v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 8 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Apr. 30, 2024
Cash Flows from Operating Activities      
Net loss $ (43,614) $ (72,075) $ (24,053)
Net loss from discontinued operations 0 0 (2,526)
Net loss from continuing operations (43,614) (72,075) (21,527)
Adjustments to reconcile net loss to net cash from operations:      
Stock based compensation 4,103 10,562 3,609
Realized loss from sale of marketable securities 0 0 852
Depreciation and amortization of intangible assets 1,413 2,265 1,423
Deferred income taxes 0 443 0
Payments of taxes related to equity transactions (839) (982) (32)
Gain on divestiture of consumer segment 0 0 (9,643)
Loss on sale of equity method investment and note receivable 4,008 0 0
Impairment on equity method investment 0 0 11,354
Equity method loss 734 0 504
Impairment on goodwill and intangible assets 93 0 413
Convertible note payable fair value adjustment 13,121 11,444 0
Gain on extinguishment of convertible notes payable 0 (3,211) 0
Changes in operating assets and liabilities      
Accounts receivable 3,872 (25,666) (3,641)
Inventory (4,646) (10,501) 913
Prepaid inventory (39) (6,300) (243)
Prepaid expenses and other 850 (879) (2,445)
Operating lease right-of-use assets and liabilities 60 315 (4)
Contract liabilities and deposits (23) 34 (102)
Accounts payable 468 1,569 188
Accrued expenses (97) 3,848 661
Net cash used in operating activities of continuing operations (20,536) (89,134) (17,720)
Cash Flows from Investing Activities      
Proceeds from divestiture of consumer segment 0 0 1,000
Purchases of property and equipment (164) (6,647) (259)
Proceeds from sale of marketable securities 0 0 12,826
Proceeds from sale of equity method investment and note receivable 4,400 0 0
Net cash (used in) provided by investing activities of continuing operations 4,236 (6,647) 13,567
Cash Flows from Financing Activities      
Proceeds from issuance of common stock through public offerings 0 249,249 9,200
Payment of costs related to public offerings 0 (14,910) (804)
Proceeds from issuance of common stock through ATM facility, net 0 0 9
Proceeds from issuance of convertible notes payable 14,000 15,000 0
Debt issuance costs (544) (567) 0
Redemption of convertible notes payable 0 (1,650) 0
Payments under debt obligations (395) 0 (572)
Proceeds from exercise of stock options 1,351 1,685 2
Proceeds from exercise of warrants 4,975 5,685 0
Net cash provided by financing activities of continuing operations 19,387 254,492 7,835
Discontinued operations      
Operating activities 0 0 (875)
Investing activities 0 0 0
Financing activities 0 0 0
Net cash used in discontinued operations 0 0 (875)
Net increase in cash 3,087 158,711 2,807
Cash, beginning of period 6,067 9,154 3,260
Cash, end of period 9,154 167,865 6,067
Cash paid for interest 15 0 70
Cash paid for income taxes 0 0 0
Non-cash transactions      
Conversion of convertible notes into common stock 26,577 16,499 0
Fair value of shares issued in acquisition 14,000 0 0
Net assets assumed in acquisition 31 0 0
Equity method investment from divestiture of consumer segment 0 0 17,000
Note receivable from divestiture of consumer segment 0 0 4,000
Unrealized gain on marketable securities 0 0 864
Conversion of preferred stock into common stock $ 0 $ 0 $ 10

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