Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (15,703) $ (9,964) $ (21,716)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation 6,660 6,467 4,218
Amortization of right-of-use assets 1,533 1,103 1,062
Amortization of intangible assets 315 267 273
Amortization of debt discount and deferred financing fees 891 893 891
Loss on disposal of equipment 0 0 56
Provision for (recovery of) bad debts 400 650 (271)
Investment gains, net (329) (155) (666)
Change in fair value of debt derivative liabilities 1,487 (587) (1,531)
Impairment of long-lived assets 64 0 0
Stock-based compensation expense 30,112 15,906 14,418
Change in operating assets and liabilities:      
Accounts receivable (2,464) 392 (2,691)
Inventory (9,190) (10,163) (4,115)
Prepaid expenses and other assets (3,905) 784 (867)
Accounts payable and accrued expenses (7,158) 125 6,509
Operating lease obligations (1,937) (1,603) (1,269)
Cash paid for interest portion of financing lease obligations (11) (4) (3)
Other long-term liabilities 47 424 (14)
Net cash provided by (used in) operating activities 812 4,535 (5,716)
Cash flows from investing activities:      
Purchase of property and equipment (3,745) (3,101) (13,872)
Purchase of investments (13,723) (5,773) (10,203)
Proceeds from sale of investments 14,000 0 44,374
Cash payments for intangible assets (1,849) (1,423) (1,046)
Net cash (used in) provided by investing activities (5,317) (10,297) 19,253
Cash flows from financing activities:      
Cash paid for debt portion of financing lease obligations (32) (10) (10)
Proceeds from exercise of stock options and ESPP stock purchases 10,531 2,300 1,964
Net cash provided by financing activities 10,499 2,290 1,954
Net increase (decrease) in cash and cash equivalents, and restricted cash 5,994 (3,472) 15,491
Cash and cash equivalents, and restricted cash, beginning of period 33,554 37,026 21,535
Cash and cash equivalents, and restricted cash, end of period 39,548 33,554 37,026
Supplemental disclosures of cash flow activity:      
Cash paid for interest, net of capitalized interest 6,811 7,301 1,944
Supplemental disclosure of noncash investing and financing activities:      
Acquisition of property and equipment change in accounts payable and accrued expenses (1) 114 704
Obtaining a right-of-use asset in exchange for a lease liability 31 21 2,298
Acquisition of intangible assets change in accounts payable and accrued expenses $ (298) $ 299 $ 407