| Schedule of Fair Value Assumptions |
The table below presents the fair value per warrant and the valuation assumptions under the Black-Scholes OPM:
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|
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|
|
|
|
|
|
|
December 31, 2025 |
|
February 25, 2025 |
|
December 31, 2024 |
| Fair value per share |
|
|
$ |
1.60 |
|
|
$ |
6.84 |
|
|
$ |
7.15 |
|
| Warrants outstanding |
|
|
2,633,195 |
|
|
5,098,978 |
|
|
7,732,168 |
|
| Exercise price |
|
|
$ |
11.50 |
|
|
$ |
11.50 |
|
|
$ |
11.50 |
|
| Common stock price |
|
|
$ |
7.60 |
|
|
$ |
14.34 |
|
|
$ |
16.46 |
|
| Expected option term |
|
|
0.7 years |
|
1.5 years |
|
1.7 years |
| Expected volatility |
|
|
104.60 |
% |
|
82.90 |
% |
|
52.70 |
% |
| Risk-free rate of return |
|
|
3.52 |
% |
|
4.05 |
% |
|
4.18 |
% |
| Expected annual dividend yield |
|
|
— |
% |
|
— |
% |
|
— |
% |
|
| 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 as of the following periods:
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|
December 31, 2025 |
|
December 31, 2024 |
|
December 31, 2023 |
Cash and cash equivalents |
$ |
94,467 |
|
|
$ |
33,712 |
|
|
$ |
30,278 |
|
Restricted cash |
716 |
|
|
15,359 |
|
|
— |
|
Total cash, cash equivalents and restricted cash |
$ |
95,183 |
|
|
$ |
49,071 |
|
|
$ |
30,278 |
|
|
|
|
|
|
|
|
| Schedule of Supplemental Cash Flow Information |
The table below presents supplemental cash flow information during the following periods:
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|
|
|
|
|
Year Ended |
|
December 31, 2025 |
|
December 31, 2024 |
|
December 31, 2023 |
| Supplemental cash flow information: |
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|
|
|
|
Cash paid (received) during the period for: |
|
|
|
|
|
Interest |
$ |
39,125 |
|
|
$ |
12,159 |
|
|
$ |
9,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Cash Investing and Financing Activities: |
|
|
|
|
|
| Convertible Preferred Stock dividend paid-in-kind |
$ |
47,146 |
|
|
$ |
40,699 |
|
|
$ |
19,741 |
|
Equity consideration in acquisition of businesses |
862,561 |
|
|
— |
|
|
— |
|
Settlement of private warrant liabilities for common stock |
34,963 |
|
|
— |
|
|
— |
|
Exchange of Series A Convertible Preferred Stock for common stock |
90,159 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
Capital expenditures not yet paid |
3,151 |
|
|
2,069 |
|
|
1,321 |
|
|
|
|
|
|
|
|
| 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 |
3-15 |
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, 2025 |
|
December 31, 2024 |
|
North America |
|
Europe |
|
Total |
|
North America |
|
Europe |
|
Total |
Computer equipment |
$ |
4,025 |
|
|
$ |
962 |
|
|
$ |
4,987 |
|
|
$ |
2,690 |
|
|
$ |
695 |
|
|
$ |
3,385 |
|
Furniture and fixtures |
2,610 |
|
|
1,334 |
|
|
3,944 |
|
|
1,409 |
|
|
36 |
|
|
1,445 |
|
Machinery and Laboratory equipment |
29,496 |
|
|
5,503 |
|
|
34,999 |
|
|
6,879 |
|
|
728 |
|
|
7,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Leasehold improvements |
10,503 |
|
|
4,295 |
|
|
14,798 |
|
|
2,576 |
|
|
4,410 |
|
|
6,986 |
|
Vehicles |
81 |
|
|
— |
|
|
81 |
|
|
81 |
|
|
— |
|
|
81 |
|
| Finance lease ROU assets |
— |
|
|
3,567 |
|
|
3,567 |
|
|
— |
|
|
2,313 |
|
|
2,313 |
|
| Construction in process |
1,010 |
|
|
371 |
|
|
1,381 |
|
|
5,648 |
|
|
— |
|
|
5,648 |
|
| Property, plant and equipment, gross |
47,725 |
|
|
16,032 |
|
|
63,757 |
|
|
19,283 |
|
|
8,182 |
|
|
27,465 |
|
Less: accumulated depreciation |
(11,498) |
|
|
(3,060) |
|
|
(14,558) |
|
|
(6,147) |
|
|
(3,481) |
|
|
(9,628) |
|
| Total property, plant and equipment, net |
$ |
36,227 |
|
|
$ |
12,972 |
|
|
$ |
49,199 |
|
|
$ |
13,136 |
|
|
$ |
4,701 |
|
|
$ |
17,837 |
|
|
|
|
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|
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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 |
| |
|
|
|
|
December 31, 2025 |
|
December 31, 2024 |
|
|
December 31, 2023 |
Depreciation expense |
|
|
|
|
$ |
7,849 |
|
|
$ |
4,067 |
|
|
|
$ |
3,512 |
|
|
|
|
|
|
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|