA Activity

The following summarizes the Company’s RSU activity for the three months ended March 31, 2025:


	Restricted Stock Units Outstanding
	Number of Shares			Weighted-Average Grant-Date Fair Value (Per share)
Outstanding – December 31, 2024		1,457,281		$	1.62
Granted		576,587			6.39
Vested		(492,815	)		1.14
Cancelled		(1,113	)		5.50
Outstanding – March 31, 2025		1,539,940		$	3.56

The following summarizes the Company’s employee RSA activity for the three months ended March 31, 2025:


	Restricted Stock Awards Outstanding
	Number of Shares			Weighted-Average Grant-Date Fair Value (Per share)
Outstanding – December 31, 2024		625,000		$	0.59
Vested		(625,000	)	0.59
Outstanding – March 31, 2025		—		$	—

Schedule of Stock Based Compensation Expense

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


	Three Months Ended March 31,
(In thousands)	2025		2024
Cost of revenue	$	10	$	(18	)
Research and development		79		(42	)
Sales and marketing		179		40
General and administrative		881		591
Total stock-based compensation expense	$	1,149	$	571

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Net income (loss)	$ 22,759	$ (7,229)
Other comprehensive loss:
Change in unrealized gain on available-for-sale investments	(9)	(4)
Total other comprehensive loss	(9)	(4)
Comprehensive income (loss)	$ 22,750	$ (7,233)

- 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).

+ References

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- Definition

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

+ References

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+ Details

2024 Warrants - Summary of Quantitative Information Regarding Assumptions (Details) - 2024 Warrants	Mar. 31, 2025
Stock Price
Class of Warrant or Right [Line Items]
Warrants, measurement input	5.88
Term (in years)
Class of Warrant or Right [Line Items]
Warrants term (in Years)	5 years 1 month 6 days
Expected Volatility
Class of Warrant or Right [Line Items]
Warrants, measurement input	102.7
Risk-free rate
Class of Warrant or Right [Line Items]
Warrants, measurement input	3.86
Dividend yield
Class of Warrant or Right [Line Items]
Warrants, measurement input	0

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2025

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 three months ended March 31, 2025 and 2024:


	Three months ended March 31,
(In thousands, except share and per share data)	2025		2024
Numerator:
Net income (loss)	$	22,759	$	(7,229	)
Denominator:
Weighted average shares outstanding, basic		35,345,672		25,879,043
Dilutive effect of potential common shares		5,722,278		—
Weighted average shares outstanding, diluted		41,067,950		25,879,043
Basic net income (loss) per share	$	0.64	$	(0.28	)
Diluted net income (loss) per share	$	0.55	$	(0.28	)
Anti-dilutive securities, excluded		8,227,228		12,237,740

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

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") is 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 or the latency associated with processing in the cloud.

Basis of Presentation and Consolidation

The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP").

The condensed consolidated financial statements as of March 31, 2025 are unaudited. The condensed consolidated balance sheet as of December 31, 2024 included herein was derived from the audited consolidated financial statements as of that date. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. As such, the information included herein should be read in conjunction with the consolidated financial statements and accompanying notes as of and for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 20, 2025.

The condensed 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.

In the opinion of the Company’s management, the unaudited condensed consolidated financial statements include all adjustments necessary for fair financial statement presentation. All adjustments are of a normal recurring nature. Interim results are not necessarily indicative of the results to be expected for any subsequent quarter or for the fiscal year ending December 31, 2025.

Summary of Significant Accounting Policies and Use of Estimates

There have been no changes to the Company’s significant accounting policies and use of estimates and assumptions described in the annual consolidated financial statements for the year ended December 31, 2024 that have had a material impact on the Company’s condensed consolidated financial statements and related notes.

Liquidity and Capital Resources

Cash, cash equivalents and marketable securities were $46.6 million as of March 31, 2025, compared to $40.1 million as of December 31, 2024. The Company has incurred losses from operations 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 March 31, 2025, the Company had an accumulated deficit of approximately $468.1 million and working capital of $47.1 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, revenue 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.

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 legacy hardware products. The Company has not yet generated product revenue from its Palladyne IQ and Palladyne Pilot 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 the Company's products and related technology. 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.

Revenue recognized for Product Development Contract Revenue and Product Revenue for the three months ended March 31, 2025 and 2024, were as follows:


	For the three months ended March 31,
(In thousands)	2025		2024
Product Development Contract Revenue	$	1,710	$	882
Product Revenue		—		2,559
Revenue, net	$	1,710	$	3,441

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 condensed 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 as of March 31, 2025 and December 31, 2024, are as follows:


(In thousands)	Accounts Receivable		Unbilled Receivable		Contract Assets (Current)			Deferred Revenue (Current)
Ending Balance as of December 31, 2024	$	134	$	1,179	$	28		$	248
(Decrease)/increase, net		26		591		(2	)		(248	)
Ending Balance as of March 31, 2025	$	160	$	1,770	$	26		$	—

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 three months ended March 31, 2025, the Company recognized all of the deferred revenue which existed at December 31, 2024. During the three months ended March 31, 2024, the Company did not recognize any revenue related to deferred revenue which existed at December 31, 2023.

Remaining Performance Obligations

As of March 31, 2025, the Company had backlog, or revenue related to remaining performance obligations, of $1.9 million. The Company expects approximately half 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.

Recently Issued Accounting Standard 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 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.

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details 1)	Mar. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-04-01
Summaryof Significant Accounting Policies Details [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

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:


	Three Months Ended March 31,
(In thousands)	2025			2024
Segment Revenue	$	1,710		$	882
Other Revenue (1)		—			2,559
Total Revenue		1,710			3,441
Less:
Cost of revenue		343			839
Research and development		2,791			2,937
General and administrative		3,318			4,704
Sales and marketing		1,040			214
Other (2)		1,149			2,100
Interest income, net		(442	)		(372	)
Loss (gain) on warrant liabilities		(29,248	)		248
Net income (loss)	$	22,759		$	(7,229	)

(1)

Other revenue includes revenue from legacy product sales.

(2)

Stock-based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

7. 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 March 31, 2025, 1.9 million shares were available to 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 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. The Inducement Plan was adopted and approved without stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4). As of March 31, 2025, 0.5 million shares were available to grant under 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 March 31, 2025, 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 three months ended March 31, 2025:


	Options Outstanding					Weighted-Average
				Weighted Average		Remaining		Aggregate Intrinsic
				Exercise Price		Contractual Term		Value
	Number of Shares			(Per share)		(In years)		(In thousands)
Outstanding – December 31, 2024		1,396,957		$	1.88		7.5	$	14,519
Granted		41,667			6.43
Cancelled		(162,570	)		1.51
Outstanding – March 31, 2025		1,276,054		$	2.07		7.1	$	4,900
Exercisable – December 31, 2024		443,045		$	2.05		5.2	$	4,527
Exercisable – March 31, 2025		543,777		$	2.00		5.4	$	2,130

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 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 amendments resulted in an incremental fair value of $0.2 million. Of this amount $0.1 million related to vested options and was recognized as stock-based compensation expense on the amendment date. The remaining incremental fair value will be amortized over the remaining requisite service periods of the unvested options.

Restricted Stock Units Activity

The following summarizes the Company’s RSU activity for the three months ended March 31, 2025:


	Restricted Stock Units Outstanding
	Number of Shares			Weighted-Average Grant-Date Fair Value (Per share)
Outstanding – December 31, 2024		1,457,281		$	1.62
Granted		576,587			6.39
Vested		(492,815	)		1.14
Cancelled		(1,113	)		5.50
Outstanding – March 31, 2025		1,539,940		$	3.56

Restricted Stock Awards Activity

The following summarizes the Company’s employee RSA activity for the three months ended March 31, 2025:


	Restricted Stock Awards Outstanding
	Number of Shares			Weighted-Average Grant-Date Fair Value (Per share)
Outstanding – December 31, 2024		625,000		$	0.59
Vested		(625,000	)	0.59
Outstanding – March 31, 2025		—		$	—

Phantom Equity Award

During the fourth quarter of 2024 the Company and Benjamin Wolff agreed to extend Mr. Wolff’s term of employment as the Company’s President and Chief Executive Officer, effective January 1, 2025 through December 31, 2027. The agreement includes a phantom equity award that is subject to cliff vesting based on continued employment through October 31, 2027 or upon earlier change of control or earlier qualifying termination of his employment. The Company has the option, in its sole discretion, to settle the award in full with cash or replace the award in whole or in part with restricted stock awards with respect to the Company's common stock vesting on the same condition. If settled in cash, the value of the award shall be equal to 1.8 million (as proportionately adjusted for any stock splits, dividends, combinations and the like) times the Stock FMV. The "Stock FMV" is the volume weighted average closing price per share of the Company’s stock for the 10 consecutive trading days ending on the trading day immediately prior to vesting. If, at any time during the term of the award and no later than the day immediately prior to the payment date, the Company grants Mr. Wolff one or more restricted stock awards with the same vesting conditions as the phantom equity award, the cash settlement value will be reduced by 1.2 times for every share subject to the restricted stock award(s) up to 1.5 million shares (as proportionately adjusted for any stock splits, dividends, combinations and the like).

The phantom equity award has been accounted for as an equity classified award. As of March 31, 2025, and December 31, 2024, phantom equity awards with a common stock equivalent of 1.5 million shares were outstanding with a weighted-average grant-date fair value per share of $2.23.

Stock-Based Compensation Expense

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


	Three Months Ended March 31,
(In thousands)	2025		2024
Cost of revenue	$	10	$	(18	)
Research and development		79		(42	)
Sales and marketing		179		40
General and administrative		881		591
Total stock-based compensation expense	$	1,149	$	571

As of March 31, 2025, there was approximately $9.7 million of unrecognized stock-based compensation cost, which is expected to be recognized over a weighted average period of 3.0 years.

2024 Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Nov. 01, 2024	Mar. 31, 2025	Mar. 31, 2024
Class of Warrant or Right [Line Items]
(Loss) gain on warrant liabilities		$ 29,248	$ (248)
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
2024 Warrants
Class of Warrant or Right [Line Items]
(Loss) gain on warrant liabilities		$ 19,200
2024 Warrants \| Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Gross proceeds recieved from warrants	$ 7,000
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 \| 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

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

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

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

Revenue

$ 1,710

$ 3,441

Research and development

2,870

2,895

General and administrative

4,199

5,125

Sales and marketing

1,219

805

Other

^[1]

1,149

2,100

Interest income, net

(442)

(372)

(Loss) gain on warrant liabilities

(29,248)

248

Net income (loss)

22,759

(7,229)

Operating Segment

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

Revenue

1,710

882

Cost of revenue

343

839

Research and development

2,791

2,937

General and administrative

3,318

4,704

Sales and marketing

$ 1,040

214

Other

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

Revenue

^[2]

$ 2,559

[1]	Other for the three months ended March 31, 2025, includes $1.1 million of stock compensation expenses. Other for the three months ended March 31, 2024, includes $1.1 million of cost of revenue from legacy product sales, $0.6 million of stock compensation expenses, and $0.4 million of asset write-off and restructuring charges.
[2]	Other revenue includes revenue from legacy product sales.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Common Class A	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning balance at Dec. 31, 2023	$ 40,905	$ 3	$ 459,113	$ 3	$ (418,214)
Beginning balance (in Shares) at Dec. 31, 2023		25,877,865
Stock-based compensation	571		571
Common stock issued under equity award plans (in Shares)		697,967
Shares repurchased for payment of tax withholdings and other	(42)		(42)
Shares repurchased for payment of tax withholdings and other (in Shares)		(23,260)
Other comprehensive loss	(4)			(4)
Net loss	(7,229)				(7,229)
Ending balance at Mar. 31, 2024	34,201	$ 3	459,642	(1)	(425,443)
Ending balance (in Shares) at Mar. 31, 2024		26,552,572
Beginning balance at Dec. 31, 2024	(9,533)	$ 3	481,289	6	(490,831)
Beginning balance (in Shares) at Dec. 31, 2024		33,883,894
Stock-based compensation	1,149		1,149
Common stock issued under equity award plans (in Shares)		492,815
Issuance of common stock, net of cost	13,933	$ 1	13,932
Issuance of common stock, net of cost (in Shares)		1,335,807
Other comprehensive loss	(9)			(9)
Net loss	22,759				22,759
Ending balance at Mar. 31, 2025	$ 28,299	$ 4	$ 496,370	$ (3)	$ (468,072)
Ending balance (in Shares) at Mar. 31, 2025		35,712,516

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

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Revenue Recognition

(1)

(2)

(3)

(4)

(5)

Revenue from Contracts with Customers

Product Development Contract Revenue

Product Revenue

Revenue recognized for Product Development Contract Revenue and Product Revenue for the three months ended March 31, 2025 and 2024, were as follows:


	For the three months ended March 31,
(In thousands)	2025		2024
Product Development Contract Revenue	$	1,710	$	882
Product Revenue		—		2,559
Revenue, net	$	1,710	$	3,441

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 as of March 31, 2025 and December 31, 2024, are as follows:


(In thousands)	Accounts Receivable		Unbilled Receivable		Contract Assets (Current)			Deferred Revenue (Current)
Ending Balance as of December 31, 2024	$	134	$	1,179	$	28		$	248
(Decrease)/increase, net		26		591		(2	)		(248	)
Ending Balance as of March 31, 2025	$	160	$	1,770	$	26		$	—

Remaining Performance Obligations

Recently Issued Accounting Standard Pronouncements

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 10,060	$ 31,188
Marketable securities	36,582	8,883
Accounts receivable, net of allowance for credit losses of $0.3 million at March 31, 2025 and December 31, 2024, respectively	160	134
Unbilled receivables	1,770	1,179
Inventories	73	71
Prepaid expenses and other current assets	1,617	1,275
Total current assets	50,262	42,730
Property and equipment, net	4,115	4,244
Operating lease assets	8,516	8,841
Other non-current assets	408	438
Total assets	63,301	56,253
Current liabilities:
Accounts payable	273	435
Accrued liabilities	1,874	2,919
Current operating lease liabilities	989	1,079
Total current liabilities	3,136	4,433
Operating lease liabilities	9,718	9,957
Warrant liabilities	22,148	51,396
Total liabilities	35,002	65,786
Commitments and contingencies (Note 10)
Stockholders' equity (deficit):
Common stock, $0.0001 par value, 165,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 35,712,516 and 33,883,894 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	4	3
Additional paid-in capital	496,370	481,289
Accumulated other comprehensive (loss) income	(3)	6
Accumulated deficit	(468,072)	(490,831)
Total stockholders' equity (deficit)	28,299	(9,533)
Total liabilities and stockholders' equity (deficit)	$ 63,301	$ 56,253

Balance Sheet Components - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 30	$ 71
Work-in-process	43	0
Total inventories	$ 73	$ 71

Net Income (Loss) Per Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Potentially dilutive common shares	5,722,278	0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income (loss)	$ 22,759	$ (7,229)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation	1,149	571
Depreciation of property and equipment	223	201
Change in fair value of warrant liabilities	(29,248)	248
Amortization of investment discount	(255)	(57)
Asset write-down	0	83
Changes in operating assets and liabilities:
Accounts receivable	(26)	147
Unbilled receivable	(592)	484
Inventories	(2)	1,065
Prepaid expenses and other current assets	(342)	553
Operating lease assets & other non-current assets	355	325
Accounts payable	(162)	(511)
Accrued liabilities and current operating lease liabilities	(1,135)	(2,787)
Operating lease liabilities	(240)	(329)
Net cash used in operating activities	(7,516)	(7,236)
Cash flows from investing activities:
Purchases of property and equipment	(93)	(62)
Purchases of marketable securities	(27,452)	0
Maturities of marketable securities	0	16,000
Net cash (used in) provided by investing activities	(27,545)	15,938
Cash flows from financing activities:
Shares repurchased for payment of tax withholdings	0	(42)
Payment of obligations under capital leases	0	(1)
Proceeds from issuance of common stock	13,983	0
Payment of transaction costs related to issuance of common stock	(50)	0
Net cash provided by (used in) financing activities	13,933	(43)
Net (decrease) increase in cash and cash equivalents	(21,128)	8,659
Cash and cash equivalents at beginning of period	31,188	23,139
Cash and cash equivalents at end of period	10,060	31,798
Supplemental disclosure of non-cash activities:
Purchase of property and equipment included in accounts payable at period-end	$ 0	$ 14

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2025 USD ($) Segment	Mar. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of operating segment \| Segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	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 income (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	$ 0

- 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

Earn-Out Shares Additional Information (Details)	3 Months Ended
Earn-Out Shares Additional Information (Details)	Mar. 31, 2025 shares
Business Acquisition [Line Items]
Contingent merger consideration earn-out shares 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
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
Earn-Out trading days	20 days
Earn-Out consecutive trading days	30 days

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Summaryof Significant Accounting Policies Details [Line Items]
Revenue, net	$ 1,710	$ 3,441
Product Development Contract Revenue
Summaryof Significant Accounting Policies Details [Line Items]
Revenue, net	1,710	882
Product Revenue
Summaryof Significant Accounting Policies Details [Line Items]
Revenue, net	$ 0	$ 2,559

- 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).

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+ Details

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

11. 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 income (loss) is used to monitor results on a budget versus actual basis. Net income (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:


	Three Months Ended March 31,
(In thousands)	2025			2024
Segment Revenue	$	1,710		$	882
Other Revenue (1)		—			2,559
Total Revenue		1,710			3,441
Less:
Cost of revenue		343			839
Research and development		2,791			2,937
General and administrative		3,318			4,704
Sales and marketing		1,040			214
Other (2)		1,149			2,100
Interest income, net		(442	)		(372	)
Loss (gain) on warrant liabilities		(29,248	)		248
Net income (loss)	$	22,759		$	(7,229	)

(1)

Other revenue includes revenue from legacy product sales.

(2)

The Company's revenue is derived primarily from U.S. customers. During the three months ended March 31, 2025 and 2024, the Company had no 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.

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+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. 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 March 31, 2025 and December 31, 2024, respectively.

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 March 31, 2025 and December 31, 2024, 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.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue, net	$ 1,710	$ 3,441
Operating expenses:
Cost of revenue (exclusive of items shown separately below)	353	1,886
Research and development	2,870	2,895
General and administrative	4,199	5,125
Sales and marketing	1,219	805
Asset write-down and restructuring	0	83
Total operating expenses	8,641	10,794
Loss from operations	(6,931)	(7,353)
Interest income, net	442	372
Gain (loss) on warrant liabilities	29,248	(248)
Income (loss) before income tax expense	22,759	(7,229)
Income tax expense	0	0
Net income (loss)	$ 22,759	$ (7,229)
Net income (loss) per share
Basic net income (loss) per share	$ 0.64	$ (0.28)
Diluted net income (loss) per share	$ 0.55	$ (0.28)
Weighted-average shares used in computing net income (loss) per share
Weighted average shares outstanding, Basic	35,345,672	25,879,043
Weighted average shares outstanding, Diluted	41,067,950	25,879,043

Net Income (Loss) Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net Income (Loss)	$ 22,759	$ (7,229)
Denominator:
Weighted average shares outstanding, basic	35,345,672	25,879,043
Dilutive effect of potential common shares	5,722,278	0
Weighted average shares outstanding, diluted	41,067,950	25,879,043
Basic net income (loss) per share	$ 0.64	$ (0.28)
Diluted net income (loss) per share	$ 0.55	$ (0.28)
Anti-dilutive securities, excluded	8,227,228	12,237,740

- 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

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- Definition

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

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 22,759	$ (7,229)

- Definition

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

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+ Details

2024 Warrants (Tables)

3 Months Ended

Mar. 31, 2025

Warrants and Rights Note Disclosure [Abstract]

Summary of Quantitative Information Regarding Assumptions

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


	March 31, 2025
Stock price	$	5.88
Term (in years)		5.1
Expected volatility		102.7	%
Risk-free rate		3.86	%
Dividend yield		0.0	%

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

8. Net Income (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 three months ended March 31, 2025 and 2024:


	Three months ended March 31,
(In thousands, except share and per share data)	2025		2024
Numerator:
Net income (loss)	$	22,759	$	(7,229	)
Denominator:
Weighted average shares outstanding, basic		35,345,672		25,879,043
Dilutive effect of potential common shares		5,722,278		—
Weighted average shares outstanding, diluted		41,067,950		25,879,043
Basic net income (loss) per share	$	0.64	$	(0.28	)
Diluted net income (loss) per share	$	0.55	$	(0.28	)
Anti-dilutive securities, excluded		8,227,228		12,237,740

Potentially dilutive shares, which are based on the weighted-average shares of common stock, stock options, unvested stock units, unvested stock awards, purchase rights granted under the employee stock purchase plan and warrants using the treasury stock method are included when calculating diluted net income (loss) per share attributable to the Company when their effect is dilutive. Because the Company incurred a net loss for the three months ended March 31, 2024, none of the potentially dilutive common shares were included in the diluted share calculation for that period as they would have been anti-dilutive.

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories, Net

Inventories, Net

As of March 31, 2025 and December 31, 2024, inventories, net consisted of the following:


(In thousands)	March 31, 2025		December 31, 2024
Raw materials	$	30	$	71
Work-in-process		43		—
Total inventories	$	73	$	71

Schedule of Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

As of March 31, 2025 and December 31, 2024, prepaid expenses and other current assets consist of the following:


(In thousands)	March 31, 2025		December 31, 2024
Prepaid insurance	$	352	$	367
Software		431		647
Other prepaid expenses and assets		834		261
Total prepaid expenses and other current assets	$	1,617	$	1,275

Property and Equipment, Net

As of March 31, 2025 and December 31, 2024, property and equipment, net consist of the following:


(In thousands)	March 31, 2025			December 31, 2024
Robotics and manufacturing equipment	$	1,170		$	1,128
Leasehold improvements		3,927			3,927
Computer equipment		1,304			1,251
Software		—			1
Furniture and fixtures, and other fixed assets		951			951
Property and equipment, gross		7,352			7,258
Accumulated depreciation		(3,237	)		(3,014	)
Property and equipment, net	$	4,115		$	4,244

Schedule of Accrued Liabilities

Accrued Liabilities

As of March 31, 2025 and December 31, 2024, accrued liabilities consist of the following:


(In thousands)	March 31, 2025		December 31, 2024
Payroll and related costs	$	1,114	$	1,811
Legal services accrual		112		230
Deferred revenue		—		248
Other contract liabilities		496		496
Other accrued expenses and current liabilities		152		134
Total accrued liabilities	$	1,874	$	2,919

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0

- Definition

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

+ References

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+ Details