| Schedule of Fair Value Assumptions |
These two types of inputs have created the following fair-value hierarchy:
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Level 1: |
Quoted prices for identical instruments in active markets; |
Level 2: |
Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and |
Level 3: |
Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
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December 31, 2024 |
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December 31, 2023 |
| Fair value per share |
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$ |
7.15 |
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$ |
0.43 |
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| Warrants outstanding |
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7,732,168 |
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7,732,168 |
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| Exercise price |
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$ |
11.50 |
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$ |
11.50 |
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| Common stock price |
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$ |
16.46 |
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$ |
2.85 |
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| Expected option term |
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1.67 years |
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2.67 years |
| Expected volatility |
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52.70 |
% |
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74.20 |
% |
| Risk-free rate of return |
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4.18 |
% |
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4.00 |
% |
| Expected annual dividend yield |
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— |
% |
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— |
% |
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| Schedule of Cash Equivalents and Restricted Stock |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the consolidated balance sheets to the consolidated statements of cash flows for the following periods:
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December 31, 2024 |
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December 31, 2023 |
Cash and cash equivalents |
$ |
33,712 |
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$ |
30,278 |
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Restricted cash(1)
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15,359 |
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— |
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Total cash, cash equivalents and restricted cash |
$ |
49,071 |
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$ |
30,278 |
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(1) Amount includes $7.8 million of proceeds received from third-parties that is refundable except in certain limited circumstances and is also included as other current liabilities on the consolidated balance sheets.
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| Schedule of Supplemental Cash Flow Information |
The table below presents supplemental cash flow information during the following periods:
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Year Ended |
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December 31, 2024 |
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December 31, 2023 |
| Supplemental cash flow information: |
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Cash paid (received) during the period for: |
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Interest |
$ |
12,159 |
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$ |
9,082 |
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| Income taxes |
240 |
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— |
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Non-cash investing and financing activities: |
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Convertible Preferred Stock dividends paid-in-kind |
$ |
40,699 |
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$ |
19,741 |
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Capital expenditures not yet paid |
2,069 |
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1,321 |
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| Schedule of Property, Plant and Equipment, net |
Expected useful lives for property, plant and equipment are reviewed at least annually. Estimated useful lives are as follows:
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Estimated useful life in years |
Computer equipment |
3 |
Furniture and fixtures |
7 |
Laboratory equipment |
3-10 |
Vehicles |
5-7 |
Leasehold improvements |
shorter of 5 or lease term |
| Assets subject to finance lease |
lease term |
Property, plant and equipment, net were as follows:
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December 31, 2024 |
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December 31, 2023 |
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United States |
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Europe |
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Total |
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United States |
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Europe |
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Total |
Computer equipment |
$ |
2,690 |
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$ |
695 |
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$ |
3,385 |
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$ |
1,755 |
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$ |
559 |
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$ |
2,314 |
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Furniture and fixtures |
1,409 |
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36 |
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1,445 |
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1,181 |
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39 |
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1,220 |
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Laboratory equipment |
6,879 |
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728 |
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7,607 |
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5,086 |
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594 |
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5,680 |
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Leasehold improvements |
2,576 |
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4,410 |
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6,986 |
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2,764 |
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4,683 |
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|
7,447 |
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Vehicles |
81 |
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— |
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81 |
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— |
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— |
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— |
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| Finance lease ROU assets |
— |
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2,313 |
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2,313 |
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— |
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2,004 |
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2,004 |
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| Construction in process |
5,648 |
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— |
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5,648 |
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3,782 |
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— |
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3,782 |
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| Property, plant and equipment, gross |
19,283 |
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8,182 |
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27,465 |
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14,568 |
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7,879 |
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22,447 |
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Less: accumulated depreciation |
(6,147) |
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(3,481) |
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(9,628) |
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(4,631) |
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(1,907) |
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(6,538) |
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| Total property, plant and equipment, net |
$ |
13,136 |
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$ |
4,701 |
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$ |
17,837 |
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$ |
9,937 |
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$ |
5,972 |
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$ |
15,909 |
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The table below presents the depreciation expense related to property, plant and equipment for the following periods:
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Year Ended |
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December 31, 2024 |
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December 31, 2023 |
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Depreciation expense |
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$ |
4,067 |
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$ |
3,512 |
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